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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!
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.
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.
Watchmann wrote:
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.
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.
@oldschool wrote:
Watchmann wrote:
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.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.
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.
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.