Cabela's Lowering Limit(s)

Espresso · ‎04-18-2016

I pay for my monthly EQ Fico here at MyFico. I am sitting at 642 with 30K+ in cards, < 20% util.

I got a $1500 Cabelas's WF Visa 4 months ago and have run 3-4K through it PIF.

Today I got a notice my limit was reduced to $500 becaue my EQ has dropped to 600 (?!).

I call in and they say yeah, we reduced it. Get it back up to 640 and we may raise it.

1. My EQ has not dropped.

2. Anyone else getting reductions from Cabela's WF?

lakelife16 · ‎04-18-2016

I'm sorry that happened to you. I just applied with Cabela's last week and am waiting for my card...your post will keep me on the lookout for any potential issues. If it were me, I would call back tomorrow and speak to a supervisor and tell them on your end, you don't see a score drop, how did they compute this new score number? Is it an internal computation? Tell them you've been a responsible card holder since you've received the card and have a perfect payment history. I don't know if they "reconsider" at all but just try. I know I've read on here that World's Foremost Bank does monthly SP's on their cardholders so it seems they monitor pretty closely. Good luck!

Espresso · ‎04-18-2016

I did try that with a non-supervisor. He just deferred to "call EQ and get your score."

Very frustrating. I have no new baddies or crazy ballances.

NRB525 · ‎04-18-2016

@Espresso wrote:
I did try that with a non-supervisor. He just deferred to "call EQ and get your score."

Very frustrating. I have no new baddies or crazy ballances.

Sorry to hear, but if the CCC says your score dropped to a lower amount, might want to check it out?

Do you have old baddies? That might cause wierd score changes if there's some sort of update of an old collection, refreshing it to look like it is more recent. Not fair, to be sure, but it might happen.

Anonymous · ‎04-18-2016

I'd pull your score and report directly from EQ if I were you. Something isn't right and needs to be straightened out. Sorry this happened.

lakelife16 · ‎04-18-2016

I can imagine. It seems lately that some of these banks are taking unreasonable approaches to risk mitigation policies. I understand it's their right to manage their accounts however they like but when you penalize cardholders who have a perfect history with you and have done more than what's expected, that seems unfair. Reminds me of Comenity!

Anonymous · ‎04-18-2016

40 points is a huge drop. I'd recommend to check it out ASAP before any other lenders become concerned.

Anonymous · ‎04-18-2016

Are you sure Cabela's is using the same score model as you get here?

Espresso · ‎04-19-2016

@Anonymous wrote:
Are you sure Cabela's is using the same score model as you get here?

Good question. They are using whatever EQ is providing them. I will get letter from Cab. next week letting me know of my decrease and the EQ score they are using.

Thing is, NOTHING has changed on my report. No baddies and no crazy util.

Espresso · ‎04-19-2016

@lakelife16 wrote:
I can imagine. It seems lately that some of these banks are taking unreasonable approaches to risk mitigation policies. I understand it's their right to manage their accounts however they like but when you penalize cardholders who have a perfect history with you and have done more than what's expected, that seems unfair. Reminds me of Comenity!

Yeah, that's why I came here and posted. I am wondering if Cab./WF are having a lot of charge offs and are changing their metrics.