Nordstrom Visa Signature CLD Letter

[BearsCubsOtters]

And the 2020 hits keep coming...

I received a letter today dated September 27, 2020 from Nordstrom/TD regarding my Visa Signature:

"Dear Sexy Customer (I added this, but it is true),

We've noticed that over the last few years, the usage on your Nordstrom card has been significantly lower than the account's available line. We'd like to better match your credit line to your usage, so unless we hear from you, we'll be lowering the credit line to $6,300 effective 11/01/2020.

Want to keep the existing credit line? Simply call us at 888.233.4704 by 10/31/2020 and follow the prompts to keep your credit line unchanged at this time. "

Needless to say, I called the automated line and was told that my credit line of $20,000 will be kept in tact. I am thankful that they are allowing cardholders to opt out of the CLD...for now. 

It might be time to clean house and close down some of these cards I am not using much. I got hit by Capital One a few weeks ago and do not really want to experience that again. 

[gdale6]

Not surprising that the banks are wanting usage of large lines, costs em money (in reserves they have to keep) and they would rather give the credit to someone who will actually make money for them. Till things stabilize in this pandemic I would be using all cards to show usage or as you suggest close out the ones you dont want anymore.

[Anonymous]

That’s great the CL remained intact for now. Lenders appear to really be going after people not using their credit.  Makes perfect sense though. 

[Red1Blue]

Congrats for being able to keep your credit line. Few years ago Dillards did the same thing. I had to call them to keep my limit. If not they were going to reduce it to $1000. Glad things worked out for you.

[Loquat]

Serves as a reminder to use it or lose it.  At least they gave you a heads up.   Nice that you got to keep your limit. 

[Brian_Earl_Spilner]

I think I'm gonna close my $300 Nordstrom card that way they can free up some of their reserves for others.

[longtimelurker]

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@Brian_Earl_Spilner wrote:

I think I'm gonna close my $300 Nordstrom card that way they can free up some of their reserves for others.

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That sort of sacrifice is what the Presidential Medal of Freedom  is all about!

[Brian_Earl_Spilner]

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@longtimelurker wrote:

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@Brian_Earl_Spilner wrote:

I think I'm gonna close my $300 Nordstrom card that way they can free up some of their reserves for others.

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That sort of sacrifice is what the Presidential Medal of Freedom  is all about!

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I'm not one to toot my own horn, but I'll probably make a thread about it.

[AllZero]

Thank you for sharing the information.

[M_Smart007]

Congrats OP on keeping your CL.

Sorry for your Capital One CLD