CL decrease by Chase

[Anonymous]

Chase decreased my CL on one card after a large payment to them (was $8000 now it is $2400). I know it was due to a recent drop in score and a late payment that was an error. But not technically an error- it likely won’t get removed so I’m working to deal with the ramifications. My payment history is otherwise mostly on time. Is it likely they will drop the limit on my CSP as well? I would like to call and discuss reconsideration with them as the letter says I can. These hits are so frustrating bc my credit is on track and we were paying down higher balances and bc of an error/late payment I’m getting line decreases which impacts my credit and causes an endless discouraging cycle.

My history with chase is impeccable. I’d like to discuss reconsideration. What are the chances they reestablish my line and what are they chances they review the other line if I contact them?

[Anonymous]

Incorrect board. How can I delete?

[CreditInspired]

What was the drop in score(from/to), how late was the payment, what was your UT on card before CLD, what is UT on other Chase card, and what is total UT across the board.

[CreditInspired]

You can ask mod to move by clicking on 3 dots in upper right hand corner, select report inappropriate content, and ask them to move post.

[Anonymous]

Maybe it’s not in the wrong group. I had a B of A card that was 30 days late. I know it’s a “likely story” but I was under the impression that it was on auto pay. It is back in good standing.

UT had been pretty high but over the last 4 months and we’ve attempted to pay it down.
Home Depot CC is currently chasing down the limit. Every time we pay they drop to right where we pay. That is my priority to close bc those decreases continue to not allow my UT to remain what it should be.

When we paid the Chase SW card it down it was at 14% and now it’s 90%.
The CSP is at 70%.
Overall my UT is at 33%. But once this decrease hits that’s going to change.

I know I need to pay down balances. But I just feel frustrated that I’m trying to do that and it’s resulting in these negative hits.

Is there any chance of getting the line reinstated? Not to charge it up but to not continue hits? I know that’s not what they’ll think it's for and they don’t have to?

[Anonymous]

My score is currently a 625. Based on Experian FICO 8 score. The letter they sent said 601. I know it’s not great and I know I need to do tons of work. I guess I would want for them to extend grace but also I know that’s not likely. Also, the delinquency was 60 days. I’m not sure if I said that.

[gdale6]

OP, this is the correct forum for your question and I have removed the dup thread in RYC.

[FinStar]

You can plead your case, but it's unlikely they may budge until your situation and overall picture improves. With the 60-day delinquency, high utilization, Citi (Home Depot) balance chasing, it's best to continue to reduce those balances to an acceptable level and then evaluate some next steps.

Chase is simply mitigating risk by reducing overall exposure, and if the CSP is currently at 70% capacity, there's no telling if that's also on the horizon for some form of Adverse Action (AA).

[bourgogne]

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@FinStar wrote:
You can plead your case, but it's unlikely they may budge until your situation and overall picture improves. With the 60-day delinquency, high utilization, Citi (Home Depot) balance chasing, it's best to continue to reduce those balances to an acceptable level and then evaluate some next steps.

Chase is simply mitigating risk by reducing overall exposure, and if the CSP is currently at 70% capacity, there's no telling if that's also on the horizon for some form of Adverse Action (AA).

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^^^This + you are lucky they did not shut you down completely.  prove to the computers that you deserve the credit you desire.  with a verified autopay there no reason to ever be late.  get yourself sorted so you can keep the acounts active

[NRB525]

My response, when I was in this situation, was to continue to pay on time, and not get too worried about the balance chasing. There is not much to be done, except pay down the balances. My situation was a bit different with no lates, but even the lates will fade with time. Unfortunately the algorithm does not distinguish the reason why a 60-day late is there, the algorithm just sees risk.

And yes, if you call, the risk is that more eyes look at your file, which might be good, or might not be good.

At some point, the balance chasing will end.