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Started By
Message
CC companies reducing the line of credit amount even though the
Posted on 7/17/17 at 7:44 pm
Posted on 7/17/17 at 7:44 pm
account is current and in good standing.
Does this happen much? Has it ever happened to you?
Does this happen much? Has it ever happened to you?
This post was edited on 7/17/17 at 7:46 pm
6
Posted on 7/17/17 at 7:52 pm to cypressbrake3
No
Posted on 7/17/17 at 8:07 pm to cypressbrake3
Pretty sure they can review your credit and adjust as they see fit.
Posted on 7/17/17 at 9:58 pm to cypressbrake3
Happened to me when the crash in '08 occurred. Royally pissed me off because I regularly charged $20k - $30k a month for business but they dropped it to $5k without any notice. I vowed never to do business with Citigroup again.
Posted on 7/18/17 at 9:23 am to HubbaBubba
Happened to me too, maybe 10 years ago.
They significantly reduced the LOC and jacked up the interest rates.
I think it was Capital One. It was a company wide decision. They were protecting against defaults which were peaking at the time.
I remember being pissed.
They significantly reduced the LOC and jacked up the interest rates.
I think it was Capital One. It was a company wide decision. They were protecting against defaults which were peaking at the time.
I remember being pissed.
Posted on 7/18/17 at 9:48 am to cypressbrake3
Is this a personal or company line of credit?
Has anything happened, or been reported to them recently? If not, are you using the entire amount allotted in the line at least once a year?
Has anything happened, or been reported to them recently? If not, are you using the entire amount allotted in the line at least once a year?
Posted on 7/18/17 at 10:12 am to ItzMe1972
Yes, I forgot. They also jacked up the interest rates. This was an American Airlines Visa. I used it to accrue lots of miles.
When this happened, I contacted Merrill Lynch, where my holdings were mid-six figures, and they issued me a card with an immediate $35k limit with a flat, never changing 8.99% interest.
I never hesitated to call Citigroup and cancel my business with them.
When this happened, I contacted Merrill Lynch, where my holdings were mid-six figures, and they issued me a card with an immediate $35k limit with a flat, never changing 8.99% interest.
I never hesitated to call Citigroup and cancel my business with them.
Posted on 7/18/17 at 11:20 am to cypressbrake3
It happens all the time. Just like when they'll increase your line of credit without you asking. They'll do whatever is in their best interests; not yours.
Also, banks will reduce/close HELOCs too. This was a problem during the 2008 financial crisis.
This is why I shake my head when people say they will depend on credit cards/HELOCs as their only emergency fund.
Also, banks will reduce/close HELOCs too. This was a problem during the 2008 financial crisis.
This is why I shake my head when people say they will depend on credit cards/HELOCs as their only emergency fund.
Posted on 7/18/17 at 7:14 pm to gpburdell
quote:
This is why I shake my head when people say they will depend on credit cards/HELOCs as their only emergency fund.
QFT
Posted on 7/19/17 at 11:53 pm to HubbaBubba
quote:
Happened to me when the crash in '08 occurred. Royally pissed me off because I regularly charged $20k - $30k a month for business but they dropped it to $5k without any notice. I vowed never to do business with Citigroup again.
Also happened to me in 2008. They put me in the same group as the other poor saps who regularly paid their bills. "Universal Default" automatically increased interest rates to 29.99%
I will never do business with Citibank again in my life.
Posted on 7/20/17 at 10:47 am to cypressbrake3
It's never happened to me with a Visa/MC
It's happened twice with store cards - my Home Depot card and my wife's Lane Bryant card. Both cards we only used if there was some sort of promotional financing or discount, and we always paid it off before the promotion ended or the discount would start accruing interest. So we never paid any interest.
Both times, the card had not been used in over 6 months.
Both times, after the card was used some, they brought the limits back up even higher than before.
It's happened twice with store cards - my Home Depot card and my wife's Lane Bryant card. Both cards we only used if there was some sort of promotional financing or discount, and we always paid it off before the promotion ended or the discount would start accruing interest. So we never paid any interest.
Both times, the card had not been used in over 6 months.
Both times, after the card was used some, they brought the limits back up even higher than before.
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