topic Re: CL decrease question in Credit Cards

CL decrease question

Anonymous — Wed, 07 Nov 2012 20:19:28 GMT

I see posts on here from time to time about people getting their credit lines decreased. I know some of them are from nonuse and old stuff showing up on their credit but I am curious about people who have cards maxed out. Let's say when my freedom card with a 500 limit comes in, I charge 450 to it and then pif.....is that considered maxing it out or is it from people getting close to the limit and then running a balance for several months?

Re: CL decrease question

codimom — Wed, 07 Nov 2012 21:26:17 GMT

Like I said before, Chase narfed my limit once I paid off my balance -- i was paying it off, not charging more. they said it appeared as though I didnt NEED that high of a limit... but they didn't balance chase me down.. they just cut it once I paid it off.

I now firmly believe that a CC would not give you a limit if they didn't want you to use your credit. As long as you PIF, you should be golden.

Re: CL decrease question

cutemarty1 — Wed, 07 Nov 2012 21:39:57 GMT

@codimom wrote:
Like I said before, Chase narfed my limit once I paid off my balance -- i was paying it off, not charging more. they said it appeared as though I didnt NEED that high of a limit... but they didn't balance chase me down.. they just cut it once I paid it off.

I now firmly believe that a CC would not give you a limit if they didn't want you to use your credit. As long as you PIF, you should be golden.

when my chase was always full before, they would send me a payment offer via mail allowing me to freeze the card and taking off 200 the balance for free. I said no.

I paid the card in full, and they me increase.

Re: CL decrease question

ds3 — Wed, 07 Nov 2012 21:40:34 GMT

Worst thing that ever happened to me with a credit card was a Royal Caribbean Visa (BofA) that had a $3k limit. I used it to pay $2,975 for a cruise for the points. BofA took it upon themselves to decide I couldn't be trusted with a $3k limit and reduced it to $1500, then promptly closed it and sent it to collections,demanding the balance be paid in full because I was $1475 over the limit. I have 1 more year to go to wait them out and have it drop off my credit reports. They never could give me a straight answer on why my limit was decreased.

Re: CL decrease question

vizon — Wed, 07 Nov 2012 22:57:50 GMT

@ds3 wrote:
Worst thing that ever happened to me with a credit card was a Royal Caribbean Visa (BofA) that had a $3k limit. I used it to pay $2,975 for a cruise for the points. BofA took it upon themselves to decide I couldn't be trusted with a $3k limit and reduced it to $1500, then promptly closed it and sent it to collections,demanding the balance be paid in full because I was $1475 over the limit. I have 1 more year to go to wait them out and have it drop off my credit reports. They never could give me a straight answer on why my limit was decreased.

If it happened as you said, that's not legal.

Re: CL decrease question

maiden_girl — Wed, 07 Nov 2012 23:04:46 GMT

@vizon wrote:
@ds3 wrote:
Worst thing that ever happened to me with a credit card was a Royal Caribbean Visa (BofA) that had a $3k limit. I used it to pay $2,975 for a cruise for the points. BofA took it upon themselves to decide I couldn't be trusted with a $3k limit and reduced it to $1500, then promptly closed it and sent it to collections,demanding the balance be paid in full because I was $1475 over the limit. I have 1 more year to go to wait them out and have it drop off my credit reports. They never could give me a straight answer on why my limit was decreased.
If it happened as you said, that's not legal.

Exactly what I was about to say!!

Re: CL decrease question

ds3 — Thu, 08 Nov 2012 01:27:29 GMT

I tried explaining to them it was illegal...it's BofA, the kings of not caring about silly things like laws.