Credit Card Center Advertiser Disclosure†
10-29-2012 09:53 PM
Agree I was using 80% UTI but thats not the first time I have done this before and I had a 787 Fico previously before the UTI over the past few months. I just do not understand as none of my other 4 cards have reduced limits on me. Just this one!! Along with a Hard pull.
I will call them. Thanks for the advice!
10-30-2012 03:37 AM
A credit card issuer can review your account and pull a report anytime they want. Amex does a lot of soft pulls (sometimes monthly) to persons they want to keep tabs on. You see, it just is not Fico Scoring, it is DTI, payment history, charge offs, collections and all they look at. So they want to be certain, you are not going down a wrong road. If you read your agreement with the issuers, they also have the right to close your account without notice if you start having problems, ie slow pay, running balances, or other changing data in your file. They can also change your interest raten at any time. Remember, The Credit Card Issuer is providing you a service. IMHO, I would get those balances down fast. You are sending smoke signals and red hot fire embers to everybody with those percentage(s) of balances.Get it down to 10% or less and you will not have any problems.
10-30-2012 05:42 AM
10-30-2012 07:45 AM
To the OP...I know you're upset. I would be, too. But Cabela's did nothing wrong here. You racked up credit card debt of 40k. They have no way of knowing that it is home improvement expenses...that you were going to refi....that you were going to pay it off with refi proceeds.
All they saw was someone taking on more debt. If you had been a bankruptcy waiting to happen, they wanted out. That is smart business on their end.
You can try to talk to them, but they are not evil if they don't do as you ask and restore your credit line. Threatening to close your account may backfire because they may just help you out and close it for you. If you call them....be nice. Anger and threats will get you nowhere, in my opinion. That smells like desperation.
If you have a way to start paying your balance down...do so now. This CL decrease could set off a domino effect of your other cards taking AA. If you don't have the funds, talk to the bank where you intend to get your refi. If your FICO hasn't been devastated, they may help you out with a personal loan or line of credit with the stipulation that it gets paid off in the refi.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.