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I just got my FICO report, I lost 170 points due to 2 cards was closed, that caused Comneity bank to decrease my IKEA CL to $300 from $7500.
I'm thinking, I'm gonna pay the $275 balance left then close it, not worth my business if they decide to decrease my CL.
Comenity did it to me also. During the end of 2019 I started running higher balances due to a short term reduction in my income.
Comenity reduces my Ulta store card credit line from $300 to $250 and the letter stated it was due to a recent drop in my credit score. But they didn't touch my $750 Big Lots card that I charge $50-$100 and PIf monthly or reduce my $880 Meijer card.
I wonder if their IKEA portfolio has more strict requirements. Obviously, in my case it bothered Ulta but Big Lots and Meijer didn't really care.
I dropped from 620 to 560 in 2 months prior to their decrease. No late payments, just high balances.
@Anonymous wrote:I just got my FICO report, I lost 170 points due to 2 cards was closed, that caused Comneity bank to decrease my IKEA CL to $300 from $7500.
I'm thinking, I'm gonna pay the $275 balance left then close it, not worth my business if they decide to decrease my CL.
I don't think you have much choice, anyway. They are balance chasing you to zero and then will close it themselves.
Sorry about that. However, any lender may decrease your CL if they find your creditworthiness has changed. According to the change in your scores, -170 is a huge hit and may have based their decision around that.
I called and requested account closure, Im done with them.
170 points that's a huge drop, did a negative show up? You stated 2 cards were closed , did that kill your utilization?
Yes they can. Thats a lot of points for 2 cards closing?
Make sure something else (like identity theft) didn't cause the 170-point drop.
Things like bankruptcy, repo's, foreclosures tend to cause that sort of a drop.
I understand you're upset and I was too over my $50 decrease but I wouldn't close the account. It's just business. And when you get your report settled they'll likely increase it back in months to come.