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Valued Member
chris288
Posts: 40
Registered: ‎04-29-2012
0

Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

Cabela's sure did screw me today.  So here is the deal.  They did a hard pull 2 weeks ago for no reason ( just periodic pull they said) and the account Mgr said they were looking for something, but did not find it. 

 

So today I go to pay off my card again and noticed my limit got lowered from $3700 down to $500.00.  THis is crazy!!  I have had the card since April of this year, make 4 payments monthly, run up to 3,600 on the card.  Then paid it off 2 months ago.

 

What is the freakin deal?  This is really bad news because I am about to apply for a Refi on my mortgage and have used 80-80% UTI prior (around 40k) on my credit cards all doing home improvements on my home to get a refi then pay off the cards with the new equity in the home.

 

SO now I am over 90% UTI easily, which has dropped my score.  Then it shows a high balance on my credit report of 3600, but my limit of only $500.00.  Will this show something negative now to the lender and drop my score?  I am soo pissed!!!!  I am sure when they pulled it and it showed the usage on my other cards is why they have done this.

 

What can I do?  I have not called them yet as I wanted to post on here first and get advice.  Should I cancel the freakin card and account then dispute the whole account?  Is it legal what they have done?

 

Should I call them and threaten to cancel if they do not give me most of my limit back?  

 

Please help as now I am afraid I cannot get a refi and get the other cards paid off?  I hate Cabela's!

Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

my spidey sense is tingling here... correct me if i'm wrong but no one can just HP you without you specifically authorizing them to via a credit application.  most lenders SP you for account reviews, and they are specifically tagged as such on certain reports.


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Homeowner since 05/29/13
Valued Member
chris288
Posts: 40
Registered: ‎04-29-2012
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Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

They told me it was a SP as well when I asked, but I got alerted from all 3 bureaus that an inquiry was made.  It does not show anything about a soft pull and it showing on all 3 bureaus, so I assumed it was a hard pull.

 

Can they do that?  It surprised me.

Frequent Contributor
somnipotent
Posts: 367
Registered: ‎06-02-2008
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

[ Edited ]

Well, I am mistaken, just looked it up... they sure can pull it whenever they want, but usually for CLIs.


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Homeowner since 05/29/13
Valued Contributor
rootpooty
Posts: 1,757
Registered: ‎10-28-2011
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

Yes they can HP you at any given time. Were you carrying balances over a period of time on other accounts? I assume so being you are now at 90% util with a 500 cl with them. Some lenders bust a cap when they see you carrying balances on other accounts.
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Established Contributor
calihlove75
Posts: 787
Registered: ‎05-16-2012
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero


chris288 wrote:

Cabela's sure did screw me today.  So here is the deal.  They did a hard pull 2 weeks ago for no reason ( just periodic pull they said) and the account Mgr said they were looking for something, but did not find it. 

 

So today I go to pay off my card again and noticed my limit got lowered from $3700 down to $500.00.  THis is crazy!!  I have had the card since April of this year, make 4 payments monthly, run up to 3,600 on the card.  Then paid it off 2 months ago.

 

What is the freakin deal?  This is really bad news because I am about to apply for a Refi on my mortgage and have used 80-80% UTI prior (around 40k) on my credit cards all doing home improvements on my home to get a refi then pay off the cards with the new equity in the home.

 

SO now I am over 90% UTI easily, which has dropped my score.  Then it shows a high balance on my credit report of 3600, but my limit of only $500.00.  Will this show something negative now to the lender and drop my score?  I am soo pissed!!!!  I am sure when they pulled it and it showed the usage on my other cards is why they have done this.

 

What can I do?  I have not called them yet as I wanted to post on here first and get advice.  Should I cancel the freakin card and account then dispute the whole account?  Is it legal what they have done?

 

Should I call them and threaten to cancel if they do not give me most of my limit back?  

 

Please help as now I am afraid I cannot get a refi and get the other cards paid off?  I hate Cabela's!


Supposedly any time you have a relationship with a creditor, they can hard pull you any time they want to. Althought it's  bad business. You could cancel the account and file a complaint with the BBB and maybe they will just delete the whole tradeline. I would be mad too.


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Valued Member
chris288
Posts: 40
Registered: ‎04-29-2012
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

Yup I figured because I was carrying balances on 2 of my other cards they just closed it.  Funny because 4 of my 6 were paid off.  I am concerned it might knock me out of a mortgage.

 

I do not know what to do!  Should I call them?

 

Established Contributor
calihlove75
Posts: 787
Registered: ‎05-16-2012
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero


chris288 wrote:

Yup I figured because I was carrying balances on 2 of my other cards they just closed it.  Funny because 4 of my 6 were paid off.  I am concerned it might knock me out of a mortgage.

 

I do not know what to do!  Should I call them?

 


Yeah call them. What to you have to lose ? Maybe it was some computer generated action that a real person of reason can fix?


100% Ficos: EX 762, TU 767, EQ 754 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-2/1~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $8000~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $14,000~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Valued Contributor
trumpet-205
Posts: 2,452
Registered: ‎11-11-2010
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero


Omaplatypus wrote:

my spidey sense is tingling here... correct me if i'm wrong but no one can just HP you without you specifically authorizing them to via a credit application.  most lenders SP you for account reviews, and they are specifically tagged as such on certain reports.


Lender can pull your CR at anytime. It is written on your T&C. Most do it with SP, but few will with HP.

 

@OP

You used up 80%+ of your utilization, so it should not be a surprise when your CL was cut down to $500.

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Senior Contributor
youngandcreditwrthy
Posts: 6,211
Registered: ‎08-16-2012
0

Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

Ive heard this card sucks anyway lol... Hmmm call 'em.
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