Sudden reduction in credit limit

[marathonmama24]

I went to check credit karma this morning and noticed that my credit score dropped. This was due to a store credit card (express) dropping my limit from 1500 down to 390 dollars. In their message center, they sent me a letter that said there was a recent bad experience with commenity and that was the reason for my credit limit reduction.

I have two other cards with commenity - victoria's secret and the children's place. All three cards are in good standing. My credit score isn't perfect (663) but certainly not bad to the point that they would think they weren't going to be paid on this account. I'm actually very close to paying this particular card off completely. Can I contest this? I don't feel like the drop was fair, and I'm concerned because since I have two other cards with them that they might drop my limits on those cards as well.

In fairness, I do have high balances on two capital one credit cards. I am trying to debt snowball, and the express card had the lowest balance so it was being dealt with first. Could the high balances on the other non-related credit cards have been the cause of this? Any guidance would be sincerely appreciated.

[SecretAzure]

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@marathonmama24 wrote:

I went to check credit karma this morning and noticed that my credit score dropped. This was due to a store credit card (express) dropping my limit from 1500 down to 390 dollars. In their message center, they sent me a letter that said there was a recent bad experience with commenity and that was the reason for my credit limit reduction.

I have two other cards with commenity - victoria's secret and the children's place. All three cards are in good standing. My credit score isn't perfect (663) but certainly not bad to the point that they would think they weren't going to be paid on this account. I'm actually very close to paying this particular card off completely. Can I contest this? I don't feel like the drop was fair, and I'm concerned because since I have two other cards with them that they might drop my limits on those cards as well.

In fairness, I do have high balances on two capital one credit cards. I am trying to debt snowball, and the express card had the lowest balance so it was being dealt with first. Could the high balances on the other non-related credit cards have been the cause of this? Any guidance would be sincerely appreciated.

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They are definately spooked by your profile. The bad experience may not be based solely on your Commentity calls. I fear they may be balance chasing you. If you pay down another of your cards with them, there's a high likelihood that they will reduce the credit limit on those too. 

I've never been in this situation so take this with a grain of salt, I'd pay down my Capital One Cards below 30% utilization as soon as you can (one at a time if you have to). Make minimum payments on your Comm cards. Also, don't do anything until others respond here. You need better advice than I have to give. I'm crossing my fingers for you to be alright!

[FinStar]

You can try reaching out to them, but I don't think they'll reinstate the CL at this time.  It appears the Adverse Action was simply a risk mitigation factor to limit any potential losses/default given the current profile conditions.

On the upside, at least the account wasn't closed since Comenity has been known to do that as well (besides closures for inactivity). 

I would definitely address any high utilization issues with your other lenders before asking to be considered for the reinstatement.

[GApeachy]

Probably working on the Cap1 cards, unless one is a Walmart sc or Kohls sc, would benefit you most.  Cap1 cc's you can use anywhere whereas the Comenity sc's are just that....sc's.  Don't get me wrong, I'm a big fan of sc's but I'm a bigger fan of having a credit card I use for any and everything.

Apply the most $$ you can to Cap1 while chipping off the Comenity cards, esp. since the real possibility is they could still balance chase.  At least you'll "hopefully" still be in good with Cap1 and can knock out more of their interest if your apr is high on those too.

I guess it just boils down to which cards are more important to you and your ability to pay them down in a timely manner.

Either way you go, good luck!