Without warning Discover reduced the limits on both of my cards. From $5500 to $500 (bal 0.00) and From $2500 to $1500.00 (bal 1400.00). I called and was advised to call the Portfolio Verification department on Monday. Nothing else has changed in my profile. I recently got a increase on both of NFCU cards and a new card from Penfed. Also I recevied an alert that Merrick Bank had closed my account. I hadn't used it in a while but kept it for the age, as it was a rebuilder after my BK7. That will report as closed by creditor. I also called and requested the Credit One be closed as well. Not something I was using but my AA will take a hit from all of this. Total decrease of over $10k. Takes my utilization to about 13%.
Sorry for your CLD
You stated that nothing else happened on your profile, but the new PenFed card is certainly active credit seeking and I am assuming the NFCU CLIs also resulted in a new inquiry? Your signature states 50 accounts and too many inquiries; have you opened many others besides the PenFed in the past 3/6/12 months? Have you been taking HPs for anything else in the past 3/6/12 months? Do you have other cards that have high individual utilization besides the Discover?
The Merrick Bank account was closed due to inactivity rather than anything in your profile, so I wouldn't worry about that, but obviously something has spooked Discover other than the one card with 56% utilization, resulting in balance chasing. Usually that will be caused by new negative information reporting, high utilization, aggressive credit seeking, etc.
And as for the average age of accounts, those closed accounts will continue to count until they fall off of your reports up to 10 years from now.
@Anonymous wrote:Has the balance on the 2500 limit card been that high for awhile?
No not even a month. I keep it fairly low just made some purchases. I paid it off as soon as I saw the decrease. If they want to chase it down they can do it without hitting my utilization.
The NFCU were increased in December after AR with a SP. I have one other credit union card that I just did a balance transfer to so it's reporting high but I will pay it off in the next couple of months. No other new CC accounts in the last 6 month. 2 cards in the last 12 months but a few other inquiries. I have closed about 12 cards this year so my profile needs to be updated.
@K-in-Boston wrote:You stated that nothing else happened on your profile, but the new PenFed card is certainly active credit seeking and I am assuming the NFCU CLIs also resulted in a new inquiry? Your signature states 50 accounts and too many inquiries; have you opened many others besides the PenFed in the past 3/6/12 months? Have you been taking HPs for anything else in the past 3/6/12 months? Do you have other cards that have high individual utilization besides the Discover?
The Merrick Bank account was closed due to inactivity rather than anything in your profile, so I wouldn't worry about that, but obviously something has spooked Discover other than the one card with 56% utilization, resulting in balance chasing. Usually that will be caused by new negative information reporting, high utilization, aggressive credit seeking, etc.
And as for the average age of accounts, those closed accounts will continue to count until they fall off of your reports up to 10 years from now.
@Anonymous wrote:Has the balance on the 2500 limit card been that high for awhile?
The Discover was at about 6% utilization at the begining of the year. It reported high for one period.