Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain!

[Meya]

I think this would be a great thread for those who have experienced the nightmare of their accounts being decreased, closed, or frozen. We have encountered or experienced these incident(s) through numerous members and its about time that we have answers. NO matter what the limit or situation was, it's time we put our heads together and speak out to others about what creditors are out to surprise us with.

Now days and times, we can not feel comfortable with charging our cards because creditors are judging us from where we shop, cutting our limits (some for no reason at all), raising our Apr's, or just flat closing our accounts. We worked together to help build our credit, now we must work together to inform each other, of what those cards can put us through. Please provide all the info you can so we can let each other know what type of "Luv" that the "Luv Button" has to offer. The excitements and smiles of approvals are now cheating us. How much "Luv" is that? Do we need it?

[hjm331]

I suggest that you pay off the balance and sockdrawer the card for history.

[hjm331]

Newegg Preferred Account- CLD from $2k to $300 ($0 balance)
AMEX Delta Skymiles- CLD from $1k to $500 (Called in and closed my account)

[AmyB98]

Paypal Buyer Credit CLD

I have had this account since 3/08 with a $500 cl. I always pay over the minimum due and I just checked today and they cld me to $350, $5 under my balance. This is stupid. No lates in over a year, all of my other accounts that were bad were pif before I even got the card. I am going to pay this off and then I am thinking about canceling the account. Do you think it would hurt my score if I close this account? I really don't want to fool with them anymore.

[darryl]

I certainly agree with you. Your advice is really very helpful for us.
[quote=AmyB98;15008]Paypal Buyer Credit CLD

I have had this account since 3/08 with a $500 cl. I always pay over the minimum due and I just checked today and they cld me to $350, $5 under my balance. This is stupid. No lates in over a year, all of my other accounts that were bad were pif before I even got the card. I am going to pay this off and then I am thinking about canceling the account. Do you think it would hurt my score if I close this account? I really don't want to fool with them anymore.

Thanks a lot!

[kadams212]

i have never been able to get approved for any card that bofa offers, but my mother who has a score of about 800 has had one of their cards for years and a checking account. she asked some questions about the card with a 20,000 limit and they decreased her limit to 3600(has a balance of about 3000). she was really mad but said she would not close it right now. of course she has american express, but how much will this affect her score?

[ColoNative]

i have never been able to get approved for any card that bofa offers, but my mother who has a score of about 800 has had one of their cards for years and a checking account. she asked some questions about the card with a 20,000 limit and they decreased her limit to 3600(has a balance of about 3000). she was really mad but said she would not close it right now. of course she has american express, but how much will this affect her score?

Yeah, it is like they are taking every contact oppertunity with a cardholder to close an account or lower the credit line. I had a slightly similar situation in January. It is almost like you can't call them for anything right now or you may risk losing your account or credit line.

[pamela2]

Hi everyone well Dillards cld my account went from 350 (not alot i know) to 190 and never late and just used the card last month.

[eugene66]

I got the letter today .....the reason for the drop was not because of my credit.....not because of my utilization........but because they claim that i do not use the card enough essentially (i charge at least 200 a month and pif). I was cooled off at first but now the words closed by consumer is coming to all of my gemb cards.

[hjm331]

Wow, what a lame excuse. I feel you Eugene, just hang-in there and keep it for history.

[Meya]

I think they are mad because they can't make any money off of you. But still, that is no reason why they should lower or close anyone's cc. You are right, this is a lame excuse.

[Eldarwen]

I have an Amex Clear and they gave me an inital limit of $2,000 (approved in August of '07). Less than a year later, they cut my limit to $500. That is a toy limit. They didn't like how I was carrying a balance on my Discover More card (it was my newest card at the time) and my Amazon.com card. They also didn't like the way my score was going up and down. Well, my credit history is only 3 years old and things seem to count more when it is that thin. Amex can be used for small purchases during the month to keep them somewhat happy because they like to see usage.

[reality]

Wow, I opened up my e-mail today and found an "account alert" from American Express. I've had the card for a year, always paid either in full or 70% over the minimum payment. Granted, I'm rebuilding my credit and only had a credit line of $1000.00. Today I found out that they reduced my credit to $500.00. Presently I owe them 79.00. I'm going to close the account.

Anyone else have a CLD?

[ColoNative]

Wow, I opened up my e-mail today and found an "account alert" from American Express. I've had the card for a year, always paid either in full or 70% over the minimum payment. Granted, I'm rebuilding my credit and only had a credit line of $1000.00. Today I found out that they reduced my credit to $500.00. Presently I owe them 79.00. I'm going to close the account.

Anyone else have a CLD?

I just opened my Amex Blue in September. I log into my account every day to be sure that my credit line has not changed. So far it hasn't. I carry a small balance on it because I got 0% APR for 15 months. But I am afraid of this happening to me. If they do, I will transfer the balance and closed the account.

Sorry this happened to you. They are really struggling right now and cutting back on a lot of people.

[reality]

I'm guessing that all of the folks that they issued a low limit credit card to are going to see a CLD. It's depressing, but definitely not worth holding on to. I refuse to pay an annual fee for $500 worth of credit. It's a new and scary time now. I'm not even sure I can blame them.