Grrrrr Disney Visa! Will this hurt our credit?

[LovetheMouse12302]

DH and I pay off our cc monthly but have $1,100 charged this month. We were at the grocery store and our card was denied. DH called from the parking lot and they said they lowered our limit to 1,200 today. Gee thanks for no notification.....will this hurt our credit that they lowered our limit? Won't suprise me if they don't lower it again next month after we pay it off.

 

[hipchickie]

maybe - if your total available credit appears to be mostly used, it will reflect negatively on you.

 

[ohiodisneydad2]

I'm fed up with Chase on this issue. I recently paid off the balance on my Disney Visa. I've kept up on the payments on it and haven NEVER missed one. I've always paid early too. I calculated that since I've had it I have charged a substantial amount and paid it off each time. I received a letter in the mail and they cut my credit limit 75%! I can't even use the card to purchase a Disney Vacation, which is one of the reasons I got the stupid Card! How genius is that? You drop my credit limit below what it takes to utilize one of the cards best features, the 6 mos no interest on Disney Vacations! I'm seriously thinking about cancelling the card now. I don't care if it hurts my credit to do so. I'm not looking at making any large purchases that need financed so what's the use in keeping it.

 

[robert888]

^ I can feel the anger in your tone, if that's the case just cancel the card totally but after only you have talked to them why they limit your credit.

 

[Planogirl]

If you call Chase, they usually tell you to contact the credit bureaus who have nothing to do with this decision. They send the form letter which says that their decision is based on information in the credit report but Chase always monitors reports and the letter usually doesn't provide any actual information.

 

[LovetheMouse12302]

I know I'm not the only one that this has happened to. Luckily it happened at the grocery store and not on vacation or something. I just wish I was notified.

 

[iwrbnd]

I've been hearing these stories lately so I called yesterday to see what's going on and if I'm at risk for this happening. They went through a long list of what makes them reduce a limit. If you have other CC that have high balances was one of them. Anyway, they assured me I was fine sooo if they do that to me now something fishy is going on! I'm watching close! Good luck with your issues! (I also pay mine off every month but I put everything on it so my balance does get high!)

 

[LovetheMouse12302]

Our Disney Visa is the only card with anything on it. We did have quite a bit left on it to charge, now it looks like we tried to max it out. I dunno if we are getting penalized cause we did cancel another cc not long ago. We also paid off a car loan. We knew canceling the other cc would hurt our score, just dont want a bunch of hits on our credit.

 

[SOnotLayuh]

That is horrible.. especially the PP who lost the ability to charge Disney vacations. We're waiting to find out if we are approved for a Disney Visa or not.

 

[sandyneck]

This is happening to people all over and with all credit cards, not just Chase. You will get notified--about 2 weeks AFTER they lower your credit. I posted on another thread that this happened to my husband while he was traveling in South Africa for 3 weeks on a mission trip He only had one credit card with him. I called and explained the situation but they would not even give him back the credit for another week so he could get back home. Fortunately he had money left on his debit card and made it back OK, but I was livid! They knew he was going because we called to say he was traveling out of the country. We know only have a Discover Card and just use our Debit card for everything. I feel your frustration!

 

[ChrisinNJ]

That is frustrating! I don't blame you for being upset.

I don't want to ask an out of line question, but I am curious what your credit limit was before. Was it cut in half? More than that?

I only ask because Chase gave us a high limit to begin with on our Disney Visa, I think it is close to $30,000.00 so I am wondering what the chance is that they would lower me that much....

 

[LovetheMouse12302]

Our limit was nowhere near 30,000, it was much less. DH called and they pretty much said they can do what they want when they want. I highly doubt they would lower your limit that much, but I guess anything is possible.

 

[KELLY]

This happened with me with Discover I had a small limit around 1000.00 paid the whole balance off the next month they reduced my limit to 100.00. Seriously I used that card for my monthly expenses. I always use that one intstead of a larger one because it kept my spending in check. Stupid cards.

 

[NemoMOm]

Be careful with this idea. I have only 3 cards, Chase for Disney zero balance, Discover and Citi that I've had for 15 yrs. The Discover was the only one with a balance with less than half of aval. credit. Chase halfed my limit and Discover lowered it within 300 dollars of what I had on the card. Citi has nothing and my score is above 700. I think anyone with a balance or recent activity is getting hit.

I've been hearing these stories lately so I called yesterday to see what's going on and if I'm at risk for this happening. They went through a long list of what makes them reduce a limit. If you have other CC that have high balances was one of them. Anyway, they assured me I was fine sooo if they do that to me now something fishy is going on! I'm watching close! Good luck with your issues! (I also pay mine off every month but I put everything on it so my balance does get high!)

 

[cm8]

it will affect your credit since the debt to available balance ratio on that card is now 100% of the available balance. They only care about making themselves look good not your credit report. It will make it look like you have maxed out your credit limit and then it MAY trigger other creditors to do the same. It sucks and it is legal, al be it un ethical if you ask me.

 

[CathrynRose]

I'm fed up with Chase on this issue. I recently paid off the balance on my Disney Visa. I've kept up on the payments on it and haven NEVER missed one. I've always paid early too. I calculated that since I've had it I have charged a substantial amount and paid it off each time. I received a letter in the mail and they cut my credit limit 75%! I can't even use the card to purchase a Disney Vacation, which is one of the reasons I got the stupid Card! How genius is that? You drop my credit limit below what it takes to utilize one of the cards best features, the 6 mos no interest on Disney Vacations! I'm seriously thinking about cancelling the card now. I don't care if it hurts my credit to do so. I'm not looking at making any large purchases that need financed so what's the use in keeping it.

Yep - us too. I hate Chase.

 

[MommyBell08]

Happened to me, our limit was dropped to $700 from $5000! we did the same thing and paid the card every month. We have other debt, but our debt to credit available ratio is good. We have good credit. They said it was due to the economic status or something, I was MAD MAD MAD! I told them I was going to close the card, but love getting my rewards. What the heck!

 

[taylor3297]

I thought with the new credit card law that they couldn't do this without giving notice first.

Just went back and reread the new law, this is one thing that isn't in the law.