I have two cc's with BofA that I am trying to pay down, but each time I get a decent chunk paid they lower the limit to around $100 over my balance. This is killing my utilization numbers and I can't get ahead b/c they keep doing it.
I have cc's with Chase and USAA as well - should I concentrate on paying them down to help the overall ratio? Or will BofA quit lowering my limit at some point?
Sounds like your overall utilization is too high and this is one of the first things most creditors look at, especially BoA.
You may want to try calling the backdoor # and speak with an analyst but chances are they won't put your limit back unless your profile is in good shape. Either way, get rid of that debt as soon as you can.
If you reduce your debt you will be a lower risk to BofA. It might be better to pay off the other cards first, which improves your utilization before they have a chance to lower it again. No guarantees on this one, so if the other cards are significantly lower APR's you may not want to do it.
I agree with Wolf. Begin paying down your other cards asap.
For future reference, try not to carry large balances for a long period of time, which increases your utilization and makes you look like more of a credit risk.
Are your scores low/lower than when you initially were approved for this card? If so, what factors have changed (UTIL, etc)
It may just be they are scared. If I may also ask, whats your current BAL and CL?
My score was probably around 710-720 when I got it, but it was a Chase card then with Upromise. BofA bought it a couple years ago not long after I'd transfered balances to pay them off, making the balance close to the limit. It was $18,800 then, now has been lowered to $14,900. Balance is currently $13,900 and both times they've lowered it it's been when the available credit got to around $1800.
My score is now at 666.
I have another BofA card they've also lowered the limit on - the original limit was $8800, now it's $6600 with a balance of $6200. The limit was $7200 until I got to $6400 then they lowered it to $6600.
Both BofA and Chase did that too me. My utilization was very high, and when I finally was able to pay some down, they would lower my limit, making utilization that much worse. I finally was able to pay off all my cards by getting a personal loan, and that helped a lot. My score went up significally, and I actualy just got a CLI from BofA.