Chase

[ccsauer]

Ok, what the heck is going on here?

My sister and I were talking about her credit, which score-wise is fine. on her report, she has zero missed payments, as no one has reported anything to the bureaus.

HOWEVER

her chase credit card, which had a CL of 21K, which she was late by 5 days once half a year ago lowered her limit to 20K a while ago for some reason, possibly the late payment.

She has gotten her utilization on that card down to 50%, and today she found out they lowered her CL to 10K...what gives?

Anyone know what the heck that's all about and what to do about it, if anything?

-Me

[MidnightVoice]

The current credit crunch is making a lot of CCCs very nervous.

I don't think they have done anything illegal, and you could call and talk to them.  But she had >50% util on a 21K card, whch probably began to concern them.  Have they been sniffing around her CRs?  Soft pulls (probably EQ).

[Anonymous]

I spoke to my mom today and she mentioned that the two chase cards that she has with 15K on each lowered their credit limit to 5k on each. She has balance transfers on both for 2.9% for the life of the bt. 

I wonder what's going on with Chase. My mom also has spotless credit with no late pays in 20 years.

Message Edited by xinl0707x on 01-11-2008 12:28 PM

[Anonymous]

My wife an I really love her Chase card because of the higher limit on it.  We get to keep our utility low withouht having to play any kind of payment games.  It would be a shame if they lowered her limit too.

[MidnightVoice]

It appears they are now getting nervous about people who carry balances!!

I PIF mine, and I got a CLI from $2k to $8.5K a couple of months ago

[Anonymous]

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xinl0707x wrote:

I SPOKE TO MY MOM TODAY AND SHE MENTIONED THAT BOTH CHASE CARDS SHE HAS THEY LOWERED HER CREDIT LIMIT. THEY ORIGINALLY HAD 30K ON EACH AND SHE HAS A BALANCE TRANSFER ON EACH FOR 2.9% FOR THE LIFE OF THE TRANSFER. SHE WAS USING LESS THE 25% AND THEY DROPPED HER CREDIT LIMIT TO 10K. WHICH IS NOW STARTING TO HURT HER CREDIT.

I WONDER WHAT'S GOING ON WITH CHASE. MY MOM ALSO HAS A SPOTLESS CREDIT REPORT NO LATES IN THE LAST 20 YEARS.

---

I have 2 Chase cards--One card, used for purchases, has a $29,300 CL and I PIF monthly.  The other card, has a $33.300 credit limit, and I'm currently carrying about an $8000 balance at a 2.99% (lifetime of the balance transfer) rate.  On this account, I'm currently paying about 5 times the minimum payment amount.  As of today, both of my credit lines have remained unchanged.  Is your mother paying more than the minimum payment monthly?   From everything that I've read on these forums, it appears that Chase likes to see payments higher than the minimum payment amount.

Message Edited by psychic on 01-11-2008 12:50 PM

[Red1Blue]

Yep. I think they are tightening their belts to face the upcoming downturn and credit crunch. The market is not helping either. I lost 30% on my portfolio in the last 2 months. As I did not need the cash I hve not sold the stock, so it is a paperloss not real loss. I am doing PIF every account every month.

[MidnightVoice]

My guess is they looking askance at high balances that are not reducing steadily

[Anonymous]

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@Red1Blue wrote:

Yep. I think they are tightening their belts to face the upcoming downturn and credit crunch. The market is not helping either. I lost 30% on my portfolio in the last 2 months. As I did not need the cash I hve not sold the stock, so it is a paperloss not real loss. I am doing PIF every account every month.

---

I do the same thing, PIF every month. Is there any way that a high CL can hurt you? By that I mean they will get nervous you could run up the balance close to the limit. Or am I demonstrating that I can manage all the credit I have?

[Anonymous]

Chase may be preemptively closing the account.  It is not uncommon for a card issuer to lower th limit as  the card is paid down and close once paid off.