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Fifth Third decreased my credit limit.

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Valued Member

Fifth Third decreased my credit limit.

Went online to download my latest statement for my Trio Rewards credit card at Fifth Third. Much to my surprise (and mostly dismay), I discovered they lowered my credit limit from $8500 down to a measly $500.

 

I have never been late on a payment and always paid in full every.single.month. I called customer service and spoke to a lower level rep who couldn't really give me any information other than to say that a letter of expanation was being mailed to me.

 

I have worked very hard to maintain a good credit score. It's always been in the 750+ range across all boards and no baddies on my credit reports and now my scores are going to take a hit. This is a real kick in the pants for me. I guess this is the thanks I get for being a customer since 1995.

 

Might be time to consider moving to a local credit union.

 

End of rant.

Message 1 of 55
54 REPLIES 54
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Super Contributor

Re: Fifth Third decreased my credit limit.


@wlsnoops wrote:

Went online to download my latest statement for my Trio Rewards credit card at Fifth Third. Much to my surprise (and mostly dismay), I discovered they lowered my credit limit from $8500 down to a measly $500.

 

I have never been late on a payment and always paid in full every.single.month. I called customer service and spoke to a lower level rep who couldn't really give me any information other than to say that a letter of expanation was being mailed to me.

 

I have worked very hard to maintain a good credit score. It's always been in the 750+ range across all boards and no baddies on my credit reports and now my scores are going to take a hit. This is a real kick in the pants for me. I guess this is the thanks I get for being a customer since 1995.

 

Might be time to consider moving to a local credit union.

 

End of rant.


Definitely credit unions are much less likely to do this kind of thing.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 727 TU 744 EX 729

Message 2 of 55
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Moderator

Re: Fifth Third decreased my credit limit.

Sorry that this happened.  Before receiving the letter, any speculation as to what may have caused it?  Inactivity?  An increase in balances reported on other accounts?

Message 3 of 55
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Frequent Contributor

Re: Fifth Third decreased my credit limit.

Yuck, so sorry that happened.  Are there any other negatives (recent or just still reporting) on your report, increased balances reporting, or high usage even if it's being paid off every month? 

Present Day...Equifax: 771, TransUnion: 789, Experian: 757
Sept. 2016...Equifax: 652, TransUnion: 608, Experian: 597
PenFed CLOC: $500
Message 4 of 55
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Moderator

Re: Fifth Third decreased my credit limit.

5/3rd has been doing this over the last year to some people.. I use mine every 3/4 months for 100 and SD it otherwise and limit remain 10k.. Had card 3-4 years i believe.

Message 5 of 55
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Valued Member

Re: Fifth Third decreased my credit limit.


@K-in-Boston wrote:

Sorry that this happened.  Before receiving the letter, any speculation as to what may have caused it?  Inactivity?  An increase in balances reported on other accounts?


No idea unless they thought I wasn't using the card enough. I have four other cards and usually put about $400 on ewach and pay in full every month.

Message 6 of 55
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Moderator

Re: Fifth Third decreased my credit limit.

Since your reports are clean, that's bizarre if you are using it every month and there haven't been any major changes like escalating utilization elsewhere.  Hope you'll keep us updated when the letter arrives.

Message 7 of 55
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Valued Member

Re: Fifth Third decreased my credit limit.


@SarahJo wrote:

Yuck, so sorry that happened.  Are there any other negatives (recent or just still reporting) on your report, increased balances reporting, or high usage even if it's being paid off every month? 


No negatives at all. My balances run about $300-$400 on each of my cards every month so there has been no spikes in the charges. I even make payments a couple of times a month. This is so frustrating.

Message 8 of 55
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Established Contributor

Re: Fifth Third decreased my credit limit.


@K-in-Boston wrote:

Since your reports are clean, that's bizarre if you are using it every month and there haven't been any major changes like escalating utilization elsewhere.  Hope you'll keep us updated when the letter arrives.


It's not bizarre to me at all.

 

Unless I misread the particulars, OP uses the card to the tune of a couple hundred dollars.


In recognition of this, the bank lowered the credit limit to...a couple hundred dollars.

 

Not only does that not sound bizarre, but it sounds like smart business. I get that it sucks for the OP, but it's just business.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
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Message 9 of 55
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Moderator

Re: Fifth Third decreased my credit limit.


@CreditCrusader wrote:

@K-in-Boston wrote:

Since your reports are clean, that's bizarre if you are using it every month and there haven't been any major changes like escalating utilization elsewhere.  Hope you'll keep us updated when the letter arrives.


It's not bizarre to me at all.

 

Unless I misread the particulars, OP uses the card to the tune of a couple hundred dollars.


In recognition of this, the bank lowered the credit limit to...a couple hundred dollars.

 

Not only does that not sound bizarre, but it sounds like smart business. I get that it sucks for the OP, but it's just business.


It's very unusual in the credit world.  OP is responsibly using their credit line, using about 5% of their line each month ($400 of $8500) - this is exactly what most lenders want to see.  There is no justification for reducing a credit line that close to average spend since that would keep the card at 80% utilization, a major red flag and potential scoring disaster.  If lenders based all credit lines on 125% of your average monthly spend, everyone would be near maxed out and 700 would be the new 830 FICO 8 score.

Message 10 of 55
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