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Fifth Third decreased my credit limit.

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Valued Member

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.


Update.
As I stated earlier, after my CLD, I called the bank and filed a dispute. As of now, I am still waiting on the letter of explanation. Since I was so ticked off at them, I paid off the $79 balance on the card and SD'd it.

This morning (Sunday), I'm doing my daily ritual of checking my accounts. I open my Fifth Third account and it showed my balance as $0.00 owed on the card, but here's the real head scratcher...my limit is back up to $8500!

I am hoping this was only a software glitch, but won't know for certain until I receive the explanation letter. This whole ordeal left me sleepless for a couple of nights trying to figure out what went wrong. For now, I guess I'll sit tight and see what happens next. Keeping the card in the sock drawer for now.

Stay tuned...

 

 

Message 31 of 55
Highlighted
Moderator

Re: Fifth Third decreased my credit limit.

@wlsnoops glad you got limit restored. That's a great news 

I read that banging your head against a wall for one hour burns 150 calories.
If that was the case my scale would have negative numbers.
Message 32 of 55
Highlighted
Super Contributor

Re: Fifth Third decreased my credit limit.

Sorry for your limit reduction

 

EDIT  Congrats on getting your limit reinstated !


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>08/2020 CCT EX 830 TU 848 EQ 844

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 33 of 55
Highlighted
Super Contributor

Re: Fifth Third decreased my credit limit.


@Shooting-For-800 wrote:

They just AA my account as well.

from 4000 to 500. 

$0 balance.

last used 3 months ago.

 

I closed the account.

Only AA in years.

730s fico8

12% util

 

 


Sorry for your reduction also


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>08/2020 CCT EX 830 TU 848 EQ 844

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 34 of 55
Highlighted
New Contributor

Re: Fifth Third decreased my credit limit.

My CL was not decreased however my cash advance limit was decreased from 6k to 1k. Not that I would ever use it I called out of curiosity and was told cash limits were decreased to 10% of the total limit for all customers. I little skeptical and no big deal but banks are becoming skittish. 

Message 35 of 55
Highlighted
Moderator

Re: Fifth Third decreased my credit limit.


@markhs777 wrote:

My CL was not decreased however my cash advance limit was decreased from 6k to 1k. Not that I would ever use it I called out of curiosity and was told cash limits were decreased to 10% of the total limit for all customers. I little skeptical and no big deal but banks are becoming skittish. 


I just noticed that and will be burning this account, they only reason I kept it was its high cash availability over Chase AARP but now that advantage is gone so bye bye 5/3

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 36 of 55
Highlighted
Moderator

Re: Fifth Third decreased my credit limit.

That is awesome that the limit seems to be restored!  In your case, this was a real head-scratcher with regular use and clean reports.

 

Since we have seen some similar posts (albeit with some possible reasons like inactivity) I wonder if perhaps this was simply a programming error that affected limits when it was only supposed to change cash advance limits?

Message 37 of 55
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Moderator

Re: Fifth Third decreased my credit limit.


@gdale6 wrote:

@markhs777 wrote:

My CL was not decreased however my cash advance limit was decreased from 6k to 1k. Not that I would ever use it I called out of curiosity and was told cash limits were decreased to 10% of the total limit for all customers. I little skeptical and no big deal but banks are becoming skittish. 


I just noticed that and will be burning this account, they only reason I kept it was its high cash availability over Chase AARP but now that advantage is gone so bye bye 5/3


@gdale6 this is where some CU cards are really different, with full availability of the credit line and sometimes not even a cash advance fee other than pass-throughs from ATMs.  (Of course there is interest to consider, but if it is short-term and the APR is sub-10% that doesn't add up too quickly.)

Message 38 of 55
Highlighted
Moderator

Re: Fifth Third decreased my credit limit.


@K-in-Boston wrote:

@gdale6 wrote:

@markhs777 wrote:

My CL was not decreased however my cash advance limit was decreased from 6k to 1k. Not that I would ever use it I called out of curiosity and was told cash limits were decreased to 10% of the total limit for all customers. I little skeptical and no big deal but banks are becoming skittish. 


I just noticed that and will be burning this account, they only reason I kept it was its high cash availability over Chase AARP but now that advantage is gone so bye bye 5/3


@gdale6 this is where some CU cards are really different, with full availability of the credit line and sometimes not even a cash advance fee other than pass-throughs from ATMs.  (Of course there is interest to consider, but if it is short-term and the APR is sub-10% that doesn't add up too quickly.)


Yeah, I have 2 of them now and will be looking to expand to a few more CUs. Thanks for the suggestion.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 39 of 55
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Valued Contributor

Re: Fifth Third decreased my credit limit.

What a bunch of idiots.

Maybe they should have made their CSA aware of this issue.

My CLOSED card shows $4,000 available.

I closed it because I thought it would look better than them closing it in the next few months.

Oh well.....

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

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Message 40 of 55
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