Credit Card Companies DECREASING Credit Limit without prior notice!

[Anonymous]

I received a CLD from $5000 to $4200 a few months ago from BofA. I happened to be paying my bills online when I noticed the change. When I spoke with a CSR the following Monday, I was told that a written notice has been mailed out. Initially, I was very upset! But, once I put my ego aside, I realized that I had only myself to blame. Although I have an impeccable payment history, I was carrying a large balance ($3800) for too long. Once I regrouped, I realized BofA did me a huge service! It was my wakeup call of sorts. I immediately paid off all but 2 of my CC; and, watched my EQ FICO score go from 653 to 721. I try to remember that it could have been so much worse; and, it could have trigger CLD on my other CC. I know it is no consolation but at least you were able to get a lower APR, thereby enabling you to pay off your card sooner.

[MattH]

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@llecs wrote:
Nobody is immune. Look around and you'll find some recent posts of folks with scores reaching into the 800s who are facing CLDs with popular, prime cards like Chase or Amex.

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I think we as a society and individually are about to get dragged kicking and screaming into becoming net savers.  The next few years will be challenging at best for most of us.

[CreditAble]

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@llecs wrote:
Nobody is immune. Look around and you'll find some recent posts of folks with scores reaching into the 800s who are facing CLDs with popular, prime cards like Chase or Amex.

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Actually I got tired of having concern about CLDs. Hauling helped me see the light. I don't really need the higher limits. I don't even borrow over 50% utilization on my 0% interest offer cards. I even make large monthly payments on accounts with 0% balance.

Sooooo... I took a deep breath and recently nailed a new Chase 0% interest card for 48% utility reporting. I am holding my breath because I still have a 20% balance left on another arbitrage game card. 

 I am waiting to see how much an 800 score is really worth. I'll know any day how many points I lose.

 The larger question since I have never carried 48% util plus 20% util on two cards simultaneously before, I wonder if the fed flags will go up and It will look like I am in financial trouble?

All of the money needed to pay both cards off is standing by earning interest and dividends elsewhere. 

 I am curious to see how far below 800 I fall. I am not as curious to see if I get any CLDs. Baring any adverse action, my intention is to adjust my payments on both cards in the coming months to obtain some utilization verses Fico score data. I really want to know how high of a utilization I can have and still have 770,780,790,800 Ficos.

 When I get down to 11% util I am going to drop 1% per month until I establish my own utilization "sweet spot" for my "800" score profile. Nine % utilization as a threshold is ok for ya'll as a rule of thumb for utilization. I strongly suspect that my own  threshold might be slightly higher. 

 I was keeping my head down so low that I was getting a pain in my neck. Now that my head is upright you might say that I have stuck my neck out. At least I'll have some fun.

 Now  if only I can keep from crashing and burning.     

[Not_the_Point]

They are also raising interest rates and the monthly minimum payment on alot of customers, so if you are carrying balances you should try and get those down ASAP before they hit you with an interest rate increase and up your minimum payments.