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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.

Cleverbroad
New Member

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

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.  

Message 121 of 140
BungalowMo
Senior Contributor

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

Just today...I asked wachovia for an increase...$1400.00  done!  Smiley Very Happy
BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 122 of 140
llecs
Moderator Emeritus

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

Wow. You inspired me to ask.
Message 123 of 140
BungalowMo
Senior Contributor

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


@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!!

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 124 of 140
llecs
Moderator Emeritus

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


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.
Message 125 of 140
BungalowMo
Senior Contributor

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


@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.

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 126 of 140
kooota
New Visitor

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

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)

Message Edited by Scamp on 06-07-2009 04:28 PM
Message 127 of 140
dragonlady13
New Member

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

I have had several cc companies lower my limits.   After reading your postings, I guess I'm not alone.  Like everyone else,  I too never paid late.  Most cards were paid in full each month, except those with a promo low rate balance transfer.   One FIA/Wachovia account waited til the promo ended, so I paid off the balance before the rate increase.  The line was 25K and opened in 1994, they closed the account!  I do not think they were very happy that  they did not make any money on that deal.  They have ruined my FICO,  went from a 789 to 680 so far.  I'm concerned with the auto and home insurance companies, when they use your FICO to calculate your insurance premiums.  Can't wait to hear "we had to increase your premiums because your FICO went down".  I feel bad for all those people applying for jobs, that will not get hired because of a low FICO and not even know why.  Employers will just exclude them- no explanation.  They will not tell you that you were disqualified for a low FICO.  I'm glad I'm not trying to rent a place to live,  landlords use FICO too.  All this is just unfair!   I just hope the saying " Do unto others as you would have others do unto you" has some truth.   We all get what we deserve sooner or later- I hope we do not have to wait too long. 
Message 128 of 140
citinitemare
New Visitor

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

yes, after sears citibank lied to us about a pay agreement that cancelled our card permanently (that we had since 1976, and ruined our credit.  This was never told to us and did not find out the damage it was doing until we got our credit results when our limits were lowered on two other accounts.  Do not enter into a pay agreement until you know all the facts from two separate reps.  Ever, please for your safety.
Message 129 of 140
BungalowMo
Senior Contributor

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

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 Smiley Very Happy  

 

I NEEDED the % cushion....big time!!

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 130 of 140
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