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Chase decreased my CL

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bch238
Regular Contributor

Re: Chase decreased my CL


@Anonymous wrote:

 

 


I basically started using the card as if it was my only card. I was planning on just using it til I get the bonus points but somewhere along the line it ballooned to 10k. haha The representative even looked at my statements to see what I was spending on and its basically food and fun.  I'm not contacting customer service for anything else until I get the balance down - thats for sure!


No offense, OP, but I think you see the problem, and it's good you've resolved to address the problem straight away.  You rapidly accumulated credit, and in a few months, you steadily accumulated debt on lifestyle expenditures equal to 1/6th of your annual income.  This is very risky financial behavior and is the typcial path taken to financial ruin.  You should be able to turn it around, but imagine had you not received a stern warning by the CLD?  Woud  you be inclined to change behavior.  And from the bank's point of view, you fit a profile.  It isn't a personal judgment they make, but one based on statistics of many people exhibiting similar behavior.
FICO Scores (MARCH 2016): EQ 829; EX 825; TU 828
AmEx BCP $25,000; AmEx Platinum (NPSL); Barclaycard JetBlue Rewards $5,000; Bank of America Cash Rewards $27,500; Chase Sapphire Preferred $33,700; Chase Marriott Rewards Premier $15,000; Chase Freedom $12,000; Citi Prestige $30,500; Virgin America Premium $25,000; The Home Depot Card $20,500; Capital One Platinum $15,000
Message 21 of 34
Kenny
Moderator Emeritus

Re: Chase decreased my CL


@longtimelurker wrote:

@Anonymous wrote:

@Anonymous wrote:

OP, You are negating any rewards you would have gotten by paying 15.99% APR on that balance.


I didn't think about the interest charges.... My main thing was wanting high CLs to help improve my credit score.  I've gone from $800 - $1000 credit limits to $10k and $15k limits since I've been creeping on the forums. 


To me, this is the CL "fallacy" that is common in these forums.   Having higher CLs, even if we believe (which I don't) that high limits cause otther high limits, so what?   You are paying out real money in the hope of getting someting that doesn't seem to me to have a whole lot of value


Exactly. Just because you have a 30k CL doesn't mean that you could or should charge up to that limit. Unless you have 30k in CASH sitting in a bank account. Otherwise, it's just silly... no point in losing money like that.

Message 22 of 34
Anonymous
Not applicable

Re: Chase decreased my CL


@Kenny wrote:

@longtimelurker wrote:

@Anonymous wrote:

@Anonymous wrote:

OP, You are negating any rewards you would have gotten by paying 15.99% APR on that balance.


I didn't think about the interest charges.... My main thing was wanting high CLs to help improve my credit score.  I've gone from $800 - $1000 credit limits to $10k and $15k limits since I've been creeping on the forums. 


To me, this is the CL "fallacy" that is common in these forums.   Having higher CLs, even if we believe (which I don't) that high limits cause otther high limits, so what?   You are paying out real money in the hope of getting someting that doesn't seem to me to have a whole lot of value


Exactly. Just because you have a 30k CL doesn't mean that you could or should charge up to that limit. Unless you have 30k in CASH sitting in a bank account. Otherwise, it's just silly... no point in losing money like that.


Dollars to donuts the OP has already paid back the 40-45K UR Bonus in Interest charges.

Message 23 of 34
taxi818
Super Contributor

Re: Chase decreased my CL


@jamesdwi wrote:

just a hint, if you are doing things outside of what a normal person would do, don't draw attention to yourself, don't involve humans who will look at your usage. They have enough computers looking at your data, I don't recomend adding a human to the mix, should of just let it run as is, its a signature card you can go over its limit, you just have to pay for it at the next statement. 

I would work on cutting your spend, and make larger payments on the account and bring it back down to less than 30% UTL. 

 

 


+1

Message 24 of 34
taxi818
Super Contributor

Re: Chase decreased my CL


@Anonymous wrote:

Learn something new every day! Wish I had a business, my scores would get me some kick ass cards Smiley Sad


Dont need a business to get a business card.

Name of business. john doe inc.

tax payer id. your social.

Bam. business card.

Message 25 of 34
gdale6
Moderator Emeritus

Re: Chase decreased my CL


@taxi818 wrote:

@Anonymous wrote:

Learn something new every day! Wish I had a business, my scores would get me some kick ass cards Smiley Sad


Dont need a business to get a business card.

Name of business. john doe inc.

tax payer id. your social.

Bam. business card.


I would not be advocating this you would not use your SS for a corporate/LLC TIN its an entity of its own.

Message 26 of 34
Anonymous
Not applicable

Re: Chase decreased my CL


@gdale6 wrote:

@taxi818 wrote:

@Anonymous wrote:

Learn something new every day! Wish I had a business, my scores would get me some kick ass cards Smiley Sad


Dont need a business to get a business card.

Name of business. john doe inc.

tax payer id. your social.

Bam. business card.


I would not be advocating this you would not use your SS for a corporate/LLC TIN its an entity of its own.


For personally guaranteed Business card, You can.

Message 27 of 34
taxi818
Super Contributor

Re: Chase decreased my CL

Agreed. My business has own taxpayer Id. Seperate from my social. S corporation. To protect my personal assets. But as pg personal guarantor. It's not hard. Which equals hidden tl. Unless with cap one. Even business goes to personal credit. Didn't mean to hi jack op.
Message 28 of 34
Anonymous
Not applicable

Re: Chase decreased my CL

Whats the purpose of a business card if you don't have a business? just curious. (no, im not going to apply for a business card)

Message 29 of 34
jamesdwi
Valued Contributor

Re: Chase decreased my CL


@Anonymous wrote:

Whats the purpose of a business card if you don't have a business? just curious. (no, im not going to apply for a business card)


hidden tradeline (only reports to bussines credit report if account is in good standing)

 

25,000, 50,000,  75,000, 100,000 MR points for adding a card. 


 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 30 of 34
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