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CL decrease question

Established Contributor

CL decrease question

I see posts on here from time to time about people getting their credit lines decreased. I know some of them are from nonuse and old stuff showing up on their credit but I am curious about people who have cards maxed out. Let's say when my freedom card with a 500 limit comes in, I charge 450 to it and then pif.....is that considered maxing it out or is it from people getting close to the limit and then running a balance for several months?
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Message 1 of 7
6 REPLIES
Frequent Contributor

Re: CL decrease question

Like I said before, Chase narfed my limit once I paid off my balance -- i was paying it off, not charging more. they said it appeared as though I didnt NEED that high of a limit... but they didn't balance chase me down.. they just cut it once I paid it off.

 

I now firmly believe that a CC would not give you a limit if they didn't want you to use your credit.  As long as you PIF, you should be golden.

Back in the garden!
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Message 2 of 7
Regular Contributor

Re: CL decrease question


codimom wrote:

Like I said before, Chase narfed my limit once I paid off my balance -- i was paying it off, not charging more. they said it appeared as though I didnt NEED that high of a limit... but they didn't balance chase me down.. they just cut it once I paid it off.

 

I now firmly believe that a CC would not give you a limit if they didn't want you to use your credit.  As long as you PIF, you should be golden.


when my chase was always full before, they would send me a payment offer via mail allowing me to freeze the card and taking off 200 the balance for free. I said no.

 

I paid the card in full, and they me increase.

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Message 3 of 7
Regular Contributor

Re: CL decrease question

Worst thing that ever happened to me with a credit card was a Royal Caribbean Visa (BofA) that had a $3k limit. I used it to pay $2,975 for a cruise for the points. BofA took it upon themselves to decide I couldn't be trusted with a $3k limit and reduced it to $1500, then promptly closed it and sent it to collections,demanding the balance be paid in full because I was $1475 over the limit. I have 1 more year to go to wait them out and have it drop off my credit reports. They never could give me a straight answer on why my limit was decreased.

Message 4 of 7
Contributor

Re: CL decrease question


ds3 wrote:

Worst thing that ever happened to me with a credit card was a Royal Caribbean Visa (BofA) that had a $3k limit. I used it to pay $2,975 for a cruise for the points. BofA took it upon themselves to decide I couldn't be trusted with a $3k limit and reduced it to $1500, then promptly closed it and sent it to collections,demanding the balance be paid in full because I was $1475 over the limit. I have 1 more year to go to wait them out and have it drop off my credit reports. They never could give me a straight answer on why my limit was decreased.


If it happened as you said, that's not legal. 

Message 5 of 7
Valued Contributor

Re: CL decrease question


vizon wrote:

ds3 wrote:

Worst thing that ever happened to me with a credit card was a Royal Caribbean Visa (BofA) that had a $3k limit. I used it to pay $2,975 for a cruise for the points. BofA took it upon themselves to decide I couldn't be trusted with a $3k limit and reduced it to $1500, then promptly closed it and sent it to collections,demanding the balance be paid in full because I was $1475 over the limit. I have 1 more year to go to wait them out and have it drop off my credit reports. They never could give me a straight answer on why my limit was decreased.


If it happened as you said, that's not legal. 


Exactly what I was about to say!!

 

As of 2017, rebuilding...
Message 6 of 7
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Regular Contributor

Re: CL decrease question

I tried explaining to them it was illegal...it's BofA, the kings of not caring about silly things like laws.

Message 7 of 7