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New Contributor
Posts: 59
Registered: ‎04-29-2012
0

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

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!

Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: Cabela's Help?? Lowered my Credit Limit after I paid Visa down to Zero

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.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

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

I think he'd be safe to reduce util on all accounts to 50%.

Then 30%
then maybe 10%.
lol

Then ask for clis and don't use them!!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

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

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.

New Contributor
Posts: 59
Registered: ‎04-29-2012
0

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

Thanks for the help here guys!  Calling cabela's today and I will keep everyone posted on what they say.

 

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