I've had a 53rd credit cared since 2013. Started out as a platinum card with a 3k limit. Last year it was auto increased to 6k, and sometime in the last year change to the Trio card. I've used it off and on the entire time I've had it. Transfered some stuff onto it, paid for a year, transfered off, used it for small purchases, always made payments on time. Last usage was in December and I paid it off.
I got a letter today that they have descreased my credit limit from 6k to $500. $500!!! Nothing has changed dramtically since the increase. I do have fairly hight utalization, 30% or so, but, I had that last year too. My transunion listed on the letter is 726, which I don't think is all that bad. Average length of all my accounts is over 7 years, oldest is over 13, newest is 5 months and that is the only card I have gotten since 10/2016. That was the USAA which was approved with an 8.5k limit. I've also had increases on a discover of something like $2700 on one and $1500 on another. I have a carecredit that was rolled over to a carecredit mastercard that had an increase for 2.5k to 6k which the change.
The reasons cited on the letter were "not enough debt experience, too many revolving accounts with balances too high in proprotion to credit limits, average balance of bankcard account to high, not enough bankcard debt experience.
First of all...none of that has changed since the increase last year, 2nd of all, 7 years every where I have read is considered "very good" for length of credit history which I would think would negate the "not enough debt experience and not enough bankcard debt experience"
I called the card portion of the bank and if there was a work that was stronger than "useless" that would be what they were. They told me they could tell me nothing and that I would need to go into the bank where they probably wouldn't be able to tell me anything either.
Has anyone had any issues like this with 53rd? I plan to try to get to the bank tomorrow to talk to someone, but, you know, I work normal business hours and they close at 5...so....I am so furious at not only this unwarranted decrease but the total lack of customer service by the very number listed in the letter to call with questions!
So thinking more on this. Does anyone have any suggestions of comprable cards with rewards and sometimes good balance transfer offers? I'm thinking if the only way to get my 6k limit back is with a hardpull, it might not be worth to me, I'm not sure that I want to continue at relationship with a bank that would make such a drastic move, algorithm or not, when I have not done anything to warrant it.
In a month or two my utaliztion should decrease by about 50% anyway because I'll be able to make a payment of about half the total debt. How much do you think losing 6k of available credit is going to hurt me if I left it sit like this for 2 months? I currently have about $65k and total $19.5k debt, so about 30% utalization overall. With the 5.5k decrease it would take me down to about $58.5k, so the decrease would bump me up to 33% for two to three months.