My first CLD

[Follower]

I received this letter from Chase over the weekend concerning my Amazon Prime Visa Sig:

Dear [Follower]:

We periodically review customer accounts to make sure credit lines match their spending needs. During a recent review of your account and credit history, we noticed that your overall card usage with Chase and other issuers is low. Because of this, we may lower your credit limit to $7,250.00 in 50 days.

If you anticipate a change in your spending needs, you can opt out of the review by contacting us atthe number at the top of this letter or the number on the back of your card within 50 days.

It's true that I only put between $100 and $400 on the card monthly, with no plans to increase it, so I don't plan to challenge their decision to cut my CL in half. Still, as my post title says, this is a new one for me.

[NoMoreE46]

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@Follower wrote:

I received this letter from Chase over the weekend concerning my Amazon Prime Visa Sig:

Dear [Follower]:

We periodically review customer accounts to make sure credit lines match their spending needs. During a recent review of your account and credit history, we noticed that your overall card usage with Chase and other issuers is low. Because of this, we may lower your credit limit to $7,250.00 in 50 days.

If you anticipate a change in your spending needs, you can opt out of the review by contacting us atthe number at the top of this letter or the number on the back of your card within 50 days.

It's true that I only put between $100 and $400 on the card monthly, with no plans to increase it, so I don't plan to challenge their decision to cut my CL in half. Still, as my post title says, this is a new one for me.

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This approach  is very similiar to Capital One with heads up and an option to opt out.  

A 50% haircut is big though - Glad that yon dont need it.

[ocheosa]

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@NoMoreE46 wrote:

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@Follower wrote:

I received this letter from Chase over the weekend concerning my Amazon Prime Visa Sig:

Dear [Follower]:

We periodically review customer accounts to make sure credit lines match their spending needs. During a recent review of your account and credit history, we noticed that your overall card usage with Chase and other issuers is low. Because of this, we may lower your credit limit to $7,250.00 in 50 days.

If you anticipate a change in your spending needs, you can opt out of the review by contacting us atthe number at the top of this letter or the number on the back of your card within 50 days.

It's true that I only put between $100 and $400 on the card monthly, with no plans to increase it, so I don't plan to challenge their decision to cut my CL in half. Still, as my post title says, this is a new one for me.

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This approach  is very similiar to Capital One with heads up and an option to opt out.  

A 50% haircut is big though - Glad that yon dont need it.

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^This^

Seems they are using the same audit program as Cap One. The "opt out" feature through Cap One was automated and super easy.

You may also consider reallocating $7250 to your Freedom card.

[Follower]

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@ocheosa wrote:

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You may also consider reallocating $7250 to your Freedom card.

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I considered that, but my Freedom Flex spend isn't that much different (and, in quarters such as right now, virtually non-existent). Trying it might trigger the same sort of review and adverse action.

[Rogue42]

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@NoMoreE46 wrote:

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@Follower wrote:

I received this letter from Chase over the weekend concerning my Amazon Prime Visa Sig:

Dear [Follower]:

We periodically review customer accounts to make sure credit lines match their spending needs. During a recent review of your account and credit history, we noticed that your overall card usage with Chase and other issuers is low. Because of this, we may lower your credit limit to $7,250.00 in 50 days.

If you anticipate a change in your spending needs, you can opt out of the review by contacting us atthe number at the top of this letter or the number on the back of your card within 50 days.

It's true that I only put between $100 and $400 on the card monthly, with no plans to increase it, so I don't plan to challenge their decision to cut my CL in half. Still, as my post title says, this is a new one for me.

---

This approach  is very similiar to Capital One with heads up and an option to opt out.  

A 50% haircut is big though - Glad that yon dont need it.

---

I just recieved a letter pretty much the same as this one from CapOne except not a specific number they will lower it to. Something along the lines of we will review your account to see if it will be lowered. 

What is the "opt out" option?

[TrapLine]

Chase has sent me similar letters three times since 2006. The letters for Personal came at different times from the Business accounts.

As others have stated, I do not really utilize all of the credit available. Truth, I have other cards that better fit my spending pattern today. Life happens and our needs change. While I do appreciate Chase I do have better cards. After reading the comments posted in this Forum I am expecting CL reductions for failure to use. Every month I spend but small amounts.

In the event they do send such letters I likely will close all the accounts and consider it "culling the herd".

[NoMoreE46]

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@Rogue42 wrote:

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@NoMoreE46 wrote:

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@Follower wrote:

I received this letter from Chase over the weekend concerning my Amazon Prime Visa Sig:

Dear [Follower]:

We periodically review customer accounts to make sure credit lines match their spending needs. During a recent review of your account and credit history, we noticed that your overall card usage with Chase and other issuers is low. Because of this, we may lower your credit limit to $7,250.00 in 50 days.

If you anticipate a change in your spending needs, you can opt out of the review by contacting us atthe number at the top of this letter or the number on the back of your card within 50 days.

It's true that I only put between $100 and $400 on the card monthly, with no plans to increase it, so I don't plan to challenge their decision to cut my CL in half. Still, as my post title says, this is a new one for me.

---

This approach  is very similiar to Capital One with heads up and an option to opt out.  

A 50% haircut is big though - Glad that yon dont need it.

---

I just recieved a letter pretty much the same as this one from CapOne except not a specific number they will lower it to. Something along the lines of we will review your account to see if it will be lowered. 

What is the "opt out" option?

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@Rogue42 ,

The details are here:

https://ficoforums.myfico.com/t5/Credit-Cards/Cap1-Account-Review-notice/td-p/6564534