chase credit limit decrease

[justforting]

Sorry to hear that but I think it's relevant to the high balances on your cards.

[FinStar]

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@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.

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+1

Not to sound harsh, and admittedly OP you have identified the high debt issue, this would not be an ideal time to have Chase reinstate your CLs as they will considerably still see your high utilization - it may not prove fruitful.  As others have suggested, work on a plan to pay your debt down before it spirals out of control.

[HiLine]

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@CashOnDelivery wrote:

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@HiLine wrote:

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@CashOnDelivery wrote:

The OP said his CSP was CLD'ed to $4.5K, does that mean it'll be downgraded to a regular CS?

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No. Why did you think that? 

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Mimimum line for CSP is $5k and OP was CLD'ed to $4.5K. This is a unique situation and it also poses a good question regarding it.

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I'm not sure if Chase even has an official $5k policy, but if they do, that minimum applies to new applications only. CSP and CS are different products; banks don't freely change the credit product without the customer's consent, unless the current product is being discontinued. 

[s_rob7488]

I have not done BT prior to now.

[red259]

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@HiLine wrote:

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@CashOnDelivery wrote:

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@HiLine wrote:

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@CashOnDelivery wrote:

The OP said his CSP was CLD'ed to $4.5K, does that mean it'll be downgraded to a regular CS?

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No. Why did you think that? 

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Mimimum line for CSP is $5k and OP was CLD'ed to $4.5K. This is a unique situation and it also poses a good question regarding it.

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I'm not sure if Chase even has an official $5k policy, but if they do, that minimum applies to new applications only. CSP and CS are different products; banks don't freely change the credit product without the customer's consent, unless the current product is being discontinued. 

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I know when I applied for CSP they made clear the min was 5k and without that credit line I couldn't get the card. I wonder if visa signature requires cards to be 5k CLs. Anyone have a visa sig with les than 5k?

[calihlove75]

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@s_rob7488 wrote:
Csp since april 12 free since july 12 but was a swrr prior that was from april 12 also. Im in over my head. I was doing extremely well score wise and bal/util wise. Now, not so good. Need the cards paid off and to remain in the safe. I've been in this situation before and told myself I'd never go back. I guess plan is to start with smallest balance and pay off and progressively get to largest. Is it stupid to dip into my 401k for quick cash?

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I would still call Monday and have the mother of all excuses in place. It might have been a computer decision that a real person can reverse.

[enharu]

Basically, I have to agree with what everyone has said. You need to keep your finances in check. 

You ought to be worrying more about your financial situation than what Chase is doing to you.

Anyhow, rather than to lecture you about how you had mismanaged yourr finances, this is what I recommend you do:

Right now, Chase is balance chasing you. Other lenders WILL notice this CLD and they might take AA against you as well.

Unless you can somehow pay down most of your debt, chances are Chase will CLD you again after you pay down your Chase card balances. To try to prevent that from happening again, call Chase recon tomorrow. Chances of you getting your original CL back is slim, so your priority is to prevent them from decreasing your CL further.

After you're done calling Chase, look through all your APR rates on each card. I understand you want to pay down your Chase balance ASAP, but chances are they will balance chase you again after you do it, so your utilization will be always near 100% for Chase. Right now your 2nd priority is to prevent other lenders from taking adverse action against you. Not to sound gloom but your relationship with Chase right now is pretty much a lost cause.

Pay down the HIGHEST APR first, and then go pay the 2nd highest APR card. If any of the stuff you bought can be returned, now is the time. You probably dragged those high balances for quite some time in order to get AA. You got to stop buying things that you obviously cannot afford.

Oh, and if you have any UR points, redeem them for CASHBACK NOW and use it to pay your debt. Don't even think about redeeming it for a holiday or any trip. That's the last thing you need right now.

[myjourney]

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@s_rob7488 wrote:
I have not done BT prior to now.

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Good I'm trying to see if you have other options rather than using the 401 due to being heavily taxed in this situation.. But some 401's allow for loans that can be paid back check to see if yours does

Do any of the current cards have a BT offer in place I know you mentioned Citi but that has a high UTL?

Have you considered a personal fixed loan? Better to lump the whole debt together and pay one low monthly payment just another option lessen the monthly burden of trying to make payments to each creditor / CC

[improvingmycredit]

+1 myjourney
As much as I hate to recommend seeking new credit- have you given much thought to lending club or proper? To me- a good debt consolidation is in order along with a card cutting party. I don't know your income but by my calculations- you are at 23K+ debt and over 50% utilization. I'd go for the whole shebang and cut all but a few of my high TLs and SD them so as to not incur more debt. JMO.

[score_building]

since have been through this before remember snowballing the debt back down paying the highest APR first can be less expensive than to start w the lowest balance 1st. At this point, your reports and ACTIONS speak volumes if you want to avoid the possibility of more strident AA in the event you get a hard nosed UW on the line.

The time to contact Chase in this scenario is AFTER enacting swift pay down (which is already reporting) with less than 1/2 of accounts reporting ANY balance and the others under 50% or better still less than 30% I doubt Chase is interested in explanations for unchecked high UTI and just may insist on seeing it dispensed with 1st before moving to act for restoral.

Part of a solid damage control regimen, includes not appearing anxious to be reallocated more credit when there are excessive obligations reporting add in a recent spending spree using one of their cards during vacation and well, it just isnt a good move to draw more attn to too many accounts with high balances; not sure what those advising you to call now are thinking. YMMV.