Bad news everyone! Pulled my CR on Monday and noticed that Macy's reduced my credit line from 500 to 300 (and I owed 260 to the card). Called in to find out what's going on and I was told that the bank has been doing CLDs on a lot of cards due to "changing economic times." I asked her why I wasn't notified of the decrease and she stated that in the CC holder agreement they don't have to notify any1 if they've done a decrease on the account. She told me that to wait 6 months and call in to see if they could increase the limit back to it's original amount. I said aren't we entitled to 3 month CLI based on the cardholders agreement and she said yes, but that every cardholder was going to be receiving a revised one in the mail soon that extends the CLI to only every 6 months....stay tuned everyone and check to see that you aren't in the same boat as me....

I agree wholeheartedly with you rsty99. They closed my Lowe's card with an excellent payment record and I believe a $16 balance at the time. The limit was a meager $300. Meanwhile, my Rooms to Go and Chevron cards, both of which I've been late on and have higher limits ($6000, $800 respectively), were left untouched. All three cards are backed by GEMB. I know, no rhyme or reason. I closed my accounts and have no regrets. Who has time to try and figure out their rationale. I gave up.

I just closed my 2 GEMB cards, one of them without notice lowered my credit line to $6 above balance on one of them. I had them to take advantage of deals the stores had but I dont need this type of thing right now, not knowing what they might do next.

Good move Tia. It shouldn't be considered a love loss. Chase has issues. Besides, you're better off with a credit union. They are more people oriented and are not caught up with the politics like major financial institutions. I still have my Discover open also, but if I even get an inkling or itch that they're up to something, I will let them go too. Life is too short to be cringing every time you go to the mailbox from fear of an account closure/limit reduction letter. I would love to become a member of USAA, but for now, my school's credit union will suit me just fine.

Tia,

You have joined some of the best institutions out there. Pentagon FCU is a great credit union (I am a member myself) and USAA is fantastic-they are constantly rated the best company for everything from insurance, credit cards and mortgages.

Congrats and good luck!

Sorry to hear your story, but glad to hear you are with a "Credit Union!" Pretty soon, Colo (as well as other's) advice on Cu's is going to turn this credit cycle around. Seems like we are going to have to shut down these so called Top of The Line Banks and go private with Cu's. When we used to try and recommend cards like Chase, Cap 1, or Bofa to those who were stuck with Tribute, Aspen...etc., seemed like we are slapped in the face with the cards of recommendation. Feels like I am starting credit all over again. Keep your head up and roll with the CU's, you made the best choice in banking and credit.

Sorry to hear it, Tia. The creditors usually get updated scores called Scorenet Scores each month. It does not require a hard pull and most credit reoprts have section under inquiries for account reviews.

Good afternoon all,

Thanks for the encouragement and knowlege, you guys are great. I finally recieved the dreaded letter from Chase on Saturday. As it has been pointed out they have the ability to close accounts with little to no reason. It was a form letter saying due to too many of this, not enough of that, length of credit file so on and so forth basically a ploy to rid themselves of Wamu/Providian customers. I had no idea WaMu was a sub~prime lender or I would never have kept the card. Charonh that was a very smart move and I can honestly say I knew this was coming, I coud feel it.

I decide to call and "toy" with Chase a bit, CSR comes on the line with the usual banter to verify who you say you are, on to the issue at hand, he begins to explain the items listed in the letter which I already know. I plead my case with the "I'm in good standing with the card and other lines of credit" nothin doin, transferred me to stupidvisor, same ol song, I then asked, are you guys getting rid of good WaMu customers? He says no, if that were the case they would have been closed the accounts BUT at the bottom of the letter it clearly reads "WaMU Closure" on that note I relented stating if Chase didn't want me then I do not need them either. I took the advice from reading here and joined Pentagon Federal Credit Union and USAA, once I establish a good relationship with them, I'll apply for a card from each and dump the rest except Discover and Citi.

~tia
]~tia[/COLOR]

This is my favorite place to be because everyone here gives of themselves of their experiences with credit and those with good to excellent credit supports those who are on the rebuilding trail.

Thanx..... Last year about this time Gemb decreased my chevron account and i was furious so i closed all accounts with (3) them, now a year later i now have three prime cards so I think the tradeoff of cards was worth it.

I agree with you wholeheartedly eugene66. You traded in your clunkers for much better products/cards that will reward you greatly in the long term, lol. Mucho kudos to you!!!!!!!!!!!!

Today i logged on my Citi card account and found the luv button on the list under tools & services and clicked on it and was approved for a 3600 cli with no credit pull bringing my total credit line to 7600....I will take it and run with it..[/quote]
u go baaaabbbyyy!

Thanx..... Last year about this time Gemb decreased my chevron account and i was furious so i closed all accounts with (3) them, now a year later i now have three prime cards so I think the tradeoff of cards was worth it.

Today i logged on my Citi card account and found the luv button on the list under tools & services and clicked on it and was approved for a 3600 cli with no credit pull bringing my total credit line to 7600....I will take it and run with it..[/quote]

That's awesome news and great CLI you got there...

Woo Hoo, party at eugene66's house. Congratulations, that's awesome. I guess Citi still has some love to spread around.

]Today i logged on my Citi card account and found the luv button on the list under tools & services and clicked on it and was approved for a 3600 cli with no credit pull bringing my total credit line to 7600....I will take it and run with it...

Chase didn't really get into the sub-prime mess like other creditors did.