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I had a macy/Amex card that I have not used in a while. They have cut my credit line by 85%. If I call them to restore my credit line, will they pull another report? If so, do they go by FICO score or do they also pull the scores from EX/TU/EQ? Thanks folks
If they cut it it's probably because they SP and saw something they didn't like or made them nervous. You can call but I think you'll end up with a HP with no guarentee that you'll get your credit line back.
Thanks madmann26. What does SP and HP mean?
SP=soft pull
HP=hard pull
Any idea which lenders are notorious for it? I want to make sure I'm using my TL's if there is any risk for this decrease.
Nearly every lender has something in their card agreement that says something about reserving the right to close your account if their is no activity on the card in 3-6 months or so. In general, every card you want opened should be used once every 2-3 months. Size of the charge doesn't matter.
Home Depot cancelled my card for inactivity. I applied for it later on and was denied...go figure?
@gramps1968 wrote:Home Depot cancelled my card for inactivity. I applied for it later on and was denied...go figure?
Have there been any changes in your CR? You may have been qualified for the card when you first applied for it, but now you are not due to some changes in your CR. Things such as high utilization, lates and new accounts can decrease your chances of getting approved, regardless of whether or not you had an existing account with them.