Penfed lowering credit limits?

[7774x]

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@creditrizz wrote:

I find PenFed to be more of a hassle the more I deal with them.  Decreasing a credit line is one thing, but down to $500 is pretty ridiculous.  They may as well just close it since that's what I'd do if they dropped my limit like that anyway.

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Penfed still recovering from losses in last year ..  this year better results... In past 3 years ,Penfed was very generous with Ccs,CLI ,Auto loans . personal loans . except now  slowing economy leaves them exposed for more losses ,,That is business ... I have 8 CC   I make sure  to use  them several  times  a year for each card .  no CLDs .. so far

[7774x]

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@creditrizz wrote:

I find PenFed to be more of a hassle the more I deal with them.  Decreasing a credit line is one thing, but down to $500 is pretty ridiculous.  They may as well just close it since that's what I'd do if they dropped my limit like that anyway.

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Penfed saying if you don't use their high CL Ccs .. they don't want your business .. tough to hear ....you can always close account 

[tehdrizzle]

That's exactly what we are doing. Any credit union that plays these kind of games doesn't deserve business.

[tehdrizzle]

That's exactly what we are doing.

[Alucard]

the same thing happened to me, literally today! 5k down to $500.

[NoMoreE46]

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@Alucard wrote:

the same thing happened to me, literally today! 5k down to $500.

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Do you recall the last time this card was used @Alucard ?

[creditrizz]

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@7774x wrote:

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@creditrizz wrote:

I find PenFed to be more of a hassle the more I deal with them.  Decreasing a credit line is one thing, but down to $500 is pretty ridiculous.  They may as well just close it since that's what I'd do if they dropped my limit like that anyway.

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Penfed saying if you don't use their high CL Ccs .. they don't want your business .. tough to hear ....you can always close account 

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Who said their limits are even that high?  I have over 5x my penfed card limits on other individual cards of mine and they're from banks that actully have functioning websites that aren't built on Salesforce.  PenFed should just close the cards instead of making us waste our time to call in to close a card with a useless reduced limit. 

[Marq628]

They just did the same thing to me. I probably used the card once this year back in January but recently I let my daugter use it to take my grandkids to Sesame Place. When I logged in to pay the balance, I saw my limit was reduced to $600 from 15k which made the card maxed out because my daughter spent over $500 on the card. Needless to say I closed the account.  

[NoMoreE46]

Thanks for providing more data points @Marq628  about this.

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@Marq628 wrote:

They just did the same thing to me. I probably used the card once this year back in January but recently I let my daugter use it to take my grandkids to Sesame Place. When I logged in to pay the balance, I saw my limit was reduced to $600 from 15k which made the card maxed out because my daughter spent over $500 on the card. Needless to say I closed the account.  

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[creditrizz]

They should have at least had the integrity to email you and let you know it was decreased so that you don't overspend on it.  Discover lowered mine from about 10k to 8.5k once, but emailed to let me know.  This was because I had charged a transaction of over 90% of the CL to one of my other cards before I knew that was something you shouldn't do.  Just checked my two penfed cards and they hadn't messed with the limits yet.  Both were used in the past few months but mostly small transactions since their rewards are not competitive to my leading cards.  I'll put them both in Apple pay and see if small transactions keep them alive.  If not, F' em.   I have a US Bank card I haven't used in like 5 years and they never decreased the limit on that one.  I just now put a coffee on it and got a dormant card resurrection alert from Credit Karma.