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77orange77
Posts: 11
Registered: ‎04-01-2010
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Would let Chase run a cedit inquiry if they cut your credit limit due to lack of use?

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. 

Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Would let Chase run a cedit inquiry if they cut your credit limit due to lack of use?

If you want the limit back, do the inquiry.   That is what they are for.   One inquiry on good credit is not bad.    

Super Contributor
MidnightVoice
Posts: 8,157
Registered: ‎03-25-2007
0

Re: Would let Chase run a cedit inquiry if they cut your credit limit due to lack of use?

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

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Regular Contributor
Nonaii
Posts: 246
Registered: ‎06-02-2008
0

Re: Would let Chase run a cedit inquiry if they cut your credit limit due to lack of use?

 


77orange77 wrote:

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.

Frequent Contributor
austinguy907
Posts: 304
Registered: ‎03-03-2008
0

Re: Would let Chase run a cedit inquiry if they cut your credit limit due to lack of use?

This ties into my thread found here - http://ficoforums.myfico.com/t5/Credit-Cards/Screw-CHASE/td-p/655850

Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
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Scores by lender 4/25/11: EQ 705 / EX 743 / TU 735
Mortgage closed 5/20/2011!

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