US Bank cut Cash+ credit limit

[laocfico]

Opened about 1 1/2 years ago. SL $3,500. I did carry balance $2,500-$3,400 each month (12 months was interest free). After seeing all the CLI success here I paid it off and hit the button (denied and have not yet reccieved the letter). Just got my statement yesterday and noticed the chop to $500!  No thanks.  I promptly closed the account and my checking accounts are next. My score is about the same as when I opened the account (699). 

[coldfusion]

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@laocfico wrote:

Opened about 1 1/2 years ago. SL $3,500. I did carry balance $2,500-$3,400 each month (12 months was interest free). After seeing all the CLI success here I paid it off and hit the button (denied and have not yet reccieved the letter). Just got my statement yesterday and noticed the chop to $500!  No thanks.  I promptly closed the account and my checking accounts are next. My score is about the same as when I opened the account (699). 

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Sorry to hear this happened to you. 

Even under the best of times maintaining high utilization over many months even if associated with a 0% APR promo has side effects.  Given current times when CL are being slashed and cards closed wholesale by issuers you aren't alone in experiencing this.

Were you making significant payments each month or were you essentially making mininum payments all along with a single large payment at the end to zero out the balance?   Issuers are happy with the 1st senario, not so much with the 2nd one.

[laocfico]

These are monthly payments (newest first):

$525

$820

$20

$525

$3,836

$2,213

$1,910

$1,307

$734

$469

$1,220

$484

$800

$850

A bit better then minimums. 

[randomguy1]

I would have asked them to reinstate my limits but to each their own. 

[M_Smart007]

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@laocfico wrote:

These are monthly payments (newest first):

$525

$820

$20

$525

$3,836

$2,213

$1,910

$1,307

$734

$469

$1,220

$484

$800

$850

A bit better then minimums. 

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I see nothing wrong ..with those kind of payments.

[Remedios]

What's keeping your score (unsure which CRA you are referencing) at 699.

That's typically indicative of high utilization or negatives, possibly both in some cases. 

There is always reason for balance chasing.

Were taking advantage of 0% promo on your other card(s)?

Any new negatives that popped up? 

Have you pulled your report from multiple sources? 

[Anonymous]

Yeah, i probaly would have called them for the reason first. Unless you already knew it, but that's your choice.

It likely is something to do with UT on other card, I don't see why USB would cut someone that much with those kinds of payments. Although if the're not actually bringing the average balance down, those large payments are moot anyways.Not too many lenders like cardholders to continuously be over 50% UT.