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  1. #1
    Registered User Junior Member
    Posts
    21

    Credit limit lowered

    I need some help/advice. My card just lowered my credit limit. Can they do that? Can I fight it?



    Thanks in advance for your help!!

  2. Credit limit lowered
  3. #2
    Registered User Senior Member
    Posts
    112
    I'm sorry to hear that. But I think they can do it. Can you open a new card?

  4. #3
    Registered User Senior Member
    Posts
    240
    If your limit was lowered below your existing balance, your issuers must give you 45 days notice before charging any over-the-limit fee or penalty interest rate. This gives you time to get your balance below the new limit amount.

    Besides that, there are few rules that must be followed by your issuer to lower your credit limit.

  5. #4
    Registered User Semi Pro Member
    Posts
    267
    I do not know why your limit was lowered. But one bit of advice is not to close the account to "get back at them". That will just lower your overall available credit (assuming you have other cards). Avoid using that card, but don't take an action that will hurt yourself.

  6. #5
    Registered User Junior Member
    Posts
    27
    Have you tried to get the decision reversed?

  7. #6
    Registered User Junior Member
    Posts
    21
    Thanks for the tips.

    It took me a few months, but I now have the situation back under control.

    Previously, I used use one rewards card (Capital One Quicksilver, BTW). I still have the card. Just with a slightly lower limit. I tried to get them to reverse the decision. But they would not budge. I guess something came up in my credit report they did not like.

    Since then, I opened a new card. Part of this was to get my credit utilization back up a bit. And part was to make sure I had enough credit in case of emergency.

    I have not done this yet, but my next step will be a balance transfer. That will mean a third card. Which again will help credit utilization. And with a 0% offer, I'll really be able to get my credit card balance under control. (Actually, my goal is to pay it off.)

    Just waiting for my score to pop back up a bit to qualify for a superior balance transfer card.

  8. #7
    Registered User Semi Pro Member
    Posts
    267
    We are pulling for you!

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