topic Re: CL decrease by Chase in Credit Cards

CL decrease by Chase

Anonymous — Wed, 27 Mar 2019 21:25:44 GMT

Chase decreased my CL on one card after a large payment to them (was $8000 now it is $2400). I know it was due to a recent drop in score and a late payment that was an error. But not technically an error- it likely won’t get removed so I’m working to deal with the ramifications. My payment history is otherwise mostly on time. Is it likely they will drop the limit on my CSP as well? I would like to call and discuss reconsideration with them as the letter says I can. These hits are so frustrating bc my credit is on track and we were paying down higher balances and bc of an error/late payment I’m getting line decreases which impacts my credit and causes an endless discouraging cycle.

My history with chase is impeccable. I’d like to discuss reconsideration. What are the chances they reestablish my line and what are they chances they review the other line if I contact them?

Re: CL decrease by Chase

Anonymous — Wed, 27 Mar 2019 21:30:52 GMT

Incorrect board. How can I delete?

Re: CL decrease by Chase

CreditInspired — Wed, 27 Mar 2019 21:31:28 GMT

What was the drop in score(from/to), how late was the payment, what was your UT on card before CLD, what is UT on other Chase card, and what is total UT across the board.

Re: CL decrease by Chase

CreditInspired — Wed, 27 Mar 2019 21:33:58 GMT

You can ask mod to move by clicking on 3 dots in upper right hand corner, select report inappropriate content, and ask them to move post.

Re: CL decrease by Chase

Anonymous — Wed, 27 Mar 2019 21:45:51 GMT

Maybe it’s not in the wrong group. I had a B of A card that was 30 days late. I know it’s a “likely story” but I was under the impression that it was on auto pay. It is back in good standing.

UT had been pretty high but over the last 4 months and we’ve attempted to pay it down.
Home Depot CC is currently chasing down the limit. Every time we pay they drop to right where we pay. That is my priority to close bc those decreases continue to not allow my UT to remain what it should be.

When we paid the Chase SW card it down it was at 14% and now it’s 90%.
The CSP is at 70%.
Overall my UT is at 33%. But once this decrease hits that’s going to change.

I know I need to pay down balances. But I just feel frustrated that I’m trying to do that and it’s resulting in these negative hits.

Is there any chance of getting the line reinstated? Not to charge it up but to not continue hits? I know that’s not what they’ll think it's for and they don’t have to?

Re: CL decrease by Chase

Anonymous — Wed, 27 Mar 2019 21:58:11 GMT

My score is currently a 625. Based on Experian FICO 8 score. The letter they sent said 601. I know it’s not great and I know I need to do tons of work. I guess I would want for them to extend grace but also I know that’s not likely. Also, the delinquency was 60 days. I’m not sure if I said that.

Re: CL decrease by Chase

gdale6 — Wed, 27 Mar 2019 22:04:08 GMT

OP, this is the correct forum for your question and I have removed the dup thread in RYC.

Re: CL decrease by Chase

FinStar — Wed, 27 Mar 2019 22:07:12 GMT

You can plead your case, but it's unlikely they may budge until your situation and overall picture improves. With the 60-day delinquency, high utilization, Citi (Home Depot) balance chasing, it's best to continue to reduce those balances to an acceptable level and then evaluate some next steps.

Chase is simply mitigating risk by reducing overall exposure, and if the CSP is currently at 70% capacity, there's no telling if that's also on the horizon for some form of Adverse Action (AA).

Re: CL decrease by Chase

bourgogne — Wed, 27 Mar 2019 22:50:57 GMT

@FinStar wrote:
You can plead your case, but it's unlikely they may budge until your situation and overall picture improves. With the 60-day delinquency, high utilization, Citi (Home Depot) balance chasing, it's best to continue to reduce those balances to an acceptable level and then evaluate some next steps.

Chase is simply mitigating risk by reducing overall exposure, and if the CSP is currently at 70% capacity, there's no telling if that's also on the horizon for some form of Adverse Action (AA).

^^^This + you are lucky they did not shut you down completely. prove to the computers that you deserve the credit you desire. with a verified autopay there no reason to ever be late. get yourself sorted so you can keep the acounts active

Re: CL decrease by Chase

NRB525 — Wed, 27 Mar 2019 23:43:28 GMT

My response, when I was in this situation, was to continue to pay on time, and not get too worried about the balance chasing. There is not much to be done, except pay down the balances. My situation was a bit different with no lates, but even the lates will fade with time. Unfortunately the algorithm does not distinguish the reason why a 60-day late is there, the algorithm just sees risk.

And yes, if you call, the risk is that more eyes look at your file, which might be good, or might not be good.

At some point, the balance chasing will end.

Re: CL decrease by Chase

Caught750 — Thu, 28 Mar 2019 00:30:36 GMT

OP, as others have said it’s unfortunately unlikely that Chase will restore your lines. I’d be certain to do the following as well; 1) go to every single acct one by one and set auto pay to something higher than the minimum. For me personally $30 would do it since I have yet to see a minimum above $25. 2) set alerts to remind you a set number of days before payment is due. Then confirm something is being paid.

I certainly understand your circumstances and that this was accidental but it’s so very simple to avoid these issues with a little time. I check all of my accounts at least weekly and have a good (2-3 days) idea of when they all close and are due.

Re: CL decrease by Chase

CreditInspired — Thu, 28 Mar 2019 10:32:37 GMT

@Caught750 wrote:
OP, as others have said it’s unfortunately unlikely that Chase will restore your lines. I’d be certain to do the following as well; 1) go to every single acct one by one and set auto pay to something higher than the minimum. For me personally $30 would do it since I have yet to see a minimum above $25. 2) set alerts to remind you a set number of days before payment is due. Then confirm something is being paid.

I certainly understand your circumstances and that this was accidental but it’s so very simple to avoid these issues with a little time. I check all of my accounts at least weekly and have a good (2-3 days) idea of when they all close and are due.

It can’t be expressed enough how important setting up min pymts is unless you’re obsessed like me and review your accounts daily. No lie, I open each of my accounts daily. Still, the cards that have recurring pymts and ones I use sporadically are setup with autopay. My daily drivers are not, but I’m going to change that because I almost had a mishap but thank Gawd with my obsession, I caught it. I accidentally set my AmX to be PIF on April 17, when the due date is April 16. Setting up recurring min pymts avoids a

simple oversight or mistake.

Re: CL decrease by Chase

Caught750 — Thu, 28 Mar 2019 10:49:13 GMT

Earlier in my journey I was so obsessed/paranoid that I had a white board with every card listed. For each card I had the statement close date and the due date. That along with alerts and auto pay and I could have used every single card every single month and never had an issue.

OP, if you must, do all of this. If you must, set auto pay for a week out, then set alerts for 3 days out. When you get the reminder check the account to make sure that it was paid (or your bank account if it’s easier).

You said the account was 30 days late then mentioned 60 days late. Find a system that works for you but don’t let at an account go unchecked for that long. Imagine 60-90 (late period plus original statement period) days of fraudulent use on that card without it being noticed. Yes of course BoA would have caught it but still...

Edited cus punctuation...

Re: CL decrease by Chase

Anonymous — Tue, 16 Apr 2019 19:11:38 GMT

Chase *loves* to chase. I got my Freedom back in December 2013 (5500 SL), quit my job that same month and didn't find employment until October 2014. After getting a few apartment applications declined, Chase decreased my CL to 4K but I had made a purchase that cleared to push my balance to 4200. They sent me a letter apologizing for the inconvience but left my CL at 4200. I called CS to ask them why do this now. They simply replied that blah blah review blah call back in 6 months and maybe blah. Never got an auto CLI. Opened up a checking account with them in 2015. I was afraid to pay down my balance thinking they would balance chase me. Finally started paying it down 4 months ago. This month, I was approved for CSP 5K SL.

Chase is a high maintenance relationship.

Re: CL decrease by Chase

sjt — Tue, 16 Apr 2019 19:54:16 GMT

Been there.

You cant control what Chase might do, so I would keep on paying them until the card is paid off. On time payments and the amount of the payments goes far with Chase.

Make sure that you are signed up for auto pay with all your accounts.

For clarification, was your Bank of America 30 or 60 days late? I would start a goodwill request "campaign" with B of A.