I have two cards with Chase, the Sapphire that had a $11k credit limit and United that had $6k. Today, Chase reviewed my account and reduced my Sapphire to $500 credit limit and the United to $2.5k credit limit.
A bit of my credit situation right now. I am leveraging a large portion of my available credit across multiple credit cards where my overall utilization right now is %35. Some cards have higher utilization individually compared to overall utilization so naturally I pay them off first; that means that there are some cards in my profile that I deem them less important to pay off first do actually end up carrying a balance for a few months.
Apparently this spooked Chase which I should have expected. In 2021 they did the exact same thing but the difference then is that I carried a balance on their cards for over a year, so I was thinking this time that as long as I am not touching their cards and they know that I am paying the other cards I'd be okay.
I get their position as a bank that they think my financial management is risky, but I have an excel sheet where every purchase investment that I make is tracked with a payment plan.
And I was thinking AMEX is the only one that is easily spooked by balances 
Curious what your fico 8's were at the time of the slash.
I'm not sure what the percentage really is, but I'm certain it's not a 99% reduction. As they say, the math is not mathing
It may be very well that they're looking at my outstanding debt compared to my income and they're thinking it's too much for their risk appetite. I was just surprised.
I funded a lot of projects this year and AMEX slashed my credit lines like right at the beginning when I started to carry balances on some cards. I closed all my cards with AMEX right there but their behavior did not surprise me as I knew they were like that. I expected Chase to be more patient; guess I was wrong.
I completely get it; lenders look at the information available to them; that is my income and my outstanding debt. They do not really know how I budget and plan to pay the debt.
@AndySoCal wrote:@CreditPacMan I have come to the conclusion that lenders do not look at percentages they look the dollar amount of all debts. Percentages are for credit score models. We don't go to the store and pay in percentages. Salary increases are expressed in terms of a percentage. The thing we want know much is the net difference between the old check and the new check. The problem with percentages is that can they can be skewed and lenders know this. When a consumer carries a significant amount of debt is that it only takes one event to cause things to go in a downward spiral. I will use a friend of mine as an example, he had several cards with high utilization somehow he managed to keep current. Then the unexpected event happened the private school where he had teaching for a long time laid him off due budget reasons. Long story short is he filed BK 7 several credit card lenders lost money. Chase was not spooked but the amount of debt represents risk. The limits were adjusted to reflect that risk. Also, your history with them may have been a contributing factor.
@hdporter wrote:Curious what your fico 8's were at the time of the slash.
They're currently in the mid-600s .. I believe 660.
It's not .. it feels like it though .
Actual reduction is over 80%.
@pauldc73 wrote:I'm not sure what the percentage really is, but I'm certain it's not a 99% reduction. As they say, the math is not mathing
@CreditPacMan wrote:It's not .. it feels like it though
Actual reduction is over 80%.
@pauldc73 wrote:I'm not sure what the percentage really is, but I'm certain it's not a 99% reduction. As they say, the math is not mathing
First one is ~95% reduction
2nd is only ~58% reduction.
Average is ~77%, so the original guess of 80% was very close to the average. 
A substantial reduction no mater the %.