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Sorry to hear OP
I would suggest leaving it be and work on getting your util. down first, then try to get your CL's back.
@CreditScholar wrote:
Given how many balances you're carrying on various cards, you deserved the CLD. You're around 50% util for the majority, so I'm not surprised Chase CLDed you. They're probably nervous looking at your reports, figuring that your probability of paying them all down is fairly low.
+1 This was coming....
@CashOnDelivery wrote:The OP said his CSP was CLD'ed to $4.5K, does that mean it'll be downgraded to a regular CS?
The minimum for the Chase Sapphire is also 5,000, so I don't see why it would.
the 5000 limit is usually for Visa Signiture, it's a general rule but not a concrete one. People do have Signiture cards with under 5000 limits, you can often request it if you're close.
high utilization no doubt
@s_rob7488
Clearly from everyone's responses it appears that you now know the reasoning behind the CLD.
I'm sorry this happened to you. This happened to me too, but with Citi. I think this board is helpful when people stop pointing fingers and just help educate. It took a lot for you to come forward to share your experience so I'm sure it's discouraging to have all the finger pointing.
I had no idea this could happen until it did happen to me. And at the same time, I had no idea how utilization effects your score and how lenders see you until I joined this forum. My situation is somewhat different, but pretty similar. My utilization was HIGH and I had more than a handful of cards maxed out. My uneducated understanding was hey, if they're going to give me that CL, use it! I was WRONG. So when I joined, I learned I needed to get my utilization DOWN! Well, I did just that. I paid off everything with the exception of my Citi card. It was my highest CL at the time at $6,000 (card member since 2006) so I made a $4100 payment thinking that I could then pay the rest within the next two months because after paying down all my others to 0 (which were higher than my citi APR) this is what I had left. I figured...no big deal, my card is going from maxed to 30%. At this point I learned my lesson and realize, PIF each month...GOT IT, moving forward with my now educated self with credit. Well, Citi didn't get the memo. The day after my $4100 payment posted, my CL was decreased to $2,000. At first I was SO angry because now, I'm back up to my card being maxed. They stated too many high balances, etc., Well, true but I had paid off $18,000 and it just hadn't been reported. Needless to say, I'm still at CL of 2,000, but my utilization is <7%...needless to say, valuable lesson learned all around. The next month I quickly paid another $1300 leaving a balance of 800 which I BT'd at 0% for 12 months with BofA (will pay it off in 1). Of course I'm keeping my Citi card - this was all my fault to begin with but with my lesson learned...I'm going to show them that I am worth an increase and get it back up there...and even higher!! :-)
When these things happen the important part is learning from them, then they become valuable. I can say I know what you're going through. Reading through others experiences on this forum has helped me tremendously. It was helpful immediately and for the rest of my life. The knowledge on here is priceless.
Good Luck!! I hope this helps to show you....it all works out in the end!
@jlfce1 wrote:
Clearly from everyone's responses it appears that you now know the reasoning behind the CLD.
I'm sorry this happened to you. This happened to me too, but with Citi. I think this board is helpful when people stop pointing fingers and just help educate. It took a lot for you to come forward to share your experience so I'm sure it's discouraging to have all the finger pointing.
I had no idea this could happen until it did happen to me. And at the same time, I had no idea how utilization effects your score and how lenders see you until I joined this forum. My situation is somewhat different, but pretty similar. My utilization was HIGH and I had more than a handful of cards maxed out. My uneducated understanding was hey, if they're going to give me that CL, use it! I was WRONG. So when I joined, I learned I needed to get my utilization DOWN! Well, I did just that. I paid off everything with the exception of my Citi card. It was my highest CL at the time at $6,000 (card member since 2006) so I made a $4100 payment thinking that I could then pay the rest within the next two months because after paying down all my others to 0 (which were higher than my citi APR) this is what I had left. I figured...no big deal, my card is going from maxed to 30%. At this point I learned my lesson and realize, PIF each month...GOT IT, moving forward with my now educated self with credit. Well, Citi didn't get the memo. The day after my $4100 payment posted, my CL was decreased to $2,000. At first I was SO angry because now, I'm back up to my card being maxed. They stated too many high balances, etc., Well, true but I had paid off $18,000 and it just hadn't been reported. Needless to say, I'm still at CL of 2,000, but my utilization is <7%...needless to say, valuable lesson learned all around. The next month I quickly paid another $1300 leaving a balance of 800 which I BT'd at 0% for 12 months with BofA (will pay it off in 1). Of course I'm keeping my Citi card - this was all my fault to begin with but with my lesson learned...I'm going to show them that I am worth an increase and get it back up there...and even higher!! :-)
When these things happen the important part is learning from them, then they become valuable. I can say I know what you're going through. Reading through others experiences on this forum has helped me tremendously. It was helpful immediately and for the rest of my life. The knowledge on here is priceless.
Good Luck!! I hope this helps to show you....it all works out in the end!
well said