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

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Administrator Emeritus

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

In a move to reduce risk, credit card companies have been lowering credit limits on existing credit cardholders with good FICO scores.

* Has this happened to you?
* Are you concerned?
* Should you be concerned?

Please vote in this week's poll and share your thoughts on this topic with the FICO Forums community.

Poll results:
* Not had any limits reduced? (58%)
* Increasing monthly payments to lower my balances? (21%)
* Charging less? (15%)
* Other? (6%)
* Applying for a new card? (0%)

Total Votes: 53
Message Edited by Barry on 11-03-2008 06:56 AM
Message 1 of 140
139 REPLIES 139
New Visitor

Re: Have you had any of your credit card limits lowered by your credit card companies?

yes im been trying to get a credit card of $25,000 of 7 times but and my applications was deinied. but i didnt know they can raise it to 100k per card. which i will plan to do with 3 cards i have great credit of 764. i dont get it. does it have sometihng to do with my income?? can these credit card companies really know how much you make?? whatever amount you put on the applcation does the income have to be accure??
Message 2 of 140
Established Contributor

Re: Have you had any of your credit card limits lowered by your credit card companies?

As of yet, I have not had any of my credit limits lowered, knock on wood.  My FICOs fall in the 670-700 range. 
pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Message 3 of 140
New Visitor

Re: Have you had any of your credit card limits lowered by your credit card companies?

Yes. Amex last week lowered our credit limit by $7500. I ordered a credit report and there was an error that indicated an account had been placed for collection; I contacted the creditor and they contacted the 3 bureaus to have the error deleted. BUT this error had apparently been on my report for over a year, so it seems that Amex only recently became concerned about it. I need help with 2 Experian problems:

1. How do ask Experian to report the correction to Amex AND make sure they do it?

2. On the "Credit Summary" section of my Experian report, under Real Estate accounts, they overstate my mortgage debt by $262,400 because they are counting an old mortgage that their own report states (under "Accounts in Good Standing") is "Closed, Paid/Never Late". I've called every number I can find for Experian and they all say that it can't be corrected, that all I can do is request a Dispute Investigation. When I did that, the creditor correctly verified that the account is indeed closed and paid. But Experian still won't correct my debt total, which I assume is affecting my credit score. How do I force them to correct it? Thank you.

Message 4 of 140
Senior Contributor

Re: Have you had any of your credit card limits lowered by your credit card companies?

read my siggy, lol. amex cld from 4k to 500.

 

yeaars ago wells fargo, something about thier guidlines changed and lot's of people were cld'd.

Message 5 of 140
Super Contributor

Re: Have you had any of your credit card limits lowered by your credit card companies?

Not yet
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 6 of 140
Established Contributor

Re: Have you had any of your credit card limits lowered by your credit card companies?

Hasn't happened yet (both mine & husband's credit lines all un-slashed) - "yet" being the operative word here. I'm just trying to do everything I can to keep those babies intact... makes for good credit discipline, if nothing else! 

 

Feels like I'm tempting fate by even SAYING it's not happened...

EQ: 723 / TU: 760 (August 2009)
Message 7 of 140
Established Member

Re: Have you had any of your credit card limits lowered by your credit card companies?

amex cld me from $17000-$500 then couple month later cancel my card, my fico drop to 64o from 720 at that time because i run up alot charge about 48% UTIL, but right now i am back at 702, is there any way i can restore my account without applying again, amex told me no when i last called them, any advise would be appreciated.
Message 8 of 140
Valued Contributor

Re: Have you had any of your credit card limits lowered by your credit card companies?

Not yet....Knock on wood.


Although I am not concerned if they did.  I only charge 1% every month to get the good mix of credit points.

 

Scores in sig. 

Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
Message 9 of 140
Moderator Emeritus

Re: Have you had any of your credit card limits lowered by your credit card companies?

No, but the spouse and I both got a auto CLI.
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Message 10 of 140