Anyone had their credit card limits lowered yet?

[AMISLANDER]

Just curious....

[Over our heads]

My GM card lowered my limit after 1 missed payment, last month. Only lowered it 400$, but that is just 400$ quicker that it will go over the limit for even more fees!

[magyar123]

So far - no. And I'm checking my limits every day... Especially my Wamu Visa and Wamu Mc, now that those bums from Chase took them over. Back in 2004 I included two previous Chase cards in my bankruptcy and burned them to the tune of about $15,000.

[paintinrosesred]

We've had several cards lower our limits (and they don't have a balance or been used in months).
I find it insulting.. I want to call them up and tell them "I don't want (or need) your stupid card anyway". Which is true!

[bcvw]

AMEX, Capitol One and WAMU all lowered our limits about a year ago, well before we found ourselves in trouble. I think the CC companies saw the impending economic crisis and started to cover their positions as best they could.

[robivi3]

Odd you said that. My original Aspire Visa card (first new one post BK) revoked my card two days ago. Not over the limit, never ever late. The folded card arrived at my house on Monday post marked the 24th. I had a balance of about $1200 fropm our trip (about $300 of it) and the rest waas just normal stuff. Credit line was 1500. It has been up to $1400 then to zero, then up, then, down to 200 or 300 or zero several times. Just revoked, no reason stated.

[FloridaGuy]

AMEX lowered has lowered my limits 5 times in the past year. Twice on a card which I do not even have a balance on. (I have two business cards, and two personal cards)

Also they started to associate the business and personal accounts. Meaning if I had a bunch of charges on the business cards, that exceed my "average monthly spending" and then I went to use a personal card... it may be turned down. (Which actually happened, to cause a phone call to amex) That pretty much ticked me off, and I let the poor lady really have it over the phone.

This was several months ago, prior to running into financial difficulties. Her explaination was due to the number of bankruptcies and AMEX getting hung out to dry by even their "black card" card holders they had to change their internal policies to protect themselves.


Well.... Fast forward several months, I am now one of the people filing BK, and leaving amex to hang with about $55K unsecured debt.

[magyar123]

Good for you to stck it to Amex. Those bums deserve getting sticked to. Comgratulations.

[FLBK7]

I just checked and the answer is no. I have 3 Visas -- one with a $10,000 limit from my CU, a $2500 Crap1, and a $10,500 with WaMu. Crap1 has a $400 balance and the others are zero balance. It was a bit startling to go to the WaMu credit card site and see the message: "WaMu Customers: Welcome to JP Morgan Chase."

You know, before my BK I had an Amoco gas card, which then turned into a BP card when BP bought Amoco, and it survived the BK with zero balance. Now that card is owned by JP Morgan Chase. My mortgage is also with JP Morgan Chase. Next thing you now, JP Morgan Chase will "own" all of me.