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Fifth Third Trio dramatic decreased limit

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Anonymous
Not applicable

Re: 53rd Trio dramatic decreased limit

What happened to the OP is why I keep non fee CC open to cushion any CL decrease.  

Message 21 of 48
AverageJoesCredit
Legendary Contributor

Re: 53rd Trio dramatic decreased limit

Sorry i missed that post, but unfortunately Op, the almost 20k in cc debt is most likely the biggest reason for the cld. Even for someone making over 100k and 300k in cc, that could or would be considered alot.

Best to bring that down as fast as possible.
Message 22 of 48
ooeemusic
Established Member

Re: 53rd Trio dramatic decreased limit

@saeren wrote:

You are surprised about this cut? $19.5K is a LOT of revolving debt to carry and if you are planning to cut $5.5K that means you would be making an average of ~$1834 a month in payments. It would take you 11 months to pay off your debt at that rate assuming your payments remained steady.

 

@AverageJoesCredit wrote:
Sorry i missed that post, but unfortunately Op, the almost 20k in cc debt is most likely the biggest reason for the cld. Even for someone making over 100k and 300k in cc, that could or would be considered alot.

Best to bring that down as fast as possible.

I think maybe you both missed the part where I said I plan to bring it down by at least 50%, probably more, in the next two months. I expect to be able to bring it down by at least 10k. Trust me, I know it's a lot of debt, it's a bad situation where my stbx could not get credit due to a bankruptcy, used mine, and then lost his mind and refused to help pay it, so, after he pays his portion, which will cut it in half, I plan to pay a big chunk of the rest of it and then maintain how much I have been paying on it alone for the last...well forever, and quickly pay down the rest. But, again, the amount of debt I have has not gone up since the CLI from 53rd last year, it has actually gone down.

Message 23 of 48
Anonymous
Not applicable

Re: 53rd Trio dramatic decreased limit

It’s still something that spooks lenders just purely on a numbers scale. 

 

I was not being judgmental about it, I was looking for an answer for the CLD. 

 

We often just look at FICO scores and what goes into them but what is optimal for the scoring algorithm isn’t necessarily optimal in the eyes of the lender. 

 

If I were to use 8.9% of my total credit, for scoring purposes ~$4668 looks fine, but when you look at my $18K income, it’s definitely a problem (although I could easily juggle that in less than a year, it still would be a red flag to my lenders). 

Message 24 of 48
AverageJoesCredit
Legendary Contributor

Re: 53rd Trio dramatic decreased limit

Indeed, no judgement . And believe us, WE understand. But the banks dont look at our intentions through numbers. Even though debt is going down, if they see big numbers, they spook. @Anonymous is in same boat as me, we can have great uti% but those debt numbers in comparisons to our income affects us greatly. Ive been denied for such reasons even with good credit
Message 25 of 48
ooeemusic
Established Member

Re: 53rd Trio dramatic decreased limit


@Anonymous wrote:

It’s still something that spooks lenders just purely on a numbers scale. 

 

I was not being judgmental about it, I was looking for an answer for the CLD. 

 

We often just look at FICO scores and what goes into them but what is optimal for the scoring algorithm isn’t necessarily optimal in the eyes of the lender. 

 

If I were to use 8.9% of my total credit, for scoring purposes ~$4668 looks fine, but when you look at my $18K income, it’s definitely a problem (although I could easily juggle that in less than a year, it still would be a red flag to my lenders). 


I get that, I just don't understand why it would suddenly be a problem when it hasn't changed from last year when they did the auto CLI. My situation has actually improved in the last year.

Message 26 of 48
CreditInspired
Community Leader
Super Contributor

Re: 53rd Trio dramatic decreased limit

If it were me, I wouldn’t take a HP with the hope of having the $6K reinstated. I’d prefer to do a HP for something like an AmX where in 61 days I can do the 3X CLI.

Also, when I got my Magnate, there was a $150 stmt credit and no fee BT in the first 60 days.

I’m rooting for you.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 27 of 48
CreditInspired
Community Leader
Super Contributor

Re: 53rd Trio dramatic decreased limit

Oh my, averaging UT is scary. I sure hope lenders don’t start doing this because all my CC limits would be reduced drastically. I can’t even imagine the scenario. Yuck!

But now, at least you know what’s really going on.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 28 of 48
Anonymous
Not applicable

Re: 53rd Trio dramatic decreased limit


@ooeemusic wrote:

@Anonymous wrote:

It’s still something that spooks lenders just purely on a numbers scale. 

 

I was not being judgmental about it, I was looking for an answer for the CLD. 

 

We often just look at FICO scores and what goes into them but what is optimal for the scoring algorithm isn’t necessarily optimal in the eyes of the lender. 

 

If I were to use 8.9% of my total credit, for scoring purposes ~$4668 looks fine, but when you look at my $18K income, it’s definitely a problem (although I could easily juggle that in less than a year, it still would be a red flag to my lenders). 


I get that, I just don't understand why it would suddenly be a problem when it hasn't changed from last year when they did the auto CLI. My situation has actually improved in the last year.


Because in their eyes, your situation hasn’t improved. Until you get to a PIF status on your cards, banks will always see you as being in financial trouble because nobody pays interest unless they have to. 

Message 29 of 48
ooeemusic
Established Member

Re: 53rd Trio dramatic decreased limit


@AverageJoesCredit wrote:
Indeed, no judgement . And believe us, WE understand. But the banks dont look at our intentions through numbers. Even though debt is going down, if they see big numbers, they spook. @Anonymous is in same boat as me, we can have great uti% but those debt numbers in comparisons to our income affects us greatly. Ive been denied for such reasons even with good credit

I gotcha. Sorry, I didn't mean to get defensive, it's just been a really difficult sitatuion that I've been working on very, very hard, and alone for what feels like an eternity, but, it has been just about literally impossible for me to make any kind of dent in anything because, well, I'm paying the debt two people made on one income.

I think I'm just going to let the 53rd card sit for the next couple months then after I'm able to pay off the portion I expect to be able to, look at a Navy Fed card to replace it.

Message 30 of 48
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