highmktgoods said:... I elevated the call by asking for the manager. Manager came on and told me (after consulting with the CSR) that this will not apply to promotional rate period of 12 months.That's likely the correct answer, regardless of the letter. Asking for a supervisor was the right call, as the front line CSRs probably wouldn't have the experience / expertise to correctly answer it.

I wouldn't worry about it and certainly wouldn't pay off the balance in fear of accruing interest charges. If they begin applying interest / finance charges to your balance, complain that you were told otherwise by a CSR supervisor and they'll be removed.

dustin72 said:OTOH, I currently have $30.5k of $34.5k extended on a different Chase card, and asking them to keep this account open might cause them to pay closer attention to my other account :grin:


Get ready for your credit limit to start shadowing your balance as you pay down.

delzy said:Get ready for your credit limit to start shadowing your balance as you pay down.Not necessarily. They closed two of my $500 cards, and reduced my $56K credit line to $51.6K, just a little above my balance. My credit limit has remained there since then and the balance is paid down to $43K now.

I completed my BT in Oct 2nd wk. Yesterday Citi closed one of my not-used cards saying that a credit review revealed too many inquiries in last 6 months.

CITI-DIV SEL PLAT-$2000 CL

Should I just let it go or pursue it?

mbaker4096 said:delzy said:Get ready for your credit limit to start shadowing your balance as you pay down.Not necessarily. They closed two of my $500 cards, and reduced my $56K credit line to $51.6K, just a little above my balance. My credit limit has remained there since then and the balance is paid down to $43K now.Crap. Had to go and jinx myself.

Credit line on the card has been dropped to $43.5K.

Bummah.

The Best Buy card (I forget who the bank is) closed my card for applying the Soldiers and Sailors Civil Relief Act to it about 4 years ago.

mbaker4096 said:mbaker4096 said:delzy said:Get ready for your credit limit to start shadowing your balance as you pay down.Not necessarily. They closed two of my $500 cards, and reduced my $56K credit line to $51.6K, just a little above my balance. My credit limit has remained there since then and the balance is paid down to $43K now.Crap. Had to go and jinx myself.

Credit line on the card has been dropped to $43.5K.

Bummah.

Ouch...what a difference a day makes. I paid down $7k hoping they would think I'm a "good" borrower. Now I'm thinking I should charge up my card to maintain the CL

I have two questions about card utilization and credit lines. What is your stated income and monthly housing payment?

It seems to me that despite <50% total credit utilization, if your total debt appears to be over a % to stated income, it would be a concern for the lender.

Maybe people should also include this information in their adverse actions to determine if it is a factor.

I have read a at least 2 replies that have included total dedt to income as a reason for changes. I was wondering if that was more of a factor?

mbaker4096 said:Got a call from Chase last Thursday. Didn't notice it until today. Appears they've just reduced my Credit Line on my last existing Chase card from $55,900 -> $51,400...$300 above my existing balance.

Called up and they indicated that a periodic credit review had indicated too high of balances compared to my income and as a result they'd reduced the credit line to $51,400. Crossing fingers and hoping that they don't have designs to close this line as well and that they'll leave it alone as I continue to pay it down. Only time will tell.

No worries...I've been looking for the limits, and looks like I've finally found them.

tolonen said:November '05 I opened a card with Chase for 0% transfer, received 29k transfer. I've slowly upped my credit debt up to a total of about 90k since then. Ten months later (Sept '06) they have closed two of my other Chase credit cards and reduced my 0% card limit from 30k to 26k. Called to see if they could not close, but just lower limit of one of my oldest cards. The rep said they would have to wait until my credit utilization is corrected for my income level then they would revisit my request and maybe reopen the card.

I have similar 0% offers from Citi, Discover and MBNA; these arent as large though. Guess I'll see if they start pulling the same stuff on me. I have to start paying them off in about a month or two though, so I hope they hold tight.

zeego said:Lets not concern ourselves with "why" they are doing it in this thread and concentrate on WHO is doing it. Great info so far!

Not to sound like an apostate to an excellent thread, but thought this quote from a recent credit report may of interest to some: "Credit Usage: Lenders evaluate how much you owe (your debt) in relation to how much you earn (your income), however they know that changes in your employment and certain life events (such as divorce or illness) may make it hard to pay your bills. Low balances, on the other hand, are a positive factor because lenders do not stand to lose as much if you become unable to repay them. However, never using your credit accounts may be considered a negative factor. This is because it does not provide lenders with information about how you typically use credit and repay your debts."

Hope this is helpful and doesn't go against the intent of the thread. Compliments to the OP.----z

After reading this thread, I found a majority of people offering subjective reasons why an action was taken and being emotional about it, and their post significantly unhelpful.

There have been several attempts by posters in requesting people to provide clear, concise information that provides a full disclosure of your circumstance in order for people to evaluate your experience properly, which seem to go unheeded by many posters.

So far, the best advice I have read is to be conservative on each of your credit card utilization and your total utilization compared to your stated income and CL and don't let your accounts go dormant for over a year.

Xtacy said:There have been several attempts by posters in requesting people to provide clear, concise information that provides a full disclosure of your circumstance in order for people to evaluate your experience properly, which seem to go unheeded by many posters.Agreed. So far, the best advice I have read is to be conservative on each of your credit card utilization and your total utilization compared to your stated income and CL and don't let your accounts go dormant for over a year.That is indeed spot-on advice.