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BobWang

The Master Balance Chasers Thread

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Chase tried this with me once, when my CSP was still young. They said it was because of excessive inquiries. I had to remind them that multiple inquiries for the purpose of car loan/shopping are to be treated as one.

 

Hate when I have to do underwriting's job for them.

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This balance chasing thing has gotten out of hand! Years ago, it was that they would increase your APR... Now they kill you with balance chasing... Not only does it hurt your credit score, but they make it so you can't even use your card..... The worst is, you don't have to be late or anything... They can do it for the heck of it....

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Just received letters from Chase lowering credit limits on the two cards I have with them. First one had a CL of $11K with a balance of 6K on it. Second had a CL of 17K with a balance of 11K on it. They lowered the first CL to 7K and the second to 12K because "balance owed on revolving accounts too high; balance too high compared to credit limit; number of accounts currently in use".

 

Excellent credit for 15+ years. Never late; never missed a payment. Been paying just over the minimum; however, recent windfall will allow me to make some major dents into these and the other cards I have.

 

My question(s):

How do I best proceed now? Call Chase and ask for increase based on good payment history/credit?

And I have approx. 13K from the windfall that I can apply to debt. Do I pay off the 6K one and pay the rest to the 11K one? Or pay off the 6K, pay off another bank card of 4K, then use the remaining on the second Chase account?

 

Do I just want to get rid of Chase soon as possible and then close them both?

 

 

Be very careful ... Because if you make another payment, they might chase it to your new lower balance... This happened to me with Amex and BOA a few years ago... For a few months, every time I paid a bit more to lower my balance, they would just lower my limit.. And like you, I had never been late with them or any other of my creditors.

 

When I noticed that, I started paying enough to lower my balance by only a few hundred ... Once I saw them stop balance chasing me, I then paid down my balances....

 

BTW, They didn't stop until they had my limits to less then 50% of where they were... BOA took my down to a 1/3 of my original credit limit... And if this account wasn't so old, I would have dropped them... What's funny now, since a few years have past, both companies have started sending me pre-approval offers again..

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Discover did this to me...had a $5K limit with a zero balance. Did a balance transfer at 0% when I first got the card, and paid that off in 7 months. I had been paying the balance every month since then, and suddenly got a CLD to $500.00, with a snippy little letter saying don't bother to call, our decision is final. :glare:

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Hrm. I didn't realize this was happening yet again... Deja vu and a flashback moment to Chase (the devil) and their UD and all the misery that brought me here to CB years ago.

 

Thanks to the pros here, I will never be held hostage again!

 

I don't come by much these days, but still heart you all!

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Is there anything I can do?

My score is pretty okay..but I took several 0% balance transfer offer from few of my cards such as Bofa, Chase Slate, Citi Forward, Citi Ty Preffered and now they are reducing and closing my unused card.

 

They reduced my citiforward from 21k to 17.32k. My balance was 20.8k when i took out the balacne transfer and i still have 6 months to go.

Citi reduced my TY preffered from 13.5k to 7.4k with a balance of 7.3k. I took the balance transfer as well at 13.2k then and i still have 3 more months to go.

 

They closed my 4.2k citi..i dont remember what brand, but i dont use it at all...

 

Is there anything i can do now? they are trying to ruin my credit....

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I am not quite sure what is my score really...but I have not late payments and really havent open tons of new cards...

 

they only red flag that i can think of is that I like to use "free" money.

I have currently 5 cards with balance transfer offer...

citi freedom, citi ty, chase slate (i took the offer last year and will pay in full this year. Still have 3 more months on Citi Thank you and 5 - 6 more months on freedom and slate).

Then, i took in March 0% balance transfer from Bank of America and UMB.

 

I have paid close to 1/2 what I owed to citi since last year as of today.

 

My utilization is about 42% overall.

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Citibank did this to me!

1 card closed with limit $4200. Hardly use with 0 balance. <-- closed 2 months ago.

I dont intend to use the card so i wasnt care about it.

 

Citi Thank you Preffered reduced from 13.5k to just few hundreds $$ above my current balance. I still have 3 more months to pay off my 0% balance transfer.

And today, my citi forward dropped from 21k to also few hundreds above my curent balance. And I stil have 6 more months to pay off my 0% balance transfer.

 

Anyway i can fight this?

This is messing up my credit.

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So what is a good strategy to build high limits that stick? I understand that high limits beget high limits. How about lenders that are stable and don't give people this type of treatment? Can we safely expect to be treated right by CUs?

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CUs are not entirely safe either.

 

They may just cancel the card outright, rather than chase.

 

Strategy is not to use very much of those high limits.

 

The 0% BT game might have been profitable in the days when one could get a "safe" 5% interest rate.

 

Today, with rates basically at 0%, it doesn't make much sense any more.

 

If high utilization is NOT due to playing the BT game,

 

that's a big red flag.

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Here goes.. I have 3 Citi credit cards that have been maxed out for most of the year. I recently sold my boat that was paid for and used that money to pay large amounts of my total debt off. In total the credit limits were about $13,000 and i paid $4,000 across all three and another $10,000 on other credit cards. A week after making the payments i received a letter in the mail for one of my cards stating they decreased my credit limit that exact same amount as what i just paid, curious i logged into my account as saw that all three were reduced the exact amount i just paid.

 

The whole point of making these large payments was to increase my credit score to refinance my home and with Citi's actions i gained nothing in regards to credit utilization, i would have been better off applying that 4k to another account. Anyway when i called to get reinstated i spoke to two different department and both stated that i qualified to have it reinstated but received an email stating they couldn't do it. At his point i was dealing with it until i logged back into my accounts and found one of my cards was now over the limit due to there reductions and yes i have not charged anything to these accounts. So now, not only did they screw me on credit utilization but now I'm showing over the limit, WTH!!

 

I have never had a late payment with Citi so my question is: Can i sue them for the over the limit issue affecting my credit score? At this point i really want to take it to Citi!!!

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