Have you had any of your credit card limits lowered by your credit card companies? See the results of this poll.

[Anonymous]

I have had a great credit score and history but recently I applied for increasing my credit limit on my credit card and was turned down. This is the first time in 30 years this every happened to me. What gives?

[MattH]

No recent changes in our limits, but even if they do lower our limits that would not be a major concern.  My wife and I both have limits vastly more than we ever spend, each of us pays in full every month, and we could easily make all our purchases with debit cards, we have much more in savings than we ever put on our credit cards.  My FICOs are all around 800, my wife isn't a FICO geek so hasn't pulled her scores but she also has a long and clean history and both of us continue feeding pre-approved credit card offers to the shredder.

[fused]

Not me, but my wife had her CITI Sears MC limit cut. Her scores are in the 790's and she owes very little in revolving debt, so go figure.

[MidnightVoice]

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@Anonymous wrote:
I have had a great credit score and history but recently I applied for increasing my credit limit on my credit card and was turned down. This is the first time in 30 years this every happened to me. What gives?

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The credit crunch is hitting people all over the place at the moment

[niecey89]

So far I have had 2 store cards reduced (Walmart and Ikea) in the same week. They were owned by GEMB. For now my regular CCs have not been touched. I am just concerned about how it will effect my scores and my over all UTL.

[Anonymous]

I have - by AMEX - and I find it to be a reprehensible practice. We have had this card for over 4 years - never been late. We had a credit limit of about $12,000 - a balance of about $8,000 that we had been carrying for a while. We decided to make an effort to reduce our overall debt, and thorugh a lot of hard work we paid off the card. Then AMEX lowered our credit limit to $1,100. Great - now our score is affected as our available credit is lower. So let me get this straight. I do what they ask me to do, I act responsibly, and I get cut off at the knees?

So - I guess when my son does not do his homework and I scold him - after he cleans up his act and gets straight A's I should ground him?

I can't believe we gave those jerks $800 billion.

[Anonymous]

mine was...sear's credit card from 7500 to 4000.  What a scam!

[Anonymous]

not yet

[Anonymous]

The credit card companies are the "real subprime lenders"! Making payments on time, reducing the balances, and paying as agreed or better leads to a reduction of available credit thereby reducing your credit scores. These actions open other credit issuers to reduce or eliminate credit as a function of lower credit scores. Heaven forbid a payment is a few days late - not 30 days!- because then your rates go from 10.99 to 29.99! How is that fair? In a time when consumers deserve consideration for satisfying debt and not having 30 day lates on any credit cards, they are responsible for the destruction of good credit risks.

[Anonymous]

I have had a credit card to be cut in limit also.  It is a GEMB card.  I called and asked them and they said that I should receive a letter in the mail.  I have always been on time with payments and my credit is about the same as when I initially applied for the card.  Unbelievable!