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Fifth Third Trio dramatic decreased limit

ooeemusic
Established Member

Fifth Third Trio dramatic decreased limit

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!

Message 1 of 48
47 REPLIES 47
FinStar
Moderator

Re: 53rd Trio dramatic decreased limit

Unfortunately, it appears that their algorithms picked up a variety of risky elements with your overall profile.

If your utilization has prolonged for a fairly long period without much reduction coupled with any other factors (whatever those may be internally or driven by their risk assessments) is the likely adverse action outcome.

All the branch can do is contact the lending department which would likely stick to the original decision. Only method to reinstate AFAIK is via HP.
Message 2 of 48
ooeemusic
Established Member

Re: 53rd Trio dramatic decreased limit

Sigh. I was affair an HP was the only way to get the limit back. It's just such a load a crap. I am no more of a risk now than I was when they increased it.

And actually in reality and not according to a piece of paper. I'm much less of a risk now because I've been diligent. So, so frustrating.

Message 3 of 48
NRB525
Super Contributor

Re: 53rd Trio dramatic decreased limit

OP this happens in credit. It sounds like you weren’t using the card much, and have other credit increases so unless there is a real reward you want to keep earning, does this card fit in your long term strategy?
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
Message 4 of 48
AverageJoesCredit
Mega Contributor

Re: 53rd Trio dramatic decreased limit

Wow, sorry to hear this. Your profile seems good enough to not get hit with something like that, but like @FinStar, something tripped their algorithm. 30% debt isnt to bad but if its overall and doesnt go down for awhile, that could be the culprit. Worse is when its not on a card that was carrying all the debt. You would think using your card responsibly would keep you above water but unfortunately lenders dont seem to want to wait to one is really maxed. I hope you get it resolved but were it me and i couldnt depend on a lender to a point, no use in keeping that lender around if they are trigger happy. Just mho.
Message 5 of 48
ooeemusic
Established Member

Re: 53rd Trio dramatic decreased limit

No, I was using the card. That's the thing. The only months I haven't used or made payments to it in the last year were Jan and Feb. I understand when limits are decreased due to not using the card, I've had that happen, it's not big thing, but I actually DO use this card and intended to keep using it.
Message 6 of 48
meyerstwilight6
Frequent Contributor

Re: 53rd Trio dramatic decreased limit

They must be on a roll. A few weeks ago they took my stand up to cancer MasterCard from $7500 to $1800. I have a $1000 so it just killed my utilization. I’m paying it all off once the statement cuts. I guess they don’t like balances carried on their cards. I have pretty low utilization elsewhere on my report.
Message 7 of 48
meyerstwilight6
Frequent Contributor

Re: 53rd Trio dramatic decreased limit

Yeah I agree. What if I were on vacation or something and intended to use that card? Obviously you should bring a back up card but it’s the point. Once I pay my balance off I’m SD’ing mine. Why give someone the credit if you don’t want them to use it?
Message 8 of 48
ooeemusic
Established Member

Re: 53rd Trio dramatic decreased limit

Oh gosh. That's horrible too. I would just left it go and retire card, but losing 5.5k in available limit is going increase my utilization quite a bit and I for sure don't need that!
Message 9 of 48
ooeemusic
Established Member

Re: 53rd Trio dramatic decreased limit

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.

 
Thoughts?
 
Message 10 of 48
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