Chase lowered our limit

[beachgrl001]

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.

no its the principal. I am not using the card after they lowered the limit. I am done with them. I will wait for the gen public offer. Oh and i need 2 rooms.

 

[annette20071]

There have been some recent changes in the law that affect credit card companies. I don't know what they are exactly but some are starting to charge extra fees etc. We cancelled two of our cards because they were going to start charging annual fees when they never did in the past. So, maybe it had something to do with the new laws affecting the company.

 

[Suellen]

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

Ditto. If we don't have the cash we don't have have the trip or whatever we currently desire or want.

 

[dis-happy]

Why do they do it?

Open lines of unused credit are a liability on the banks' books even though you may never go near your limit personally. Their own creditors and underwriters look at the worst case scenario: all those lines of credit maxed out then everyone files for bankruptcy. They have to keep their own ratings up too, especially with the extra government oversight banks are getting these days. Don't take it personally.

 

[DawnM]

We have three Chase cards. We don't ever carry a balance but I have wondered if they would lower our limits at all. Right now two of them have a 25,000 limit. I don't know the third as we never use it so we don't have an online payment for me to check.

Dawn

 

[emma'smom]

Hmm....we are leaving for vacation soon and I was planning to use my Chase card as my primary source of spending since our debit card won't work in foreign countries. I would hate to get over there and find out that my credit limit is suddenly lowered significantly. I wonder if there is anything I can do to assure they won't lower it.

 

[letsgoagainsoon]

We had an issue with our Disney Visa in the past, it's the only cc I've ever had a problem with and their customer service was terrible.

 

[EKW]

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

I'm with you! I've been attacked on boards more than once for saying that the way credit companies function is immoral. That is based on an experience one of my elderly aunts had with a couple of companies. I won't go into it, but, I will say, anyone who thinks that they can work credit to their favor has a rude surprise coming when they're the one who gets bit by it!

I couldn't enjoy a trip knowing it wasn't paid for, so, when we do Disney, everything except our meals and souvenirs is paid for before we head out the door for the airport!

I've been living in a cash (debit) world for years now. While it really sucks that my position has been cut and I don't have a job after the end of May, I'm not in the position that a lot of my coworkers are in...my only bills are utilities. Doesn't make me happy about losing my job, but I'm a lot less stressed than I'd be if I owed anyone money!

 

[ariel71]

Hmm....we are leaving for vacation soon and I was planning to use my Chase card as my primary source of spending since our debit card won't work in foreign countries. I would hate to get over there and find out that my credit limit is suddenly lowered significantly. I wonder if there is anything I can do to assure they won't lower it.

Emma'smom - Be sure to read the credit card agreement fine print before you go. I found out that my Chase and Bank of America cards charge a ridiculously high fee for foreign currency transactions, so I got a Capital One card before a trip to Europe last fall. No fee on foreign transactions, a minimal cash advance fee, no annual fee, and still earned mileage points. You should also call Chase and let them know that you'll be out of the country. Can't speak to the credit limit question, but they can put a flag on your account so it won't get accidentally frozen due to a fraud alert if they see unusual charges coming through from another country.

 

[RMulieri]

I'm with you! I've been attacked on boards more than once for saying that the way credit companies function is immoral. That is based on an experience one of my elderly aunts had with a couple of companies. I won't go into it, but, I will say, anyone who thinks that they can work credit to their favor has a rude surprise coming when they're the one who gets bit by it!

I couldn't enjoy a trip knowing it wasn't paid for, so, when we do Disney, everything except our meals and souvenirs is paid for before we head out the door for the airport!

I've been living in a cash (debit) world for years now. While it really sucks that my position has been cut and I don't have a job after the end of May, I'm not in the position that a lot of my coworkers are in...my only bills are utilities. Doesn't make me happy about losing my job, but I'm a lot less stressed than I'd be if I owed anyone money!

Well I use my credit card monthly and pay it in full..I like it for the rewards points.I have never paid credit card interest in my life.But if we don't have the cash to pay it ,we don't buy it..We use the same principle with vacations, big purchases etc.I have had no issue with Chase Visa, but like I said before..I pay in full, and it is the only card we use.They raised my limit to something ridiculous that I would never in a zillion years spend.

 

[ancestry]

I don't have a Chase Disney card but I have other cards with Chase. Chase did this to me last September. I had made a huge payment on one of the cards in anticipation of then an upcoming trip only to discover that they reduced the credit line as soon as the payment posted. It really messed me up at the time because the trip was for work and I didn't have other funds available to cover the trip.

I didn't mind that they reduced the line persay. What upset me was that they didn't give me any notice or warning of it and as a result really messed up my employment at the time.

Since then DH and I decided that we will no longer make large payments on any of the cards with the intent of using the money for something else as the banks can reduce the credit line at any point. We only make large payments with the intent of paying off the care. We now only "rely" on money we have in our actual bank account and are trying to pay off all of our credit cards.

 

[ancestry]

Hmm....we are leaving for vacation soon and I was planning to use my Chase card as my primary source of spending since our debit card won't work in foreign countries. I would hate to get over there and find out that my credit limit is suddenly lowered significantly. I wonder if there is anything I can do to assure they won't lower it.

I would be very careful about this. This is exactly what they did to me. Chase was my only card for a business trip and they reduce my line by a lot of money and left me stranded without a pay to pay for my hotel. I don't believe there is any way to guarantee that they won't reduce the line. It is best to have a backup method of payment just in case as I learned the hard way.

 

[RachChamb]

We pay our monthly bill on time, in full, every month and have an 800 credit score and ours was lowered too.

It doesn't bother me any, though, I don't like having that high of a credit line.

 

[aubriee]

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

Same here! I charge absolutely everything I possibly can on my Chase to earn points, then go online every week or so and pay it off. They just raised my limit.

I've only got two credit cards. My Bank of America one I never use. Now they did decrease my credit limit last year, supposedly because of my 'spending habits'. I called and she said I wasn't using it and needed to do so at least every couple of months. lol

 

[nowellsl]

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???

At least they didn't let you charge the deposit and then hit you with an over the limit fee! I've heard of that happening!

 

[Maggie'sMom]

I posted a thread about this on the budget board a month or two ago. I have a credit score around 800. I have two cards with Chase. One had a limit of $18,500 and the other was $19,000. I put almost everything on my cards then pay in full each month. I usually only put $1,500 or less on them each month. But in the fall I was remodeling my kitchen and charged my new cabinets, countertops, flooring, etc. I was racking up a ton of points. Then one day I went online to make a payment and the available credit caught my eye. It was about 1/2 of what it should have been. I checked my limits and they had lowered them both to $10K. And they did it with no prior notice. If they'd done it in the fall when I was charging all the kitchen stuff, I would have easily gone over my limit and racked up some fees. I don't need the high limits normally, but it will hurt my credit score because it raises my debt to available credit ratio, which sucks because I'm not any worse of a credit risk now than I was before.

So you aren't alone.

 

[MinnieVanMom]

Emma'smom - Be sure to read the credit card agreement fine print before you go. I found out that my Chase and Bank of America cards charge a ridiculously high fee for foreign currency transactions, so I got a Capital One card before a trip to Europe last fall. No fee on foreign transactions, a minimal cash advance fee, no annual fee, and still earned mileage points. You should also call Chase and let them know that you'll be out of the country. Can't speak to the credit limit question, but they can put a flag on your account so it won't get accidentally frozen due to a fraud alert if they see unusual charges coming through from another country.

We have a trip in fall to Europe and read on another board about capital one. I loved my chase card but two days before I went to buy my concert tickets I called chase and told them I would be buying tickets in Paris and to expect to see the charge, Please allow the charge. Wake up at 2 am to purchase said tickets and the chase credit card denied the purchase. I was in tears and lucky for me DH had his Wells fargo card and bought the tickets. I called chase for days afterwards and ripped them a new one each time. I called! I told them I was going to buy tickets for my birthday. Ever since when does a company get to decide what I get to buy? I thought that was my choice?

So, I am not in love with chase by any means but I do pay any charge card off in full each month. I know I have the cash before I make any purchase then use the chase card for the points and pay them online 2 days after making a purchase.

Technically is it using my credit card but again, I only purchase when I know I can pay the bill that day in full. Disney is so much better when you know it is paid off in full before you even arrive.

 

[nowellsl]

but it will hurt my credit score because it raises my debt to available credit ratio, which sucks because I'm not any worse of a credit risk now than I was before.

If you pay your cards in full each month it shouldn't hurt your credit score much. Your debt to credit ratio will still be at 0% or maybe a little higher because you won't have debt to start with.

 

[Maggie'sMom]

If you pay your cards in full each month it shouldn't hurt your credit score much. Your debt to credit ratio will still be at 0% or maybe a little higher because you won't have debt to start with.

But the balance that was on my last statement shows up as debt, even though I pay it off by the due date. It's been that way everytime I've checked my credit reports. When I refinanced my mortgage a year ago, I applied right after Christmas and when the mortgage company pulled my reports, they included my last statement balance (which was higher than normal thanks to Christmas) as outstanding debt on my loan application. I argued that I had already paid it at that point, but the cc company reported my statement balance to the credit agency and that's what the loan company said they had to use. So my debt will never show up as $0 even when I pay it every month.

 

[emma'smom]

I called Chase today to confirm that they had my travel dates on record. I also noted my concern about what has been discussed here. She said "I'm looking at all of your numbers and I don't anticipate any problem with reducing your credit line. Obviously I can't make any promises, but I wouldn't lose sleep over it."

So...that's good. But, I'm still taking back-up cards and traveler's checks. She also noted that if I did run into a problem, to call the international calling number on the back of the card and they should take care of it.