No limit decrease.
BofA just gave me a 500.00 increase to bring me to 3500.00 credit line with the luv button after one month of being a customer. Great Bank to do business with!
I will be looking out for decreases.
Not applying for cards.
I'm charging all business expenses on my card, and paying it off about 1 week of using it. I think credit card companies are looking for heavier balance payments than before. Used to, paying around double your minimum payment was good enough to appease the credit gods, it's not so much anymore. They want to see aggressive payments is what I've been told. Makes sense.
Just curious, do you use the cards at all? If not, I can see them lowering your limits....if you are using them and paying in full, I don't know why they are doing that to you. Your scores are awesome....better than mine and I haven't had any decreases yet. I honestly think it depends on the mood those people are in sometimes with regards to how they dole out credit lines.
If you don't use them at all though, I would suggest making a token puchase (lunch, pack of gum, or something small) each month and paying it on time but letting it report. I'm no expert like some of the folks on here, but that has worked for me so far.
Yes, I have they have all been GEMB cards and that ticks me off. I am trying to be responsible and pay all of my debts off. They are punishing us for paying them. This is not ethical and I believe will hurt them in the end. As they do this, I know I will never use them again.
I had one account balance decreased while I was out of town and using the card for travel expenses. I have always notified my cc of my travel arrangements to cut down on fraud, so they knew I was away from home. I was hot when my card was returned in a resteraunt because I suspecting fraudulent use got back to the hotel room and logged into their site. There was ccld on the account. I could not believe it. Thank God I had other means of paying. This card has just moved to the top of my payoff list and I will never use GEMB again.
I have never paid any of their cards late, never went over credit limits, etc.
This is the 3rd card they have decreased, which is killing my util and credit score. I am furious about it, and paying all of them off. They have all of their good paying customers in a catch 22. Thank God, I do not need to make any big purchases in the next few years. So I will have a chance to increase my credit score.
After reading here I will never have an AMEX either, too much bad stuff. If the other banks follow suit, they will lose out on credit customers all the way around.
Read an article in USA today that next banks will be going after higher fees on checking. Is their going to be any relief to the average man.
Am Ex dropped my limit from $40K (yes this is ridiculously high) to $16K--hovering virtually on top of my balance with them. As soon as I dropped the balance to 9K, the limit was dropped right on top of that. I then dropped the balance to 900.00 and the limit was dropped to $1100 right on top of that. I now owe Am Ex $148 and am waiting to see if they drop it again or just outright cancel me. I HATE Am Ex for this. A customer since 1983 with never a late or missing payment, EVER.
Bank of America is now starting to do same. Just dropped credit limits on both cards to where they hover just above the balance. It's nerve racking as it impacts credit score.
I'm working very hard to pay balances down as fast as possible. It will take two years at least.
I went through exactly the same thing with AMEX, then BofA. I have had these accounts for 15+ years, and always either paid in full every month, or paid at least 2-3 times the minimum payment during those times I carried a little higher balance.
Right after dropping my limits, Bank of America followed up with a letter saying that they were increasing my interest rates due to the fact that my balances were so close to the credit limits. They have now made interest rate increases three times since last November. I requested that they freeze these accounts until they are paid off, since I will never again do business with Bank of America. (They are now reporting these accounts as closed but with a balance (??), which hurts a little since they were old established accounts, but at least they no longer count towards the percentage of available credit.