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Yes, the insults just keep coming! (I apologize for the length of this in advance.)
Last year, Amex lowered my limit from $24,600 to $7,500, and finally to $2,500. This began a few months after I had a -0- balance then charged about $2,500 for a vacation. (They waited until my balance was about $200 over $2,500 for that last reduction.). Oh, and the follow-up letter of explanation? It cited patently untrue reasons for reducing my limit. I never charged anywhere near the limit, but it was good to know I had it in case of an emergency.
At around the time of the first Amex reduction, I had called Citibank with a question about the change in my interest rate. It went from 3.99 (a balance transfer offer) to 8.40. I had forgotten that the transfer offer had an expiration date. Okay; no problem. About a week later I got a letter acknowledging my request to close the account! I had made no such request, and I called them immediately to straighten this out. The representative informed me that it would take a few days, but there should be no problem. While online to make a payment a few days later I found the account still was in a closed status. I called again and during conversations with four different people was informed that my account would not be reopened and that I would receive a letter explaining why. The fourth person with whom I spoke, supposedly a “manager,” rudely told me that I HAD requested the account closing, and that I had been late with my payment several times; neither was true. The story is really much more convoluted than that, but those are the most important points.
I wrote detailed letters, with documentation, to the presidents of the consumer credit divisions of both companies. Within a week I got a call from the secretary of the Citibank president informing me that they were looking into it. A few days after that, the secretary called me again with an apology and informed me that my account would be reinstated. This resolved in February.
Last week I received a letter from Discover informing me that they are reducing my limit from $7,900 to $7,200, a reduction of only $700, but it leaves me with a balance only $200 under my limit. I imagine they’ll be lowering it further as I pay off the balance. Oh, and their reason for the reduction? Ratio of balance to credit line on the account is too high. So now they’ve made it even higher! By the way, I opened this account because of the terrific balance transfer offer, and you know they want you to use it all!
And today I’ve received a letter from Citibank with a fabulous offer (for which I must enroll): If I pay more that the minimum payment over any of the next four billing statements, they will lower my credit limit! The deal is that they will credit to my account an additional 20% of the amount I pay over the minimum. At the end of the four months they will lower my limit by the total amount I paid over those minimums, PLUS the 20% credit. What a deal! I already pay more than the minimum, so exactly what would my incentive be to sign up for this dubious offer?
I have no credit dings of any kind, have never been late on any of my accounts, and I always pay more than the minimum. Prior to all this, my FICO was 788; it is now at 726. I will only use the Amex card minimally, enough to keep it active, and probably the same for Discover. I was feeling very positive about Citibank until today’s letter, but now, not so much. The only bank that has never been any problem is USAA, and I hope I’m not jinxing myself by writing that.
@llecs wrote:
Wow. You inspired me to ask.
You have Wachovia too? On my cc I had a 7k limit. They aren't showing my latest pmt yet so the bal is 6200 & they gave me another 1400. I was totally happy with that!!
BungalowMo wrote:
@llecs wrote:
Wow. You inspired me to ask.You have Wachovia too? On my cc I had a 7k limit. They aren't showing my latest pmt yet so the bal is 6200 & they gave me another 1400. I was totally happy with that!!
I have yet to ask, but certainly will. Got the card last August with a $2500 CL, where it still sits. Terrible online account access, but great CC overall.
@llecs wrote:I have yet to ask, but certainly will. Got the card last August with a $2500 CL, where it still sits. Terrible online account access, but great CC overall.
I access my card info through my banking log in (checking acct). That works fine. I guess their cc statements alone leave a bit to be desired.
I had a bunch close the cards on me cause I didnt use them.
(edited to remove image. kooota, please do not insert such images in your posts. - Scamp)
Just around July 3rd, the Wachovia strak of luck made me call the other 2.
Care Credit...UP 1400!
Credit One....UP 100 (not quite exclamation point worthy)
Total increases since June 1st...$2900
I NEEDED the % cushion....big time!!