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Regular Contributor
Fresh-Start
Posts: 238
Registered: ‎10-18-2012
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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!


+1 I agree!  I am relatively new to this forum and I have seen quite a lot of post where an OP will come on here and have the courage to share their experience...they are already feeling down as it is, and people just pounce on them and show no mercy! Sheesh!  It's made me hestitant and careful of what I  share on here.  We have all made mistakes with our credit which is why many of us are on here.  It took me some time to learn about credit again.  Back in the day, all most creditor's where concerned with is if you made your payments.  Now, times have changed and it's that and a lot of other things that are considered. It takes time to learn..that's what we are on here for.  Not to  kick someone while they are down.

 

To the original poster....Sorry about your CLD, do what you can do to pay of your balances and get them low.  You may not be able to do it fast, take your time.  You will recover from this.  Lesson learned.  In six months with chopping down your balances, you will bounce back!  :smileyhappy:

 

 

Regular Contributor
jlfce1
Posts: 142
Registered: ‎05-16-2013
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Re: chase credit limit decrease


09Lexie wrote:
@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

Oh I see-then I guess I will put emphasis on learning from your lesson.  I know I have.  There's a ton of things I'd like to apply for with the bonus, etc., but I don't have the need to spend the cash. My goal is to apply for a house June 2014-so, thank goodness for this board...because had I not learned a thing...I would have been in an even worse place come pre-approval time for my mortgage! Self Control is key!

Amex BCE 24.5K | BofA Cash Rewards 15K | CSP MC 13.5K| Chase Freedom 7.5K | Discover IT 3K
Established Contributor
Smug
Posts: 961
Registered: ‎12-21-2010
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Re: chase credit limit decrease

I think you might need to pay down those balance, seems you have too many for the banks/
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Established Contributor
JonStur
Posts: 904
Registered: ‎12-25-2010
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Re: chase credit limit decrease

Loan consolidation is the only way to go. I agree with trying lending tree, or maybe a loan from a credit union. Don't know if a bank will give the OP any love at this point...


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012
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Re: chase credit limit decrease

OP, on the Jan thread, you mentioned having a BCE and PRG. Is the BCE still under promotional rate? It appeared from that post that several of your cards were still at 0%. Is the PRG up to date and not showing any lates on you CR?

It may be best to get as much of your outstanding balances onto a 0% card or at least a lower rate card. Try calling Discover to see if they will give you a reduced rate promotion...and then transfer.

I once 'transferred' a balance from one card to another by changing which card I put my daily spend on, and instead of PIF the 'transferred to' card, I used that $$ to pay off the card I 'transferred from'. That got me around the BT fee.....but it only benefits when you apply the full payment amount to the "from" card and SD it.

I also recommend you put together a detailed budget to help you figure out how to pay down your debt. It may seem overwhelming at first, but it is much easier to have it all on paper/spreadsheet so you can see the complete picture.

Good luck!
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Regular Contributor
CreditCardDiva
Posts: 113
Registered: ‎03-15-2012
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Re: chase credit limit decrease

[ Edited ]

I'm relatively new here, and I just want to say this: I don't think anyone responded in a harsh way, but my skin is pretty thick (and whenever I share details, I prepare myself for what may follow). You need a thick skin to interact in a public forum.I think a few folks just hit straight, with no chaser...but that's the way I like it, so I can take it, as well as give it. I also think that when you share your experiences in a public forum, you have to remember that nobody knows anyone else (unless you do happen to know the folks you're responding to). The good part is that it really makes no sense to get too bent about a stranger's assessment of your situation.


Finally, there always needs to be balance with any perspective. You have the "It's okay. I've been where you are. You'll be fine" folks, along with the "What the HECK were you thinking???" crowd - both are needed. So, take away what is beneficial (which isn't always what you want to hear), and shake off the rest. Also, someone's "harsh" response may prevent someone who's reading from getting in over their head, which is good ultimately. Everything is not for everybody, but something is probably for somebody.

No FICO Score Info Until Fall 2014.
I'm working on getting utility down to 10% or less. Chillin' in the garden.
Credit Rebuild Start Date (3/12)
Credit Union Visa ($500 3/12) | Capital One Platinum MC (formerly Orchard Bank) ($500 3/12) | Capital One Secured MC ($200 3/12),| Walmart ($400) | Bill Me Later ($1000) | Jared ($2200) | Victoria's Secret ($650) | Gettington ($2500) | Zales ($500) | GE Amazon ($700)

In the garden till 3/5/2014 (my birthday!)
Established Contributor
JonStur
Posts: 904
Registered: ‎12-25-2010
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Re: chase credit limit decrease


CreditCardDiva wrote:

I'm relatively new here, and I just want to say this: I don't think anyone responded in a harsh way, but my skin is pretty thick (and whenever I share details, I prepare myself for what may follow). You need a thick skin to interact in a public forum.I think a few folks just hit straight, with no chaser...but that's the way I like it, so I can take it, as well as give it. I also think that when you share your experiences in a public forum, you have to remember that nobody knows anyone else (unless you do happen to know the folks you're responding to). The good part is that it really makes no sense to get too bent about a stranger's assessment of your situation.


Finally, there always needs to be balance with any perspective. You have the "It's okay. I've been where you are. You'll be fine" folks, along with the "What the HECK were you thinking???" crowd - both are needed. So, take away what is beneficial (which isn't always what you want to hear), and shake off the rest. Also, someone's "harsh" response may prevent someone who's reading from getting in over their head, which is good ultimately. Everything is not for everybody, but something is probably for somebody.


Absolutely true...but in this case, the OP had been given advice previously and all this could have been avoided. But hopefully the importance of credit responsibility will finally sink in! 


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Regular Contributor
CreditCardDiva
Posts: 113
Registered: ‎03-15-2012
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Re: chase credit limit decrease


JonStur wrote:

CreditCardDiva wrote:

I'm relatively new here, and I just want to say this: I don't think anyone responded in a harsh way, but my skin is pretty thick (and whenever I share details, I prepare myself for what may follow). You need a thick skin to interact in a public forum.I think a few folks just hit straight, with no chaser...but that's the way I like it, so I can take it, as well as give it. I also think that when you share your experiences in a public forum, you have to remember that nobody knows anyone else (unless you do happen to know the folks you're responding to). The good part is that it really makes no sense to get too bent about a stranger's assessment of your situation.


Finally, there always needs to be balance with any perspective. You have the "It's okay. I've been where you are. You'll be fine" folks, along with the "What the HECK were you thinking???" crowd - both are needed. So, take away what is beneficial (which isn't always what you want to hear), and shake off the rest. Also, someone's "harsh" response may prevent someone who's reading from getting in over their head, which is good ultimately. Everything is not for everybody, but something is probably for somebody.


Absolutely true...but in this case, the OP had been given advice previously and all this could have been avoided. But hopefully the importance of credit responsibility will finally sink in! 


Oh...I totally agree with you. I don't know the history, but I understand the principle

No FICO Score Info Until Fall 2014.
I'm working on getting utility down to 10% or less. Chillin' in the garden.
Credit Rebuild Start Date (3/12)
Credit Union Visa ($500 3/12) | Capital One Platinum MC (formerly Orchard Bank) ($500 3/12) | Capital One Secured MC ($200 3/12),| Walmart ($400) | Bill Me Later ($1000) | Jared ($2200) | Victoria's Secret ($650) | Gettington ($2500) | Zales ($500) | GE Amazon ($700)

In the garden till 3/5/2014 (my birthday!)
Regular Contributor
Fresh-Start
Posts: 238
Registered: ‎10-18-2012
0

Re: chase credit limit decrease


CreditCardDiva wrote:

I'm relatively new here, and I just want to say this: I don't think anyone responded in a harsh way, but my skin is pretty thick (and whenever I share details, I prepare myself for what may follow). You need a thick skin to interact in a public forum.I think a few folks just hit straight, with no chaser...but that's the way I like it, so I can take it, as well as give it. I also think that when you share your experiences in a public forum, you have to remember that nobody knows anyone else (unless you do happen to know the folks you're responding to). The good part is that it really makes no sense to get too bent about a stranger's assessment of your situation.


Finally, there always needs to be balance with any perspective. You have the "It's okay. I've been where you are. You'll be fine" folks, along with the "What the HECK were you thinking???" crowd - both are needed. So, take away what is beneficial (which isn't always what you want to hear), and shake off the rest. Also, someone's "harsh" response may prevent someone who's reading from getting in over their head, which is good ultimately. Everything is not for everybody, but something is probably for somebody.


You make a good point..:smileyhappy:

Regular Contributor
s_rob7488
Posts: 159
Registered: ‎03-25-2012
0

Re: chase credit limit decrease

Really do appreciate all the respinses, even the bad ones :-) I have a spreadsheet (piece of paper for now) with balances, interest rates, and am trying to see where I can combine balances if possible. I didn't get much sleep last night as I was trying to get my ducks in order as much as possible and call a few of the banks to see if I have options for BTs or or lower interest etc. I have one thought of using the loan from the 401k for $3300 and applying it to whichever balances would be subject to interest or the bank of america card to make a dent in the current balance. I am thinking of this route since it doesn't effect anything with taxes for taking the loan off the 401k and its not draining the account. As for the people whove stated it was not a good time for a vacation, I admit I splurged too much on the trip. It was overseas and I hhadmoney set aside for the trip but has proved to not have been the best idea. Bottom line I know I am in a bad position and I am hoping I can get out of it as soon as I can. I have put all cards except amex delta which is my daily use card and my debit card in my safe and dont plan to buy anything other than toilet paper and groceries and only necessities for a few months. I've discussed with my wife the situation and she is aware of everything. Other than my csp she isnt listed on any of the accounts so credit wise she shouldnt be effected correct me if I am wrong but I feel terrible for putting her in this situation as well. I know what needs to be done just need to stick to my plan and start to pay down one by one and will know for the future what not to do. I dont blame anyone for saying anything harsh bc truth is I need to hear it. I have been thrown off by some comments and have thought to myself **bleep** why would someone say that but then come to my senses that its all brought upon by me and I need to take the advice of people who 1 have been generous enough to weigh in on the topic and 2 have experiences of their own. Again, I do appreciate the feedback. Lastly I dont plan on contacting chase until things are looking better than now. If I lose the credit line then I lose it. My fault yes but the only way to make progress is to learn from the mistakes and go forward.

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