Requested a limit increase over the weekend on a BOA card, only to see on Monday that it be cut from $43,200.00 to $21,600.00. I have no late payments, had 36% utilization (45% now), tu was 766, exp was 770 and exf 738.
Well, the experian dropped to 748 from 770 now as the line decrease already has been reflected-also note that there is one inquiry showing there as well, so that may have had a very slight impact.
I was going to wait to get my scores just a little higher and in a couple months try to do some transfers, but after seeing the decrease, I went ahead and applied for a few cards with 0% bts....hoping to get in before the decrease and higher utilization was reflected in my scores.
Anyhow, I'm waiting for the results on those apps so will update when I hear...
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domain311 said:Requested a limit increase over the weekend on a BOA card, only to see on Monday that it be cut from $43,200.00 to $21,600.00You talked to someone who asked you some questions?
EDIT : That sucks. Did you type in any income numbers, or answer any online questions ?
Message edited by: xoneinax on 2009-10-06 20:02:17 CDT
Same thing happened to me. They also cut my FIA card limits by $8K, and my Bofa card limits by $20K
My sympathies.
It scared me off from applying for another Bofa card -- I wouldn't have minded just having to split the card limits to get a new card, but scared that they would just cut the limits on my existing even more instead. No need to give them another excuse to review my accounts.
xoneinax said:domain311 said:Requested a limit increase over the weekend on a BOA card, only to see on Monday that it be cut from $43,200.00 to $21,600.00You talked to someone who asked you some questions?
EDIT : That sucks. Did you type in any income numbers, or answer any online questions ?
Yes to income numbers...and I think just if I rented or owned and what that payment was.
I had a BOA Visa with a $38,000 credit line. I rarely used it, as it didn't have a rewards program and all my other cards do. I got a letter in the mail informing me that the credit line was cut to $19,000. A month later, HSBC cut the credit line on my GM Mastercard from $3,500 to $1,000 due to low usage. Citi, Chase, Discover, First Omaha, and National City hsve left me alone so far. I use those cards a lot due to various rewards programs. My total utilization is still under 5%, but my credit score dropped from 820 to 815. The reason given was that I had too many cards with balances, and that I had applied for credit recently. I accepted an offer that came in the mail in December 2008 for a First Omaha Visa with a cash rebate of 2% on all purchases. I wonder what FICO considers recently? That was 10 months ago. I pay all my balances in full every month, and have never paid a finance charge or any fees. I use all my rewards cards frequently to keep them active. I don't know what more I can do to improve my credit score.
I was thinking about this today as I have not even thought about trying to get a credit increase for a while.
I think that actively seeking credit line increases right now set off all kinds of flags. I wouldn't recommend doing it unless you actually needed it and are not just trying to manipulate your credit score.
Many times when one card does a drastic decrease, you can expect your other cards to follow. very often this will snowball into a mess.
I just had one clients 72K credit lines with Chase chopped in half because of high credit usage. When we checked to see why she had high usage, all we could find was the fact that instead of reporting her limits on her cards, chase reported her current balance as her limit. Thus making it look like she was at 100% utilization on her cards. Calls to chase have yielded no help as all they are willing to do is open an inquiry into the matter. It was their fault for the mess in the first place.
A lot of peoples credit scores have been ruined by actions like these and they never did anything wrong. So for goodness sake!! Stay on top of it.
So Chase cut your client's credit line due to high credit usage. Here I'm being cut because of low usage. Now I'm even more confused. I'd like to maintain the credit lines I have to keep my overall utilization low. After BOA and HSBC cut my credit lines, I used the automatic credit line increases offered on 3 of my Citi Cards. I got back about 40% of the lines I lost. Maybe I shouldn't have done that.
Surprisingly AMEX just did a CLI after I paid off part of the balance...not by much, but almost back to where it once was...30k. About 8-10 months ago they kept dropping it 1k at a time until it went down to 26,900. I guess there is some hope haha..
Also an update and in reference to the above posts-barclays biz approved for 25k.
Message edited by: domain311 on 2009-10-28 19:06:38 CDT
Shel said:Applied for a US bank card, got declined, and existing card CL was cut by 50% (from 20k to 10k)BofA is becoming notorious for the exact same thing; be sure to include any and all possible HHI when filling out them applications boys.
Message edited by: xoneinax on 2009-10-30 15:05:52 CDT
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