Ok, just blowing off some steam. Got a Cabelas card 7 years ago, WaMu. It then got bought by Chase. Well within a month my interest went up to 24%!! Never late, never over 30% utilization. Forward to today, Chase Dropped my limit by over half!! (still never late and carry no balance) so I call them and they say it was do to LOW ACTIVITY!! First off I just paid my balance from last month and the month before that I had 6 transactions, and usually have one or two $50-$100 purchases on it a month. Nothing big, but usage non the less. The only thing I could think of is that I wasn't carrying a balance therefor Chase wasn't making any money off of me, so they cut my limit. They then want to ding me the points for doing another credit pull to increase my limit again. BS Thanks.
They should of did an account review and not a hard pull, what does the new inquiry say as to the type it is? That is terrible, sorry to hear that. The credit card companies as a whole have been giving it to the consumers over the last year since they learned that they were going to be subjected to new Credit Card Reform Laws, and just because the new laws took affect, I am not sure if old cards established before that time with increases before that time, can be lowered. The new law says if a consumer has an adverse action like a rate increase, the creditor has to give consumer prior notice to opt out and close the account. If the consumer keeps the account open then the creditor has to lower the rate back down after 6 month of good payments. Also the creditor can no longer look at the history of other credit accounts to determine adverse action. I would dispute the nature of the inquiry with the creditor and the credit reporting agency if it was a hard pull instead of an account review.
