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Huntington CLD

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Super Contributor

Re: Huntington CLD


@SBR249 wrote:

It's also important to rememer that economic times do change. What may be acceptable risk to a lender during the boom years of a business cycle may not fly when things look shaky. My personal sense is that in the past year or so, lenders have become more and more conservative in terms of their risk tolerance and more aggressive in their risk mitigation measures. I guess given how long this current phase of expansion has gone on and recent volatility in the markets, lenders want to make sure they get ahead of the contraction and aren't caught out by flip side of the potential downturn. 


This. We are seeing more of it across the board. The reality is that large unused lines of credit are a) not profitable for the bank and b) can be seen as a potential risk for for the bank there's plenty of reason to cut the limits when things tighten up.

Message 11 of 18
Frequent Contributor

Re: Huntington CLD


@SBR249 wrote:

It's also important to rememer that economic times do change. What may be acceptable risk to a lender during the boom years of a business cycle may not fly when things look shaky. My personal sense is that in the past year or so, lenders have become more and more conservative in terms of their risk tolerance and more aggressive in their risk mitigation measures. I guess given how long this current phase of expansion has gone on and recent volatility in the markets, lenders want to make sure they get ahead of the contraction and aren't caught out by flip side of the potential downturn. 


The sad truth is that in trying to get ahead of the contraction and anticipate the anticipated increased risk, when they get too aggressive in CLDs they can actually trigger the very contraction and increased risk that they tried to avoid. This happened to me in the ramp-up to 2008. I had several cards that had a balance, was current on all debts and all of a sudden all my cards started balance chasing. The CLDs jumped my UTIL from 8% to 90% literally overnight and my credit score tanked because of this (keep in mind - I had not taken on even $1 in additional debt and had not missed a payment to any creditor.) All of a sudden the CC companies started closing my accounts because of my decreased credit score and my access to credit completely dried up. I was forced to reduce the size of my business by 75%, lay off employees and make whatever cuts I could ASAP. Because my staff had been laid off and my access to credit cut off, I had to start cutting back my sales force because the remaining staff could not handle the volume the sales force was generating and I no longer had access to the credit line needed to ramp back up. The fixed expenses of the company eventually put the company out of business a year later, and the banks that triggered the downfall took a $100,000+ loss in the resulting bankruptcy.

 

All because of some algorithm in a bank's computer - not because of anything I or my company did. Had the banks not balance-chased, directly causing the increased utilization that tanked my credit score that led to the closing of all credit lines that led to the shrinking and ultimate closing of my business, several people would not have lost their jobs and my business would have continued and the banks would have gotten 100 cents on the dollar instead of 2 cents on the dollar. WTG, bankers.

 

Since then my credit scores have recovered and I keep no balance on any card. I literally pay them all off every Friday. I have scaled my business back to the point where I am the only person working in it, and I am not about to need to lay myself off. My business no longer relies on credit to smoothe out the cash flow bumps. I have one debt and that is my mortgage, and this time next year I won't even have that.

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793


Message 12 of 18
Super Contributor

Re: Huntington CLD


@dac1 wrote:

Huntington did the same thing to me today on my Voice World Mastercard.  The credit line was reduced from $27,000 to $7,500.  They email stated the decrease was a result of a general review of all Huntington credit card lines.  I typically carry no balance on it. 


Today one of my HNB cards 28K, was reduced to 9.5K. I also typically carry no balance on it.

 

Also received the same exact email.

 

 

Message 13 of 18
Regular Contributor

Re: Huntington CLD

My experience with Huntington is mixed. I don't have a cc with them. I have an account. I've moved a Roth due to other weirdness. The one thing that seemed the strangest to me was requiring a marriage certificate to redeem POD issues. I had my ID and the death certifcate. Manager insisted on a marriage cert. Made no sense. It was not payable on marriage. The marriage was out of state. I'net was the only way to get the document. The portal was down for two months. It took a little over three months to be able to do the transaction.

 

At that same visit I did the paperwork to transfer the Roth. I didn't want to be in a situation where funds were needed and some strange requirement fell from the sky.

 

No issues with the account that is there. I just wanted to reduce my exposure to weirdness. 

Message 14 of 18
Frequent Contributor

Re: Huntington CLD


@Save-n-Invest wrote:

My experience with Huntington is mixed. I don't have a cc with them. I have an account. I've moved a Roth due to other weirdness. The one thing that seemed the strangest to me was requiring a marriage certificate to redeem POD issues. I had my ID and the death certifcate. Manager insisted on a marriage cert. Made no sense. It was not payable on marriage. The marriage was out of state. I'net was the only way to get the document. The portal was down for two months. It took a little over three months to be able to do the transaction.

 

At that same visit I did the paperwork to transfer the Roth. I didn't want to be in a situation where funds were needed and some strange requirement fell from the sky.

 

No issues with the account that is there. I just wanted to reduce my exposure to weirdness. 


I guess that would rule out any possibility of having an account with them where a Common Law mariage exists.

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793


Message 15 of 18
Regular Contributor

Re: Huntington CLD


@Flyingifr wrote:

@Save-n-Invest wrote:

My experience with Huntington is mixed. I don't have a cc with them. I have an account. I've moved a Roth due to other weirdness. The one thing that seemed the strangest to me was requiring a marriage certificate to redeem POD issues. I had my ID and the death certifcate. Manager insisted on a marriage cert. Made no sense. It was not payable on marriage. The marriage was out of state. I'net was the only way to get the document. The portal was down for two months. It took a little over three months to be able to do the transaction.

 

At that same visit I did the paperwork to transfer the Roth. I didn't want to be in a situation where funds were needed and some strange requirement fell from the sky.

 

No issues with the account that is there. I just wanted to reduce my exposure to weirdness. 


I guess that would rule out any possibility of having an account with them where a Common Law mariage exists.

 

The PODs were Treasury issues. I could have redeemed them elsewhere . The Roth was not a small account so I wanted to see how that weirdness would play out.  I was convinced that Huntington could not be my primary bank. Huntington made a different significant mistake on an account I considerd to be important, to me anyway. 

 

I have friends who do business with Huntington exclusively. They are very pleased.


 

Message 16 of 18
Established Contributor

Re: Huntington CLD

Sometimes banks do stupid stuff. Nothing that can be done about it but clean up the mess.

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Message 17 of 18
Member

Re: Huntington CLD

Yep I just got the email this morning too.... World Voice MC reduced from 14k to 4,500, and PIF every month. The most charged in one month $2.5k since I have had the account for almost 2 years now.... questioning if I will keep in drawer and try to CLI in 6 mos
Starting Score: 536
Current Score EQ Fico9: 738
Goal Score: 800


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Message 18 of 18