Re: Chase CC Credit Limit Slashed
12-10-2009 08:42 PM
We live in stressful times. I had a Chase card with a $33,400 CL. I had taken out a $20,000 BT a few years ago at a very low rate and was paying it back at $500/mo. When it was paid off in August 2009 they cut the CL to $8,300, a reduction of 75%. Their reasoning was I didn't need that much credit. I have plenty of other credit and I was never going to use Chase much in the future, so I wasn't going to commit hari-kari over it. You can try to recon with them to see if they will change their minds. Otherwise, you'll have to acquire credit elsewhere if you need it.
It's not that I need it, I have other cards...but I realize that you have to play the fico credit score game in this world and part of that is using the card, paying it off and trying to keep a high available and low utilization. If these idiots gave you even a thirty day notice that they were going to cut your limit I would have paid off the balance before it was cut. But no, they cut it two days ago and the csr said the letter went out today. Brilliant.
It's no wonder most institutions are drowning.