topic Re: My Equality Visa just Got CLD!!! in Credit Cards

My Equality Visa just Got CLD!!!

Ron1 — Thu, 25 Jun 2015 10:41:14 GMT

They got my DL. and bank statement. They decreased my limit from $2500 to $1000 without any reason. I don't know what's going on.

Ron.

Re: My Equality Visa just Got CLD!!!

redpat — Thu, 25 Jun 2015 12:01:30 GMT

Greece....Lol.

Or CC are taking risk off the table for individuals with LARGE available credit that isn't or couldn't be used.

All Empires get chopped down to size as things go in cycles.

Re: My Equality Visa just Got CLD!!!

Anonymous — Thu, 25 Jun 2015 13:06:17 GMT

Too much available credit, not enough income, no other justification, credit card companies tightening. Bad combination.

Re: My Equality Visa just Got CLD!!!

kdm31091 — Thu, 25 Jun 2015 13:13:48 GMT

I say it with all due respect Ron I'm not surprised. You have a huge amount of credit. I know you want to collect cards and all but issuers don't see it that way. It's risk management period. if you exceed credit to income etc, this is what will happen. I'm sorry to hear it, but IMO of all things to collect credit cards may not be the best choice.

Re: My Equality Visa just Got CLD!!!

B335is — Thu, 25 Jun 2015 14:38:39 GMT

Sorry to hear Ron. You've gone to a lot of trouble for this card. Others are jumping to conclusions. You have no other accts with First American Bank and you've never missed a beat with any of your accts.

Re: My Equality Visa just Got CLD!!!

Anonymous — Thu, 25 Jun 2015 14:41:52 GMT

@B335is wrote:
Sorry to hear Ron. You've gone to a lot of trouble for this card. Others are jumping to conclusions. You have no other accts with First American Bank and you've never missed a beat with any of your accts.

Maybe, but there is also an empathy challenge! If you have 4 ccs, getting a CLD on one can be (or at least feel) devasting. If you have 100+ (and you will get 10 more in the next few months), less so.

Re: My Equality Visa just Got CLD!!!

TRC_WA — Thu, 25 Jun 2015 14:55:34 GMT

@kdm31091 wrote:
I say it with all due respect Ron I'm not surprised. You have a huge amount of credit. I know you want to collect cards and all but issuers don't see it that way. It's risk management period. if you exceed credit to income etc, this is what will happen. I'm sorry to hear it, but IMO of all things to collect credit cards may not be the best choice.

@B335is wrote:
Sorry to hear Ron. You've gone to a lot of trouble for this card. Others are jumping to conclusions. You have no other accts with First American Bank and you've never missed a beat with any of your accts.

Not sure what caused the AA but as an example I know if I were a lender and I saw someone with $250k in available credit with $100k annual income the red flags would most certainly be going off no matter how perfect their payment history.

To each their own but for me I am comfortable with total CLs equal to my annual income in the $65k range. I don't need $200k in credit... and I can think of much better things to collect than credit cards. In the end I think having that many credit cards makes you look bad.

Good luck OP.

Re: My Equality Visa just Got CLD!!!

Ron1 — Thu, 25 Jun 2015 15:06:04 GMT

We don't know what caused it.I woldn't have gotten approved if they thought I had too much credit.

Ron.

Re: My Equality Visa just Got CLD!!!

kdm31091 — Thu, 25 Jun 2015 15:13:11 GMT

@Ron1 wrote:
We don't know what caused it.I woldn't have gotten approved if they thought I had too much credit.

Ron.

Initial approval does not mean the account will never be reviewed down the line and CLD or closed.

Lenders SP us all the time and keep an eye on things, whether we like it or not. So being approved doesn't mean they're guaranteeing you an account for life with the limit they gave you.

Re: My Equality Visa just Got CLD!!!

Anonymous — Thu, 25 Jun 2015 15:13:20 GMT

Not nessecarily true. Sorry to hear but that's why you have other cards right? Diversity.

Re: My Equality Visa just Got CLD!!!

Ron1 — Thu, 25 Jun 2015 15:20:27 GMT

@kdm31091 wrote:
@Ron1 wrote:
We don't know what caused it.I woldn't have gotten approved if they thought I had too much credit.

Ron.
Initial approval does not mean the account will never be reviewed down the line and CLD or closed.

Lenders SP us all the time and keep an eye on things, whether we like it or not. So being approved doesn't mean they're guaranteeing you an account for life with the limit they gave you.

I got CLD after they unblocked my account. What cause to block the account? I never had any account with them before.

Ron.

Re: My Equality Visa just Got CLD!!!

Ron1 — Thu, 25 Jun 2015 15:23:05 GMT

By the way, many got CLD a couple of months. They got approved for $10K and got CLD to $5K or less. What caused it ? Too many accounts?

Ron.

Re: My Equality Visa just Got CLD!!!

Anonymous — Thu, 25 Jun 2015 15:25:16 GMT

With all due respect Ron you really have no idea why any creditor would ever take AA on you? My file is a bunch of crumbs compared to yours and I feel like AA would happen to me ( or anyone here for the matter). The normal person only has 3 credit cards. I'm not saying that's what happened, and it could be a mistake but the fact that you are completely suprised baffles me.

Re: My Equality Visa just Got CLD!!!

B335is — Thu, 25 Jun 2015 15:30:06 GMT

Ron, you're right. We don't know what caused it. I have no idea why every time a CLD thread starts, people are so quick to chime in with their conclusion that it was definitely due to too much total credit. The point is to encourage people to share their experiences here, not discourage it. It borders on saying "I told you so."

Ron did you email the CEO yet?

Re: My Equality Visa just Got CLD!!!

Ron1 — Thu, 25 Jun 2015 15:30:16 GMT

@Anonymous wrote:
With all due respect Ron you really have no idea why any creditor would ever take AA on you? My file is a bunch of crumbs compared to yours and I feel like AA would happen to me ( or anyone here for the matter). The normal person only has 3 credit cards. I'm not saying that's what happened, and it could be a mistake but the fact that you are completely suprised baffles me.

Normal person?

Ron.

Re: My Equality Visa just Got CLD!!!

Ron1 — Thu, 25 Jun 2015 15:32:10 GMT

@B335is wrote:
Ron, you're right. We don't know what caused it. I have no idea why every time a CLD thread starts, people are so quick to chime in with their conclusion that it was definitely due to too much total credit. The point is to encourage people to share their experiences here, not discourage it. It borders on saying "I told you so."

Ron did you email the CEO yet?

Yes, I did. I haven't gotten a call from him yet.

Ron.

Re: My Equality Visa just Got CLD!!!

Anonymous — Thu, 25 Jun 2015 15:33:12 GMT

The average person doesn't have 100 cards. I wouldn't call myself average. Sorry should have worded it differently. No one is saying "I told you so" but if I have that much available credit and a creditor CLD'd on wether on purpose or accident I wouldn't be surprised or shocked.

Re: My Equality Visa just Got CLD!!!

B335is — Thu, 25 Jun 2015 15:41:29 GMT

@Anonymous wrote:
The average person doesn't have 100 cards. I wouldn't call myself average. Sorry should have worded it differently. No one is saying "I told you so" but if I have that much available credit and a creditor CLD'd on wether on purpose or accident I wouldn't be surprised or shocked.

I'm not going to debate the semantics of "I told you so" and "normal people," but the discussion must remain respectful and comments like "im not surprised, you have too much credit" is really not for any one of us to judge. Frankly you're putting the carriage before the horse. For the third time, nobody knows what caused the AA at this point.

Re: My Equality Visa just Got CLD!!!

Ron1 — Thu, 25 Jun 2015 15:39:31 GMT

@Anonymous wrote:
The average person doesn't have 100 cards. I wouldn't call myself average. Sorry should have worded it differently. No one is saying "I told you so" but if I have that much available credit and a creditor CLD'd on wether on purpose or accident I wouldn't be surprised or shocked.

I don't need that kind from you.

Ron.

Re: My Equality Visa just Got CLD!!!

Anonymous — Thu, 25 Jun 2015 15:44:04 GMT

Lol I'm not debating anything. And I'm sorry where was I disrespectful? When I said normal I meant the average CC user. I can say that I'm definitely not because I have more than 3-5 to cards. If everyone here wants to coddle that's fine but all I said was that having that much available credit is a risk to a lender. I could be a risk to a lender depending on my file. I don't think I was being disrespectful at all. Having a different opinion doesn't mean I need to my throat jumped down.