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Fifth Third decreased my credit limit.

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Moderator

Re: Fifth Third decreased my credit limit.


@Shooting-For-800 wrote:

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.....

 


Maybe they were unaware of the issue until today when it seems to have been changed back for both of you today?  Both of you got the "you'll receive a letter in the mail" speech, the same CLD to $500, and your full limits restored on the same day.  Definitely sounds like a backend issue; whether it's related to the reduction in cash advance line or just coincidental timing, who knows?

 

Is it worth a call to you to try to have the account reopened?  May be possible if escalated since you received notice of AA when there was none.

Message 41 of 55
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Valued Contributor

Re: Fifth Third decreased my credit limit.

"I do know there was a glitch that effected the limits on credit cards. However, we do apologize for the inconvenience however we are still working to to correct the issue and accommodate the customers effected."

 

"I'm sorry for the lack of information. However, at this time the refunds and credits are in the process of being credited to the effected accounts."

 

HUH?

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

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship & Syncrony






Message 42 of 55
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Regular Contributor

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 checked my Fifth Third statements and, indeed, my cash limit was decreased from 50% to 10% of my credit limit recently.

Message 43 of 55
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Community Leader
Super Contributor

Re: Fifth Third decreased my credit limit.


@K-in-Boston wrote:

@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.


Hear, hear!


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 44 of 55
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Valued Contributor

Re: Fifth Third decreased my credit limit.

I would expect nothing less from a bank who can't decide whether they were 5th or 3rd.  And with the cash advance limits slashed to 10%, maybe they can now change their name to Fifth Third One Tenth Bank.  It would make just as much sense as their current silly name.

EQ08 BE: 776 | TU08: 812 | EX08: 797
Chase Ink [21.5k], Citi DC [20k], Alliant [15k], GICU [15k], QS1 [14.7k], Amex OBC [10k], Sportsman's Guide [9.4k], Blispay [7.5k], PenFed [6.5k], Chase Amazon [6.5k], Discover it [5.2k], Citi TYP [5.2k], Chase Freedom [5k], Fidelity Amex [5k], Consumers CU [5k], Wyndham [5k], Synch/Amazon [5k], Synch/Paypal [5k], Elan [4.5k], Ft.Knox [2.5k], BofA BBR [2k], Victoria's [1.7k], BofA 123 [500!]
Message 45 of 55
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Community Leader
Super Contributor

Re: Fifth Third decreased my credit limit.


@redpat wrote:

@Shooting-For-800 wrote:

@mark3038 wrote:

I was just talking to a neighbor of mine yesterday who is a loan officer at one of the large banks. She told me that they now can see who has filed for unemployment. There is a program that they bought so they can reduce or close accounts for people who they see filed a claim as their main source of income is now gone so limits are lowered or accounts closed.

 

She also told me that if your job is in an field that they now consider risky they will do the same. They are just trying to see into the future LOL


Very interesting...

It does not apply to me, but the info is interesting.

Our privacy is just going to continue to errode as time and technology advance.

 

 


If OP does their banking with them they can see where deposits are coming from and any decline occurring.  Most have direct deposits for paychecks.  


But DDs can be split between 2, even 3 banks. So, it's unfair if this is a determinant of funds on hand. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 46 of 55
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Community Leader
Super Contributor

Re: Fifth Third decreased my credit limit.


@wlsnoops wrote:

@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...

 

 


Hip, hip hooray. This is great news! 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 47 of 55
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Valued Member

Re: Fifth Third decreased my credit limit.

Well, I received my form letter of explanation from Fifth Third (if you want to call it that).

 

"We appreciatehaving you as a customer and are respoding to your request for a review of your credit repoting file for the account above.

We reviewed your records and determined that your account is being reported accurately to the consumer reporting agencies. You can contact them directly for further information." Blah. Blah. Blah.

 

This wasn't really an answer as to why they reduced my CL in the first place, nor even an acknowlegement that something in their system went whacko, but at least they restored my original CL. It pays to keep a close eye on your accounts, people. Can you imagine the embarrassment if I had tried to make a purchase larger than $500 and had my card declined?

Message 48 of 55
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Valued Contributor

Re: Fifth Third decreased my credit limit.

Chat lady said that I closed the account they did not.  

I said I closed it do the AA.

She said, you made the decision to close it.

I said, if they reduced your salary by 7/8ths and would not tell you why or how to fix it, would you quit or keep working for 1/8th of your previous salary.

She did not like that.  Smiley Very Happy

She told me to call in and talk to someone.

 

No thanks.

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

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship & Syncrony






Message 49 of 55
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Established Contributor

Re: Fifth Third decreased my credit limit.

@Shooting-For-800 I’m sorry they decreased your limit. Will things ever go back to normal?

I make progress on my Scores and now my reports are all clean and I’m afraid to try any cards because of what’s going on.

Good Luck

CARDS: Discover It | QuickSilver One | Open Sky | Kohl’s | BB&T Spectrum Cash Rewards | BB&T Bright | NFCU CashRewards | NFCU More Rewards | AMEX BCE | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 50 of 55
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