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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.
Hi simpletruth,
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.
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.
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.
cc
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?
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.
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.
Well I guess I'll have to pull my credit report and see what, if anything is going on. I have had some issues with co signing, maybe that is affecting it.
can you guys tell me how to get a copy of my report? How much does it cost? can I order it online? help I am at a loss here.
will my credit score go down just by looking at my report, I've seen on here when others view their report their scores have gone down,if my score has gone down i really don;t want it going doen any further
Your report is free, you can pull one free copy from each of the three credit reporting agencies once a year.
There are alot of websites out there that want to charge, do not pay when you can access transunion, experian and equifax. You will not get your score, but you can get your complete report online, free of charge.
Your score will not go down by you viewing your report.
Hope this helps, if you have other questions please post them and someone will be along to answer them.
Co-signing issues can bring down your score causingf credit lim its to drop but also the economy (as Justin said). If they sent the letter and their reasoning was your report itself then I would get it pulled and see what exactly is going on. If it is co-signing issues you may be stuck with your current situation until you can get those matters sorted out. Look at your report and if you need any help figuring it out let us know. Be sure to keep your eyes open for any in accuracies that can be causing a lower score.