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J.K. | Why would bank of america lower a credit card limit when there has never been a late payment |
Additional Details
No. There were no recent large purchases. I'm never late on ANY payment that I have. I really pay attentiont o my bills.
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 |
 
al
 |
Many credit card companies are lowering people's credit limits irregardless of payment history or credit rating. They are decreasing their exposure. |
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sparkle39399314
 |
maybe your credit score went down from some other source like a house or car or other big purchase |
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dark eyes
|
Could be something that showed up on your credit records that lowered your credit score. Write to each of the three credit reporting agencies and ask for a copy of your credit report. |
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DAS
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All of the response below are possible, you need to call Bank of America and ask them. |
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RantingLover
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If you're carrying a large balance and making minimum or slightly above minimum payments they're likely to lower your credit line.
If you suddenly had a sharp decrease in your credit score there's a chance they'll lower your credit line.
If you are currently going through foreclosure, they'll lower/close your credit card and/or line.
If you opened a new card with them or an affiliate of them they may have lowered that line and added the difference to the new card.
Or, it could be a mistake, because they do have automated systems that increase and decrease credit lines.
It honestly sounds like it is automated because you didn't get a call about it first. I would wait for a letter explaining why it happened (which you will get) and if it still doesn't make sense, give BoA a call. |
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Rodolfo R
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With all the identity/credit card # thefts, they may be just lowering their risks. If you call them, they'll most probably rise it again, but most people never get near their credit limit except when their CC # is stolen. |
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Beau.Gus
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There may have been a late payment somewhere else? Everything you do regarding debts is reported to the Credit agencies... |
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John Harris
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I want to say because they are scum. But instead I will say that possible reasons are because you have more than one card with them, or you have another card with another bank that was just acquired by them and they decided they had too much loan exposure with you so they lowered your limit.
When they lower your limit that is considered an adverse credit decision and by law they must notify you in writing along with giving you a reason why they made the adjustment.
If you didn't get anything in writing file a complaint with the regulatory agency that supervises the bank and that agency will make the bank give you an answer.
Go to this website to file the complaint:
http://www.occ.treas.gov/customer.htm
Contact OCC CAG
Toll Free: 1-800-613-6743
E-mail: Customer.Assistance@occ.treas.gov
FAX: 713-336-4301
Hours: 8 a.m. - 8 p.m., Eastern, Monday-Friday
Mail: Customer Assistance Group,
1301 McKinney Street, Suite 3450
Houston, TX 77010 |
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chelseygrrl69
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have you recently quit or changed jobs? moved? bought a new car or other large thing? gotten divorced? got a new credit card somewhere else? only kept a small balance on the card? not used the card for more than 6 months?
it could be due to anything, your credit score can change for all sorts of reasons, and the credit limit may have changed in response to it. |
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DN
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The only logical solution that I could think of is that they are hoping that he card owner goes over the card limit and pays the overlimit fee. |
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