@Anonymous wrote:
Updated my income with Target (from 40k to 50k), made a $307 purchase, then when statement generated my credit limit was decreased from $800 to $400
was opened 11/2018
Is this common now? Wonder if they are going to close my account? Kinda sucks it's my oldest account since my bk
If there are no other "alarms" on your credit file - and the $307 purchase is noteworthy in this environment - then I would consider the decrease in limit as part of the industry phenomenon to manage risk during the pandemic. A lot of issuers are doing this because of what is happening with layoffs etc. Some are flatout suspending increases, not offering pre-approvals etc.
Without knowing anything else outstanding, putting $307 on a $800 card puts you at 38% utilization and now, with a $400 limit you're at about 77% (almost considered maxed out!). As the one responder noted, give them a call and see if they will reconsider. Nowadays, algorithms do mostly everything. I am concerned - and you alluded to this - that now at 77% util there could be more risk of lower limits and possibly closure unless you pay it down to below 10%. (always pay before statement close as you know).
Keep us posted and good luck!
