Chase CL Decrease 20k>>>10K Lack of Use

[NRB525]

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@Anonymous wrote:

I called the number on the letter, the Chase rep tapped a few keys and told me I was good to go, my credit line would stay intact. He did not ask me any questions.

As to converting my Slate to a Freedom Unlimited he told me I would have to apply for the FU card first then combine. I called again to the number on the back of the card and used the magic words "product change" and no problem. The rep also confirmed my CL issue was indeed fixed.   Thanks

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Yet another example, as if we need any more, that a call to a CSR is a roulette: Will I talk to someone who knows what I am asking, or a less-well-informed person?

Glad to hear you got it sorted.  

[dssgaffler]

Wife received the same letter this weekend about her Freedom card.  Limit was going to be reduced by 50% in 30 days due to lack of use of over the previous 12 months.  She was able to call this morning and save her orginal CL.  Her use over the previous 12 months has been minimal other than 5% categories in Q1 and Q2.

[Anonymous]

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@dssgaffler wrote:

Wife received the same letter this weekend about her Freedom card.  Limit was going to be reduced by 50% in 30 days due to lack of use of over the previous 12 months.  She was able to call this morning and save her orginal CL.  Her use over the previous 12 months has been minimal other than 5% categories in Q1 and Q2.

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How much monthly spend did she put on the card during the 5% categories?

[dssgaffler]

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@Anonymous wrote:

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@dssgaffler wrote:

Wife received the same letter this weekend about her Freedom card.  Limit was going to be reduced by 50% in 30 days due to lack of use of over the previous 12 months.  She was able to call this morning and save her orginal CL.  Her use over the previous 12 months has been minimal other than 5% categories in Q1 and Q2.

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How much monthly spend did she put on the card during the 5% categories?

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Q1 - approx $150 a month

Q2 - $1500 for the quarter

Q3 - minimal (approx $60 a month)

Q4 - minimal (approx $60 a month)

Her limit is high, so it does make sense that they would lower it by 50%.  But it was nice to get the letter 30 days prior to any changes and even nicer to see that the limit was able to be retained by making a quick call.

[Anonymous]

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@dssgaffler wrote:

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@Anonymous wrote:

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@dssgaffler wrote:

Wife received the same letter this weekend about her Freedom card.  Limit was going to be reduced by 50% in 30 days due to lack of use of over the previous 12 months.  She was able to call this morning and save her orginal CL.  Her use over the previous 12 months has been minimal other than 5% categories in Q1 and Q2.

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How much monthly spend did she put on the card during the 5% categories?

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Q1 - approx $150 a month

Q2 - $1500 for the quarter

Q3 - minimal (approx $60 a month)

Q4 - minimal (approx $60 a month)

Her limit is high, so it does make sense that they would lower it by 50%.  But it was nice to get the letter 30 days prior to any changes and even nicer to see that the limit was able to be retained by making a quick call.

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That's a lot of spend for "lack of use over the last 12 months". Unless they don't count 5% categories as real use, since those transactions are losing transactions for them.

[Anonymous]

they probably are looking for at least some non cat spend, but they should also realize that's likely the main reason for a person getting this card. As opposed to a 2% card elsewhere. Otherwise why even offer the rotating category, unless to entice people to go with them instead?

Still if a person isn't even coming close to their limit I can see why a CLD seems appropriate. If a person's spend is only $500 average per month on a $15-20K card, there really is no need for more than $10K CL. $5K if we're being honest, after all it's merely a grocery/misc card not used for travel etc.

[Anonymous]

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@Anonymous wrote:

they probably are looking for at least some non cat spend, but they should also realize that's likely the main reason for a person getting this card. As opposed to a 2% card elsewhere. Otherwise why even offer the rotating category, unless to entice people to go with them instead?

Still if a person isn't even coming close to their limit I can see why a CLD seems appropriate. If a person's spend is only $500 average per month on a $15-20K card, there really is no need for more than $10K CL. $5K if we're being honest, after all it's merely a grocery/misc card not used for travel etc.

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But that would be the case for most of my cards. Most right now are getting under $100 spend each month. That will change, but some cards typically get smaller transactions most of the time.

I try to prevent CLDs, and that's a reason I put spend on all my cards, and some 1% spend on them too, as well as run up a large high balance number 1 time that stays on credit reports. Not sure if it means anything, but that's my approach, and so far, so good.

Until I get a CLD next week lol.

[longtimelurker]

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@Anonymous wrote:

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I try to prevent CLDs, and that's a reason I put spend on all my cards, and some 1% spend on them too, as well as run up a large high balance number 1 time that stays on credit reports. Not sure if it means anything, but that's my approach, and so far, so good.

Until I get a CLD next week lol.

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So even assuming that this approach "works" (i.e. really prevents CLD, and as you know several of us are at least unconvinced) it puts a value on avoiding a CLD.   Over time, the 1% spend that could be placed on better cards must add up.  What makes that worthwhile (as compared to tolerating a CLD or closure)

[Wavester64]

@Anonymous 

Something tells me we are all going to go thru this at one time or another with any given lender. 

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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I try to prevent CLDs, and that's a reason I put spend on all my cards, and some 1% spend on them too, as well as run up a large high balance number 1 time that stays on credit reports. Not sure if it means anything, but that's my approach, and so far, so good.

Until I get a CLD next week lol.

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So even assuming that this approach "works" (i.e. really prevents CLD, and as you know several of us are at least unconvinced) it puts a value on avoiding a CLD.   Over time, the 1% spend that could be placed on better cards must add up.  What makes that worthwhile (as compared to tolerating a CLD or closure)

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Its not that the 1% matters in terms of profitability to the issuer (it's nothing to them), it's just to avoid meeting a criteria for showing up in a database query and being targeted.

The 1% transactions are usually small where it doesn't make much of a difference in rewards.

No one likes their CLs cut, some tolerate it more than others. It won't kill me if mine are slashed. I value CLs more than the $10 or $20 a year I am missing out on in rewards.

I'm not convinced it works either. It's a matter of trying to fly under the radar.

Trying to fly under the radar doesn't mean I AM flying under the radar.