Chase lowered our limit

[beachgrl001]

I am in shock!! I know I have heard other people saying it happened to them. My husband has good credit, he has had this card for years. Never missed a payment always pay more than the minimum (even when he was laid off!) I just sent them $400.00!!!! I was planning to use it to book my rooms in hopes that free dining was comming out If I would have known they were going to pull this I would have been paying the minimum...I dont even feel like going on vacation right now I feel like every time I start planning something gets in my way. Maybe its just not meant to be this year

 

[scrappingizlife]

they are doing it to everyone. My husband's limit went from 12k to 4k! and his credit is great. Not sure what these companies are doing now a days, but DH and I are detemrined to pay off all debt and cancel all cards.

 

[PatsMom]

Chase isn't doing it to everyone. They recently raised my limit again. Not sure why since I've never even been close to the old limit!

 

[HunnyJar]

That is so frustrating! I actually had the same thing happen to me with one of my department store cards, no explanation why either. When I contacted them the person said it was at the companies discretion and it doesn't matter if you are never late with a payment or if you pay more than the required minimum balance.

I hope things work out for you and you are able to enjoy a trip. Good luck!

 

[RMulieri]

It isn't happening to everyone.Mine was raised again, but I don't carry a balance on any credit card ever.I pay in full each month so maybe only people that carry a monthly balance?

 

[Tinker'n'Fun]

That is why we got rid of our cards and pay cash (well debit card) for our trips.

 

[PolyndianPrincessJes]

Hasn't happened to me, either. I carry a balance on my 0% for six months, but other than that, I pay it off monthly. My limit hasn't changed since they raised it right after I got it. My APR did go up 1%, though.

 

[MommyBell08]

Last year they lowered our limit from 5000 to 700... Said it was do to the economy, and not our credit rating, as we had good credit. I think it was because we paid off the balance each month and were racking up points.

 

[RMulieri]

Last year they lowered our limit from 5000 to 700... Said it was do to the economy, and not our credit rating, as we had good credit. I think it was because we paid off the balance each month and were racking up points.

hmm...But i have tons of points racked up too and pay off the balance monthly and I get mine raised..Chase is doing something fishy

 

[bwilcox]

Everything in your credit history can affect your credit card limit. Pay another bill a few days late? The cc can lower your limit. Open up another cc account? The original cc can see this as you have too much credit now and lower you limit. Spend over the limit on a different cc? Same thing. These are just a few examples. It's not just Chase-all cc companies go by these rules. And Chase isn't doing it to everyone-I've had the same limit for 3 years now (knock on wood!)

 

[RMulieri]

Everything in your credit history can affect your credit card limit. Pay another bill a few days late? The cc can lower your limit. Open up another cc account? The original cc can see this as you have too much credit now and lower you limit. Spend over the limit on a different cc? Same thing. These are just a few examples. It's not just Chase-all cc companies go by these rules. And Chase isn't doing it to everyone-I've had the same limit for 3 years now (knock on wood!)

You know I forget about those other factors like opening another credit card.I only have the Chase Disney Visa and pay it in full so that would explain why they keep raising my limits

 

[Dotsie]

There was a thread like this a couple of months ago. My mom had her Chase CC limit decreased without any warning. She paid in full every month, is never, ever late on anything, and doesn't have any debt except a car payment. They lowered her limit by about 5 or 6 thousand. She found this out at the furniture store when she was trying to pay for her new living room furniture. She called the company and they told her they sent the letter out to her the day before. Thankfully she had money in her bank account to pay for the purchase but it was embarassing none the less. Chase couldn't give her a clear reason why they lowered her limit either. They said it was discretionary.

 

[msmayor]

I am in shock!! I know I have heard other people saying it happened to them. My husband has good credit, he has had this card for years. Never missed a payment always pay more than the minimum (even when he was laid off!) I just sent them $400.00!!!! I was planning to use it to book my rooms in hopes that free dining was comming out If I would have known they were going to pull this I would have been paying the minimum...I dont even feel like going on vacation right now I feel like every time I start planning something gets in my way. Maybe its just not meant to be this year

This statement makes no sense. You'd rather just pay the minimum and incur finance charges believing that would not make them decrease your credit limit?

I guess I just don't understand what the big deal is. So many people who are upset that their credit limits are decreased when you're not even coming close to using the available credit initially there. Yes, I get the fact that shifts in your available credit change your credit score. But unless you're getting ready to go out and get a mortgage, or trying to get new credit, it shouldn't matter that much. Your score will naturally shift as you continue your smart ways with the credit you have left.

 

[Piglet4Ever]

A few months ago Sears lowered our credit limit on our Sears Mastercard because apparently we don't use it enough!! Oh well there loss next time DH wants to make a big ticket tool purchase.

 

[applelollipop]

chase did the same to me and I had no balance...just don't cancel the cards!!!it lowers your credit score. A lot a card companies are lowering the credit line due to the economy if you need it higher just call them if your credit is good they will raise it back up..

 

[beachgrl001]

This statement makes no sense. You'd rather just pay the minimum and incur finance charges believing that would not make them decrease your credit limit?

I guess I just don't understand what the big deal is. So many people who are upset that their credit limits are decreased when you're not even coming close to using the available credit initially there. Yes, I get the fact that shifts in your available credit change your credit score. But unless you're getting ready to go out and get a mortgage, or trying to get new credit, it shouldn't matter that much. Your score will naturally shift as you continue your smart ways with the credit you have left.

no you obviously dont understand. My husband breaks his back every day. We are far from rich so to us $400.00 is alot. I made a big payment like that so that i would have the credit to use towards my disney vacation like we do every year. I am mad that they did it the day AFTER I paid them $400.00 dollars. as opposed to when i paid them last month. If I would have known this I definately wouldnt have paid the $400.00 So excuse me for trying to vent and if you didnt understand my post then why respond???

 

[beachgrl001]

chase did the same to me and I had no balance...just don't cancel the cards!!!it lowers your credit score. A lot a card companies are lowering the credit line due to the economy if you need it higher just call them if your credit is good they will raise it back up..

Thats what the girl I spoke with said. She gave me a number and told me to have my husband call but he said forget it just pay it off and be done with them. I really liked it for the free dining(you get to book 3 days before the gen. public) I have heard that you shouldnt cancel the cards, so I guess we wont do that.

 

[jpeka65844]

Chase did this to me too. I paid a HUGE amount to basically pay for our DL vacation so I could just use the card the whole time I was there. Well, on our 2nd day on vacation, found out that Chase lowered my limit to the amount I'd paid it down too. Luckily, we did have $$ in our bank account to take care of it, but I was also looking forward to the points!!

I hate credit cards and wish I could rid myself of them once and for all. Unfortunately, b/c of some past transgressions, it's not that easy.....

 

[msmayor]

no you obviously dont understand. My husband breaks his back every day. We are far from rich so to us $400.00 is alot. I made a big payment like that so that i would have the credit to use towards my disney vacation like we do every year. I am mad that they did it the day AFTER I paid them $400.00 dollars. as opposed to when i paid them last month. If I would have known this I definately wouldnt have paid the $400.00 So excuse me for trying to vent and if you didnt understand my post then why respond???

Are you saying that the limit was lowered so significantly that you can't even book a deposit? Its only $200 on a package, or one night's room deposit on a room-only.

Chances are that Chase lowering your limit had nothing whatsoever to do with you making a $400 payment vs. the minimum.

 

[beachgrl001]

Chase did this to me too. I paid a HUGE amount to basically pay for our DL vacation so I could just use the card the whole time I was there. Well, on our 2nd day on vacation, found out that Chase lowered my limit to the amount I'd paid it down too. Luckily, we did have $$ in our bank account to take care of it, but I was also looking forward to the points!!

I hate credit cards and wish I could rid myself of them once and for all. Unfortunately, b/c of some past transgressions, it's not that easy.....

ugh that is awful! I guess I should be glad it didnt happen to me while I was there I always have $ in my bank but I use my cards alot on vaca. not this time though!