@CreditCuriosity wrote:
@kdm31091 wrote:
@Anonymous wrote:
@Anonymous wrote:
Did you call chase and ask their reasoning?
A lot of speculation in this thread butit’ss best to hear it from themHumans at Chase seem to be worse than the algorithms. Iwouldn’tt want to bring human attention to accounts that just had their limits slashed based on the Chase storiesI’vee heard.
This. Talking to a Chase analyst is almost never a pleasant or fruitful experience.
+1 talking with UW's is a long drawn out process that i use to enjoy and those were 20-45 min conversations. Now days I avoid talking to them like the plague as certainly don't want to bring attention to my accounts due to my credit seeking behaviors
Talking to Chase analyst is like talking to my mother. I am lying, she knows I'm lying, and if she's in a good mood, she might pretend like she believes me, but she will make sure I understand that's what's happening.
In any case, exhausted once off the phone.
I agree with those advising against talking to Chase; they are not folks you want to talk to unless you're looking for trouble. Better to take your lumps and hope to stay off their radar in the future.
OP you will be getting a letter in the mail from them on this, in it will be their reasons.
@Anonymous wrote:
Did you call chase and ask their reasoning?
A lot of speculation in this thread but it’s best to hear it from them
High utilization is a common trigger programmed in to automated algorithms to exercise the banks pre-stated option ( in your T&C ) to reduce a credit line without closing an account completely. Since the OP has clarified that indeed utilization is high, there is no need to call. Just pay within terms, and when the balances on all cards decline substantially, then consider calling.
If the cards were closed, and the OP desired the cards to be open, it would be mandatory to call to ask if they could be reopened. Closure starts a click ( often 30 days ) in which you can ask to reopen an account. Beyond that time, it is permanently closed.
@Anonymous wrote:
Without notice, Chase just slashed the credit limits on all 3 of the cards I have with them a combined 60%. Chase Freedom from $5300 to $2000, Chase Slate from $4000 to $1700, and Chase Amazon from $9600 to $4000. What a blow. I’m guessing my credit score, currently at 690 (and was climbing) will take a blow. I’ve had all 3 cards with them for under 2 years. Carried balances on 0% intro interest and paid off balances. I’m now carrying low balances on all 3 under $1000 and making 1 or 2 payments per month on each but not paying the balances, which I thought was helping to gradually in crease my credit. Evidently they do like how I’m managing credit. What a bummer.
I am carrying about $18000 in debt on other 0% interest cards and making 1 or 2 monthly payments on each of them. I chose to do this rather than take out a personal loan. Chase must not like that I did that.
I also have some store cards and a small car loan that have balances but my total debt to income ratio is fine. My debt to available credit ratio used to be about 26% but Chase reducing my total credit limits by $11300 is going to screw that ratio. Not happy.
Chase is the largest bank by deposits in the United States. They have seen almost anything you can think of to manipulate money. In your case Chase has three criteria for the most likely trigger for AA. First you have high balances on your other accounts that you clearly are not paying completely off because they are maxed out. This would not be concerning much alone since people have one or two revolvers with BT's for consolidation all the time. Second you paid off your existing amounts to Chase. This again does not warrant suspicion since who does not like to be paid in full with interest? Third though is the real nail in the coffin of tolerance with Chase where you are currently failing to PIF until you have reduced those maxed out accounts. Most people pay down balances to be able to spend. In your case you wish to spend Chase's dime but Chase does not want to find itself behind a dozen claims on your income when everything falls though so the reduced your credit line because your risk profile went way up. Basically Chase hates the way you are managing credit but is willing to reduce exposure while offering the option of keeping the account available under good will.
Like others have stated if you carry a balance the bank will not like you more than someone that PIF's. In fact the treatment is the same or worse since you are going to be charged intrest and might miss some offers based on the bank. When you show you do not need credit is when you will be overflowing in it. When you need credit there will not be enough.
@Remedios wrote:
@CreditCuriosity wrote:
@kdm31091 wrote:
@Anonymous wrote:
@Anonymous wrote:
Did you call chase and ask their reasoning?
A lot of speculation in this thread butit’ss best to hear it from themHumans at Chase seem to be worse than the algorithms. Iwouldn’tt want to bring human attention to accounts that just had their limits slashed based on the Chase storiesI’vee heard.
This. Talking to a Chase analyst is almost never a pleasant or fruitful experience.
+1 talking with UW's is a long drawn out process that i use to enjoy and those were 20-45 min conversations. Now days I avoid talking to them like the plague as certainly don't want to bring attention to my accounts due to my credit seeking behaviors
Talking to Chase analyst is like talking to my mother. I am lying, she knows I'm lying, and if she's in a good mood, she might pretend like she believes me, but she will make sure I understand that's what's happening.
In any case, exhausted once off the phone.
OMG, this is so funny, yet so true.
@Anonymous wrote:
UPDATE: Now I have received a letter from Chase. Indeed they lowered my CLs because of the high balances on other cards (the 0% interest ones) and too many cards in use. So I just have to suck it till I pay those down. We’ll see how hard my credit dips.
Thanks for the update. Good to hear that you understand the way forward. The score impact is temporary, and as long as you are not making other significant apps at the same time, the score is not really seen by others. The exception is the banks you currently have balances with, if they SP your file. So, paying down as rapidly as possible is advised.
With paying the cards down, the banks will be less concerned about their risk, and CL will be able to increase later.