Chase Credit Cards Is Reducing My Credit Limit

  |     |   137 posts since 2019

From $32k to $16k. And it says they won't be able to increase it without a new credit check.

I rarely use even $500 so its not a big deal to me. I had some do this during the financial crisis around 2009.

  |     |   76 posts since 2020
Discover did that to me a while back for no reason. Chase has also dropped their Slate card with the 15 month 0% no fee bt offer. Back during the housing crisis several of my credit cards lowered my credit lines and/or closed my accounts without warning. This was with a high credit score and never paying any bills late in over 30 years. This has the effect of tanking your credit score since your available credit is lowered effecting your credit utilization ratio. Unfortunately as consumers we have 0 control over these decisions as banks panic and try to reduce their risk. The best thing to do is try to keep your credit score as high as possible as they make it more difficult to do just that.
Back during the housing crisis I had a large 0% no fee balance transfer with Citibank($50,000) and they actually sent me a offer reducing the balance I owed by 25% if I paid it off by a certain date. I took the offer and they slashed my credit lines to the bone afterwards. I'm still working to get that lost credit line back.
  |     |   151 posts since 2020
Chase has big problems and that is the real message!

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