I've had this card for about a year with a $13,000 CL. Today, I learned that my CL has decreased to $4,700. Suddenly my 30% utilization on this card is now 90%...go figure. When I called to inquire about the rationale for the decrease, the CSR stated they could do a hard pull of my CR to see if they can reinstate my original CL. I declined to do this. In fact, based on this scenario, I will work agressively to pay this balance in full and then close the account--I don't need this kind of elasticity.
Comment Title: Re: The Strangest Thing...A Credit Line Decrease From Nuovocapitoloon 2012-04-12
I have read about decreases on here. Seems kinda drastic though from $13k. Did you use the card regularly?
Comment Title: Re: The Strangest Thing...A Credit Line Decrease From Snikeron 2012-04-12
No. After transferring balances from a higher rate card, I worked agressively to pay off using the 0% interest. I rarely charged on the card because I had set a three month goal to pay down from 10k to 4.5k. My "average" monthly payment was $1500--more than $1300 over the minimum payment. I hit my target balance within the same billing cycle as the CL decrease.
Comment Title: Re: The Strangest Thing...A Credit Line Decrease From Wandereron 2012-04-13
Most unfortunate! Heard of this with Wells Fargo before. You will find few people on the FG site pursue them. They are so strange that I moved my checking, savings, CDs, Insurance and Investments to other banks. Also, cancelled my two Wells Fargo Credit Cards. They were pulling hard and soft inquires regularily without my permission. Nuts! I pursued other banking options and left the big boy banks!!!
Comment Title: Re: The Strangest Thing...A Credit Line Decrease From Joeymanon 2012-04-19
I totally agree. Well's does some weird stuff, I hope you can pay this off and get out quick! You deserve better. :(
Thanks for the compliment. But I do not have a financial background really, well not in credit management. However there are several members on here that are, and they give great advice by the way. I...
Personal loans are typically harder to obtain, especially ones with no collateral. It's very hard to get one from any of the major banks. You might talk to a local credit union and ask them what your...