JP Morgan CHASE

[Anonymous]

I wil try & refrain from just a total rant, but someone needs a good bashing. Good 'ole Chase bank has struck again, I got a letter yesterday informing me that my CL

has been reduced by just about 75% !!  From $3k down to $800.  This is the first CL DECREASE I have ever had, I've put the last 10 years in working very hard to get

up to the levels I am at now, and this stings more than just a little bit.

Long story short, I closed the acct. after I saw I wasn't going to get anywhere talking to their CS. This was my third oldest card ( 5 yrs), and also my 3rd highest CL.

(1-$8k, & 1-$5k above it, but both only 2 yr old). The first round with them they were quite happy to offer another $300 back on the CL, but after that, they were sticking to the

script- actually reading from it. I conveniently got disconnected the first time I asked to speak to a supervisor, then got nowhere with the next two people I did talk with.

I guess my question is, what is the smartest way to try & combat this tactic/action from the creditor? I know it's tough all over but i tend to watch my utilization pretty close, and this deal is getting my temper up to the point that I'll close more cards if I don't have a plan.  How do we play ball with these banks??

[smallfry]

All you can really do is make sure you use all your cards PIF always and try not to apply for too many cards.

[llecs]

Ditto. PIF frequently and keep your reports clean. If any future CLDs occur, then your scores won't be hurt if you had super low balances.

CLDs happen to everyone, though you are pretty lucky not to be hit up to this point. There are some one here who have 20+ yr histories, pristine reports, $0 balances, FICO scores in the 800s, and still got hit with $5k-$10k-$15k CLDs.

[Itsmeagain]

If you re-apply with chase, it will be a new account and cost you a hard pull.  Why not just join a credit union and replace the CL with one from a reputable institution?  chase has been doing this for some time now and it probably won't stop.

[Anonymous]

Absolutely not continuing with Chase. In fact, I have to call them out right now on an inquiry I specifically told them not to do the other day.It just showed up on my file.

Time to shop for a CU & get away from some of this crap.

[smallfry]

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@Itsmeagain wrote:

If you re-apply with chase, it will be a new account and cost you a hard pull.  Why not just join a credit union and replace the CL with one from a reputable institution?  chase has been doing this for some time now and it probably won't stop.

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[RobertEG]

The mistake you made, in my opinion,  was closing the account.

When you did that, you lost its, although meager, CL on any subseqent overall % util calculations.

CL does not score directly into FICO scoring.  If they dropped your CL from $3,000 down to $800, that just adjusts your balnce needed to maintain hgh % utiil.

Make sure you pay that closed account in full, and thus avoid a CO or CA.

Closing of the account does not reduce your AAoA.  Closed accounts score the same as open accounts in AAoA.

[Anonymous]

Tankertugger - Was this an ex-WaMu account? Chase recently started a very severe wave of CLDs on those accounts, chopping a huge number of them down to the $500-$1000 range. Customers with near-800 scores and pristine credit history have had their ex-WaMu cards chopped 90% or more, such as $12K to $500, or $30K to $1K. This is a massive wave, and individual customers are not being analyzed, only recent spending levels on that particular card, so it's not related to anything you did or didn't do. Chase really only wanted the WaMu acquisition for the banking presence, and couldn't care less about the CC portfolio. Just move on and plan to get replacement CCs, and looking at CUs is a good start, as mentioned above ...