Vaued Customer

[AssistanceRequired]

I have an HSBC w/ a loc of $1,100 it and all of my cc have a"0"balance.  I happened to check my account today only to find out that my $1,000 has been reduced to $490.  The economy is unpredictable which is why I paid off all of my credit cards.  Has anyone else experienced such a decrease in their cc's loc?

[MattH]

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@AssistanceRequired wrote:
I have an HSBC w/ a loc of $1,100 it and all of my cc have a"0"balance.  I happened to check my account today only to find out that my $1,000 has been reduced to $490.  The economy is unpredictable which is why I paid off all of my credit cards.  Has anyone else experienced such a decrease in their cc's loc?

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About half the postings in the Credit Cards forum on this board in the past six months have been about credit line decreases and/or interest rate hikes, the credit card companies have suddenly gone from requiring little more than proof of breathing to super strict.  Even I have had AMEX raise my APR.  With FICO scores at or near 800 I've been an AMEX customer since 1982 with an excellent payment history they ratejacked me.  In my case the APR has no practical importance since I always pay in full, but still I am irritated at their ratejacking one of their best customers.

[AssistanceRequired]

My major concern is how or whether this reduction will effect my cs.  I've worked really heard to recover from bk and was getting close to becoming a member of the 700 club, and eligiblity for apartment.  I guess this is just another setback that I will have to endure. 

[haulingthescoreup]

How much did your total credit limit drop? The higher the total credit limit, the less likely that this will hurt you.

As HSBC is obviously on a roll, I'm going to try to keep these posts on the thread that is already thriving:

HSBC credit line slashed for no reason!!!

If you can continue the discussion on that thread, it will both help keep down clutter and also make it simpler for members to find info in one place. thanks!