Rebuilding Your Credit

[glyphxx]

I made a $900 payment on a CC only to have them lower my limit by about $1000 within a month.... so basically my credit/debt ratio did not change.

Is there anything I can do?

I know when they try to hike rates you can cancel and pay on current terms instead of accepting.

Can I do similer here?  Tell them to cancel and I will pay on orignal terms and with original credit limit being reported?

[sphinx313]

I had this happen to me with interest rate. I was at 14.99 on a card and I made a near full payoff to have them send me a letter saying my new interest rate was 29.99 with no reasons as to why. I immediately cancelled the card. I would definitely cancel this card as long as you can pay it on the current terms.

[bahbahd]

for our info, please let us know the issuers.

[StartingOver10]

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glyphxx wrote:

I made a $900 payment on a CC only to have them lower my limit by about $1000 within a month.... so basically my credit/debt ratio did not change.

Is there anything I can do?

I know when they try to hike rates you can cancel and pay on current terms instead of accepting.

Can I do similer here?  Tell them to cancel and I will pay on orignal terms and with original credit limit being reported?

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If you cancel the card the original limit will not be restored. The limit will be zero.

[Shogun]

It's commonly called balance chasing.  They've deemed you a high risk and everytime you pay them down, they will decrease your CL to match it.

[Jutz]

Yup. If cancelled you'd only hurt your UTIL more. The limit won't factor but the balance will. 

[glyphxx]

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bahbahd wrote:

for our info, please let us know the issuers.

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Chase is the issuer

[glyphxx]

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Shogun wrote:

It's commonly called balance chasing.  They've deemed you a high risk and everytime you pay them down, they will decrease your CL to match it.

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So there is nothing I can do?  I am just doomed to low credit?   This just seems rediculous.  It's like a self fulfilling proficy. 

[shols44]

Someone posted a similar thread with Discover balance chasing yesterday. He called backdoor, had a convo and had full limit restored instantly. Now, I dont know how receptive chase will be, but what do you have to loose?

I'd try a credit analyst/upper level customer relations chat. 

[tmobileguy]

I had them do the same thing to me when all the banks were knocking down their CL's...only way to really stop it is to increase your credit score and not look like a 'credit risk'...