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Credit Lines Dropping?!?!?!

Frequent Contributor

Credit Lines Dropping?!?!?!

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!

 

 

Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!


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Message 1 of 13
12 REPLIES
Established Contributor

Re: Credit Lines Dropping?!?!?!

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.

Message 2 of 13
Frequent Contributor

Re: Credit Lines Dropping?!?!?!

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

Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!


Take the FICO Fitness Challenge
Message 3 of 13
New Contributor

Re: Credit Lines Dropping?!?!?!

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.

Message 4 of 13
Regular Contributor

Re: Credit Lines Dropping?!?!?!

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.
Message 5 of 13
Frequent Contributor

Re: Credit Lines Dropping?!?!?!

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

 

thanks!

 

:-)

Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!


Take the FICO Fitness Challenge
Message 6 of 13
Frequent Contributor

Re: Credit Lines Dropping?!?!?!

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!!!

Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!


Take the FICO Fitness Challenge
Message 7 of 13
Regular Contributor

Re: Credit Lines Dropping?!?!?!

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?
Message 8 of 13
Frequent Contributor

Re: Credit Lines Dropping?!?!?!

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...
Starting Score: 06/2010- EQ 464
01/2012-EQ 512
April Score: EQ 679 4/12TU- 677 EX- 699 (FAKO)
Current Score: 05/2012-EQ 691 4/12TU- 706 EX- 720(FAKO)
Goal Score: 700 by 05/2012- MADE IT!!!!


Take the FICO Fitness Challenge
Message 9 of 13
Established Contributor

Re: Credit Lines Dropping?!?!?!

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.

Message 10 of 13