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Frequent Contributor
bridgetkaryn
Posts: 428
Registered: ‎05-07-2008

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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Established Contributor
Donks3369
Posts: 514
Registered: ‎07-01-2008

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.

Frequent Contributor
bridgetkaryn
Posts: 428
Registered: ‎05-07-2008

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!!!!


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New Contributor
FicoHound007
Posts: 60
Registered: ‎02-06-2009

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.

Regular Contributor
mjgray
Posts: 224
Registered: ‎02-04-2008

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.
Frequent Contributor
bridgetkaryn
Posts: 428
Registered: ‎05-07-2008

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!!!!


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Frequent Contributor
bridgetkaryn
Posts: 428
Registered: ‎05-07-2008

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!!!!


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Regular Contributor
mjgray
Posts: 224
Registered: ‎02-04-2008

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?
Frequent Contributor
bridgetkaryn
Posts: 428
Registered: ‎05-07-2008

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
Established Contributor
Donks3369
Posts: 514
Registered: ‎07-01-2008

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.


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