When your overall credit utilization is high and bureaus report you as only making minimal payments (or worst, late payments), a creditor will cut your available credit to limit their risk exposure, and to prevent you from spending. Other creditors follow suit, then it snowballs.
Also, its inconsequential that you recently made lump payments.
There's nothing you can do about this. Just stop using credit (my advice), while continuing to pay down the balances. Once you demonstrate that your spending is under control, and many months of timely payments, they'll reinstate your limits.
I was balance chased almost 14 years ago by my credit union. My original limit was reinstated about five months later.
Was this Synchrony bank"
@tradinglife wrote:So several cards being right at my limit has took my score from 730 to 640, recently I paid 4 cards down a couple thousand each, 1 $1,000, I was anxiously awaiting my new score when in the meantime 2 of the cards I paid down within a week reduced my credit limit right to what i paid them down ( example $3500 card at limit, I paid $1,OOO, then they dropped my limit to $2500, said due to my score. I was trying to pay cards down to increase my score! Has anyone else dealt with this. So the more cards I pay down the more apparenlty my limit be dropped and my score will stay the same. obviously when I get em to 0 balance my score will go up. I ve nver had a card reduce my credit limit until this. Anyone else dealt with this?
Yes it's called balance chasing, and it's terrible. It won't keep going down to zero, though.
