Comments on: Your Credit Card Company Could Unexpectedly Lower Your Limit

By: dawn desantos

dawn desantos — Sun, 07 Mar 2010 21:34:52 +0000

Today I accidently stumbled into finding that my credit limit was lowered by 25%It was not lowered when the most recent statement was issued, and I was not notified in anyway. There are some messages online in my online acct, but all of them say that they have received my payments. I paid them 40% of my owed balance this month, and my payment was 12 days early. I have NEVER been late on a payment. What is unbelievable was that they waited for the second I made a huge payment before lowering my limit. I called and complained, but no one is there on Sunday. I am furious, because I have automatic payments coming out and I wouldn’t have even known except by a fluke. They are not allowed to lower my limit, without informing are they?

By: Sher

Sher — Wed, 17 Feb 2010 21:20:53 +0000

I recieved a call this past weekend from Cap One and they lowered my limit from $8,000 to $5,300, that just a little more than my balance. My credit score is good and have had this card for several years now. This is the first time my balance has been this high. I have several other cards and I pay each one on time and have never been over any of the balances. I was shocked when they did this based on my past history. I really don’t need the $8,000 but wish they had lowered it to about $6,000.

By: jon

jon — Mon, 25 Jan 2010 00:32:51 +0000

I 2 have had all of my credit card limits lowered to just above what I owe. Other than an identity theft issue in 2006/07 when someone charged up a lot on my cc, which I paid off, I have paid all of my bills on time for the past 3 years (except for one 30 day late because my online bank sent the payment to the wrong company by mistake!). I had a $20K limit on one card, that was lowered to just above what I owed, i.e., $4500 (money I spent for my father’s funeral). I had another with a $10K limit that was lowered to $3000 (just above what I owed). I had another one that I pay in full every month that was lowered from $2000 to $1000 even though I have two mortgages with the same bank, pay all on time and have over $600K equity in my home. I have several other older credit cards that I don’t use often and haven’t in several years, but were cancelled (I got the company to change it to cancelled “by consumer” from “by grantor”! It seems that the new credit card act is simply screwing the consumer and the creditors are finding ways to still “stick it to us” without violating the Credit Card Act! Something needs to be done! Thank goodness I don’t need credit as I make a good sum of money but I don’t live my credit score sinking down simply because the credit card companies are bullies!

By: Jen

Jen — Fri, 08 Jan 2010 00:40:53 +0000

Like another poster here, we slapped $550 on our BOA to free up credit to rent a car. The rental company put the hold on the credit card. The hold was released and in the lapse of time between the hold amount and actual rental charges, they lowered the credit limit to just over what we owed.

Be aware people if you slap a large amount on your card in order to “free-up” to get a rental or anything else, they will lower your limit almost immediately.

If you can’t pay your card off, just give them what they need until you can and when things get better, remember who screwed you.

I know this is a small amount compared to others here, but is happening all over from small lines of credit to big lines. It doesn’t matter anymore.

By: Kim peace

Kim peace — Tue, 29 Dec 2009 05:54:43 +0000

There SHOULD be laws against these credit card companies ruining our credit by lowering our limits to just over what we owe!!! Pretty much ALL of my credit cards have been attacked with lower limits and higher rates. I pay all my bills on time and have not been late with my credit card payments. I recently paid my AX down from a 9,000.00 balance to a 2,000 balance and they immediately lowered my limit from 10,000 to 2,500!!! NOW it looks like I’m maxed out, in spite of the fact I just slapped 7,000.00 on this account!!! This hurts my credit report, and all my credit cards are following suit with the lowering of my limits, and raising of my interest rates!!! I am systematically closing my accounts as I learn they are raising my interest rates, but I fear this may also hurt my credit report. Does anyone know of anything i can do???? I’m looking for a class action law suit right now and if i don’t find one, will be looking for an attorney to help me start one.

By: Melissa

Melissa — Tue, 08 Dec 2009 14:52:09 +0000

B of A & Citibank are crooks! Im glad to hear (not really glad, but someqwhat relieved) that we are all in the same boat. This situation happened to us too. B of a offered a balance transfer of 0% until December 2010!!! I actually have it printed off their email to us off the b of a online banking. When we called to do the transfer (we had 10k availble to us, again ,NEVER MISSED A PAYMENT IN 25 years!!)they said, oh we never offered that to you. i told the moron to go to THEIR website and look at the email THEY SENT US. they said that must have been an error!We will have a supervisor see what they can do. Two days went bye, I called again to have the bal. transfer done, they said, oh your account has been closed! CLOSED ! for no reason.. because why? i called to take advanatage of something THEY offered? of course, then Citibank reduced my credit line from 10k to 100.00 over what i owed!! (approx 3400.00)then Chase did the same thing.I had a credit line of 6000.00 they reduced it to 2000.00 and i owe 1800.00..i almost feel like i should file Bankrupcy and tell them all to go to h—-? I almost feel like that would be better. crying all the way… i stil think i should!

By: Joel

Joel — Sun, 06 Dec 2009 16:13:47 +0000

We allow our Goverment to bail out these bad boy banks and then we allow the very same banks to screw us over. Why would a bank want to screw you? Because they can!

By: tara

tara — Sun, 01 Nov 2009 22:40:33 +0000

I have been with the same cc company for years now and I have limit of 15K I went to use my card which is paid off each month and it was declined was only for 200.00. I tried calling to see what the problem was and was not able to get a response from the person that answered the phone. I use my canrd for the bonus flying miles I get with it since in my line of work I have to travel. I had purchased some investment property that went into foreclosure because the mortgage company did not want to work with me. I have not received any notice of them lowering my limit – why would they do this?

By: Todd G

Todd G — Sat, 31 Oct 2009 18:55:31 +0000

BEWARE B OF A!!!!!! It does “hurt to ask” to have your credit limits raised.

Quoting from this article:

“What should you do if your credit card company does unexpectedly lower your limit?

Call your credit card company and request that they raise your credit limit again – Let’s face it, they probably aren’t going to be willing to do this, but it never hurts to ask. If you have a long, and positive payment history with them, then you are in a good position to negotiate.”

My experience with Bank of America today: My credit limit on a B of A VISA card I have used for 15 years was $21000. They recently lowered it to $7000. Because lower credit limits can lower your credit score, and because, according to this and other articles, “it never hurts to ask”, I called to respectfully request that it be raised back to the original amount, The B of A representative’s response was not only to deny my request but to lower it further to $2400! Right there on the spot! When I complained that I had been a B of A customer since I was 8 years old, that B of a holds my home mortgage, that I had NEVER had a late payment with them or any other credit card or loan, his response was to offer to close my account for me.

My advice: Do not talk to the credit card companies, talk to a lawyer!

By: Customer Service and Loyalty | Ask Mr Credit Card's Blog

Customer Service and Loyalty | Ask Mr Credit Card's Blog — Mon, 26 Oct 2009 15:27:04 +0000

[...] with their credit card companies, paid on time, but credit card issuers in this credit crisis have reduced credit limits, increased interest rates and closed accounts. There are many unhappy campers out there. But who to [...]