Letter coming from Chase...did we mess up?

[JM761]

Hi everyone,

I see in my USPS alerts that we have a letter from Chase coming today. Do they ever offer CLI via mail or is that only when they decrease your CL? Sadly, we have had so many negative experiences with credit and we are trying to build/learn that I"m not sure if this is a good or a bad letter. I thought a CLI would come via email/alert on your Chase account.

We are new to the credit repair journey. My husband went back to school after 20 years in the field. Then, downsizing hit while in school, so he lost full time employment. We were one income family for 4 years. It wasn't pretty. We kept his credit pretty good (700+) and mine took the hit.

One thing we learned from these boards while trying to fix my credit is that he could have an even better score with a higher credit limit and more cards. We decided to focus on removing 2 collections from his (completed and removed this month) and try and push an auto CLI by using his card more (we thought it was bad to use credit but the board taught us it was good to show utilization but pay down before statement closing date)

Currently, he has many installment accounts (thanks to mortgage and studen loans) - that has helped his credit.

He has only one card: Chase slate  - CL: $5400. Minimum payment has been paid on time every time since 2013 (when they upgraded him from a different card, which was also always paid on time). 

In 2020, he paid down a high balance over a few months and since then has kept the balance low (although he sometimes carried a balance of about 10-15% b/c he didn't understnad to pay it down close to zero each time but it was never late). 

This past month, we charged everything we normally use our debit card for (car insurance, groceries, gas, vet visits, pet meds, etc) and paid the bill right before the bill due date. Worked out great for the first month. It was only about $2400 on $5400 CL. After we paid it down, he was left with a bill of $200 b/c b/c our electric bill posted the day the cycle closed (I am going to switch electric bill date so that doesn' happen again and we can keep utlization down but only 4% wasn't bad for a first try at this)

Billing cycle closed on 5/13. 

Today (5/23), I was alerted by USPS that there's a letter in the mail coming today or tomorrow from PO box 9041 coppell tx. I googled it and it seems to be chase. The onlly info I can find it a reddit post by someone saying the letter was lowering their credit limit with no real explanation. 

so, did we mess up? Did we trigger a CL decrease? If so, anything we can do about it? 

Thanks in advance. I normally love knowing what mail is coming (Thanks to the USPS alert system) but this letter is causing anxiety!

[Remedios]

Well, you'll find out in a few hours what the letter is all about, but I don't think it has anything to do with CLD 

When Chase does CLD as a result of AA, they reduce the limit first, there is no advance notice. So if limit in his account is same, you have nothing to worry about.

There were a few instances in the past (during the pandemic)when Chase sent use it or lose it letters, but that was while back. 

If this letter was about non-use, you can always call them. 

I got debit card replacement from that address, and my daughter's chase card arrived from that address, so I really think Google failed you 

Also, how come you didn't PC Slate to a card with rewards? Chase allows PCs between their core cards, so using card with no rewards past the intial 0% promo/BT period is just a waste of money 

[JM761]

@Remedios 

Thank you for this info! Can you tell I'm a bit worried we are doign the right (or wrong) thing?  

I think/hope you are right...google probably failed me! The post I found online was exactly what you said..Chase sent a CLD letter during the pandemic. It looks like, based on the comments, that they sent a secure message to Chase and chase agreed to keep the higher CL, no decrease. 

PC = product chage, right? (still learning abbreviations)

Sadly, we have been pretty naive about credit cards so we didn't know or think to switch cards. It wasn't until reading myfico (starting March 2022) that we learned of all the possibilities. Since joining, my focus has been fixing/rebuilding my credit (slow baby steps but already farther along than expected) and figuring out a plan to help my husband's thin file.

We read about switching to a rewards card but didn't know if that would mess with his age of accounts and decrease his score.  Since we knew that removing bad debts would help his score, we decided to get the 2 medical collections off his bill (fell off last week). He has only one derogatory remaining - a paid medical collection (it was removed EE from TU but the other two won't remove until July when paid medical debts come off).  We know we need to open at least one more card for him but want to do it the right way - tackling the debt helped his score. He's at 738 Fico8, 825 Fico9 (I know a lot of places don't use that but I'm pretty proud of it). I know his Fico8 will jump up more when the medical collection is removed. 

When you say that Chase allows PC within their core cards, does that mean it won't change the age of his account? If so, then we will definitely look into changing things up. I dn't know if his score is high enough for a change to a better rewards card but I can look into it. We have so many balls in the air, changing his current card wasn't really on my radar. We were trying to increase CL (with asking) and add a new card. thanks for this new option to consider!

[LakeLife]

Only one way to find out!  Best of luck.

[Credit12Fico]

I once got excited about a chase letter in the mail on my USPS informed delivery. Turns out it was a just mortgage offer...The same one they'd been showing me in the app. 

[JM761]

@LakeLife haha! Thanks for the laugh! Obviously, I'm a bit nervous...if only I had JOhnny's cool, calm demeanor when it came to all this! 

Hopefully, I'm worried for nothing

Also: I felt *incredibly* old recently when my younger cousins didn't know who Johnny Carson was. They asked if it was Jimmy Fallon's dad. 

[JM761]

@Credit12Fico ahhh..maybe that is it? Will be interesting to see what it is. I"m glad to hear it doesn't necessarily mean it's a bad thing! We are digging outselves out of a hole, so the USPS informed delivery is a blessing and a curse! I know when there is bad news is in the mailbox earlier than I want to!

[Remedios]

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@JM761 wrote:

@Remedios 

Thank you for this info! Can you tell I'm a bit worried we are doign the right (or wrong) thing?  

I think/hope you are right...google probably failed me! The post I found online was exactly what you said..Chase sent a CLD letter during the pandemic. It looks like, based on the comments, that they sent a secure message to Chase and chase agreed to keep the higher CL, no decrease. 

PC = product chage, right? (still learning abbreviations)

Sadly, we have been pretty naive about credit cards so we didn't know or think to switch cards. It wasn't until reading myfico (starting March 2022) that we learned of all the possibilities. Since joining, my focus has been fixing/rebuilding my credit (slow baby steps but already farther along than expected) and figuring out a plan to help my husband's thin file.

We read about switching to a rewards card but didn't know if that would mess with his age of accounts and decrease his score.  Since we knew that removing bad debts would help his score, we decided to get the 2 medical collections off his bill (fell off last week). He has only one derogatory remaining - a paid medical collection (it was removed EE from TU but the other two won't remove until July when paid medical debts come off).  We know we need to open at least one more card for him but want to do it the right way - tackling the debt helped his score. He's at 738 Fico8, 825 Fico9 (I know a lot of places don't use that but I'm pretty proud of it). I know his Fico8 will jump up more when the medical collection is removed. 

When you say that Chase allows PC within their core cards, does that mean it won't change the age of his account? If so, then we will definitely look into changing things up. I dn't know if his score is high enough for a change to a better rewards card but I can look into it. We have so many balls in the air, changing his current card wasn't really on my radar. We were trying to increase CL (with asking) and add a new card. thanks for this new option to consider!

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It won't change anything (other than card number) 

You can call or send SM and all you need to say is "Id like to change my Slate to ..." 

Before you send message (or call) see if Chase Freedom Flex or Freedom unlimited are a better fit and go from there. 

[JM761]

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You can call or send SM and all you need to say is "Id like to change my Slate to ..." 

Before you send message (or call) see if Chase Freedom Flex or Freedom unlimited are a better fit and go from there. 

---

@Remedios 

Thank you, again. You are so helpful! I will check to see if the two cards mentioned are a better fit and also wait to see what this letter says. Once we have our ducks in a row, I'll message them. I'm going to ask to be an AU on his card too - I'm waiting till my paid chase charge off ages a bit. I don't know if they would take too kindly to paying a CO and then jumping on as someone's AU. I paid at the end of March. 

Thanks for everything - knowing it doesn't change the age of the account is super helpful.

[JM761]

Update on the mysterious envelope: I"m a fool. It was just a debit card.

I guess all these months worrying about creditors and debt collectors took it's toll on me. I didn't even expect the card yet b/c it's so early...it wasn't on my radar! 

Ugh...hopefully, all this credit rebuild I'm doing will help slow any worrisome letters. In the meantime, I have to remember that this was a normal piece of mail...not all mail fromChase is bad!

Thanks for talking me through it!