Anyone else have Chase do this to them?

[A_A_G]

Long story short, I have a credit card with a limit of $3500 and I racked it up just short of that amount. I made a payment last month of $3000 to significantly reduce the balance.

Low and behold I get a letter today from them today stating they'ved reduced my limit to only $700!! Im beyond pissed right now and Im wondering should I just pay the remaining balance and close the account or leave it open? Ive had the account opent for almost 4 years btw.

I did a quick google search and it seems Im not the only one they've done it to...

[Leah]

Long story short, I have a credit card with a limit of $3500 and I racked it up just short of that amount. I made a payment last month of $3000 to significantly reduce the balance.

Low and behold I get a letter today from them today stating they'ved reduced my limit to only $700!! Im beyond pissed right now and Im wondering should I just pay the remaining balance and close the account or leave it open? Ive had the account opent for almost 4 years btw.

I did a quick google search and it seems Im not the only one they've done it to...

I've never been late on a credit card payment and over the last year or so, several of my credit cards have reduced my limit. I've been told it's because they are trying to cut their lending back and that's one way to do it. Errebody's hurtin'.

[Hobie]

I've never been late on a credit card payment and over the last year or so, several of my credit cards have reduced my limit. I've been told it's because they are trying to cut their lending back and that's one way to do it. Errebody's hurtin'.

While this is true, chase is notorious for "balance chasing."

I'm sure every bank has their share of disgruntled customers. I began banking with Wells Fargo while still a minor, but a couple years ago Chase offered me $350 cash to open accounts with them.

I did and got a two cards both with an initial 15K limit. Eventually that limit was reduced to something basically worthless for a business account. (maybe $800? Don't remember, less than a grand) I never even fully switched my accounts solely over to them and maintained my WF accounts.

It was pain in the dick after pain in the dick. The last straw was a difficulty I had between paying off the balance on the business credit card. For some reason it just disappeared from my Chase online accounts. I called and it took SIX transfers to different departments and nearly an hour of my time on a BUSY day to simply pay off one charge all among accounts with Chase. Usually they took 20-30 minutes of fucking around and transferring me to the wrong department, but this was about 50 minutes on this particular transaction. That was the last straw. Seems like they are completely disorganized. I closed all my accounts and went back to solely using WF, been using them problem free since 93.

[The King]

I wouldn't give a credit card with a $700 - $800 limit the time of day, nor Chase for that matter.

[Nash B.]

Yeah, they did that shit to me. I got one from them while I was still in school. Card started off at like $750 and I kept it around $500 balance, and then it went up to maybe double that, and so did the balance. It went up again another two or three times until it was almost $4,000, and the balance kept growing more or less proportionally. It was a retardedly high interest card, too. When I finally graduated and got a real job, I started paying it off $500-$1000 a month. After the second or third month, I got a notice that they'd re-evaluated my risk and my available limit had been cut nearly in half. I keep the account open for my credit score but don't use it unless I absolutely have to now.

[Pro88LX]

keep it open. make a small purchase on it every month and pay it off. that keeps it in use and in good standing and helps your credit.

[95DRGT]

They think you are trying to make a run on the credit amount when they see alot activity in short amount of time towards the limit. It is indicative of what some people due before they file for chapter 7.

[94form2000z]

They did that to all 3 of my cards last year. Called and had them review it and got them reinstated the day after the letter came.

[Leah]

They think you are trying to make a run on the credit amount when they see alot activity in short amount of time towards the limit. It is indicative of what some people due before they file for chapter 7.

If that's the case, why would they lower it after you've made a big payment? That logic doesn't make sense.

[Chili]

Many lenders started doing this stuff about 2 - 3 years ago when the industry was in a tailspin. They are trying to shrink up credit lines to minimize their exposure to the volatility of the capital markets. It's a bunch of BS but if you ask for limits back and your credit has not deteriorated they will likely give it. They just don't want hundreds / thousands of customers sitting out there high high available lines that aren't being used.

[slow99]

Asset/Liability Duration matching...very important for banks.

[Shorty]

I got a letter from Chase that they are increasing the limit on one of my cards (without me asking). I guess I'm a baller.