My Fleet MC credit limit was reduced!

Factual Questions
1

And I always pay on time and more than the minimal amount due. Has this happened to any of y’all? It was 45 hundred and now it’s 38 hundred. I have one other MC: Citibank, and 3 rotating accounts that I always pay off every month.

Fleet gave me the increase to 45 hundred. I didn’t ask for it…

Thanks

Q

2

And the GQ here is…?

3

Let me see if I have this right.

It was at 45.
Now it’s 38.
Then they gave you the increase to 45 again?

4

Don’t ask us - ask Fleet. Only they know for sure why you were downgraded. Or, considering you didn’t ask for the upgrade, perhaps they discovered it was made in error. Just a guess.

5

There’s your problem. Credit card companies want more people to pay just the minimum, and frequently late payments gets them a buttload of penalty fees. You didn’t mention if you carry a big balance all the time, they love that. Credit worthiness is not based on how quickly you pay your debts, it is based on how profitable you are to the credit issuer. So someone who pays on time, is never late and never carries a balance is not as desirable as someone who pays just the minimum, is a few days late each month, and carries a big balance. Of course, if you are seriously late or miss a lot of payments, they won’t like that either.

6

Sorry, Q.E.D, I should have been clearer in my post! :smiley:

Just trying figure out the reasoning behind their decision. My balance is right at 2K now, and as I am about to buy a newer car, I wanna pay off my cards ASAP. I’m not really upset about it, but I don’t want it to adversely affect my credit rating either.

PA: No. They’ve been giving me increases all along until it got to 45, then they dropped it to 38.

Thanks

Q

7

Have you ever been late on any credit accounts? Or overlimit?

The reduction of a credit line is usually only done when the credit history indicates things may be sliding downhill. In my experience, it happens when there is a lot of accounts compared to the amount of income, little secured debt (mortage, car loan, etc) and the open accounts are carrying high balances. It’s done to protect the bank from loss.

Call Fleet.

8

Nope! I always pay on time and more than I should pay. Maybe that’s the problem. Also, I don’t apply for every card I get an invitation for.

I will be calling Fleet.

Thanks! :smiley:

Q