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Seems like banks are getting ready: Friend's credit limit just lowered

 
Interested_1
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User ID: 77128962
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02/24/2020 08:27 PM
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Seems like banks are getting ready: Friend's credit limit just lowered
A friend has been out buying preps the last couple weeks...sporting goods store, gun shop, etc.

Today he found out his credit limit was lowered from 9K to 3200.

He has a decent credit score (~725).

We can't think of any reason other than the banks are getting ready and aren't going to be left holding your debt.

Posting as a warning to the wise...
Take the red pill now...later it will come as a suppository.
Anonymous Coward
User ID: 76935460
United States
02/24/2020 08:28 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Fuck the banks he should max em out
Butch DeFeo

User ID: 6519121
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02/24/2020 08:28 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Was he making recent big charges that are uncharacteristic for him? That can do it. And has he missed, or was he late on any credit card payments (at all)?
:DOCSRBAFFLED::redblueLED::DONTBEAPANDEMICS:
Only you can stop the fake pandemic for yourself, no one will ever tell you the pandemic is over. It's time to WIN.
Skip.
User ID: 65507635
United States
02/24/2020 08:28 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Chit. That was my plan...
Interested_1  (OP)

User ID: 77128962
United States
02/24/2020 08:31 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Fuck the banks he should max em out
 Quoting: Anonymous Coward 76935460


I'm not sure if that was his thinking, but they just derailed any such plan.
Take the red pill now...later it will come as a suppository.
Canuck_Hillbilly

User ID: 78517916
Canada
02/24/2020 08:35 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Interesting... I got a letter like that from one of my cc providers last week. Never missed or been late for a payment in the two years I've had that card, and no weird spending. Cut my limit in half. And my credit score has gone up 12 points in the last couple of months.

(and for some reason, I'm flying the US flag now. lol)

Last Edited by Canuck_Hillbilly on 02/24/2020 08:36 PM
My opinions are just that. My opinions! Don't like them? Tough!
Interested_1  (OP)

User ID: 77128962
United States
02/24/2020 08:36 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Was he making recent big charges that are uncharacteristic for him? That can do it. And has he missed, or was he late on any credit card payments (at all)?
 Quoting: Butch DeFeo


The only thing he can really put his finger on was WHERE he was shopping, although I suspect purchases he made were for amounts that are not ordinary for him.

I don't know his payment history, but he's a pretty organized guy--and he makes pretty good money--so I'm sure he probably has them set up on auto-debit from his main account.
Take the red pill now...later it will come as a suppository.
Interested_1  (OP)

User ID: 77128962
United States
02/24/2020 08:37 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Chit. That was my plan...
 Quoting: Skip. 65507635


Welp, hopefully you still have time or have a plan B.
Take the red pill now...later it will come as a suppository.
Anonymous Coward
User ID: 78516459
02/24/2020 08:40 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
if purchases were unusual they would contact him to confirm no fraud activity is happening. I have received call. Email as well as text when my creditor has concerns.

Wondering if they lowered due to his purchases being ‘preppier type ’ of goods ? Wouldn’t surprise me if this is being monitored.
Butch DeFeo

User ID: 6519121
United States
02/24/2020 08:47 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Was he making recent big charges that are uncharacteristic for him? That can do it. And has he missed, or was he late on any credit card payments (at all)?
 Quoting: Butch DeFeo


The only thing he can really put his finger on was WHERE he was shopping, although I suspect purchases he made were for amounts that are not ordinary for him.

I don't know his payment history, but he's a pretty organized guy--and he makes pretty good money--so I'm sure he probably has them set up on auto-debit from his main account.
 Quoting: Interested_1


He might wanna look at his 3 credit reports, to see if there is an error or some fraud.
He should just call the credit card company / bank that issues the card with him and ask politely why his credit limit was reduced. Let us know the reason when you find out please.
:DOCSRBAFFLED::redblueLED::DONTBEAPANDEMICS:
Only you can stop the fake pandemic for yourself, no one will ever tell you the pandemic is over. It's time to WIN.
Anonymous Coward
User ID: 76461169
United States
02/24/2020 08:51 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
“Friend”
ohyeah
Because friends always discuss each other’s credit scores.
Anonymous Coward
User ID: 77288913
United States
02/24/2020 08:52 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
if purchases were unusual they would contact him to confirm no fraud activity is happening. I have received call. Email as well as text when my creditor has concerns.

Wondering if they lowered due to his purchases being ‘preppier type ’ of goods ? Wouldn’t surprise me if this is being monitored.
 Quoting: Anonymous Coward 78516459


Doubtful.

He probably charged enough to change his income to debt ratio. Banks see that as a risk and will lower credit limits.

This is on all of his cards, not just one with a high limit.
Butch DeFeo

User ID: 6519121
United States
02/24/2020 09:02 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
“Friend”
ohyeah
Because friends always discuss each other’s credit scores.
 Quoting: Anonymous Coward 76461169


Do you feel the OP is the one that actually had his credit limit cut?

goodnews
:DOCSRBAFFLED::redblueLED::DONTBEAPANDEMICS:
Only you can stop the fake pandemic for yourself, no one will ever tell you the pandemic is over. It's time to WIN.
Interested_1  (OP)

User ID: 77128962
United States
02/24/2020 09:04 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
Interesting... I got a letter like that from one of my cc providers last week. Never missed or been late for a payment in the two years I've had that card, and no weird spending. Cut my limit in half. And my credit score has gone up 12 points in the last couple of months.

(and for some reason, I'm flying the US flag now. lol)
 Quoting: Canuck_Hillbilly


Very strange indeed. The only time I've ever had a card's limit lowered was one that I rarely used and paid in full each month. I think they lowered it from 17K to 2500 before they finally closed it.
Take the red pill now...later it will come as a suppository.
Interested_1  (OP)

User ID: 77128962
United States
02/24/2020 09:06 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
“Friend”
ohyeah
Because friends always discuss each other’s credit scores.
 Quoting: Anonymous Coward 76461169


LOL. Yes. "Friend." He was complaining to me and I asked him if his credit score changed, missed any payments (I was thinking more along the lines of car or mortgage, not card payments), etc. so he pulled his credit score.
Take the red pill now...later it will come as a suppository.
Anonymous Coward
User ID: 77432258
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02/24/2020 09:06 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
OP probably (oops, I mean his “friend”) charged up other accounts or recently opened additional credit lines and charged them up, so the issuing bank of the $9k cc lowered his limit to protect themselves against a potential write off.
.
Interested_1  (OP)

User ID: 77128962
United States
02/24/2020 09:10 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
if purchases were unusual they would contact him to confirm no fraud activity is happening. I have received call. Email as well as text when my creditor has concerns.

Wondering if they lowered due to his purchases being ‘preppier type ’ of goods ? Wouldn’t surprise me if this is being monitored.
 Quoting: Anonymous Coward 78516459


Doubtful.

He probably charged enough to change his income to debt ratio. Banks see that as a risk and will lower credit limits.

This is on all of his cards, not just one with a high limit.
 Quoting: Anonymous Coward 77288913


This actually makes logical sense. I don't think that is his highest limit card...but I don't know if any of his other cards had the limits lowered. He hasn't mentioned it if so.
Take the red pill now...later it will come as a suppository.
Anonymous Coward
User ID: 76857890
United States
02/24/2020 09:15 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
I just checked mine and my available credit has not changed . Are you people who's credit limits holding large balances ?


I pay mine off in full every month I use it .
Anonymous Coward
User ID: 77225709
United States
02/24/2020 09:18 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
“Friend”
ohyeah
Because friends always discuss each other’s credit scores.
 Quoting: Anonymous Coward 76461169


LOL. Yes. "Friend."
 Quoting: Interested_1


you lie
Anonymous Coward
User ID: 77288913
United States
02/24/2020 09:18 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
if purchases were unusual they would contact him to confirm no fraud activity is happening. I have received call. Email as well as text when my creditor has concerns.

Wondering if they lowered due to his purchases being ‘preppier type ’ of goods ? Wouldn’t surprise me if this is being monitored.
 Quoting: Anonymous Coward 78516459


Doubtful.

He probably charged enough to change his income to debt ratio. Banks see that as a risk and will lower credit limits.

This is on all of his cards, not just one with a high limit.
 Quoting: Anonymous Coward 77288913


This actually makes logical sense. I don't think that is his highest limit card...but I don't know if any of his other cards had the limits lowered. He hasn't mentioned it if so.
 Quoting: Interested_1


It could be that this is the only card company that checked. They also all have different policies.

But yeah, a sudden unusual increase in the income to debt ratio is usually the cause.

If he pays it down quickly, he could request it to be increased back to the previous level.
Anonymous Coward
User ID: 77202702
02/24/2020 09:20 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
A friend has been out buying preps the last couple weeks...sporting goods store, gun shop, etc.

Today he found out his credit limit was lowered from 9K to 3200.

He has a decent credit score (~725).

We can't think of any reason other than the banks are getting ready and aren't going to be left holding your debt.

Posting as a warning to the wise...
 Quoting: Interested_1


It has nothing to do with your friends credit or what he bought. The Federal Reserve is being held in check by the Trump administration and they keep having to dump cash into the Fed to stay compliant with their Deposit to Loan ratio. So they are tightening up all of the credit lines.
Interested_1  (OP)

User ID: 77128962
United States
02/24/2020 09:20 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
OP probably (oops, I mean his her “friend”) charged up other accounts or recently opened additional credit lines and charged them up, so the issuing bank of the $9k cc lowered his limit to protect themselves against a potential write off.
.
 Quoting: Anonymous Coward 77432258


FIFY

I don't know about that...possible. How long would it take to hit a credit report? 30 days? Because that would explain why the credit score hadn't changed...the purchases were all in the last 3 weeks.
Take the red pill now...later it will come as a suppository.
Anonymous Coward
User ID: 34205581
United States
02/24/2020 09:20 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
If you don't use your cards, they do that too. they aren't making money on you so they lower the limit or close it all together.
buck007

User ID: 17866055
United States
02/24/2020 09:21 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
a bank just raised one of nine from 9k to 15k$
Base12

User ID: 78222180
United States
03/22/2020 12:54 PM
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Re: Seems like banks are getting ready: Friend's credit limit just lowered
bump

Just happened to me.

I received a letter stating that my credit limit was reduced due to the Pandemic.

Excellent credit score.

I have a feeling this is going to happen more and more.

burnit
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