Experian States Credit Limit with Honda Finance Lowered.
Got a message from Experian that my "Credit Limit" had decreased with Acura/Honda Finance. What? That doesn't make any sense. The loan amount is what it is. It is not a credit limit. The amount owed changes, but the original loan amount doesn't change. Dispute denied. Called Honda Finance. Turns out the law (local/Fed?) changed and now doesn't allow for the inclusion of taxes in calculating the amout of the loan. The CRAs should know this as they must be seeing it literally millions of times. So, if you recieve an alert that your "Credit Limit" has been lowered, this is why.
Re: Experian States Credit Limit with Honda Finance Lowered.
I have a lease through Honda Financial and I noticed this roughly 2 months ago. My starting balance decreased from 22,000 to 20,000. Never understood why and didn’t bother to ask so thanks for the information.
Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665 Gardening as of 01/13/2020
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