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Fifth Third decreased my credit limit.

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Valued Contributor

Re: Fifth Third decreased my credit limit.


@Rebuild2019 wrote:
@Shooting-For-800I’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

It was a computer glitch.

I just happen to check my account the day it was reduced.

I called them and told them to close my card.

The limit went back to normal the next day, but the account is now closed.

Just a freak weird timing issue.  

I will live.

 

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

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Message 51 of 55
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New Visitor

Re: Fifth Third decreased my credit limit.

I just had the same issue with my Fifth Third card. I had my card for 3 months never used it, which I got last year. I ended up using it three times this year, and after making each purchase I paid them off a few days later even before the billing cycle came. Last week I went to log on to my app to pay off the purchase I made, I noticed my limit dropped from 7500 to 900, at first I thought my card was being used so I checked transactions, everything was ok. I waited till Monday to call to find out, the rep was helpful and told me that she didn't know the reasoning behind it and that they don't tell them and I should receive a letter in the mail. I got the letter today and read it " We have reduced your credit line to 900. our decision is based on the following, Too many revolving accounts with balances too high in proportion to credit limits. That is a **bleep**ing joke, plus my score took a hit dropped 42 points, what do my other cards have to do with this one, if I'm paying this card on time and in full. Had they have done their research they would see that I carry a balance and pay them in full on every last card that I have. I've never had that problem. I thought about calling to cancel the account but I'll just keep a very low balance.

Message 52 of 55
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Valued Contributor

Re: Fifth Third decreased my credit limit.


@Canesfam wrote:

what do my other cards have to do with this one, if I'm paying this card on time and in full.


Actually, your other cards have quite a bit to do with how your lender views you.  That's been true for several decades.  If you have five cards and run four of them up to their limits and pay the fifth card in full every month, the lender for that fifth card will get concerned.  It's why you see so many soft pulls from your existing lenders each year.  They're monitoring your performance on the other lenders' cards.

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Message 53 of 55
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Frequent Contributor

Re: Fifth Third decreased my credit limit.

I have little faith in 5/3 credit card department they told me 4 1/2 years ago when I opened my secured that 12 months of good payments they would unsecure, not might, would. Flash forward 3 1/2 years still hadnt unsecured inquired about it refused, apped for basic unsecured declined, love them for their banking and loans but their credit cards are lackluster 



Message 54 of 55
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Valued Contributor

Re: Fifth Third decreased my credit limit.


@Remedios wrote:

@CreditCrusader wrote:

@Remedios wrote:

@CreditCrusader wrote:

@K-in-Boston wrote:

Since your reports are clean, that's bizarre if you are using it every month


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.


Do you use entire limit on all your cards every month? 


Easily


And you pay before statement cuts?   Because if you're easily maxing all three of your cards every month, your scores are not in 700s. With three maxed out cards, 100% of cards reporting balances, 620 is a stretch. 

 

Or maybe you only listed three cards in your profile, but have others that you dont use, which would be rather strange given that you just advocated against that. 


I find the removal of cards from the signature since this posting to be an interesting development. 



Updated 07/20/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $521K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:8)
New Accounts: 3/6 months; 9/12 months; 12/24 months (as of 07/20/20)
Gardening until at least 04/2021.
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Message 55 of 55
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