Chase lowered my credit limits! Grrrr...

[jodifla]

Just checked mine, nothing's changed.

 

[Jennabeth]

They did it to us too. It was a Chase card that used to be WaMu. They dropped the limit by $12,000 and said if we owed more than that we had 30 days to pay it down to the new limit. Luckily it was 0 balance so that didn't affect us. We'd heard this was happening so we stopped using the card because we were afraid of being declined.

Oh, the reason they gave us was that we had too many "not paid as agreed" on our Experian credit report. Very funny since I have a recent copy of my experien report and there isn't one "not paid as agreed" anywhere on the report, they lie like a rug.

 

[Mickeypooh99]

Nothing has changed on mine so far. I have 3 cards through chase. I don't understand why some people have problems, and some don't? I would be so mad if they lowered my limit without notice. I guess everyone should be sure to take more than one credit card on vacations just to be safe. You shouldn't have to do that!

We charge everything, and pay the balance in full each month. I'm not sure if it has anything to do with it.

 

[HsvTeacher]

I forgot to mention in my previous post that when I look at our accounts online, they still show up as being open with an available amount of credit. However, when I call their customer "service," both accounts are listed as closed.

*And both cards were former WaMu cards.

 

[Praying Colonel]

We have closed two Chase accounts in the past few months, because of the garbage they're pulling with good customers.

My DH and I have never been late, over the limit, or anywhere near the limit, and we have excellent credit. However, that didn't stop them from raising the rate on my DH's card. That account was closed. Then after hearing about how they were lowering limits without notifying customers, we closed my account, too. Good riddance!

ITA. Good riddance to Chase. I'll give my business to a company that appreciates my business instead of finding ways to boil my frog.

 

[nilseks]

Thanks for the heads up! I didn't know this was happening, and it's more than a bit bothersome to hear, because Chase is now our ONLY credit card. I'm paying off our balance on Friday (we will be debt free, yay!) and I wonder if they will then lower our balance after that? Last year we reduced our credit cards and we were holding onto our Amex for emergencies, but Amex closed out our account ENTIRELY b/c we never used it.

The whole point of paying off our CC's is we don't want to use them, but you never know what kind of emergency will come up!

 

[Planogirl]

Companies are still doing this on a regular basis and they tell people all kinds of things as to why. They usually push people back to the credit reports just to get them off the phone but so often there is nothing different on the credit reports and the people at the credit bureaus are just as clueless as the people who are dealing with this.

 

[bonoriffic]

Remember if any of your cards have reward points, dollars or miles...these must be used before you cancel the card or they will be void and you won't be able to get them if you canceled your card.

This depends on what type of system the card is linked to. If your miles are not tied to a specific airline, this may be true. If for example you have a card that gives you American Airlines miles, those miles are part of your AA frequent flier account and expire only if you have no activity within 18 months (or whatever the exact limit is). Making credit card purchases that deposit miles into your account count toward satisfying this inactivity rule. Canceling the card will have no impact on your miles.

 

[bonoriffic]

As an FYI, this is happening with most credit card companies this month. Our two Citibank cards had the interest rate raised from a very low rate to whatever the maximum allowed rate is for people who have never been late. 25.99% or whatever it is.

I've never missed a payment or carried a balance. But if I did miss a payment in the future, they would be limited as to how much they could raise my interest rate. I think they are just raising everyone's now so it is already high and not impacted by new regulations in the future.

These new laws are now hurting everyone instead of helping us. Instead of dealing with people who didn't pay their bills on time on a case by case basis (and yes sometimes that person would get horribly screwed) now everyone is treated like the minority of people the system is trying to protect.

 

[ohlas]

At least I know its not personal Last month i had my credit limit lowered and this month I just got my statement and my interest rate went from 14% to over 20 and my monthly pay went up $50 I have made all my payments on time and never missed a payment. I loved having a Disney card, but it will be cancelled tomorrow. I called and asked for them to lower the rate, but they said no. I told them this was a brilliant idea with the economy in the toilet and people having trouble making their payments to raise interest rates and payments. Hope they know sarcasm when they hear it!

OH next month it will be 25 percent lol just for the smarty pants,,, just keep it and dont use it. aslong as they arent chargeing annual fee

Im sorry all i find it funny, why people put up with this sillyness is way over my mental understanding...

And by the way if you pay your balance in full the credit card companys dont think you are a good customer you are called leach or deadbeat or vamp because you just use them for the points/rewards they like the people that are in debt forever thats where they make money... deadbeats are just used for cash flow...

Im sorry it is a pain to have something you like taken away from you but trust me you are better off not using credit cards unless you are a leeach, deadbeat, or vamp not my words just the credit card company terms...

 

[shamrock30]

Remember if any of your cards have reward points, dollars or miles...these must be used before you cancel the card or they will be void and you won't be able to get them if you canceled your card.

That isn't true for many cards. I've had cards that give me Priority Club points, Starwood points, Hilton points, American Airlines miles, and many others over the years. I've never lost anything after cancelling. You usually just have to wait a few days after your statement closing date to make sure everything you've earned has posted.

The type of card that lets you use your miles on many different airlines is a different case. Those miles don't go into one particular program because the credit card basically "buys" your ticket for you, so you're correct in that instance.

 

[CathrynRose]

I forgot to mention in my previous post that when I look at our accounts online, they still show up as being open with an available amount of credit. However, when I call their customer "service," both accounts are listed as closed.

*And both cards were former WaMu cards.

See: http://www.disboards.com/showthread.php?t=2232292

And FTR - that card I posted about STILL ***alllllll these months later**** still shows available credit on it. Not closed.

 

[lauralana9]

See: http://www.disboards.com/showthread.php?t=2232292

And FTR - that card I posted about STILL ***alllllll these months later**** still shows available credit on it. Not closed.

I had one of mine closed around the same time. Paid it off shortly afterwords and it was still there a few weeks ago. Finally I got tired of looking at it and went into the settings to tell it to hide it. Not sure why but it kept annoying me.

 

[jayally]

Unfortunately due to takeovers, buyouts and just dumb luck CHase owns me. My mortgage was with Wamu so it is now with chase. I had a WAMU MC that is now with chase, I have a southwest airline reward card with Chase and a United airlines reward card with Chase. When I bought a car a few months ago the finance company was......guess who.

I had $13,500 credit line on my SW visa card and they lowered it to $1100 without explaination and they also lowered all my other limits even though I was responsible and paid on time and kept low balances.

I pay all my bills around the first of the month and in December I paid them a bit earlier to get them out of the way before the holidays etc. My January statement showed a $39 late fee on my United Visa card because I paid it 1 day before the statement posted. I called and was told I should read my card member agreement about when payments post and tough luck. I asked to speak to a supervisor and fortunately I did get them to reverse the charge and send me a post card indicating that but I worry they may raise my rates. Wouldn't they rather I paid early than not at all? Everyone I spoke to could see the payment was meant for January's bill but were going to penalize me anyway. All my cards are around 10% except my costco Amex which is 24% so I am not using that one anymore! I have been paying them all off anyway. I much rather know I own the item and won't be paying for it for years.

I only use my United Visa card occasionally to keep building up my frequent flyer miles and to prevent them from expiring.

 

[TheRatPack]

Paid mine off a week ago and checked this morning....lowered my limit from 1500 to 800.....I've had the stupid thing for 2 years, never been late, always used it and they've made some hefty money off me. I've never received any kind of credit increase and they go so far as to lower it. Shredder it goes.....who needs it.

 

[DVC-Don]

I just went through my statements and of the 3 Chase cards, 2 have the same limits back to 2005 ($6,000 & $34,000). 1 is up a $1000 from 2005 (now at $13,500, the Disney one). But my credit score is 802 so that may be the reason.

I also have a Citi card that is unchanged over the same time period.


*Just went back and checked the interest - all the Chase are 13.5% and the Citi is 19.9%. I carry a balance occasionally on the Chase cards, but never on the Citi. The Citi is reserved for internet only purchases.

 

[Diamond_Girls]

I had a very high limit on this Chase card but haven't been using it much over the last couple of years. I have always paid off the balance every single month - never late - never paid interest. The reason for the reduction is that I don't need such a high limit because I never come close to reaching it. I'm afraid they'll be doing that to my other Chase card soon as well which means my credit score is going to suffer just because I'm not spending as much as I used to. Say what?

 

[TiggerStac]

My Disney was lowered a couple months ago and now that I just started using it again for our upcoming trip (hadn't really used it in a couple months) they lowered it again, it was only lowered $400, but still. I use to have a $5k limit and it's now $3700. My payments are always ontime. my debt ratio is only getting better as I have been paying off debt galore. Oh well, guess once this one is paid off I'll close it too. I do normally carry a balance on it, but make extra pymts all the time as I use it for day to day stuff.

I have almost paid of my former WAMU that they closed on me, but it still shows 4k available online, but it's closed.

 

[mrsmarilyn]

They did it to us too. It was a Chase card that used to be WaMu. They dropped the limit by $12,000 and said if we owed more than that we had 30 days to pay it down to the new limit.

That's the really evil part of this whole mess--they drop peoples limits and give them 30 days to pay it off. Insanity. I'm glad we got rid of our CC's 5 years ago.

 

[meg8017]

My Disney card was closed without me being notified. I hadn't used it in a while and called for a replacement card sinceI couldn't find it. Card came, same limit, interest rate. No problem, great. 3 weeks later, we went to buy a new laptop at the Apple store. Imagine my horror when the card was declined. (and the guy was pretty rude about it). Now I'm mighty confused, since I JUST had it replaced. So when we got to the car I immediately called, yep card had been cancelled a week ago. So I said, ok, if I needed to use it immediately from when I called for a replacement, why wasn't I told. All the rep said was this card hasn't been used in months. This woman was SOOOO rude to me. I asked to have the card re-instated and she refused and refused to put me on with a supervisor. If that's how they want to treat people, forget it, I'll take my business elsewhere. Oh, and I NEVER received a letter in the mail notifying me of the cancellation either and it showed as active online for about 9 months.