Credit limits lowered!!!

[Anonymous]

Well, I called B of A and they are not budging.  We had a 30 day late with them while we were in the process of refinancing our house to pay everything off (stupid of us-but the interest rate went up so much and the payments became too much) as well as a couple other 30 day lates.  They weren't even especially nice, but I guess they are in charge.  Not sure what to do at this point except to use all credit sparingly and pay off balances on time.  Lesson learned, I guess.  I am just wondering how significantly this will affect our credit scores.  I'm not even going to call Chase - too gun shy now.

[Anonymous]

It doesn't hurt to ask in this case. Bank of America told me it was an "automatic trigger". After "specific behaver" they do this to prevent you from racking up new debt that you may not be able to pay next time. They said, We don't know and reduce the limits to be on the safe side these days. They put it back with out a minute delay. They wanted to be reassured things were ok and needed to know why I took so long to pay back. I simply said because I felt like keeping some spare cash on hand.

[Anonymous]

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@Anonymous wrote:

We had a 30 day late with them

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Just 30 day lateness? Is the rest of your CR clean of negs? If so, ask them to remove the lateness. Often they will do that if you have never had it happen before. If you said you had money problems, they won't give you back your CL. And they probably won't fix your APR just yet. But you might ask for a manager, and ask them to look at your credit history with them, if no latenesses, ask them to remove if from your credit report. If denied, call back, ask again. Then a GW letter. In 3-6 months ask for your credit line to be raised back.

As far as UTL loss. It's not that big of a deal. You can still keep your UTL low but supplementing a Check debit card, rather than putting things on your credit cards. It is frustrating. Been there. I have been late in the past. I called the banks before I was late and said I could not pay, please allow me to skip a month or two. I've been lucky, they let me. This way I head off a neg before it happens. It never hurts to ask permission.

[Anonymous]

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JemiBlue wrote:

Well, I called B of A and they are not budging.  We had a 30 day late with them while we were in the process of refinancing our house to pay everything off (stupid of us-but the interest rate went up so much and the payments became too much) as well as a couple other 30 day lates.  They weren't even especially nice, but I guess they are in charge.  Not sure what to do at this point except to use all credit sparingly and pay off balances on time.  Lesson learned, I guess.  I am just wondering how significantly this will affect our credit scores.  I'm not even going to call Chase - too gun shy now.

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Follow up with a recon letter asking for a CLI and APR reduction. Some of primates who answer the phones have a brain size under 600cc. Don't give up. Remain polite, even if they are not. BOA has a nasty reputation for being, well, nasty.

IMHE, Chase is heaven sent. I have found them very easy to work with. Had 3 Chase accounts go late years ago, ran close to collections, I settled one and paid off the other two. They were never nasty with me. Recently got the TLs goodwilled away. Recently applied for a CC with them and was denied. I did a recon, and they seemed to imply they were gonna issue. Fraud Department contacted me to confirm info because of an FA. Very quick to answer, very nice, and very helpful.

[Anonymous]

What even worse is to jack your rate up to %31 and drop your CL with every payment you send in and then close the account the minute it was paid off.
This happened with my DW. They even had the balls to charge an OL fee 1 week before the date on the letter informing of the CLD.

[Anonymous]

Never been late with Washington mutual, I pay all my credit cards on time but I applied for a couple new cards during xmas and they lowered my limit. What's that all about? After reading some of your responses I guess it could be something automatic that lowered it. Anyways I was so upset I called and closed my account.........and when they asked me why, I told them. They just said ok well close it...... after cooling off I now realize I should of asked them to raise it back up. Any chance u guys think they'll open it back up? If anything I might have to many inquiries.

[Anonymous]

Yeah- They will probably re-open it.

Also make sure they have your income updated-

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knines wrote:

Never been late with Washington mutual, I pay all my credit cards on time but I applied for a couple new cards during xmas and they lowered my limit. What's that all about? After reading some of your responses I guess it could be something automatic that lowered it. Anyways I was so upset I called and closed my account.........and when they asked me why, I told them. They just said ok well close it...... after cooling off I now realize I should of asked them to raise it back up. Any chance u guys think they'll open it back up? If anything I might have to many inquiries.

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