CC reduced available credit due to something not my fault...HELP!

[mlynne37wiu]

Hello, I have a $7500 credit card from Chase that has always been paid on time and I just paid the balance down to $0.  Nissan misreported something on my credit report (stated I was 30 days late on payment and I wasn't) which dropped my Experian from 626 to 552...ouch.

I talked to Nissan and they are in the process of sending me a letter stating they are reversing it and sending it to the credit bureaus which take 60-90 days to update my credit.  However, I checked my available credit online today for Chase and my available credit has gone down to $1,000 from $7,500.  When I called they said they reduced it because there was a delinquency on my account which is the Nissan misreport which is in the process of being fixed.  I tried explaining this to the customer service woman and she was no help to me at all.

Do you think it would help to speak to a supervisor, explain the situation, and fax them the letter when it was received so they can put my available credit back up to $7,500?  It's so frustrating!  I've been a great customer and they did this without even telling me and she said they wouldn't have even notified me in writing!  HELP!!!

[Anonymous]

I think after it cleares from credit report, you can call in chase and ask to reinstate you credit line.

[Anonymous]

Definitely escalate to a supervisor. But wait until your CR is corrected.

[Anonymous]

I have been having trouble with chase for several years. When CR clears  apply for another card!

I will be reporting them to FDIC tomorrow.

Message Edited by HappyDays on 09-19-2007 04:02 PM

[Anonymous]

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montana wrote:

I think after it cleares from credit report, you can call in chase and ask to reinstate you credit line.

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This makes the most sense as well.  Creditors are use t hearing all sorts of excuses from customers for sudden derogs.  It shouldn't take 90 days, I would inform Nissan that you would like to dispute online and for them to put a rush on that info.  If they have updated their info in their system it should come back with the correct payment history. I would be peeved at Nissan and would probably think about appin with someone else as soon as Chase restored my CL.

Mistakes happen and credit reports are infamous for mistakes.

[Anonymous]

I would not be satisfied with Nissan's 60-90 day BS.

I would DEMAND they force a correction with the CRA's.
MY interpretation of FCRA is Nissan can be held liable for false reporting.

[Anonymous]

Hi, I just wanted to jump in and tell you about an experience that I just had a couple

of months ago.  I had a credit limit of $5000 with Discover.  My husband and I got

confused about who was supposed to pay the bill for a couple of months.  He thought

that I paid it, and I thought he paid it.  Poor communication because we are so **bleep**

busy! Anyway, when I did catch wind of the situation, I had a 30+ day late, my score

had dropped because of the new high balance that I had which was now $957 and

Discover had dropped my limit to $1000.  This was a real hit to my credit score!

Long story short: I called and tried to get the help of the representative and explained

my situation.  She said nothing could be changed because it was MY fault!....IWhich

it was!  I was really fired up that she didn't help me even though I knew it was my

oversight that this situation occured.  However, it is all in who you talk to.  I paid the

balance down to zero, called back in a couple of days when I wasn't so fired up,

requested to speak to a supervisor.  One was not available, but spoke to an account

manager who could make supervisor decisions.  She fixed everything!  She took off

all late charges, removed the 30 day late from my credit, charged back the finance

charges that they tacked on and restored my credit limit back to $5000.  They sent

me a letter in the mail to confirm that they did everything that I wanted them to do. 

Remember, this was due to my oversight.  They saw that before the mishap that I

had been a good customer, and that I was paying on time and I spoke with intelligence

and I got my way.  You can get yours too! This wasn't even your fault! You should have

no problem getting this fixed.  If you need my help talking to these people, please email

me at t.moutry@yahoo.com.

[Anonymous]

Chase is notorious for doing this. They will also very happily increase you interest rate if they decide that your score is low. You can call them after your score has been corrected again, but they will make another hard inquiry if you want them to restore your limit. Just something to keep in mind.

[Anonymous]

I, too, have been frustrated with Chase's lack of flexibility.  While we were transitioning to San Antonio from California, I accidentally paid my Chase account from the wrong bank account.  Chase bumped my interest rate to a whopping 29.99%.  I fixed the problem as soon as I realized it, which was no later than receiving my next statement (it might have been sooner than that - I don't remember).  I called them and explained the situation and they would do nothing.  Needless-to-say, I paid off the card and won't use it again unless I'm so broke that I'm risking being homeless - something that's not likely to ever happen!

[Anonymous]

There needs to be severe penalties for companies which post incorrect information, such as a late payment or incorrectly reporting civil actions, on anyone's credit history.  And there needs to be a procedure in place which forces these companies to correct the errors and see to it that the person's credit is restored to its previous status.  Unfortunately companies can post incorrect information without penalty and then it is up to you to try to straighten out the mess.  It seems to me that the credit reporting agencies (Experian, Equifax and Trans Union) also have some responsibility here.  Any company or agency that posts or holds incorrect information should be held liable.