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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.
New Visitor

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

Yes. AMEX froze my sign and travel option, then a month later AMEX blue lowered my credit limit to by $9000 to just $600 above my balance, essentially maxing out my card.  I have always tried  to leave wiggle room between my balance and my limit and to keep utilization down as much as possible.  I have always had a good score. But I am sure that this will hurt my score just at a time I was considering a home refinance. 

 

Will FICO be able to consider that folks have been involuntarily maxed out by their credit card companies in calculating scores? I feel sure this has happened to thousands of people.

Message 61 of 140
New Visitor

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

Same here. AMEX limit of $31,900.00 with a $4800.00 balance, lowered to $7100.00! Called them, got same snotty answer. I paid off the card immediately. Also, as a merchant, told them that I would no longer accept their card as payment, called Costco,(heavily tied to AMEX), told them I was canceling my Costco Executive Membership, and no longer using their AMEX card. I was never late with a payment, always paid more than the minimum, and have average FICO score of over 720. Told the rep at AMEX that they make their income off interest, and if they don't want people to charge on the card, then perhaps they should consider another line of work. Also told them that if this is how they reward their good customers, that they didn't deserve any. Had another situation with Advanta doubling my interest rate. Same REALLY rude answer. Not sure whether to pay down other cards if they are going to lower limits the minute I do. Maybe hang tight until the credit freeze thaws some, and the hoarding is over.
Message 62 of 140
Frequent Contributor

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

Well, I haven't had any cld yet, but may be the reason is that i am a cu guy. After reading all these posts I am glad i did not read any complaints from cu. The only non cu cc I have are chase, 3k and hooters, 1.5k. If they cld me, that gives me good enough reasons to spent $3 on them every 2 months until they get fedup and close the **bleep** cc. The only reason i got these cc is just for good mix since fico frowed at me for having only cu cc even with very good limits. I haven't even noticed any change from adding chase. Was it even worth it. For those of you with amexphobia, try a cu and you will be treated like gold especially those with good credit. i do not have a 760+ score, but i would really pissed if i am treated like **bleep** with that score.
Message 63 of 140
Established Contributor

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

All of my lines are still intact including the American Express card.
Message 64 of 140
Established Contributor

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

Between 3 Chase cards, 3 Citibank cards, one card WaMu and one BofA card, I haven't had any CLDs.  In fact, I've had a few CLIs!
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 65 of 140
Established Member

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

WAMU, CITI, HSBC lowered their limits, reflected on a late payment 3 years ago to justify the interest rate hike. More recently was AMEX lowered both of our cards to $500 over the current balance which removed a few thousand dollars worth of available credit. Bank of America and Capital One have left us alone and we enjoy the low interest rates that they offer.

 

So after the lowering of our available balances, it makes our balance to debt ratios seem like we are abusers.  It was the credit card compainies that lowered our ratios to make us appear bad.  Once one company, which seems to be the owners of a couple of our other cards, lowered the limits, it prompted all the other credit card companies to jack up the interest rates and lower our available balances to refelct our NEW RISK PROFILE!  A risk profile that they took it upon themselves to cause.

 

I'm a bit miffed at the whole thing.  We are small business owners and we try to take advantage of using our cards to get points, mileage and cash back to ease the sting of the economy.  All of the scheister moves that the credit compaines are slinging onto us consumers is disheartening and unfair. 

 

When the Feds reduced their rates, the credit companies should do the same to promote goodwill and prevent others from defaulting.  This in turn would make it so that they wouldn't have to siphon the defaulted consumers debts out of me and my family's mouths.  AMEX even stated that their hike in rates adn lowering of credit was due to defaulted balances.  I pay my bills on time.  Why should I suffer??

 

"When the gov't throws you a bone, you should make broth out of it and share it with the citizens who made it possible!". 

 

"Greed started the need for credit.  Greed shall end it."

 

 


Starting Score: EX:643 - EQ: 607 - TU: 614
Current Score: EX:643 - EQ: 607 - TU: 614
Goal Score: EX:673 - EQ: 637 - TU: 644


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Message 66 of 140
New Visitor

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

My capital one cards have lower interest rate and they have not lower my credit limits. I have been a capital one customer for over ten years. As I said before Amex have lower my limit to a max. I just rechecked my score and it has went from a 690 to a 560. Am I mad, Yes! I have NO late payments on any of my cards. GEMB has lower all the limits on every card I have that is own by them. Reminder.....I have never been Late! I will not be using any cards own by Amex or GEMB. Capital one has all my business now. I have a M/C $5000 limit and Visa with a $5000 limit with Capital one.

Message 67 of 140
Member

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

Have not had any ccl's lowered by ccc's.  Have had one offer of increase from cu, declined because of changes in economy & ccc's attitudes, am being cautious.  Always pay off entire balances each month early... have one GEMB acct unchanged.   Glad I do not have AMEX!  I am somewhat concerned, would like to buy new car in the coming year, financing half, and wonder if economy will cause problems.

 

abi

Message 68 of 140
New Visitor

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

I just wanted to reply to this.  Old Navy (GE Money) is doing weird things IMO.  Could it be that companies are getting desperate in saving their butts in this econemy?  I had Old Navy do the same thing to my limit this last week.  I had a $2500 limit and they lowered it to $190 due to reasons given "too many accounts in collection" and "not credit worthy".  I immediately thought that maybe someone had stolen my identity so I ran my credit report with all three agencies.  They all came out clean with not a single account in collection (as I had expected) and a credit score of 710.  I called Old Navy and spoke to a representative asking if they had mistaken me for someone else, they said they had no idea and there was nothing I could do.  So I closed the account.  What good does having $190 of available credit do for me anyways, right?  Later that day, I had a manager call me offering me a discount for re-opening my card.  How ridicilous is that?  I think the company made a wrong move sending out those letters.  They should be raising credit limits, especially to those who have been long time and good paying customers, like myself.  Strange if you ask me. 
Message 69 of 140
Established Member

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

Had 2 cards/ lines of credit from GE Money... Walmart and Paypal Buyers Credit.

 

Last month Walmart decrease from $300 to $210

 

Last week Paypal Buyers Credit  decrease from $300 to $250

 

Never been late...am rebuilding after BK

 

Guess im going to sock drawer those cards....

 

They will want the GOOD CUSTOMERS back after the credit crunch dies down...


Starting Score: 800
Current Score: 800
Goal Score: 850


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Message 70 of 140