Yesterday I got home and checked the mail. One of the bills was a credit card bill. I open it up just to review it and I found something oddly strange about the statement, it appears that my credit limit had been decreased to $5000 from $7500. The most interesting part was the reason included in the statement:
NOTE: Due to your recent credit history your credit limit has been lowered to $5000
WHAT THE ….
Calling The Credit Card
I call up the credit card company to try and sorted it out since everything appeared in order on my recent credit score review. I got a very nice gentlemen on the phone:
Credit card Guy “It looks like we reviewed your credit score and what you have with other lenders and it was decided to lower your credit limit”
I rebut with “I have never been late on ANY bills and have always paid off this credit card in full without ever carrying over a balance”
Credit card guy follows up with “Well they may have also decided that you don’t normally use that much credit so there is no reason to have that much credit”.
I decided to end the conversation with the following “Well I don’t really understand. My credit score was lower when you gave me this limit. My score as gone up since then and now you want to lower my limit. I would like you to note that I’m dissatisfied with this and in future reviews if you decided to raise my limit, don’t”.
What’s The Problem
The interesting part is I never really wanted that much credit when I first applied for the card. I was only going to keep it at $7500 while we did our renovations which were completed 8 months ago. I think I’m annoyed and a little worried that my credit is being called into question. I’ve never ever had problems getting credit or being refused credit. I see this has a sign that things might be getting tougher for me in the future. If lenders begin tightening up on their lending practices I might not have access to funds when I need them or at the very least won’t be getting the best interest rate. Its apparent that repairing my credit score should be higher on my list of priorities.
Have you recently had your credit cut?
-mfd-
