Sorry about Chase, they are interested in money, money, money only not you, CUs are much better cards to have as you own part of them. Grats on the NFCU card
Well I finally got my total utilization to just under 35%, paid off all but 3 cards and rather than wait for my NFCU secured rewards to graduate in August I applied for my 2nd card last night and was instantly approved with a $6,800 starting line. Absolutely thrilled! I LOVE them! So I go online to Chase... and the sobs cut my line by almost 50%. this morning. I went from 4K down to 2,400. I have been with them for 7 years, never been late, always paid more than minimum but always carried a balance. If the **bleep** card wasn't so old I'd freaking pay them off and close them. I am SO peeved. I could see if I had any negatives but I don't. Scores are below as of today. Oh yeah and after paying off Walmart which was just $104.00 EX dropped my score. WTH? I think I'm just going to ride with Navy and close everyone else. This trying to bring scores up is insane. It seems you are damned if you do and damned if you don't. Thankfully Navy appreciates their members.
Banks are tightening up lending due to the economy. The same thing happened in '09, and i had most of my card's limits slashed also. During that time my scores were in the high 600s, and my income was less than half what it is now, with also a much shorter credit history obviously.
I understand your frustration, but that's no reason to close the cards and hurt your scores further by losing that utilization padding. Also, your limits will likely go back up if you request CLI's once all this blows over. Just hold on for the crappy ride.
Congrats on the NFCU approval and it might be time to sock drawer Chase for some time. Just my opinion!
That's the thing, I don't worry about or chase scoring anymore. I'm not applying for another mortgage anytime soon and a low interest rate on a car is a dime a dozen. I just pay bills on time, keep my credit debt low, and avoid negatives. My scores go up minimally, but usually not, get increases here and there, but I'm done chasing 800.
Congratulations on your NFCU approval!