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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.

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New Visitor

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

Amex has a new trick! After more than halfing my credit limit and raising my APR to over 33% some time ago, which of course dropped my credit scores ( I have a spotless credit report for over 18 years) they have the %%%%s to call me and ask me to pay down my low rate promotion by half. In return they will credit back 2 months of interest and not review my account for 12 months. After all the crap they have dished out I don't believe a word they say. I told them to keep their credit on interest, increase my credit limit back to where it was and drop my APR on purchases back to 9.9% and guarantee in writing not to change anything on my account for 12 months and I would consider it. Of course the reply was I can't do that and guess what ? My reply to them was the same, I can't do that and hung up.

 

In my opinion alot of what is going on right now is a result of our government passing a bill to limit what credit cards can do but not putting it into effect until next year, leaving us, the consumers, fair game to whatever they can dream up!!!!

Message 131 of 140
New Member

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

I'm afraid to open mail or email from my credit card companies any more.  My formerly excellent credit is being ruined, and not from my doing.

 

Today I got a "Notice of Change in Terms and Right to Opt Out" from Citibank telling me that effective August 4, my interest rate will increase to prime + 23.99%, with a minimum of 29.99%  My current interest rate is 8.24%.  Since I do carry a balance I have to opt out, but not before I max out the account!  I just don't know how this will affect my other accounts.

Message 132 of 140
New Member

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

Cleverbroad, I sure know how you feel.   My fixed rate accounts 9.9 to 12.9% range are now scheduled to change to high variable rates unless I opt out which I must do as I have debts on multiple cards.    I had about six cards with limits in the $30k range and only American Express cut me off in the past few months, first to $11,900 and then to $6,900 and I believe if I pay that down Am Ex will cut the card lower.     Meanwhile the Bank of America cards are slated to move up to the 24% to 28% variable next month unless I call to object which I will to see what I might negotiate.   My Chase card is still in the lower range of interest  but it seems they may be raising other fees and the minimum charges for cash transfers.      I had good credit but know it can only be going down now.   I get the sense it is not even related to me or my own situation but some across the board big change to protect their profit margins.

 

 

Message 133 of 140
Moderator Emerita

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

Most of this is due to the banks' needing to reduce the amount of extended credit on their books, even if it's not being used.

They also want their money back, so they're going after those who carry balances (owe them money,) although even we PIF'ers have been hit as well. This forces you either to pay off your card, or to let them make a nice chunk of change off of you as you pay your balances down.

In this economy, even if the banks don't rate-jack or CLD you, it's far too dangerous to carry balances. My only debt is my mortgage, a home equity line of credit (we're remodeling, ever so slowly), and a car loan. Lots of CC's, but I pay them off online every month so that all but one report $0 to the credit bureaus.

It's all about flying under the radar these days, I'm afraid.
* 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 134 of 140
Member

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

Yes i got reduced on my 2 bank of america cards, RBS, and Chase all reduced my limits from around 10k each to about 1k or in the case of RBS $250 LOLLLL

 

in two cases, the limit reduced before i was notified, and i was trying to use the card and got denied. Chase had given me credit card check with a cool interest rate, and the day i used it was the day they reduced my limit, causing my check to be returned!!!

 

I called every single one of these companies. I have been on time on each of these accounts, and been a card holder from 15 years (Chase) to 5 years (BofA), in every case they denied more credit or they said they have to do a credit report inquiry (which will hurt my score), and so i refused. I stopped using RBS in 3 months they dropped me.

Message Edited by AMJMA on 07-22-2009 02:12 PM
Message 135 of 140
Established Member

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

I have not been touched yet (but I bet they get me) but my husband has. He also had a check returned from Chase that he decided to take advantage of the great offer they made him. They called him after he deposited the checks and told him they decided not to honor them!! This caused the checks to bounce and to add insult to injury, we had to pay the bounced check charges to the bank of 58 bucks. Chase has lowered my husbands credit limit to 100 over what he owes.

 

I have high cl's with Amex, BOA and Citibank. I am nervous as all heck cause you know they just haven't gotten me yet but I am willing to bet they will. We always pay on time and pay well over the payment due but it looks like it does not matter. If my husband was not laid off, we would take our savings and pay all of the balances off, but that is not a good idea right now. This really stinks!!

Message 136 of 140
New Visitor

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

CHASE lowered my credit line by 50%Now I'm almost maxed out on one of them.CHASE send me a letter with explanation why my  credit line has been lowered.

Total available credit on bankcard is to low....NOW is even lower

Too few account paid as agreed compared to total account....that were a Washington Mutual CC.

Too few open account with time on file greater than 24 months.

So....if you apply for a credit your score goes down,if you don't apply your credit limit goes down.

Have I missed  something?

Message 137 of 140
Member

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

Certainly, a better FICO score is the last thing that you need to stay happy.
Message 138 of 140
New Visitor

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

Yes, American Express lowered my credit limit from $13,500 to $2,300.  They stated they were reviewing accounts and lowering credit limits based on % of use. 

Also, Chase Bank closed an account that I had, but had never used.  I had the card and it was still valid, but because I had never used it, they closed the account.

 

Message 139 of 140
New Visitor

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

I never experienced that and I never thought that it would be possible Smiley Tongue...in fact, my bank offered an increase for my limit Smiley Happy
Message 140 of 140
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