My fleet account recently went up for the nine month review and Fleet decreased my limit from $3300 to $3100. (i recieved the decrease due to abount 60% overall utilization on credit report.) My report now says balance=2991; high credit 3232, credit line 3100. Does this mean that Fleet or another lender could view me as being over the limit/risky etc, although i never actually went over the limit.
YOU WILL "LOOK" OVER-LIMIT I HAVE BEEN BETWEEN 0% AND 90% USED...BUT I HAVE ALMOST $200,000 OF CREDIT LIMITS... I have NEVER had any limits lowered...BUT I HAVE HAD INTEREST RATES "JACKED" IF I GET "JACKED" THEY GET "JACKED" BACK!!! I CLOSE IT AND PAY IT OFF BEFORE 2 WEEKS IS OVER!!! ...OR I SOCK DRAWER IT AND USE IT FOR $5.00 IN THE GAS CAN FOR THE LAWN MOWER...THEN PUT IT BACK IN THE SOCK DRAWER TILL THE NEXT YEAR!!!
Since your balance is less than your credit line, and they really can't tell WHEN your high credit was greater than your credit line, I don't think it's a big issue.
Last month Fleet lowered my limit from $3,700 to $500. They wouldn't tell me why but I'm assuming it was because I only used the card once in a year of having it. Household bank up and closed my gold MasterCard for the same reason, but at least they were up front about it and sent me a letter first asking me if I wanted to keep the account. I called Fleet and simply closed the account. I'm seriously considering closing all of my card accounts that have less than a $10,000 limit over the next few months anyway.
The funny thing about Fleet was that I called them in January to close the account. I had a $2,500 limit and told them it was just too small and that's why I never used the account. They practically begged me to leave the account open for another month and then they would increase the limit. I left the card open and never thought about it again until I got a notice they were increasing the limit to $3,700. So it's a little weird they'd turn around and chop the limit like that. Oh well.
fleet gave me a hardon for doing a BT!!! they said they had to make sure it was my AMEX i was bt'ing to. Now why the heck would they even CARE whose card the BT was, ya know? And to rub it in my face more, AMEX ALWAYS ENCRYPTS the card # unlike other banks to keep folks from figuring it out.
