Reply
Established Contributor
Posts: 554
Registered: ‎06-02-2012
0

Re: chase credit limit decrease

I still love the fact OP knew he was in deep and then took a vacation.... this is the the united states problem. Over spend for what? Personal satisfaction... my wife and I paid out the ass in taxes. She quit taking a salary to keep one of our employees working.

Wake up america
"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Established Contributor
Posts: 553
Registered: ‎01-31-2008
0

Re: chase credit limit decrease

It sort of seems like the AA had more to do with the amount owed than just util. The length of those balances or your DTI could've been factors.
Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $4500
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: chase credit limit decrease

Sorry to hear OP :smileysad:

 

I would suggest leaving it be and work on getting your util. down first, then try to get your CL's back.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Member
Posts: 22
Registered: ‎04-19-2013
0

Re: chase credit limit decrease


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.... :smileyfrustrated:

Valued Contributor
Posts: 1,954
Registered: ‎01-24-2012
0

Re: chase credit limit decrease


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.

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

Re: chase credit limit decrease

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.

Frequent Contributor
Posts: 366
Registered: ‎02-27-2013
0

Re: chase credit limit decrease

high utilization no doubt

Citi Thank You Premier 60k, Alliant 30k, AMEX Blue 30k, Chase Sapphire Preferred 30k, BoA VISA Rewards 30k, Wells Fargo 30k, Barclays Arrival+ 30k, Citibank Custom Credit Line 12k, Macys/AMEX 2.5k/500

EFX ???, EXP ???, TU 780 - Dec 2014
Regular Contributor
Posts: 142
Registered: ‎05-16-2013
0

Re: chase credit limit decrease

@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!


Amex BCE 24.5K | BofA Cash Rewards 15K | CSP MC 13.5K| Chase Freedom 7.5K | Discover IT 3K
Established Contributor
Posts: 554
Registered: ‎06-02-2012
0

Re: chase credit limit decrease


jlfce1 wrote:

@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!



well said

"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Moderator
Posts: 27,203
Registered: ‎09-13-2012
0

Re: chase credit limit decrease

@jifce1

I agree with you that this board is to help educate and not point fingers. The majority of the time it far exceeds that statement. In this case, OP first posted about getting over his head almost 6 mos ago and asked for and received excellent non-fingerpointing advice. It appears from his recent comments (ie trip abroad and high util) that he did not listen and is back now asking how GE can get his CLDs reversed.

I too, learn from others experiences and try my hardest to not repeat the mistakes from my past. I hope that OP understands that these comments though some may call harsh - should be considered for what they are; constructive criticism.

From Jan:
http://ficoforums.myfico.com/t5/Credit-Cards/If-someone-could-shed-some-advice/m-p/1805437#M503299

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 based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.