HSBC credit line slashed for no reason!!!

[Anonymous]

I have an HSBC mastercard, never late, $8500 credit limit, keep a revolving %10 balance which I pay off every month.  I have $658 on it right now and just logged in this morning to pay it off and my credit limit dropped to $560!!!!!  I called HSBC and I got a southeast asian man that couldnt answer my questions as to why it was lowered and no one told me, all he said is that it was a "business decision". 

  Now Im $98 over limit which they said would not affect my credit and there are no fees applied but I expect to get screwed over this.  Of course Im upset and want to close it but this is my oldest account at 6 years old.  Closing my account with them isnt going to hurt them, no on will blink and eye but it will hurt me.  But I do plan on never using the card again knowing that my credit limit could drop at any minute for no reason.

[techman2008]

Now that just sucks.  At least send a letter or notice so you could have paid it off.  That's even low that they would lower it below your balance which isn't much. 

[the1picard]

Those @#$% just reduced my limit from 2K to 480.  I'm junking that POS card. 

[Anonymous]

Not sure if it will help at all, but perhaps you could have better luck having your CL reinstated via a backdoor CSR.

[Anonymous]

They just reduced mine from $5,000 to $300.  I will never use their card again.  It's paid off and I'm leaving it that way.

[wilee]

WOW! Just wow!

They must be in BAD shape to be pulling crap like that.

[the1picard]

I'm just going to PIF and close this account.  I hope they go up in flames.  I've been trying to pay down my debt and lower my utilization and they just wiped out 2 months of progress.

[oracles]

Wow I just cant believe it.

What type of credit card was this?

Is this an Orchard or platinum, etc?

[Anonymous]

Yeah.. I just came here to see if anyone else had been cut... mine was cut only by $210.00... but I am sure it is because of the hight balance I had on it.. I was just 400.00 from my limit..I just made a payment of nearly $1800.00 to bring my balance down to zero.  Something tells me, they will slash my limit.. now 1990 in half.  I do not know if I should cancel the payment or not... mostly.. I am just tired of this company making so much money off me....

[oracles]

Hi Changing

I would not cancel the payment.

Even if they slash your credit limit, a 0 util% is better than a 80% util% for scoring purposes.

Yes your limit may be slashed but in scoring, it is util% and not the limit itself that helps your scoring.

Also you will save on interest fees.

Hope this helps