BOA has decreased my credit limit (I have never been late, never missed a payment, I haven't even used the card in a year). Is there anyway to get my credit limit increased to where it was?
There's your reason. They figure if you're not going to use it, then you won't miss it and they'll be able to reduce their exposure.
The other replies are correct. You should look at what you have and find ways to make your position stronger. We are in difficult times. No one wants to risk anything. Show people who are risking with you that you are there for them. I mean pay on time, pay more than the minimum, that sort of thing. That's about it. And that won't get you your credit line back, at least right away, but it might help you prevent more problems.
BOA used to be the king of CLI increases. Unfortunately, they, like AMEX and many others, are now heading in the opposite direction. No one is lending it seems . . . very difficult to get hardly anything.
I work for a credit card company (please don't hurt me, I need a paycheck!). I get calls daily from BofA and Chase cardholders who are getting their CL decreased, card closed, APR doubled, etc. I do balance transfers ALL DAY LONG from these companies.
How can new corporations get started building lines of corporate credit without using crappy low limit credit cards and owners having to make personal guarantees?
