Chase lowered our limit

[MarriedToAPrince]

Macy's just did this to me. My credit is good. My limit was $2K. I had used it for some Xmas stuff and we were making payments. Well I have $1200 on there and they lowered my limit to $1060!!! Less then what I have on there!?!?!?! If they start charging me and overage fee I am gonna flip out on them! That is nuts!

 

[MarriedToAPrince]

I wanted to add that we have a Disney Chase and plan on closing it because of how horrible they are. I did a little research and some of the best CC companies are American Express, Discover, National City Bank, and U.S. Bank. We have our camper loan through National City and they are great! I also have a Gymboree Visa through U.S. Bank and haven't had any issues. I was going do what a lot of others do, use our Disney Chase for everyday purchases and pay it off each month to accumulate points but after all the crap they have pulled we are just going to close it and I will use my Gymboree Visa. The one also accumulates points, but just for Gymboree clothing, which really isn't a bad thing.

 

[HunnyJar]

Macy's just did this to me. My credit is good. My limit was $2K. I had used it for some Xmas stuff and we were making payments. Well I have $1200 on there and they lowered my limit to $1060!!! Less then what I have on there!?!?!?! If they start charging me and overage fee I am gonna flip out on them! That is nuts!

Yeah, I mentioned Macy's earlier in this thread. I wrote and called them and the only thing they said was it was at their discretion. Oh, I can petition in 6 months to have them review my account. Never had any problems with them in the past, always paid my bill before it was due and paid more than the required amount. I have no idea what's going on, but I'm really not impressed at all.

 

[iwrbnd]

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?

Us too.

 

[iwrbnd]

I wanted to add that we have a Disney Chase and plan on closing it because of how horrible they are. I did a little research and some of the best CC companies are American Express, Discover, National City Bank, and U.S. Bank. We have our camper loan through National City and they are great! I also have a Gymboree Visa through U.S. Bank and haven't had any issues. I was going do what a lot of others do, use our Disney Chase for everyday purchases and pay it off each month to accumulate points but after all the crap they have pulled we are just going to close it and I will use my Gymboree Visa. The one also accumulates points, but just for Gymboree clothing, which really isn't a bad thing.

We have a Discover card and you're right, they have been great to deal with. On the same point, though, we've had no problems with our Disney Chase card. Those are the only two we use and pay them off every month.

 

[sdmom]

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.

Wow, I'm glad I read this. I was planning to do the same for my remodel. I'll have to make sure to watch my limit closely

 

[LWatson]

I know someone who had a chase card and they lowered her limit to below what she had spent already. They charged her the overage fee among other fees.

BOA changed my credit limit w/o letting me know b4, and peeved me because I was about to make a big purchase on it so that I could surprise my husband w/ something (so he didnt see what I bought on our bank statement).

 

[iwrbnd]

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.

I just heard on tv the other day that it depends on when they check your credit. If it's close to you getting your statement and you haven't paid it off yet it will show up as huge debt. They recommend getting your credit checked right after you've paid it off. I thought we were in the clear too because we pay it off every month. Sounds like we're not. I do love my Disney Visa reward money, though!

 

[HunnyJar]

I know someone who had a chase card and they lowered her limit to below what she had spent already. They charged her the overage fee among other fees.

BOA changed my credit limit w/o letting me know b4, and peeved me because I was about to make a big purchase on it so that I could surprise my husband w/ something (so he didnt see what I bought on our bank statement).

That is outrageous! I would be furious! Reading this scares me as I do have a Chase card (not Disney, though) and the bank we were with was recently taken over by Chase.

 

[nowellsl]

I just heard on tv the other day that it depends on when they check your credit. If it's close to you getting your statement and you haven't paid it off yet it will show up as huge debt. They recommend getting your credit checked right after you've paid it off. I thought we were in the clear too because we pay it off every month. Sounds like we're not. I do love my Disney Visa reward money, though!

I guess it also depends on how much you charge during a statement period. I pay mine off twice a month on payday, so I never have very much of a balance. Certainly not anywhere near my credit limit. I have several chase cards but they've never lowered my credit limit. I what criteria they use to select who they're going to do this to?!

 

[quentina]

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

Us also.....I walk around singing Freedom whenever I pay for a big ticket item with debit.

 

[FOXFIELDZOO]

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!)

Not anymore,New Laws,They did this to alot of the WAMU card holdersafter they purchased that companies problems,Someone has to pay for the greedy bankers,and it looks like it is the card holders

 

[FOXFIELDZOO]

I wanted to add that we have a Disney Chase and plan on closing it because of how horrible they are. I did a little research and some of the best CC companies are American Express, Discover, National City Bank, and U.S. Bank. We have our camper loan through National City and they are great! I also have a Gymboree Visa through U.S. Bank and haven't had any issues. I was going do what a lot of others do, use our Disney Chase for everyday purchases and pay it off each month to accumulate points but after all the crap they have pulled we are just going to close it and I will use my Gymboree Visa. The one also accumulates points, but just for Gymboree clothing, which really isn't a bad thing.

You may not want to close your account. it puts a bad mark on your credit,just cut the thing up and don't use it ,I have not had a problem with my disney chase ,but I have a regular Chase account and that one I have a problem with(it used to be a WAMU card)

 

[FOXFIELDZOO]

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!

Good for you,I hope to be there someday!

 

[Ericandjenng]

Actually alot of banks have been doing some bizarre things with credit. Chase (not our Disney card) recently decided to raise the APR because my DH's card went over the limit once...and it wasn't even recently--he's had that card for years.

I ran into a problem with my Sears Mastercard issued by Citibank. I paid it off and then called them to let them know we would be travelling in Washington and Alaska and using the card--I had them start declining my card on our last Disney trip because they didn't know if I was really in Florida. Half-way through our cruise, the card stopped being accepted. I even called from Alaska to check the info on the card. I just assumed that holds for the car rentals and the cruise onboard charges were tying up the card....WRONG!! I checked their website when I got home and my limit was 10% of the original limit. They had just raised my limit about 8 months earlier.

I called their customer service and was told that they had checked my credit report.....????....I had just seen it and my credit score also because right before we went on vacation we had refinanced our house to a lower rate and pulled some cash for an addition. Also in the previous 8-9 months, we had purchased and financed two vehicles and the DVC!!! This was when many people were already being turned down because the credit market had started it's downward spiral.

I was furious! I even asked the woman how long had I had the card which was 8+ years. I had never missed a payment, had even paid it off on several occasions and informed them of my travel plans. And all they could say was it was my credit report?!?!? It's interesting to note that until I refinanced my house, my mortgage was with Citimortgage and right as it was paid off through the refi, all the sudden, my limit got lowered.

Needless to say, I paid off the account again immediately and closed it! If they can't give me any better customer service than that--I don't need their card!

 

[Disney-Kim]

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.

imho...because you are counting on being able to use the card in the future to pay for something. You like knowing that ability to charge is there...the OP was going to pay for a trip with it...now her higher limit is gone and she is less in cash to pay for her trip.

I completely understand. I had Chase do the same thing to me only the payment was $7000...and YES I was planning on using it again and didn't mind the % I was accruing. The point of credit cards is to charge something and pay it over time....which is completely acceptable so don't flame me please....

 

[luvmy3]

That is outrageous! I would be furious! Reading this scares me as I do have a Chase card (not Disney, though) and the bank we were with was recently taken over by Chase.

I think that the new CC laws makes it so they cannot lower the limit to below your balance and charge you fees. I think they can still lower it, but they cannot charge you fees if they do. I hope someone can clarify that because I'm not 100% sure.

 

[kellyg403]

Chase didn't do it to us but CITI bank did...and I would have hated to be the customer service rep on the other end. We didn't find out until we went online to charge an airline ticket for our dgd from Texas. It denied the charge. At the time we thought maybe we didn't have the correct phone number or something since they ask the billing number. I thought I had used the landline but heck, there are two cells too. So, I just went ahead and paid with my debit card, which I didn't want to do since I was holding on to as much cash as I could for when dgd got here.

The next day dsd called and needed some cash to get dgd to airport, some food money so dh told me to go online to Western Union and send some money to her and use the CITI. Again, declined. He came home and called thinking the previouse scenerio was true and we needed to find out why. Turns out they had lowered his cc limit from 9000 to 1000. Like others they simply said they sent a letter 2 days before and it was the economy. We had charged some new outdoor furniture and were going to write the check after we figured out where we were with dgd clothing wise etc. HE WAS FURIOUS. Not only was in lowered but UNDER the charged amount. We have excellent credit. No new cards, no new purchases except said lawn furniture.

I guess we should be waiting for Chase to do the same. I will be sad as I love those points to use in WDW for spending money. But, I can't afford for them to just do it and send a letter AFTER the fact. In the situation we were in had we NOT had the cash we would have been in a bad way. We hate using our debit card over the phone or internet. At least with the CC we feel protected if someone gets the number. Not anymore.

Kelly