Comments on: Protect Yourself Against Reduced Credit Limits

By: spookiewon

spookiewon — Tue, 11 Oct 2011 18:27:29 +0000

I’m not really sure what’s going on with all of you, but I have 7 cards with a total available credit of $40,000.00. I have asked for, and received, credit line increases on 4 of those cards in the last year. In each case I simply clicked the “Request Increase” button on the website and an increase was approved on the spot. Could it be because carry no revolving debt except for the occasional “X months no interest” balance if there’s an opportunity? I currently owe $200 on one card because I bought some jewelry “6 months no interest” but I’ll pay that off before the 6 months are up. I wonder if you are getting your credit reduced because you have too much of your available INCOME tied up in paying your existing debt.

By: spookiewon

spookiewon — Tue, 11 Oct 2011 18:02:59 +0000

Janine, you make it sound like you’re doing them a favor because you “work two jobs just to pay that nearly $700 in old purchases plus $700 in new purchases.” That is why they lowered your limit. You’re not doing them a favor, you made purchases using their money; you paying it back plus the interest rate you agreed to when you used the card, and in a timely manner, goes without saying. They have no obligation to, and it’s not in their best interest to “help” you. You are already overextended. If Experian is “reflecting your credit negatively” it is because you you have too big a percentage of your income already tied up in monthly payments on what you’ve already charged. AMEX’s concern is that pretty soon you’ll have charged more than you could ever pay off, and you’ll declare bankruptcy or default on the account. So now you know why they did that. Best advice? Pay off all your unsecured debt ASAP. Even if that means doing without things like cable TV, or anything other than the most basic cell phone service. Commit to not putting anything else on the credit cards you have, and to paying some portion of the existing debt every month until you’re debt-free.

By: Janine

Janine — Tue, 06 Sep 2011 02:03:28 +0000

I just closed my AMEX card today. I’ve been an account holder since 2003. I have three credit cards altogether. My credit limit was originally $2,500 in 2007. It was lowered to $1900 making it unusable in 2008. I have one other card that has never been lowered. And my third card was lowered in 2008 around the same time as AMEX and it hasn’t been lowered since. Since 2008, I paid $700 on my balance and that doesn’t include any new purchases. So they call me today to tell me that they lowered my limit to $1200. All the lady could say is that we’re not a credit reporting agency and Experian is reflecting your credit negatively. However, I have a 700 credit score so I don’t understand how the credit limit could drop like that. Appalled, I told them to close my account. I will pay off what I owe and that is it with AMEX. Eventually, I will work my way down to one card, Wells Fargo, which provides the best service out of Citi and AMEX. I was only keeping AMEX for emergency use, but only allowing a $200 balance on the card renders it useless to me and I’d rather pay cash now. I don’t understand why they did that. They have definitely lost me as a costumer and I don’t recommend anyone using them. I work two jobs just to pay that nearly $700 in old purchases plus $700 in new purchases and that’s how they help me. Fine. Keep their card.

By: mil patric

mil patric — Tue, 08 Feb 2011 04:47:52 +0000

Let us start a class action lawsuit that gets Money for the Plaintiffs…because the problem is that the Plaintiffs in Class action suits end up with zip and the lawyers get all the money.

EVERYONE CALL YOUR SENATOR AND CONGRESSMAN

Chase just totally destroyed my FICO score. I have never been late, had a FICO of 780 and they cut a $40,00o credit line down to $1,000.00, because I was careful and only owe $800.00 on the account. I was totally responsible, but the bastards, who our tax dollars are paying their obscene bonuses are destroying us. They with their corruption and the Wall Street Bastards created this depression, we bailed them out and they are ruining the people who pay on time and handle credit responsibly… and WHERE IS OBAMA???…Meeting with the Chamber of Commerce this week, sucking up to them so the poor baby can get elected in 2012. So much for “change!”

They are ALL scum, destroying this country.

We need to learn from the Egyptians!

Mil

By: mil patric

mil patric — Tue, 08 Feb 2011 04:45:39 +0000

Let us start a class action lawsuit thea gets Mmoney for the Plaintiffs…because the problem is that the Plaintiffs in Class action suits end up with zip and the lawyers get all the money.

EVERYONE CALL YOUR SENATOR AND CONGRESSMAN

Chase just totally destroyed my FICO score. I have never been late, had a FICO of 780 and they cut a $40,00o credit line down to $1,000.oo because I was careful and only owe $800.00 on the account. I was totally responsible but the bastards, whom our tax dollars are paying their obscene bonuses are destroying us. They with their corruption and the Wall Street Bastards created this depression, we bailed them out and they are ruining our credit scores and WHERE IS OBAMA???Meeting with the Chamber of commerce this week, sucking up to them so the poor baby can get elected in 2012. So much for “change!”

They are ALL scum, destroying this country.

We need to learn from the Egyptians!

By: m

Sun, 16 Jan 2011 00:00:23 +0000

Here’s what I believe these criminals have done. They cut r credit cards to what we owe. Then they raised the interest rates sky high from 13-19% and more. It is risky for them to do this. This is why they cut our limit to what we owe, so you can’t retaliate by running up the cards then stop paying. The gov allows this USURY, WHICH USE TO BE A CRIME, because they bailed out so many banks. So we not only have to pay for the financial industry in taxes, we have to pay in EXTREMELY HIGH INTEREST RATES known as usury. This is probably why bank stocks have gone up so high even with a bad economy. Whats to keep you from stopping all payments. The statute of limitations is 7 years.

Those MF’s in New York need a lot of money to live in those multi-million dollar apartments. I believe that they are at the top of the food chain, and it is all passed down to all the other New Yorkers, therefore, in a way we r supporting all of them.

By: MaryAnn

MaryAnn — Thu, 13 Jan 2011 21:18:29 +0000

Same thing here! Perfect credit, never 1 late payment EVER. I’m very oon top of my bills, pay them a week early than due date. For years and years, they kept “increasing” my available credit. Then, within the last year, every credit card I had, which is only (3), reduced my xredit limit! For example, I had 1, with a $15k avail credit, only $3k on the balance, for a total of $18k. They reduced my “available credit” to $3200, which NOW LOOKS, to other creditors looking @ my credit report, as if I’m the one who’s maxed out…when in reality, I had $15k available 2 me, for my great credit history!! The 3 major credit bureuas must have a new coding, showing something like this,” “chase bank” 2005 increased credit to $18k, 2006 avail credit $18k, 207 avail credit $18k, 2008-2010 avail credit, $18k. Chase bank reduced credit to $3200, on their part.”. This is rediculous!! We have no voices unless we stand up!! Speak out !

By: chris

chris — Thu, 13 Jan 2011 21:06:37 +0000

got the email today from AMEX. without warning dropped my available credit from $15k to $4k… right above my $3800 balance. (i have been with them 5 years, NEVER late on a payment and my credit score is 750) now it looks like my card is maxed out.

this is going to really screw up my credit. f- them, they have lost my business for sure.

is it even legal to arbitrarily screw up someone’s credit?

By: SCS

SCS — Thu, 26 Aug 2010 22:28:53 +0000

I have heard of the sufficient credit reason when you are denied for a CLI, but never for a CLD.

BoA just cut all my lines after years of being a good customer–I even have a mortgage with them. The odd thing is, the reason they decreased the lines was b/c collections and public records were on my credit report when they did an account review. I told the credit analyst that was completely inaccurate. As she was checking things for me I pulled up my files through a monitoring service I use and sure enough there was an error according to my alerts, but I pulled fresh reports and nothing was there. About the time I was done the analyst came back on the line and said there had been a mistake because she didn’t show anything of that nature on my report now, but they wouldn’t be reinstating my previous credit lines anyways. What?

What’s worse is that I had to talk to FIVE different CSRs before I got someone that was competent enough to even get me to the analyst, then the analyst was super rude and condescending. When the call was done I thanked her for motivating me to refi my mortgage and take advantage of the historically low rates that are out there right now.

I am done with BoA forever. Everything I have with them is getting moved to a credit union or small bank. I don’t need any business that makes that much money off of me (mortgage interest) treating me poorly. I am sure my local credit union would love to have that monthly interest and speaking from experience they treat their customers with respect instead of talking to them like they detest them or like they’re dead beats when they have never paid a bill late to them or anyone else. (And I don’t think they should talk to a person that way regardless. Give the credit or don’t. You don’t have to be rude and nasty.)

By: Alessandro Machi

Alessandro Machi — Fri, 13 Aug 2010 05:20:44 +0000

Wow, I have never heard of that one before. “Sufficient” credit available from us.

If you had a higher amount that you owed, they could have reported that your revolving credit is too high.

Amazing. I would suggest that you look at as a lucky sign. If you can make a thousand dollars work for you, start saving your money instead. Imagine actually having a couple of 20,000 CD’s and that you get a check every month for a 80 bucks from each CD.

What would be so terrible about that?