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48 comments
Thank you for reporting on this! I was paying my Chase credit card a few days ago and noticed my credit limit had decreased and was wonderingwhat the heck was going on. I have NEVER been late with them and have been a customer with them for 3 years!
Try calling a major bank today and you will be on hold for more than an hour. The Fed is throwing so much money at banks to avoid a liquidity issue that we have negative interest rates so it costs the banks money to keep cash. The 2008 crisis was caused by the banks so, of course, they couldn’t afford to lend. Anyone laid off will get $15 an hour from the 1.2 trillion dollar Federal fund plus whatever they get on a State unemployment insurance plan for 39 weeks or if you even look like a business or a sole proprietor the SBA will probably cut you a check for $10K as a grant as in free money in 3 days no strings attached. Finally, most of just get $1200 . No idea what this all means but it seems that there is going to be so much money out there and the social safety net will be better than ever to get a lot of people through this impossible time while we’re stuck at home watching YouTube videos.
AMEX decreases limits for anything sometimes for contradictory reasons
..coronavirus is cannibalising credit right now…
… excellent analysis… good analogy.
Oh you poor wealthy people 😥
That's weird. I got a $3,000 increase without asking right as the virus was hitting the US. I was surprised because normally when they increase my limit, it only goes up by a thousand. It was weird but I was thankful. I chucked it up to my credit score only fluctuating 10 points for the year span.
Capital one haven’t given me a increase in 2 yrs. I make 15 payments a month what the hell
That’s odd…I got significant limit increases on 2 of my accounts within the last 3 months…. but then again have been on that Dave Ramsey life lately and been paying my debt down like it’s going out of style, (and score went up 30 points as a result), so that probably has more of a factor.
I have 6 credit cards but mainly for reward points but I paying off monthly. So hopefully this doesn't impact me. Lol
I just got a increase of $200 woot woot 🙏🙏🙏🙏
This happened to me once and it made it look like I was way behind my payments. The creditor told me that credit is a privilege and not mandatory. I had to use my savings to pay it up and it was one we used to replace all the appliances in the house we just bought. Now we are in a terrible financial distress.
I just paid off my CC i dont plan on using them anyway.
And you want to have debt for what reason exactly?
I had a good credit rating and I recently paid off some credit cards recently with my tax return and my score went up but on the bottom we’re it said good credit it now says fair credit even with a higher score
I do Not have a known limit on my AMEX
Banks are looking to limit their liabilities, don't take it personally.
I will take that advice
I recall this happening in the 2008-10 time frame. Feels like yesterday!
Three different credit card companies decreased my limits all within the same couple of days. This was before we knew about the virus and the impact it was gonna have.
US Bank knocked one of my higher limit cards down for no apparent reason. My credit score hasn't moved. I called them and they won't budge. I figure it will shave 30-40 pts off my score. Pretty pissed and not sure what to do.
(507) 881 0543
813 693 1388 bring back my hopes
love the comment below that says he's a "Student" and has a $20k limit credit card. These aren't strange times, its beyond idiotic.
Brian – when you get your new Chase Ink cards for your new business with a new EIN, do you apply for the CIC, CIU & CIP at the same time since you are established with them or do you wait a month+ between applications?
Honestly I wouldn’t mind if that happened to me. I owe about 4K in credit cards and I’m working on paying them off. I don’t like using credit cards unless it’s an emergency and I really can’t afford something until I get paid. I moved out before I was ready and I was essentially LIVING OFF of credit cards because my paychecks weren’t enough for rent and all my expenses.
Interesting enough, I have had a decrease or two when I basically I stop using a card (3 months without a charge) with leaving the balance at 0.
Credit is no more now ! The big oh Fico,will crash because of the virus. Just pay cash. Then no more worries.
BRIAN! They reduced my credit 🙁 wth
My Petal just went from $2000 to $1000. All good payments and never a high utilization.
I have 25k in available credit with a zero balance. I haven't gotten a decrease. I have a 805 FICI. No debt
Dude my credit score went down over 100 points
I work for a bank and when it comes to credit decreases I commonly see two cases. First is that there has been a high balance for years and finally it was paid off or down significantly. And if you rarely use the card.
For years, I’ve had a Nordstrom store card with a $5,000 credit limit. But all of sudden, this was cut in half to $2,500 because “I don’t spend nearly enough on the card to legitimize the first limit”. Ridiculous.
My SEARS Shop Your Way card just did this to me today!!! I was shocked, like what. $750 CL reduced to $300 EVEN with $3.98 balance!!!!!! Not kidding.
Guys don’t worry!!! According to our President the economy will roar “very nicely” and better than before (today the stock market lost more 1800 points), the government is claiming that will do anything to help the American people (after crying about the $1200 given in the first stimulus package they’re taking more than 3 months to prepare a second stimulus because Congress is on vacation while the American people are suffering), credit cards are there to help us (after gettin bailed out in 2008 and screwing us over in 2020 they’ve got the nerve to lower the credit limit even with current customers). This whole system is rigged!!!!
Just happened to me today
My credit is not good BUT I WAS PAYING MY BILLS BACK AND TRYING TO FIX IT. JUST PAID US BANK 5 GRAND BACK THEY TOOK IT ALL AND DECREASED ME TO 1000 DOLLARS. IF YOU ARE GOING TO STARVE LIKE ME THEN WBY DO THE RIGHT THING WHEN YOU GET PENALYZED FOR DOING THE RIGHT THING. BEWARE OF US BANK
I understand with you but not billion dollar banks scamming people and making them homeless
Pay off your balance? Bullshit. I had no balances at all and amex still cut my limits from $5000 to $1000. Not even capital one has reduced my limits
Could my credit cards lowerv my limit if I paid in advanced for the limit (secured credit card)
Citi just decreased my credit limit from $4,300.00 to $500.00! I am still employed and always paid it off before the closing date. Guess I'll use my other 6 cards and Citi can piss-off.
Go shop with @Darkphate on telegram he is the best imhe have been helping me with card for about three months now and he never disappoint me in any of my delivery
I just got my CC debts cleared successfully by Mitch0222 on ¡nstagrgram. That man is a life saver
Brian Jung I'd like to speak with you.
I pay on time, I have been paying more than minimum pay, American Express decreased credit limit, I am so angry, because it effected my credit score!!!!
As soon as the pandemic started I didn't hesitate, I filed chapter 7 bankruptcy IMMEDIATELY. That got rid of $36K of credit card debt. I got discharged by May 2020. Now I have two lines of credit, one secured and one unsecured so a total of around $4,000 in credit line less than a year after filing BK. Good thing is that I don't have the mountains of credit card debt holding me down and my Debt to income ratio is extremely low.
Yup I got a decrease
Thank you so much!!! Definitely checking out your other videos.