Reply
Valued Contributor
Posts: 2,981
Registered: ‎06-05-2013
0

Re: chase credit limit decrease

+1 on paying down the highest APRs first and contacting chase after you have gotten the balances cleared up. The last thing you want to do in this situation is something drastic. In the long run if you are able to recover from this it will probably be seen as a positive in your favor. I hope it works out, I really do because I have been there.


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14, Last App 1/3/15
Goal Score: 800 In garden until 4/2015
Valued Contributor
Posts: 1,550
Registered: ‎11-10-2012
0

Re: chase credit limit decrease


s_rob7488 wrote:

Just signed into my chase account online...had 9k csp limit and 8k freedom limit and now both are at 4500????? what gives? I have a balance but I used freedom heavily on a vacation recently. Not sure what I can do to fix this, hopefully something.


I wish they would just inform you of what they are planning to do and give you a chance to fix whatever is spooking them.

 photo Logo - Credit Card Collection - Data Inclusive_zpsjyxek8jr.jpg
Frequent Contributor
Posts: 390
Registered: ‎03-24-2013
0

Re: chase credit limit decrease


red259 wrote:

HiLine wrote:

CashOnDelivery wrote:

HiLine wrote:

CashOnDelivery wrote:

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


No. Why did you think that? 


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.


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. 


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?


Yes. My Amazon Visa is a signature card. It isn't a hard requirement to be a signature. Banks just set that limit for their higher tier cards typically.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Established Contributor
Posts: 670
Registered: ‎03-21-2013
0

Re: chase credit limit decrease

I am not going to restate what many have told you so well to get the debt down. 

 

I just have some advice for the future.  In these  times nothing is a guarantee.  You need a plan for the future not just for handling this debt but for how to not do this again in the future.  I hit my situation when I was laid off from my job and lost several family members.  I had a foreclosure and a tax lien and accounts in collection because of it.  So it made me very sensitive to the future as I made a plan to not have it ever happen again.  I always think if am I in a financial state that I could handle a loss of income for several months.  I still dont' have the savings that I would like to have but I think before I expend money what are my balances if I was laid off tomorrow could I pay everything off and not have to worry about it till I had income again.  This is just my plan others have their plans but the key is to PLAN and then STICK TO IT. 

 

I am stepping off my soapbox now.  I am not wishing you good luck with chase I am wishing you luck and getting everything under control and into a stable state.


Starting Score: 570 ish
Current Score:EX (694) 10/2/2014, EQ (686) 10/2/2014, TU (684) 10/2/2014 (ALL MORTGAGE PULLS)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) Lowes (2.8K) VS Angel Card (1300)
Regular Contributor
Posts: 159
Registered: ‎03-25-2012
0

Re: chase credit limit decrease

my 401k is through fidelity. I can get a loan/withdrawl from them for $1000-$3300 for a general purpose loan with "A loan allows you to borrow money from your plan and repay it over time. A loan is not subject to taxes or penalties, though you will pay interest on the loan amount, as well as setup and maintenance fees. If you are able to make regular payments and repay the amount you borrow, a loan will usually cost you less than a withdrawal." Interest rate is 4.25%. I could take the $3300 and use it to pay some off. I had thought about a personal loan but not sure how that works, what collateral is needed, what I wouild be approved for. The only BT offer available it to citi ciamond pref or bank of america and those both have higher util. I called WF last night to see if they had anything available, they didn't. 

Frequent Contributor
Posts: 390
Registered: ‎03-24-2013
0

Re: chase credit limit decrease


s_rob7488 wrote:

my 401k is through fidelity. I can get a loan/withdrawl from them for $1000-$3300 for a general purpose loan with "A loan allows you to borrow money from your plan and repay it over time. A loan is not subject to taxes or penalties, though you will pay interest on the loan amount, as well as setup and maintenance fees. If you are able to make regular payments and repay the amount you borrow, a loan will usually cost you less than a withdrawal." Interest rate is 4.25%. I could take the $3300 and use it to pay some off. I had thought about a personal loan but not sure how that works, what collateral is needed, what I wouild be approved for. The only BT offer available it to citi ciamond pref or bank of america and those both have higher util. I called WF last night to see if they had anything available, they didn't. 


If my math is right, you have 26K in CC debt. $3300 against your 401K will not make that large of a dent in your debt. It will save you some interest but I don't sugguest taking out loans against a 401K if at all possible to avoid it, and only then if it makes a significant dent in the debt you are using to pay it off against.

 

If you truly want to do it, I sugguest you sit down and do some cost analysis on the interest you'd save versus the time it would pay the loan back. Don't jump head first into something without thinking about it as it could just lead to more problems.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Valued Contributor
Posts: 1,394
Registered: ‎01-14-2009
0

Re: chase credit limit decrease

Sorry to hear about your Chase CLD's. Unfortunately, it's not a surprise given your high balances/utilization. I sincerely hope this will be a wake up call for you. Good luck and best wishes!

Regular Contributor
Posts: 180
Registered: ‎03-15-2012
0

Re: chase credit limit decrease


TimeToRecover wrote:

I am not going to restate what many have told you so well to get the debt down. 

 

I just have some advice for the future.  In these  times nothing is a guarantee.  You need a plan for the future not just for handling this debt but for how to not do this again in the future.  I hit my situation when I was laid off from my job and lost several family members.  I had a foreclosure and a tax lien and accounts in collection because of it.  So it made me very sensitive to the future as I made a plan to not have it ever happen again.  I always think if am I in a financial state that I could handle a loss of income for several months.  I still dont' have the savings that I would like to have but I think before I expend money what are my balances if I was laid off tomorrow could I pay everything off and not have to worry about it till I had income again.  This is just my plan others have their plans but the key is to PLAN and then STICK TO IT. 

 

I am stepping off my soapbox now.  I am not wishing you good luck with chase I am wishing you luck and getting everything under control and into a stable state.


Thanks for this (all of it, but especially the bold/red parts). That's exactly why I am paying off my debt this summer. I've been in that situation - losing a job and having credit card debt with no income to pay it off, which is how my perfect credit got ruined in the first place. This is new day in financial history - folks aren't just giving away money, carefree. If they get an inkling that you might not be able to handle what you owe, they may just yank the reigns, and they have every right to do so because the money is theirs. They don't have to "warn" you beforehand. They're looking at how you manage your finances on a daily basis, not how quickly you can tidy things up when you know you're being watched.

 

When I lost my job, I got no "warning".

 

 

 

 

Credit Rebuild Start Date (3/12)
Oakland County CU Visa ($500) | Capital One Quick Silver One ($600) | Capital One Secured MC ($200) | Walmart ($1600) | PayPal Credit ($1000) | Jared ($3500) | Victoria's Secret ($850) | Gettington ($3500) | Zales ($1000) | Amazon Store Card ($850) | NewEgg Preferred ($2400) | Discover IT ($1500) | Dillard's AMEX ($1500) Target ($500) | Overstock Store Card ($1200) | Kohl's ($1500) | Old Navy ($500) | Macy's Store Card ($800)
Regular Contributor
Posts: 159
Registered: ‎03-25-2012
0

Re: chase credit limit decrease


CreditCardDiva wrote:

TimeToRecover wrote:

I am not going to restate what many have told you so well to get the debt down. 

 

I just have some advice for the future.  In these  times nothing is a guarantee.  You need a plan for the future not just for handling this debt but for how to not do this again in the future.  I hit my situation when I was laid off from my job and lost several family members.  I had a foreclosure and a tax lien and accounts in collection because of it.  So it made me very sensitive to the future as I made a plan to not have it ever happen again.  I always think if am I in a financial state that I could handle a loss of income for several months.  I still dont' have the savings that I would like to have but I think before I expend money what are my balances if I was laid off tomorrow could I pay everything off and not have to worry about it till I had income again.  This is just my plan others have their plans but the key is to PLAN and then STICK TO IT. 

 

I am stepping off my soapbox now.  I am not wishing you good luck with chase I am wishing you luck and getting everything under control and into a stable state.


Thanks for this (all of it, but especially the bold/red parts). That's exactly why I am paying off my debt this summer. I've been in that situation - losing a job and having credit card debt with no income to pay it off, which is how my perfect credit got ruined in the first place. This is new day in financial history - folks aren't just giving away money, carefree. If they get an inkling that you might not be able to handle what you owe, they may just yank the reigns, and they have every right to do so because the money is theirs. They don't have to "warn" you beforehand. They're looking at how you manage your finances on a daily basis, not how quickly you can tidy things up when you know you're being watched.

 

When I lost my job, I got no "warning".

 

 

 

 


I am not tring to make the situation out to be something better than it is, I want to get things "cleaned up" quickly so I won't be worrying about it every second of the day. 

Member
Posts: 97
Registered: ‎06-09-2013
0

Re: chase credit limit decrease

if you had a friend who owed everyone else money would you lend him more? probably not. I don't understand why you are even surprised about it. Sorry not sugar coating it, but right now you are a high credit risk. 100% understandable on Chase's part. If I was the bank I would do the same.  Becareful cause they will CLD again if you don't get the other balances down first at the very least. Now choose which cards you want to keep and pay off everything else first.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.