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Member
Posts: 19
Registered: ‎07-29-2007
0

ERRR CREDIT LIMIT CHANGE!!!

OK I NEED SOME HELP...I AM WORKING TO GET MY CREDIT BACK UP AND RUNNING...RIGHT NOW I HAVE A 631 AVERAGE...ANYWAY AFTER WORKING ON IT FOR A FEW MONTHS ONE OF MY CC COMPANY DECIDES WITHOUT NOTICE TO LOWER MY CREDIT LIMIT....NOW NORMALLY I WOULD NOT MIND THIS BUT NOW UNERSTANDING THAT HAVING A HIGH BALANCE COMPARED TO CL IS A BAD THING THIS HURTS ME...I JUST STARTED TO LOWER MY OVERALL BALANCE TO UNDER 60% BUT THE CHANGE IN CREDIT LIMIT PUTS ME OVER 80% AGAIN...REALLY MAKES ME MAD...CAN I DO ANYTHING OR DO THE CC COMPANY HAVE THE RIGHT TO DO THIS???
 
I JUST HATE THE FACT I WAS MAKING PROGRESS AND EVEN THOUGH 60% DOESNT SEEM GREAT TO OTHERS HAVING A 90%+ PLUS AVERAGE FOR SO LONG AND FINALLY MAKING A GOAL AND HAVING IT TAKEN AWAY STINKS...
 
ANY HELP WOULD BE GREAT THANKS!!!
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: ERRR CREDIT LIMIT CHANGE!!!



DREAMBIG1234 wrote:
OK I NEED SOME HELP...I AM WORKING TO GET MY CREDIT BACK UP AND RUNNING...RIGHT NOW I HAVE A 631 AVERAGE...ANYWAY AFTER WORKING ON IT FOR A FEW MONTHS ONE OF MY CC COMPANY DECIDES WITHOUT NOTICE TO LOWER MY CREDIT LIMIT....NOW NORMALLY I WOULD NOT MIND THIS BUT NOW UNERSTANDING THAT HAVING A HIGH BALANCE COMPARED TO CL IS A BAD THING THIS HURTS ME...I JUST STARTED TO LOWER MY OVERALL BALANCE TO UNDER 60% BUT THE CHANGE IN CREDIT LIMIT PUTS ME OVER 80% AGAIN...REALLY MAKES ME MAD...CAN I DO ANYTHING OR DO THE CC COMPANY HAVE THE RIGHT TO DO THIS???
 
I JUST HATE THE FACT I WAS MAKING PROGRESS AND EVEN THOUGH 60% DOESNT SEEM GREAT TO OTHERS HAVING A 90%+ PLUS AVERAGE FOR SO LONG AND FINALLY MAKING A GOAL AND HAVING IT TAKEN AWAY STINKS...
 
ANY HELP WOULD BE GREAT THANKS!!!


Which CC is this? CL? Balance? And how much cash do you have on hand to pay down the balance? Do you have any other CCs? If so, which ones and also what are their CLs, Balances and APRs? 631 average score, are these FICOs?
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Member
Posts: 19
Registered: ‎07-29-2007
0

Re: ERRR CREDIT LIMIT CHANGE!!!

Yes the score is FICO and the card is a mastercard...I just want to know if I call and ask them to return my limit back to the original will they run my credit score thus dropping me points again...Thanks
Established Contributor
Posts: 720
Registered: ‎05-04-2007
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Re: ERRR CREDIT LIMIT CHANGE!!!


DREAMBIG1234 wrote:
Yes the score is FICO and the card is a mastercard...I just want to know if I call and ask them to return my limit back to the original will they run my credit score thus dropping me points again...Thanks

Which credit card company is this? American Express, Chase, Citi, ???

When some credit card companies get paranoid, they watch your utilization, and if they see you carry a high balance (80%+) on an account, and then start paying it down, they will decrease your CL periodically to keep you from increasing your balance at a later date. Amex has done this to a few people recently, and several other CCCs have done this in past years. The best thing to do once you see this occur, is to move the remaining balance from the victimized account (A) to another account (B) as quickly as possible, and see where the CL decreases stop. When the dust settles, if Account A still has a decent CL, keep it open, but only use it once a year to keep it active. If the CL for Account A has been decreased to a ridiculously low level, just close it.

Once a CCC decides to play this game - known as "chasing the balance" - it's a good bet they have no intentions to let you increase the CL back to where it was.
Regular Contributor
Posts: 171
Registered: ‎05-18-2007
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Re: ERRR CREDIT LIMIT CHANGE!!!

You're still making progress, you're paying down your debt. I'm not too sure that they will increase your limit just yet, wait a few months until you ask them.
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
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Re: ERRR CREDIT LIMIT CHANGE!!!

the other thing they do is jack the rate.

Both of these methods are effective to reduce the creditors exposure.

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