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simpletruth
Joined: 29 Sep 2009
simpletruth's page
Posts: 1
39 Magic Points
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Subject: Credit Limits Dropping
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Tue Sep 29, 2009 6:56 pm
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I have been recieving letters in the mail from my creditors that they are lowering my credit line amounts, they said that they have reviewed my credit report and have made this decision.
I have never been late and have always paid more than the minimum payment due. Why would they do this? Is anyone else having this problem? Is there anything I can do about it.
I am really frustrated. |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Wed Sep 30, 2009 5:06 am
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Hi simpletruth,
| Quote: | | I have never been late and have always paid more than the minimum payment due. |
This must reflect on your credit report and your score must be according to your financial activities. I would suggest you pull out your credit report and take a look at what is being reported there. Check to see if there are any misrepresentations because if there are, it will surely negatively affect your report. Maybe this is why your creditors have decided to lower your limits.
You may also speak with your creditors to have a better understanding of the situation and also ask them their reason for dropping your limits.
_________________
Keep in touch
Carol |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Wed Sep 30, 2009 5:38 am
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Hi Simpletruth,
Well check your credit report first to find out whether or not there are any late payment or missed payment records. If there are no such records, then I believe you have to call the creditors and talk to them. Let them know that you have a good credit record and hence they must let you resume your old credit line.
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All the Best 
Justin |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Wed Sep 30, 2009 10:20 am
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| I wonder if this has anything to due with all the things I have been hearing on the news about credit card companies dropping limits to lower amounts and sometimes closing accounts. Alot of people were frustrated over this and their credit reflected the lowered lines. According to the companies are news station asked they said they had to due this to secure the future of the company, you would think the extra business alone would secure them. Also people were being paid to close their accouts on their own. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1334
1 Magic Points
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Subject: cc
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Thu Oct 01, 2009 1:08 pm
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| Before CC companies ( or anyone else, for that matter..) look into your credit, don't they need your permission to do this? If they didn't have permission, can you file some kind of complaint? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Fri Oct 02, 2009 1:55 am
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| SD, I believe they have hte right if you hold their card. Look at all the pre approved credit card offers that come in the mail filling up a persons mailbox, they send these out to people whos credit they looked at and knew were good canidates for their card. You can go to "www.optout.com" and remove your name. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Fri Oct 02, 2009 11:00 am
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Hi sd,
Not really. The credit card company can lower your card limit if they deem it necessary. However, they are supposed to send a notice informing the cardholder about the alteration. Many creditors are lowering the credit card limits in the present times to reduce the risk during credit crisis. Nevertheless, you will always have the option of calling the company, asking them the reason behind reduced credit limit.
_________________
All the Best
Justin |
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