Credit Lines Dropping?!?!?!

[bridgetkaryn]

Anyone else have this issue?

Thus far my cards that have effected:

Chase

Crown Jewelers

B of A

Waiting for more to drop... I hate the credit crunch... it makes rebuilding SOOOO much harder!

[Donks3369]

Unfortantely, this is a very common occurence in todays economy.  Most people who think that they couldn't be touched are getting hit hard.  I've heard of credit limits being dropped from $20,000 to $500.  Now that is painful.  But my goal is to get all my balances down to $0, then it wouldn't affect me at all what they take my limits too.

On a side note, very nice improvement on the scores in the last year.

HSBC is the worst one for me, cut my limit to $300.  However I don't use the card so if they will pretend to give me a limit, I will pretend to use their card.

[bridgetkaryn]

Thanks for the Kudos... It's been a LOT of work (letters, calls, more letter and MORE calls... but it's getting there... ) but very worthwhile...

I pay my CC's off each month (or close to it) so I keep my Util at 0-6%, but it is just frustrating to have worked so hard to get a decent credit line only to be cut at the point I am a responsible adult... UGGGHHHHH...

Oh well, I will just call and see if they will put them back... fingers crossed!

Bridget

[Anonymous]

Crown Jewelers has dropped everyones CL to $500 if you email them and tell them to change it, they will just say it was a mistake and change it back to what it was.

EXTRA $2k for util......... not a bad email to send.

[Anonymous]

Bridget..  how much of your credit limits did BofA and Chase cut?     I have a WaMu-turned-Chase card that I fear will see the same fate.

[bridgetkaryn]

I am on like donkey kong with my emails/calls today...

thanks!

:-)

[bridgetkaryn]

They CLOSED my B of A Card... Long story, but I inturn closed all of my B of A checking/savings accounts...  No more money from me!

Chase dropped my credit line from $2000 to $500, though I am going to call the backdoor number to get it back up... Then I am going to see if I can combine it with my WaMu card... fingers crossed!

Crown dropped it to $500, but I am sending an email...

I am just worried that this is going to continue happening!!!

[Anonymous]

Yikes.  Sorry to hear about BofA.   I've always considered them one of the more reasonable lenders.    What reason did they give for closing your card?

[bridgetkaryn]

They said that I had new negative items on my CR's. Which I looked at my CR and nothing has changed... So I called back and they said I had 2 CO's in 6/2008, which is incorrect, my CO's were from 2006 and got updated by Cap 1 in 6/2008. But these "new" CO's WERE on my report when I was issued the card in 4/2008, and it was a rebuilding card with only a $500 limit... I was blown away to say the least and after HOURS on the phone with them, faxing letters from Cap 1 about when the CO's occured (which are all paid BTW) and no changes... So I am done with them and closed all my accounts, I don't need them...

[Donks3369]

Bridget,

The sad thing is that companies will say it is your credit report even if it isn't.  They really don't need a reason to cut your limit, so I'm not sure why they lie.  I would say with alot of companies you probably know more than their entry level CSR's when it comes to this.  Most of them follow a script and really have no idea what you are talking about.