Chase slashed my limits on 3 cards!

[rgate88]

Out of curiosity, to call and get the CL's reinstated, would that consititue a HP from Chase? I know everything else I've read says that a consumer inititated CL request generates a HP.

[Remedios]

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@rgate88 wrote:

Out of curiosity, to call and get the CL's reinstated, would that consititue a HP from Chase? I know everything else I've read says that a consumer inititated CL request generates a HP.

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Unless somehow you manage to convince them they should be restored as soon as it happens, HP will be needed if done at later date. 

Typically though, CLDs  with Chase are not reversible immediately , especially when high utilization is involved till that situation is corrected. 

It would negate the whole need for CLD in a first place. 

[CreditInspired]

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@NRB525 wrote:

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@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.

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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.

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This is very important. If you can pay 3-5X or more the minium payments, please do so. 

[Aim_High]

@Jade1213 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."

Welcome to MyFico Forums and sorry to hear of your difficulty with Chase cards.  I went through a similar situation a long time ago with several banks and had some limits decreased or cards closed as balances grew.  It happens, and it sucks, but work your way through it and you may be able to get those limits back up one day.  Just focus on getting those old balances paid down more quickly while keeping your new day-to-day charges paid in full!  Good Luck!