Verstehen (mysticblossom) wrote in bad_service,
Verstehen
mysticblossom
bad_service

Advice Please? (Not necessarily bad service, but definitely frustrating)

This may not be appropriate here, so I'll just write the general gist so that hopefully you guys can direct me to the correct community.

I checked my profile on my credit card company's website, and found out that my credit limit had been lowered, from $1250 to $750, making my available credit far, far less than it had been yesterday.  I always pay my bill on time, and have been paying way above the minimum payment for some time now, so I called the number on the back, and was told that my credit limit had been lowered, but the operator didn't know why.  She said it was all detailed in a letter that was on its way to me.  I asked if she would have any idea as to why, she said that lately, they've been doing it to a lot of people who haven't spent even close to their limit, which is the case with me, and that that might be the reason why.  I also asked if I could have my credit limit increased to the previous amount, and she said she couldn't do that.  She was very nice, so I'm not complaining about her service.  I have issue with not being told ahead of time that there would be $500 less available to me.

So what I really would like to know is, can they do that?  I wasn't given any warning ahead of time, and while, yes, I have never really spent more than the new limit, I was planning on going abroad in March, and was counting on having access to the credit line I had before so that I could finance it.  I know it's not really nice or considerate, at least from my point of view, but what I really need is for someone to let me know how I should handle this, if there are any policies being broken here, and what I could do to get my credit line increased as quickly as possible.  I've never spent above my limit, and as I said, I've always paid my bill on time.  I just don't like that I wasn't informed of this before it happened.

Edit:  I just want to say thank you to everyone for your advice, news links, information, etc.  I feel much better about it now that I've had a day to think about it and while I still think it's absolutely ridiculous to do something like this, I will view it as an opportunity to pay off my balance, switch to a card with a better interest rate, and manage my finances even better than I've been striving to (although this time of year, it's difficult for everyone).

Sorry for the PSA, lol.  I just really want you guys to know how much you've helped.
Tags: ^annoyance, credit cards, helpful comments, question
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