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A survey shows that 50 Million Americans have has credit limits cut or credit cards cancelled. Lending tree did the research and it was posted on the compare cards dot com website. Having your credit limit cut can affect your credit utilization, which harms your credit score.
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40 comments
CHECK IT OUT, Article on our website with more details from the survey: https://bit.ly/3cbq1WU
4:33 wow I didn’t know this I’ll start using my other credit card too. I got another card last year and it has better perks so I’ve only been using that one and now I guess I should start using the other one. Kinda funny though cause they recently increased my credit limit before this pandemic happened and I’ve had that card since I was 18 and only asked for a credit increase one time when I was I believe 21-22 and they did increase it but they increased it by less than what I requested and when they increased it on their own they increased it to more than what I originally asked for. I’m 23 and I recently checked my credit score on my banking app through capital one and my credit score is at 782 according to creditwise. My goal is to get it at 800 and keep it there before I go looking for a home to rent out
Im 23 and Ive hovered between 760-770 for the last year
I'm an outlier 21 yrs old, and 720.
The last time the BANKS took a nose-dive…AMEX cut my credit limits to lower than my "NORMAL" monthly purchases…so I closed 4 accounts with them AND THEY HAD THE AUDACITY to ask why I was closing all my accounts
I'm in my early 30's I've been struggling to get my credit to 800. I've had a 770 for a year it fluctuates a few points but always settles at 770. I have a 8% utilization of all my credit. Idk what to do.
All my cards are in good standing, my CS is above average for my age group. AmEx just reduced my credit limit to my current balance. This is the same thing that happened during 2008. The cc companies, in effect, "max out" your credit for you. They will slowly increase the APR's over the course of the next 5 years. Mine have never returned to my pre-2008 levels
Synchrony Bank reduces my limit from $10,000 to $5,000 and I had a zero balance. However Home Depot approved me for $5,000 credit limit. Strange🧐
If you don’t need it don’t buy it the old people new this live in your means and don’t buy 💩
I am 67, and have an American Express Platinum, and a Capitol One Venture Card, and I have never paid interest on any of my cards. (839 credit score)
"CREDIT IS CANCER!" THERE DONE IN 3 WORDS, AVOID IT AS SUCH!
The last time this happened was in the early 1970's during the great resession
I’ve been stuck at 788, might have to do with my school loans….ugh!
I will just let people know it's better to let the card company cut you off then you cancel your card yourself. Because your credit will take a hit also you don't want to apply for too many because your credit will take a hit because of too many inquiries. I just got a credit card offer a few months ago in the mail. Got approved and then they turn around and canceled me. Will never do this again Plus Credit took a hit because of the inquiry!! Best thing to do is get a very reliable card that you feel like you can trust. If there is any out there.
Using less .I dpbt see whybtp use credit when I have cash in my pocket.
I really feel that credit tsttibgvis stupid. If you pay everything off .and have no dent you ha e no credit and that's worse than bad credit
I have a business American Express! I have a 780 credit score and have had this account in great standard for 4 years now! Amex contacted me randomly advising that they are reducing my
Business account limit to $3,800 USD FROM
$50,00 USD. I was shocked! Why now?!!! I am not in negative standing – they gave me a useless excuse!!! It affected my credit to debt ratio and again…. there was no reason for it! When this is over screw American Express! I will close all my American Express cards – including my gold card
Watch those 0% offers disappear.
I'd like to give my creditors an option. Either cut my interest rates in half or accept that I'll start sending only half of the minimum payment you want.
I've been paying off all of my debt and I got around to my maxed out $5k card. I paid off $2500 on it last month and a week later they lowered my limit to $2700 lol. Now it's maxed out again lol.
Fortunately it'll be paid off this month and they can fuck off.
I cancelled one of my credit card just because I don't trust retail credit cards and I was younger when I opened it. I can't trust it all. I kept my oldest and secured and reputable ones though
Synchrony closed two accounts with balance on them and lowered credit limits on two cards I called and closed my cards with them I had several with no balance. I will take the hit on my score now my score will go up again
Capital one refuse to raise my credit limit saying my payments were too low and yet I have perfect credit with them for five years. Another card that I am on turned me down because I don’t have a mortgage or live in a house because I live in an apartment this is insane to me.
I paid off my credit card debt with my stimulus check and tax refund and cancelled all but 1 credit card. I was tired of carrying debt.
Thank you for this valuable info!
I'm 31, and mine was suddenly lowered and I didn't realize it until videos like yours pointed it out to me. Jokes on them though, I'm now about to pay it off in full within a month or so bc of all of this. 🤣 Thanks for bringing these financial things to my attention!
Amex lowered me from $7500 to $2300.
Lowe's closed my account. I have an excellent score of 842 never missed a payment ever on anything in 15 years!!
I still have a TD Visa and MBNA.
They probably think people won't be able to pay the banks back so that's why they are probably decreasing and canceling credit..at the same time what can people do if they really need food they will have to use it.
im 18 and my credit score is 730. why is it so far above the average?
The housing market will be next to fall!😐 Is it my imagination but there's usually a Republican President in office when this financial mess happens?🤔 This is not a coincidence I assure you!😐
Folk are waking up and cutting back on debt.
So being 20 and having a credit score of 738 is good then… nice to know!
This already happened in 2008-2009.
Were they lowered because The balances are past do or debt with large credit line.
This is only a problem for people who use their credit cards as their emergency fund.
Yep, I have a Discover IT Chrome Card and my limit was 3,000 with a balance of 1,400. They have decreased my limit to 1,700 and i was paying more than the min payment. I will have the balance payed off in 2-3 weeks so i don't know why they lowered it. No late payments with any of my 14 CC's and of the 14 cards i'm carrying a balance on 4. My utilization on all 14 cards is 21%. SMH
just found out chase reduced my credit by 50%! I have a 800+ credit score. reason low usage. complete BS
I tried applying for the Apple Card recently and didn’t get approved. I have 5 cards and a score of 726 atm due to opening my 5 cards in the past year, I thought Apple was basically approving anyone
It's obvious in a financial crisis they will eliminate high risk borrowers and cut down high limits in the high 4 or 5 figures.
Chase lowered my credit line on one card by 50%. So I contacted them and told them to just close the account all together. I told them that I could just take my credit score (which is perfect, and has been for the last 5 months) and replace their card with any other "non-failing" bank in the nation. I got a very polite apology the next day as they reversed their decision. Very high credit scores matter, and it helps if you know how the game. Their loan loss reserve (predicted charge offs) are based on portfolio average credit scores and other factors. So closing my account (a high limit account) actually increases their reserve calculations. Granted one account has a small effect, but in time like these, every tiny bit helps. On the subject of dormant credit cards, you must be careful. The FICO system punishes you for having balances on more than one revolving line. So the more the more dings on your credit. When you throw that in their face, that not using their card is their fault, they get perplexed. The pier group 1 (money center banks) has the biggest voice in how FICO is calculated. In my case the CSR hung up after he had no answer. Hey, what would be nice is if one of you youtube experts would explain what it meant when the Federal Reserve cut the reserve requirements (and that is not the same as loan loss reserve) to zero on March 26th, 2020. Can you explain what that means? If you're wrong I will correct you. If you knew what it meant, what I'm talking about and how it works, your hair would be on fire. If you paid attention in Macro Economics and had some policy banking experience it would be easy. But it's something everybody should understand, it's going to have a major effect on us all. Think Germany in the Mid to late 30's and what happened financially (not politically). And that's a hint.
4 accounts closed yesterday. My credit is in the high 700s. Never late, always pay more and never over a 10% utilization. This is crazy and I don't get it!