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By poopychase
I received a letter from Chase yesterday. They informed me that my previously $30K credit card limit was being reduced to $2900. The letter goes on to say that I have 45 days to pay off any balance in excess of $2900 or face an overlimit fee and a rate hike to 28%. I was planning on going on a trip and buying a car for my daughter with that card and called Chase to get the lost limit restored. I was told how sorry they were and how they could assist me . The helpful turd on the phone graciously gave me a generous $500 bump to $3400 for my credit limit. As I had a zero balance, I told the Chase rep how poor their service was and cancelled the card.

I had an account with Washington Mutual before Chase bought them and killed the service. I had a substantial account with WaMu. After dealing with Chase for 3 months during the transition, I gave up on the horrible service and closed my accounts. I would love to see Chase dry up and blow away.
By samarante
I received the same letter yesterday as well! It states that I use a limited amount of my credit line so the adjustment was to more closely align with the way I use it. Really...90% adjustment! If they didn't try to rip me off with the insane increase of a 23.99% APR I would use it more!
By ElleMyBelle
Same thing happened to me - although my original limit was much lower ($4,500 originally and then bumped up to $5,500 with on-time, in-full payments over years). After WaMu was taken over my Chase.. The decline in service was obvious, but I was still happy about my credit limit. I kept my spending to less than 10% of the limit. Now today I get a letter in the mail saying that due to my spending habits (keeping favorable debt to credit ratio), I'm being PUNISHED with a lowered limit of $700. What the heck can anyone do with $700?!? PATHETIC.

I called and tried to get my limit reinstated but they apparently couldn't (wouldn't) do anything.

I saw this as a direct action of GREED more than anything. Now that my usual monthly debt is closer to 50% (and God-forbid I ever have an emergency where it's more), they can have a handy excuse to up my rate due to 'risky spending ratios' or whatever the hell unsavory corporate banks do.

So yeah.. Thanks to Chase all my hard work over the years to keep everything on-time and in-full even when I was in major hell financially wasn't rewarded.. It was punished. I'm sure they don't care about my measly $5,500 original limit or my now paltry $700 limit, but if more people would kick them to the curb, they might actually learn a lesson.. Or just get more bail-out money when they're left with the irresponsible spenders who seem to be their cash-cows.

I hope they go under. I'm giving my (admittedly pathetically small) business (and our companies business credit line) to a small community bank which might actually care about service and rewarding their responsible/paying customers instead of HURTING them.
By Seriously?

I was looking online for some snappy artwork to put on a recordable card that I intended to include with my final payment to Chase telling them what I thought of them. And looky what I found! Chase, as I see it did to others with no warning or reason, reduced my credit. I was a happy WAMU card holder with a clean account that I kept for emergencies. First they reduced my credit line from $7,200 to $2,000. OK - I know other lenders are doing this for accounts that aren't used much. But then when I needed to use the $2,000 to pay my dentist for an emergency root canal...the card was declined. I checked online and found my credit limit was reduced to $700. With no notice (why the heck do I sign up for electronic statements and messages if they aren't going to use them for something as critical as "we're basically making this card useless for you?"

But recently Discover had reduced my credit line and when I calmly called them and reminded them that I was a good customer, having paid on time and far over the minimum and wanted to remain a Discover customer over the long haul they were friendly and willing to negotiate with me. The reinstated my credit limit to nearly what it was before. So, I tried the same negotiation approach with Chase, worked my way through two total rejections from two not-too-friendly associates to a manager who actually asked me what my income was (hmmmm, that was the FIRST question Discover asked when I called). Then, even with a six-figure answer, she told me there was nothing they could do, that the reduction was "non-negotiable," refused to listen to me any longer and talked over me (mind you, I was calm and never raised my voice or made disparaging remarks) then said that she was ending the call. Nice. Customer Dis-Service.

They had no answers to questions like "Does Chase not want my business any longer"? and "Is there anything you can do for me"? "Isn't Chase going to get an additional 15.9% interest on any charges I make reducing any risk significantly?" That was the part that really revealed that they are only interested in Chase, not Chase customers.

Well, Chase does not need or want my business, so I'm getting the recordable card to send with my payment paying off the account (and closing it in writing) with this message: "You suck. Loan sharks have better terms. Good bye." If anyone has better suggestions, let me know. I'm more than happy to let them know how you feel. ;)

Seriously Disgusted.
By Trav
Hey.. same here! I've had my chase Disney Rewards Card for 3 years.. had a credit limit of $4000 that I finally had paid down to a zero balance in Feb. of this year. And just this month guess what.. my credit line is now $500! Nice! No call, no letter, no nothing. I am beyond infuriated.
User avatar
By admin
activepat wrote:How will they make money if the cut everybody's credit line? I don't understand it.
It's not that they "make money" by doing it, but they limit the amount of money they can close by people defaulting on their credit lines. This reduced liability then drives up the value of their stock.
By ndarcy
I just received a letter yesterday that my credit line has been cut from 14000 to 3400. It was originally 15,500, but was cut after we had paid it down to 13K. Now we have paid it down to $3200, thinking this was a huge step. They claimed I had too much credit card debt, which I don't. I'll be paying it off within the week and I'm finished with them. Been a really good customer with them for years!
By activepat
ndarcy wrote:I just received a letter yesterday that my credit line has been cut from 14000 to 3400. It was originally 15,500, but was cut after we had paid it down to 13K. Now we have paid it down to $3200, thinking this was a huge step. They claimed I had too much credit card debt, which I don't. I'll be paying it off within the week and I'm finished with them. Been a really good customer with them for years!
They SUCK.

When the great American hope dicked us with his CC plan and all rates went crazy my rates doubled since I did not OPT out. 27%,,,,,NICE.

Hign limits. High balnces at the time screwed me. However I was lucky enough to find some cash to pay down to less than 33% then my limits were cut to match. Called and was told balance was too close to limit. Really? No Sh*t. Wonder why.

Found more cash and zeroed out. LOL, FU. RIP OFF! I WILL NEVER STOP TALKING!!!!

You don't either!
By paycash2011
Recently I paid off 3 Chase credit cards when they reached their limits. I have a credit score in the 700's and often paid my Chase bills early and for more than the minimum.
About a week later Chase lowered the limits on these 3 credit cards that had limits of 12,500k, 7,500k, and 7,500k to 1,400K, 1,300k, and 1,200k. I was horrified. I'm a single mother and I really need credit for emergencies.
I decided to give them a call to see what could be done and they restored the cards to limits of 10,000k, 5,000k, and 5,000k. That ended up being 7,500k less credit than I originally had but I was satisfied.
Chase is not the only one doing this. I recently paid off a Discover card and a week after that they dropped my limit from 7,500k to a measly 1,000k.
Unlike Chase, Discover would not restore my credit immediately. They told me I had to wait until the changes were reflected on my credit report.
I wonder if Bank of America is going to do the same thing to me soon because I made a substantial payment to them?
I guess we have no recourse when it comes to what these banks put us through aside from cutting back and spending more wisely. They're not going to get much more money from me as far as interest.
I guess the people who pay their bills on time or in full are being penalized due to all the people out there who are defaulting on their charges. It's really disconcerting to see this going on.
I've heard of people getting their credit cut and unfortunately not getting results when they ask for a reinstatement of it and these are often elderly people who desperately needed to have these funds available.
And yes, Amex cut my credit line in half years ago too.
All I can say is that the great american habit of living beyond our means has to stop. It's the only solution when dealing with these banks. Keeping up with the Jones' has to become a thing of the past.
As much as I like giving my children nice things, I've realized that cutting back on what's really not necessary will let me sleep easier at night and help me to not cringe every time I open my mailbox.

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