04-16-2013 02:09 PM
I joined the forum last summer and have been learning alot. Very informative.
The question I have today is related to credit card limits. In the past 18 months, I've opened a Capital One card ($500 limit), Saks ($900 limit), Bloomingdale's ($1000 limit) and Macy's ($300) limit.
I understand that Macy's and Bloomingdale's are "related" in that they are part of the Macy's portfolio of credit cards. It's interesting that I have low utilization on my credit cards and always PIF. Never been late. However, about 2 months ago Bloomingdale's reduced my credit line to $500. I don't understand why. I've called Bloomingdales and they cannot explain to me why. More interesting is the fact that I called Macy's and requested a CLI and I got it. Macy's limit is now $1000.
Similary, Capital One and Saks are "related" in that Saks is part of the Capital One credit card portfolio. I always PIF my Saks and Capital One accounts. Never been late. Around the same time that my Bloominbdale's credit limit was reduced, my Saks credit limit was also reduced... to $505. I've called Saks, just like I called Bloomingdales, and I'm not really getting a satisfactory explanation of why my credit limits were reduced from say $1000 each to $500 each.
I've called Capital One to request a CLI and I can't get one.
One of the things that I think hurts my credit rebuilding is that I don't have a single credit card with a credit limit over $2000.
I want to use my credit cards wisely. I believe I have been using them wisely. I just don't understand why Saks and Bloomingdale's reduced my credit limits. Seems to random.
FYI, my utilization is about 11% at the moment, based on my last Experian credit report.
Any insights would be appreciated. Thanks so much!
04-16-2013 02:22 PM
04-16-2013 02:28 PM
I thru a tantrum about 2 months ago when the credit limits on Saks and Bloomingdale's were reduced and I stopped using them. Two months ago my Saks card had a balance of about $90, so I PIF. Bloomingdale's had a balance of about $300, so I think I paid $100 towards my balance versus PIF.
I've done the same thing with Capital One. My current balance is about $300 and earlier this week I paid $100 towards it versus PIF.
Are there instances, such as in my case... when having "thin credit" does PIF hurt me as a cardholder?
04-16-2013 02:31 PM