07-27-2009 12:35 PM
Okay, my first time posting,but have been reading the forums for over a year now. So I go to the mailbox and find that my Sears credit limit has been decreased effective immediately from $1200 down to $400!! The crazy thing is that my score has been lower than it's current number before, and I never had an issue with this card. In fact, it was paid off for about 3 months before we put a $420 balance on it 3 or 4 months ago, and the current balance is only at $290. I began to rebuild my credit about 3 years ago, and have not been late on this card during that entire time - I would close it, but it is my oldest active tradeline, got it back in college in 1990. And even when I asked her that basically it makes no difference that I have been clean with this card for a few years now, all she could say was that the current financial climate has caused them to go in and make changes to how they review and hand out credit. Over the past year, I try to carry small to no balances on my cards, pay in full within the month, and it appears all for nothing - this is so frustrating. Not really looking for answers, just needed to vent to others that I know will feel my pain. I knew that once Citibank took over Sears several years ago they would not operate the same and they sure haven't!!
07-27-2009 01:02 PM
Sorry to hear - but Citi is one of the companies slashing CL's. Target, HSBC and Chase are also doing the same, with Chase even cancelling accounts with GOOD customers.
I've not had an issue with Cap One, YET.
07-27-2009 01:03 PM
Welcome to posting, Tashia! Of course, now that you've stepped out of lurkdom, we'll never let you go back!
I'm really sorry to hear about your CLD. It is frustrating and disappointing.
But, your good credit habits are not all for nothing, even through these temporary set-backs. Consumers really do have more power than lenders would like us to believe. And, nothing talks to them more loudly than the almighty dollar. You can SD that card, giving it just enough use to keep it open, retaining its history indefinitely, and give your business to a lender that is itching to have your business today. Do you have any credit union cards?
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
07-27-2009 04:25 PM
Your 1990 TL is the most important value of that account. Don't close it, don't close it, don't close it
I had a Sears opened in 1988 and closed it in the 90's cause I never use it. Wish I still had it now just for age regardless of CL.
Welcome to the boards!
07-27-2009 04:26 PM
Yes, I know that I can no longer hide in the shadows - lol!! I do not have any credit union cards, but do have a Cap One card, a RewardZone Mastercard (HSBC), and am an authorized user on one of my husband's cards as well as my sister's AmEx green card (the one with no credit limit, pay in full each month), in addition to some department store cards. I took advice from these message boards and had by 2 Cap One cards combined to one card with a $1000 limit, and my husband did the same with his two cards after I told him about it. When I started to rebuild I did get the First Premier and Orchard Bank cards, and I once had an Aspire Visa but once we were able to really pay down some debt, I closed them both (they were less than 2 years old), but they did help with re-establishing my credit payment history. I just hated to see that Sears limit drop since I have had it for so long, but there are no major purchases in my future so I will keep plugging along. My scores with Transunion and Equifax are both at 600 and 593 respectively - and they should only continue to increase as long as everything stays good. Husband is on a intense push to have us debt free within the next 3-4 months, which he started us on last year, and it is so wild to think this may actually come true - as well as building up savings accts. Are the credit union cards easier to get?
As a side note, this site is THE BEST! I heard about it when we were trying to prepare to buy a house and after I read up on it, I told him to get his scores from here and not from the credit card FAKO services and there was enough of a difference for him to move sooner on mortgage applications than he had originally planned.
07-27-2009 09:50 PM
Just be patient and keep doing what you have been doing. You will find that those CL's can go back up, too. We are really in a rough patch with the economy right now and the banks are very jumpy. That will be temporary, but temporary might run through 2010. Pay off balances, don't be late and you will be fine. No hasty moves!
07-28-2009 06:29 AM