this happened to me a few months ago. i was extremly proud of the fact that i made a few huge payments on some of my cards, and suddenly my 9000 credit limits were reduced to 1000 and 250!!!! This happened with my RBS and Bank of America cards. I called RBS on it, and really gave them an earful. I've NEVER been late for RBS, they have made soooo much money from me. avoiding these triggers that send your info to the companies to review is a very smart move. from now on, i will not create any "unusual" activity. As for those cards who reduced my credit limit, they will no longer have my business. EVER.
Juanita
of NM
@
May 13, 2009 15:50:32 PM
Something new everyday
I've never even heard of balance chasing before; obviously it's never been an issue for me. If fact, I was quite surprised last month to discover my available credit limit is in the neighborhood of $16,000. I only have about $500 on the card, and I pay it off each month.
wayward
of CA
@
May 13, 2009 02:02:05 AM
Balance?
Your reccomnendation to not pay off a large amount does not work. As I make the monthly mininmum payments, 2 companies lower my credit limit a little bit every month or two. I have a good FICO score. As for requesting a credit increase from other companies, my other comany will not take requests for an increase. They will increase your credit line automaticaly when you satisfy certain paramaters determined by a computer program. The Customer Service people can do nothing in regard to increasing my limit.
a
of NY
@
May 12, 2009 11:59:04 AM
The fact that we even have
credit scores we did not request is a clear sign that corporations have been running your country. Ditto that interest rates and credit limits can be run up and down for any reason or no reason without your written agreement.
INSIST THAT DEMOCRATS IN THE SENATE PASS REAL REFORM NOW---WHILE YOU HAVE ENOUGH DEMOCRATS TO GET IT DONE. IT'S PAST TIME FOR CITIZENS TO JUST BE MAD AS HELL AND NOT TAKE IT ANY MORE. THAT'S WHY YOU ELECTED BARACK AND THE DEMS. REMEMBER?
Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
Juanita of NM @ May 13, 2009 15:50:32 PM
wayward of CA @ May 13, 2009 02:02:05 AM
a of NY @ May 12, 2009 11:59:04 AM
Muser of NM @ May 12, 2009 11:14:36 AM
Back to blog