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Valued Member
oldschool
Posts: 32
Registered: ‎11-01-2007
0

Chase CC Credit Limit Slashed

Just had to vent...I have two credit cards with Chase, one has a 5500 limit and no balance the other had a 8000 limit and a 1500 balance. I log online to make a payment and find out my credit limit is now 4900

 

No rhyme or reason, I've never been late with them or anyone else for over five years. I have a mortgage, secondary savings and checking besides the two cards. I will pay it off, and pull the savings and checking (not much I can do about the mortgage It is a pretty good rate).

 

Man am I pi$$ed!

Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009
0

Re: Chase CC Credit Limit Slashed

How much do you use the card(s)? If you have a very large CL and you don't use it, they will likely slash your line to lower your credit risk.It has unfortunately become pretty stadard with them. You can always call and ask for your line back, but I would pay off your balance before hand just in case. Chase is almost as crazy as AMEX.

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Valued Member
jkfaria
Posts: 44
Registered: ‎05-12-2008
0

Re: Chase CC Credit Limit Slashed

My Chase Visa CL isn't in your league, but I had a similar experience.   I was pretty pi$$ed too, they cut my whopping $800 CL to $300, so I called the backdoor # once I was sufficiently in control.  I was very nice and amazingly so was the Rep I spoke with.  She "softed" my report and reinstated my CL to $800, no problem.   She further explained the decrease was a "computer generated" deal, and that it may happen again, and that I'd just have to call again to request reinstatement.   I was also told that I was welcome to request an actual increase, but that would definitely require a "hard" pull.  I'm waiting for some further improvement and some inquiries to drop of before I do that....not sure which report they will pull.  
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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Chase CC Credit Limit Slashed

Bummer. 

 

My Chase (former WAMU) was CLD from $3.5k down to $1k a couple months ago.  Then 2 weeks ago they closed it all together.  They didn't like all my new accounts and CL's.

 

 

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Regular Contributor
JimB
Posts: 179
Registered: ‎10-21-2008
0

Re: Chase CC Credit Limit Slashed

Just before Chase took it over, I applied for a WaMu MasterCard for just one reason: the free TU scores that were part of that card's package of benefits. Of course, that's all gone now.

 

Since the card has no rewards, I don't use it beyond charging $5 or $10 per month to keep it active. This probably isn't enough to convince Chase to leave the $26K limit alone.

 

It's not a question of if - just a matter of when. 

Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008
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Re: Chase CC Credit Limit Slashed

We live in stressful times.  I had a Chase card with a $33,400 CL.  I had taken out a $20,000 BT a few years ago at a very low rate and was paying it back at $500/mo.  When it was paid off in August 2009 they cut the CL to $8,300, a reduction of  75%.  Their reasoning was I didn't need that much credit.  I have plenty of other credit and I was never going to use Chase much in the future, so I wasn't going to commit hari-kari over it.  You can try to recon with them to see if they will change their minds.  Otherwise, you'll have to acquire credit elsewhere if you need it.
Valued Member
oldschool
Posts: 32
Registered: ‎11-01-2007
0

Re: Chase CC Credit Limit Slashed


Watchmann wrote:
We live in stressful timesI had a Chase card with a $33,400 CLI had taken out a $20,000 BT a few years ago at a very low rate and was paying it back at $500/moWhen it was paid off in August 2009 they cut the CL to $8,300, a reduction of  75%.  Their reasoning was I didn't need that much creditI have plenty of other credit and I was never going to use Chase much in the future, so I wasn't going to commit hari-kari over itYou can try to recon with them to see if they will change their mindsOtherwise, you'll have to acquire credit elsewhere if you need it.

It's not that I need it, I have other cards...but I realize that you have to play the fico credit score game in this world and part of that is using the card, paying it off and trying to keep a high available and low utilization. If these idiots gave you even a thirty day notice that they were going to cut your limit I would have paid off the balance before it was cut. But no, they cut it two days ago and the csr said the letter went out today. Brilliant.

 

It's no wonder most institutions are drowning.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Chase CC Credit Limit Slashed


oldschool wrote:

Watchmann wrote:
We live in stressful timesI had a Chase card with a $33,400 CLI had taken out a $20,000 BT a few years ago at a very low rate and was paying it back at $500/moWhen it was paid off in August 2009 they cut the CL to $8,300, a reduction of  75%.  Their reasoning was I didn't need that much creditI have plenty of other credit and I was never going to use Chase much in the future, so I wasn't going to commit hari-kari over itYou can try to recon with them to see if they will change their mindsOtherwise, you'll have to acquire credit elsewhere if you need it.

It's not that I need it, I have other cards...but I realize that you have to play the fico credit score game in this world and part of that is using the card, paying it off and trying to keep a high available and low utilization. If these idiots gave you even a thirty day notice that they were going to cut your limit I would have paid off the balance before it was cut. But no, they cut it two days ago and the csr said the letter went out today. Brilliant.

 

It's no wonder most institutions are drowning.


It is absolutely not possible for them (or any issuer) to give you an advance notice of a CLD. That's totally unworkable.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Chase CC Credit Limit Slashed

[ Edited ]

creditwherecreditisdue wrote:

It is absolutely not possible for them (or any issuer) to give you an advance notice of a CLD. That's totally unworkable.



I have to argue this point. My banks seem very capable of sending me e-mails when my new charges post, when my payments have been received, when my statements have dropped, when a due date is coming (even though I have nothing due), when they want me to do something stupid like take a nice big cash advance. I don't think it would be that difficult for them to generate an automatic alert that goes out when they mess with my CL's.

In fact, now that I think about it, I've gotten e-mails about CLI's. Odd that they can't do the same for CLD's!


edited to tidy up the quote. CWCID, what on earth do you do with your posts to make them so difficult to quote, without quoting the whole thing??
Message Edited by haulingthescoreup on 12-11-2009 04:05 AM
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Valued Contributor
Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
0

Re: Chase CC Credit Limit Slashed


haulingthescoreup wrote:

I have to argue this point. My banks seem very capable of sending me e-mails when my new charges post, when my payments have been received, when my statements have dropped, when a due date is coming (even though I have nothing due), when they want me to do something stupid like take a nice big cash advance. I don't think it would be that difficult for them to generate an automatic alert that goes out when they mess with my CL's.

In fact, now that I think about it, I've gotten e-mails about CLI's. Odd that they can't do the same for CLD's!


Hi hauling....I agree with CWCID. While cc companies obviously CAN give warning of a CLD, they don't for very good reason.

 

How many people would go out and charge their card to the hilt if they knew there was a decline coming?

 

How many people would take a cash advance?

 

How many people would do some very unwise things out of anger that they were being CLD'd? You've read the anger and frustration in these forums. I believe certain cardholders who are on the verge of difficulty will take their Chase card down with them.

 

That's why they can't give notice.


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