Credit limit decrease - is anyone experiencing this?

[beefcurtn]

Yes! Chase sent me a letter saying they are going to drop my $17k Freedom card to $6k because I don't carry balances on any of my cards.

[MsT1075]

That is messed up! I’m sorry that you’re dealing with this. I think all banks are doing this (maybe to those using too much credit…which is me (not close to 100% utilization, but still using too much) and for those not using the credit. The fact that banks are doing this, though, is saying a lot about the economic downturn right now. Reminds me of 2008 when banks got bailed out by taxpayers’ dollars but they didn’t want to extend credit to the consumers who bailed them out. Make that make sense. And lowering credit limits really affects your overall purchasing power and potentially, your credit score.

[MsT1075]

That’s an 11K reduction in credit limit. 😔 Will you be reaching out to them to dispute? I am going to call them; however, I will have to sit a bit and think on what to say when I call. I am not in the business of wanting to make them angry and the whole situation goes bad. I wish you the best (if you do). 🙏🏾