BofA decreased my credit limit! - Is this right?

[Anonymous]

I don't know if I would cancel the card.  I don't know how a credit line decreased card would show up on your credit report either. 

Something must be done to stop these card companies from not giving one atleast 45 days notice or a warning as to why they would even consider lowering one's limit  before taking such drastic action. 

Sandy

[creditwatcher]

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drod360 wrote:

So I received a call from a BofA rep. a couple days ago and they just wanted to update my account and to review it. They asked me some questions about current employment and income and all that. I have had my BofA card for 3 years now and the limit was $15k, at the time of there call I had aprox. $7800 on the card.

After they reviewed the account for about 10 minutes, they came back and said that my credit limit was being reduced from $15k to $8k! The rep. said that I needed to work on paying down my other credit card balances (non BofA) and she said thanks for the call!

Good to know!  I will be screening my calls for awhile. 

Sorry for your loss

Message Edited by creditwatcher on 05-21-2008 11:18 AM

[marty56]

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sankofa wrote:

I don't know if I would cancel the card.  I don't know how a credit line decreased card would show up on your credit report either. 

Your total % util and the util on the card will go up which could ower your scores if it goes above 9%.

As much as I hate BofA, I would not delete any account unless there is a monthly and or large anual fee.

[marty56]

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drod360 wrote:

After they reviewed the account for about 10 minutes, they came back and said that my credit limit was being reduced from $15k to $8k! The rep. said that I needed to work on paying down my other credit card balances (non BofA) and she said thanks for the call!

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Welcome to the world of Universal Default.  AE is also known to do this.  Neither of which would ever be found in my wallet again.  I would try to get the BofA PIF so it at least can help your util.  Even at the expense of other higher interest cards.  Sock drawer it and maybe you could use it to pay or Score Watch monthly fee if you use it.  PIF each month of couse.