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Chase CC Credit Limit Slashed

Established Contributor

Re: Chase CC Credit Limit Slashed

+1

Amen


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Senior Contributor

Re: Chase CC Credit Limit Slashed


haulingthescoreup wrote:
CWCID, what on earth do you do with your posts to make them so difficult to quote, without quoting the whole thing??

Nothing. My posts are made using Internet Explorer and the wonderful forum software in the normal way.

Senior Contributor

Re: Chase CC Credit Limit Slashed


LynetteM wrote:

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.


That's exactly the point. It is possible for issuers to give notice, but totally impractical.

Moderator Emerita

Re: Chase CC Credit Limit Slashed


creditwherecreditisdue wrote:

LynetteM wrote:

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.


That's exactly the point. It is possible for issuers to give notice, but totally impractical.



Right. That's what I was trying to say on inadequate coffee. They can do it, but they choose not to do it. That's different from "absolutely not possible."

I completely understand why they choose not to do so.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Member

Re: Chase CC Credit Limit Slashed

 Are they former Providian or WAMU cards? Mine was slashed from $8700 to $2200 back in April.
01/25/10 - TU 709, EQ 729, EX 705
Valued Member

Re: Chase CC Credit Limit Slashed

Chase slashed the limits of every single one of my four cards with them, from a total of $40,000 down to $10,000. This was in response to my attempted use of a "convenience" check. It was a check for $8,000, and including the BT fee that check would have taken me to 89% of the limit on that card. I know I am not the first victim of this practice, and although I would like to raise the odds that I am the last, I doubt it will be so. Chase sent me a letter saying how they value me as a customer, my business, and prompt communication with me. They say they had to reduce my credit limit, and consequently they must return the convenience check unpaid.

 

I am wondering how they would treat me if I wasn't their valued customer. Would they burn my house down, slash my throat?

 

Background data: EX FACO 715, never late, with them or otherwise. The score is held down by overall utiliziation, which is mostly with non-Chase issuers.

 

My advice to anyone contemplating the use of a Chase "convenience" check is: Unless you are thoroughly confident that you are spotless enough for an FR by their ninjas, do it only if you have just one account with them, and only if you don't care if they hasten to slash the limit and return the check unpaid.

 

Yes, I am the one whose rating will go down because of their action, but it is Chase who is unreliable and cannot be trusted. I will continue to honor my obligations with Chase and others, and perhaps when the dust settles I will be able to find a bank who will return the favor. Chase isn't it.

 

There, I didn't swear once!

Valued Member

Re: Chase CC Credit Limit Slashed

Chase just gave me an increase from $2,000 to $2,500 and I didn't ask for it. I just logged into my account last night and noticed it.
Valued Member

Re: Chase CC Credit Limit Slashed

I'm done with them, I just paid off the balance and closed my checking and savings, I'll buy a cup of coffee and a tank of gas once a month and pay in full. Although I'm sure one person isn't going to make a difference to them...it does make me feel better though.
Valued Member

Re: Chase CC Credit Limit Slashed


oldschool wrote:
I'm done with them, I just paid off the balance and closed my checking and savings, I'll buy a cup of coffee and a tank of gas once a month and pay in full. Although I'm sure one person isn't going to make a difference to them...it does make me feel better though.

 

I am curious, where are you shifting your former Chase spending to? Another big bank, a CU, cash?
Regular Contributor

Re: Chase CC Credit Limit Slashed

I just found out my Chase (former Wamu) visa limit was slashed from $2,500 to $1,600 Smiley Sad  I monitor my scores on Credit Check Total and wondered why the Experian FAKO was lower when I thought was was making progress with bringing down my utilization, but.... upon investigation I saw that my limit is now $900 less.  It must have happened earlier this week so I guess I'll be getting a letter in the mail soon.  Oh well.... I'll just keep working on lowering utilization and monitoring scores.