topic Re: chase credit limit decrease in Credit Cards

chase credit limit decrease

s_rob7488 — Sat, 15 Jun 2013 03:25:24 GMT

Just signed into my chase account online...had 9k csp limit and 8k freedom limit and now both are at 4500????? what gives? I have a balance but I used freedom heavily on a vacation recently. Not sure what I can do to fix this, hopefully something.

Re: chase credit limit decrease

thelethargicage — Sat, 15 Jun 2013 03:26:35 GMT

@s_rob7488 wrote:
Just signed into my chase account online...had 9k csp limit and 8k freedom limit and now both are at 4500????? what gives? I have a balance but I used freedom heavily on a vacation recently. Not sure what I can do to fix this, hopefully something.

What's your utilization on your other cards?

Re: chase credit limit decrease

KIPPIE12 — Sat, 15 Jun 2013 03:30:27 GMT

Sorry to hear that. Has anything changed recently on your credit reports? Any negative items, high balances on other cards, excessive inquiries, or many new accounts opened? I would definitely be calling to find out why they made that decision, and recon if possible. Maybe get the notice first and call.

Re: chase credit limit decrease

09Lexie — Sat, 15 Jun 2013 03:33:43 GMT

+1. Hopefully you can turn it around

Re: chase credit limit decrease

red259 — Sat, 15 Jun 2013 03:37:15 GMT

Gah. I hope that doesn't happen to me. Maybe I will pay my balance tonight.

Re: chase credit limit decrease

s_rob7488 — Sat, 15 Jun 2013 03:41:11 GMT

Here is list of bal/CL per card

bank america $5900/$7500

chase free $4222/???

chase sapphire pref $3934/???

citi diamond pref $3254/$6100

citi hilton $1961/$3500

disc more $1779/$4250

amex delta $997/$3400

best buy $888/$1500

usaa $90/$7000

wf $0/$7100

To say the least I am very flustered at the moment...haven't ever had any issues with chase I have carried a balance on the csp since last month was going to BT it to citi diamond pref just to have one or 2 cards reporting higher balance and use my amex delta for normal charges and PIF like I have been. The limit was cut in half on each...

Re: chase credit limit decrease

myjourney — Sat, 15 Jun 2013 03:47:08 GMT

@s_rob7488 wrote:
Here is list of bal/CL per card

bank america $5900/$7500
chase free $4222/???
chase sapphire pref $3934/???
citi diamond pref $3254/$6100
citi hilton $1961/$3500
disc more $1779/$4250
amex delta $997/$3400
best buy $888/$1500
usaa $90/$7000
wf $0/$7100

To say the least I am very flustered at the moment...haven't ever had any issues with chase I have carried a balance on the csp since last month was going to BT it to citi diamond pref just to have one or 2 cards reporting higher balance and use my amex delta for normal charges and PIF like I have been. The limit was cut in half on each...

How long have you had the Chase accounts? Looks like it was time for a review and they saw all the balances you were carrying. IMHO ....my heart is truly sorry

Re: chase credit limit decrease

CreditScholar — Sat, 15 Jun 2013 03:53:36 GMT

Given how many balances you're carrying on various cards, you deserved the CLD. You're around 50% util for the majority, so I'm not surprised Chase CLDed you. They're probably nervous looking at your reports, figuring that your probability of paying them all down is fairly low.

Re: chase credit limit decrease

SnackTrader — Sat, 15 Jun 2013 04:15:47 GMT

I try not to judge people here, since there are many circumstances that lead people to get into credit card debt. But I advise you to take a step back and use this opportunity to realize that you are in debt, and to figure out a plan to get these balances down as fast as possible. Hopefully you have income to make that happen sooner rather than later.

Just look at it this way - you are throwing away tons of money on interest for everything you buy on your credit cards. Is everything you buy worth paying extra for?

Re: chase credit limit decrease

Anonymous — Sat, 15 Jun 2013 04:24:22 GMT

If you were carrying all those other balances aside from the Freedom and then charged 3-4K without making a large dent in the other cards, you spooked Chase. To a bank that is going to indicate high risk behavior. They likely think you can't handle your finances. I agree with the above post, you should re-evaluate your current situation and start making a significant dent in those cards before other lenders start worrying. (And your 8K-ish CLD will not go unnoticed.)

Re: chase credit limit decrease

HiLine — Sat, 15 Jun 2013 04:23:56 GMT

You do have many sizable balances. I would prepare an explanation for those balances before calling in.

Re: chase credit limit decrease

Anonymous — Sat, 15 Jun 2013 04:53:42 GMT

The OP said his CSP was CLD'ed to $4.5K, does that mean it'll be downgraded to a regular CS?

Re: chase credit limit decrease

calihlove75 — Sat, 15 Jun 2013 04:54:39 GMT

@s_rob7488 wrote:
Just signed into my chase account online...had 9k csp limit and 8k freedom limit and now both are at 4500????? what gives? I have a balance but I used freedom heavily on a vacation recently. Not sure what I can do to fix this, hopefully something.

How long have you had the Chase accounts? Looks like Chase is going to balance chase you.

Re: chase credit limit decrease

red259 — Sat, 15 Jun 2013 04:55:57 GMT

@Anonymous wrote:
The OP said his CSP was CLD'ed to $4.5K, does that mean it'll be downgraded to a regular CS?

That was my first thought and that would be messed up.

Re: chase credit limit decrease

HiLine — Sat, 15 Jun 2013 04:59:34 GMT

@Anonymous wrote:
The OP said his CSP was CLD'ed to $4.5K, does that mean it'll be downgraded to a regular CS?

No. Why did you think that?

Re: chase credit limit decrease

s_rob7488 — Sat, 15 Jun 2013 05:00:41 GMT

Csp since april 12 free since july 12 but was a swrr prior that was from april 12 also. Im in over my head. I was doing extremely well score wise and bal/util wise. Now, not so good. Need the cards paid off and to remain in the safe. I've been in this situation before and told myself I'd never go back. I guess plan is to start with smallest balance and pay off and progressively get to largest. Is it stupid to dip into my 401k for quick cash?

Re: chase credit limit decrease

s_rob7488 — Sat, 15 Jun 2013 05:02:29 GMT

I did just call csp customer service number lady said I could call back Monday and see if they can reinstate the CL's. Should I look into BT to get balances to as few cards as possible?

Re: chase credit limit decrease

Anonymous — Sat, 15 Jun 2013 05:13:32 GMT

@HiLine wrote:
@Anonymous wrote:
The OP said his CSP was CLD'ed to $4.5K, does that mean it'll be downgraded to a regular CS?
No. Why did you think that?

Mimimum line for CSP is $5k and OP was CLD'ed to $4.5K. This is a unique situation and it also poses a good question regarding it.

Re: chase credit limit decrease

Creditaddict — Sat, 15 Jun 2013 05:13:33 GMT

@s_rob7488 wrote:
I did just call csp customer service number lady said I could call back Monday and see if they can reinstate the CL's. Should I look into BT to get balances to as few cards as possible?

yes... USAA, bank of America

Re: chase credit limit decrease

myjourney — Sat, 15 Jun 2013 05:17:20 GMT

@s_rob7488 wrote:
Csp since april 12 free since july 12 but was a swrr prior that was from april 12 also. Im in over my head. I was doing extremely well score wise and bal/util wise. Now, not so good. Need the cards paid off and to remain in the safe. I've been in this situation before and told myself I'd never go back. I guess plan is to start with smallest balance and pay off and progressively get to largest. Is it stupid to dip into my 401k for quick cash?

If I were you and this is just an attempt to help

Stop using your cards for now.

Weigh your options for BT's

Pay whatever you can off

I have to ask as to get myself and others the info to help you so please excuse my probing... Have you been moving the balances around via BT's?