cancel
Showing results for 
Search instead for 
Did you mean: 

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

ficocrazy
Valued Member

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

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.

 

 

Message 111 of 140
ficocrazy
Valued Member

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

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.

Message 112 of 140
haulingthescoreup
Moderator Emerita

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

BofA dropped me from $18K to $9K. No big deal for me; I'm a PIF'er, and I have good limits on my CU cards. I feel bad for those who don't have much of a limit in the first place, or who are trying to pay down/ off their balances, because they most definitely do get hurt.

They halved my limit, winding up slightly higher than the highest-ever balance, which I got when I opened the card for a BT. This seems to be their pattern.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 113 of 140
ficocrazy
Valued Member

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

Well, i guess that blows my theory out of the water LOL!  I guess there is no clear cut method as to how and why they adjust credit limits + or - from bank to bank. 
Message 114 of 140
Mike14
Established Contributor

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

They lowered my limit from $18.1K to $9.5K.  I called, spoke to 3 different people, and after about 20 minutes, got the original limit reinstated
Wife's FICO Scores, 7/10/09: TU:??? EQ:634 EX: ???
Wife's FICO Scores, 2/13/09: TU:??? EQ:604 EX: 630
Wife's FICO Scores, 2/05/09: TU:??? EQ:592 EX: 630
My FICO Scores, 6/19/09: TU:757 EQ:744 EX:758 (all from MB; EQ Agrees)
My FICO Scores, 3/29/09: TU:755 EQ:746 EX: ???
My FICO Scores, 2/05/09: TU:??? EQ:730 EX: 720
Message 115 of 140
NJgal
New Visitor

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

I got waxed by AMEX a few months ago (Blue cut from 45,000 to 28,900), never late on a payment on that account and always paid off my Gold account in full. This week if was Bank of America- they closed a $15,000 account I had no balance on and didn't use, just saved for emergencies andkept it open for positive impact on my FICO score. BoA also reduced a more recently opended BoA account of mine, that was cut from $8,000 to $6,000. I was never late on that account and paying more than the minimum balance. I have always paid all of my bills on time, have maintained steady employment and am handling a pretty hefty mortgage all on my own for almost 2 years now. I am very disappointed by how AmEx and BoA have treated me, as well as the damage they have done to my FICO score, which is most upsetting of all. Ironically I am due to receive a nice windfall in the 2nd half of 2009 due to a work-related situation, which I will use to pay off my Blue and BoA cards entirely. After that I will only have a balance on my credit union credit card and I will be able to pay that off fairly quickly. The only credit card I will keep and use will be the Credit Union card, AMEX and BoA will never have my business again. They may think they can get away with this now, but treating decent, honest, timely paying customers this way will affect them eventually.
Message 116 of 140
gladys85
New Visitor

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

Yes, I had 3 lines reduced (BofA, Cap One and GEMB) but when I requested a reinstatement they obliged right over the phone.  My daughter had a $800 line with Juniper and she was told over the phone "no reinstatement" but the rep took her application for a new line and in 15 seconds she had a higher $2000 line, and that's with a foreclosure from Nov. 2005 still on her record.  Go figure!  Discover is the only one who declines to give her a credit card because of the f/c.  A few months after her f/c I tranferred all her credit card debt at .99% (for life) to my credit card (so she could pay me back slowly and painlessly).  I don't know how her credit score looked when all these changes were taking place since I didn't even know what a FICO score was back then but today she receives 0% intro BT offers and her score is 726.
Message 117 of 140
Sunshine01
Member

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

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.

Message 118 of 140
LauraAnn
Visitor

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

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.

Message 119 of 140
GaryM
New Visitor

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

LauraAnn,

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.

Message 120 of 140
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.