Hi,
Recently I pulled a copy of my credit report and noticed that my limit on one of my cards was dropped from 4000 to 2000. Also, when I called to inquire about this they said that it doesn't matter right now as the account will be closing in a month. This was a card that I had made a large purchase on, and paid it off before the terms of the no payments and no interest promotion. I am scared as to how much more my score would have gone up had it not been dropped.
I have gone through some credit problems, I had 3 accounts that were settled for less than the amount owed and many other cards that I had defaulted on. I am now current, and have been for 2 years and had everything paid off. I am scared as to this account and what is going to happen. I had opened the card before my financial problems and then came out of the financial problems and got everything taken care of.
What should I do?
tradeline reporting
Hi Ricky,
Under the new rules of the credit card law, the credit card companies are not allowed to lower the credit limit without a 45 day prior notice to the debtor. The new rules protect the credit card holder. Thus, you can complain about this to the Federal Trade Commission.
Thanks,
Aaron