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

Just got a letter today and this one completely caught me by surprise.

 

Wells Fargo decreased my credit line from $9,900 to $300 based on analysis of my credit report.

 

Reason's cited (with my responses):

- Derogatory public record or collection filed

  Over 3 years ago, have had credit increases since then and no late payments on credit repot.

- Ratio of balance to limit on bank revolving or other rev accts too high

  Well, it certainly is now right? My ratio of balance to limit was about 48% before this.

- Total credit limit or revolving line of credit for open accounts on credit report is too low

  Not having enough credit is reason to lower my credit? WTF? Sounds like a repeat of the last reason.

- The Wells Fargo Bank direct demand deposit amount in the last 6 months is too low.

  So, since I am not using a Wells Fargo bank account they penalize me? This is ridiculous.

 

Does never having a late payment mean anything? Especially with your company?

 

Watch out, Wells Fargo maybe the next Amex.

 

Message Edited by californiajeff on 11-28-2008 03:47 PM
Message Edited by californiajeff on 11-28-2008 03:48 PM
Message 71 of 140
Regular Contributor

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

Chase lowered my credit limit from $10,000 to $4,000 citing that my balances were too close to my credit limit (my balance on the card was $3,900.  Once I got my balance down to $3,500, they lowered my credit limit again from $4,000 to $3,700.  In the letter it explained my balance was too close to my credit limit.  So they basically keep lowering my limit to lower my credit score so they can continue to increase my APR and lower my limit again?

 

One other card lowered my limit from $500 to $305 (wtf) so I paid that one off.

 

BoA lowered my limit from $10,800 to $10,000 (balance is about $9500).  I no longer plan on using credit card, so I on principle (no pun intended) I don't mind the credit limit decrease - HOWEVER, I am royally po'd that these credit limit decreases are lowering my credit score thus prompting other cards to keep raising my APR.  Go figure, I finally get my act together, stop using credit and pay down as much as I can a month, and I keep getting punished with lower credit scores and higher APRs.

 

I just wish I could find a way to get one SET low APR.  It seems card companies are going back on their word on my "life of the balance" low APR offers.


Starting Score: 557 (2005)
Current Score: 803
Goal Score: 805


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Message 72 of 140
New Visitor

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

No cuts yet
Message 73 of 140
New Member

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

Barclays Air Tran Visa lowered my available from 20,000 to 8,700 citing that my balance on my Heloc was too high.

Message 74 of 140
New Visitor

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

I am a small business owner since 1992 in the same location and even the fact that the economy is bad we had a really good year. Last month, One of my BOA accounts sent me a letter saying they had lowered my CL. I called immeadiatley and after answering a few questions to them my CL was reinstated. They were very professional and treated me like a human being. Now we come to AMEX. I got an email stating my CL had been lowered from 31,000 to 14,200, just 200 above what i owe them on a 6% interest fee. I called them right away and as with everyone else that has talked to them, they gave me bogus reasons, they didn't want to hear that my business had record sales this year compared to the last 5, they didn.t want to hear that I have been a member since 1999, they didn't want to hear I have never missed a payment, in fact they just didn't want to hear! I talked to 3 people and all of them were very rude and snooty. They could care less that this major decrease WILL effect my credit score. Monday morning I will be on the phone with them again, and keep bumping up the ladder of supervision untill I get a plausible answer or my CL reinstated. I am in the process of making a major purchase for my business and if this decrease effects my loan, I will be seeking legal advise. Small businesses are falling left and right, and AMEX TV commercials still say how much they care and how much they help. At this point all I can say is BS! and what about the truth in advertising laws?

 

I will update when I know something.

Message 75 of 140
Valued Member

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

No changes in credit card limits on any of my accounts.
Message 76 of 140
Established Contributor

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

No Decreases.  I have requested some CLI's, and gotten them. 

 

But I did have 2 accounts closed by GEMB for inactivity.  

 

I miss that furniture credit card I'd have been using in May when I buy my house.

4/16/09: TU: 775, EQ: 805
2/11/09: TU: 773, EQ: 790, EX:790
11/16/08: TU: 773, EQ: 785, EX: 780
Goals for 2009: 0 Credit Card Debt & 0% Util (achieved 2/6/09), Mortgage! (achieved 11/2/09), getting closer to 800 scores (I crossed this earlier this year, but I'm sure I'm not there anymore!)
Message 77 of 140
Established Contributor

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

macy's dropped from 600 to 400 but they said it was because my scores went down because of too high limits

to available credit

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 78 of 140
Established Member

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

Back in July of 2008, I responded to a thread regarding the lowering of credit limits by the credit card companies.  As you can read through the past posts, back then, most of the members responded with VERY confident airs about themselves and their credit status being unaffected while I was experiencing just the opposite.  Most responding members tried to tell me that there must be something of my doing that has caused the credit companies to challenge my credit worthiness and that the portrait that I was trying to paint of the dramatic changes to my accounts was "unlikely".  Now, the very origin of my post has affected a great many of those who originally scoffed at my credit downfall.  I was just an early recipient of what is now a global pattern.

 

So here is my new realization.  The lowering of my credit limit has greatly affected my credit scoring, which in turn has affected the way that my other credit companies are viewing me. So, without me doing anything, my credit scores have plummeted. Because of the falling scores and the balance to available credit limits being forced into a 90% - 98% balance to limit ratio by the credit card companies own actions, my credit scores are now below the national average.

 

I pay ALL my bills on time and for the right amounts.  I kept ALL of my credit card debt ratios BELOW 30% and have now been reduced to being classified as a high risk account holder and am being assessed higher interest rates for my remaining balances.  I FOLLOWED ALL THE RULES OF MY CONTRACT WITH THE CREDIT CARD COMPANIES AND THEY REWARD MY LOYALTY BY FORCING MY CREDIT SCORES INTO THE GUTTER.

 

If I defaulted on my contract with them, my credit scores would be where they are now.  SO TELL ME WHAT IS THE REWARD IN MY PAYING THEM AT ALL NOW THAT MY CREDIT IS AS IF I HAD BEEN A DEADBEAT??  By the time my credit scores return to where I had them, and paid off with the NEW interest rates that they have given me, 5 to 7 years will have passed by.  In 5 to 7 years, if I stopped paying them TODAY, will yield me the same results.  So 2 can play the "Hurt Me = Hurt You" game.  What is stopping me from the thought of "I just freed up some more money to live on and the start of a little nest egg just in case this economy turns for another "Worst Avenue"".

 

 

Please give me some feedback.

 


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 79 of 140
New Contributor

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

May I suggest you send your displeasure by email to the highest executives of your card issurer and include a reference regarding their marketing expenditures to acquire a new customer.

 

Sound resonable to you? 

Message 80 of 140
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