04-06-2010 01:57 PM
I recently had my CL decreased from 12K to $500 because they said I don't use the card enough. I have had this card since 1996 (originally Providian, then WaMu, and now Chase). I have good credit (750-760) and have never had a late payment. I called to see if they can reinstate my credit limit, but they said they have to run a credit inquiry to do that. Credit inquiries usually show up bad on my credit report, right? I don't plan on using this card very much, but I liked having a larger amount of credit versus used credit overall. If this stays knocked down to $500, I'm fairly sure it will negatively affect my credit score. I saw a thread on here, 'Chase sucks" and looks like other people are getting these same letters with their CLD. I have filed a complaint with BBB. But, I am wondering, if you all would just have them do the credit inquiry? Again, nothing in my credit history has changed.
04-06-2010 03:25 PM
And more and more, I think CCCs will be cutting limits on unused cards. If you don't use the card and don't carry a balance, they make no money
04-07-2010 11:42 AM
But, I am wondering, if you all would just have them do the credit inquiry? Again, nothing in my credit history has changed.
Not just no, but HELL NO.
Reason number one for me is that they pull Experian no exceptions where I live. Second reason is Chase reviews are notoriously stingy (reading around online and personal experience speaking here). If they wanted to do right by you they would have done you like CasinoAnnie and Bunny. They got 'good' Chase former WaMu experiences recently. I'm happy for them. Someone needs to be treated well.
Unfortunately, since Chase treated you like me.....
If you live somewhere where you can get them to pull Equifax -- or best of all, Transunion -- go for it. I won't explain why in public (I think the reason is looked down upon here), but it definitely won't hurt you the same way Experian will.
If you don't see yourself attempting to get any other cards in the next 12 months, go for it.
If you would prefer to keep your average age of accounts for FICO purposes, and not seek out new credit with a credit union or a major bank (trust, you will probably get more credit if you are accepted by them if you go for the Chase recon), go for it.
Otherwise, I could never in good conscience advise anyone to take a hard experian pull for a Chase increase, especially when the increase is sought because of what they pulled last week and the week before last.
Good luck, no matter what you decide.
04-07-2010 11:46 AM
This ties into my thread found here - http://ficoforums.myfico.com/t5/Credit-Cards/Screw