Why would your 25K credit card limit be reduced to 6K?
My credit limit for one of my cards was reduced due to a negative report that showed up on my credit report as a result of a bad roommate situation. Your friend can get a free copy of their credit report if they contact the credit agencies with 30 days of being denied credit. The credit card company should have sent your friend a letter explaining the credit issues. If the credit card is shared, one authorized user might have actually lowered the limit. Also, if your credit rating is very bad it could happen too. This happened to me too-one from 25000 to 12000- on 4 accounts.I have never been late ever but they said it was due to high balances-so why do they approve and if you use the cards even PAY ontime you are punished? These were merged banks and non merger This has happened to me because of "the manner in which I've paid my account", in other words late payments. It is also possible to have your credit limit reduced if you do not make money for the credit card company. Recently had citibank end a credit card program (att rewards card) and i applied for a similar card that citibank offers. The application was approved but credit limit was $4,000 (a $13,000 reduction from previous card). I finally got the reason from a cust. rep.; it was because of "poor performance". I have never paid any finance charges because I paid off all monthly balances before due. So i did not make enough money for citibank. (anyone know if this practice is legal--essentially dumping people who have done nothing wrong?)
If you voluntarily decrease a credit limit on a credit card does this look bad on your credit score?
Will repeated declined transactions on a credit card affect your credit rating or affect how a bank views you as a loan candidate?
Patricia a standard card holder uses her card for the first time and makes a 500 cash withdrawal How much of her credit limit remains?
This question does not supply enough information to be fully answered. It would depend on her contract and card limit. If her card limit was $1,000, her remaining limit would be $500. If her card limit was $700, her remaining limit would be $200. You would take whatever her total limit is, and subtract the amount she has withdrawn or used. If this were a debit card instead of a credit card, it would be…
Henry had charged 847 dollars to his credit card The cost of his next purchase caused him to exceed his credit limit of 1000 dollars?
A credit limit is the maximum amount of credit that a lender will extend to a debtor for a particular tradeline. For example, it is the most that a credit card company will allow a card holder to take out at once on a card. This limit is based on a variety of factors ranging from an individual's ability to make interest payments, an organization's cashflow and/or ability to repay the credit card debt.
Would you go to jail for credit card fraud if it has been paid back in full this happened by adding credit limit to your own card?
Short answer: It depends on the bank. Most likely though, no. Long answer: It depends on the bank and if the person asking the credit limit increase is a primary card holder. Most banks or credit card companies won't allow a secondary card holder to increase the credit limit. I just called and checked. The bank my credit card was associated with was MBNA. I am a secondary card holder (my name is on the…
Check the credit card company's profile. Select which cards have the lower interest rate. Then credit limit their credit limit. Different cards offer different credit limit. Choose a card that is best suited to your needs. The maximum total amount for purchases, balance transfers and cash advances. From this you can decide which card to choose.
Assuming your asking about Credit Cards, you would probably only qualify for secured credit cards. You would need to put down a deposit equal to the credit limit on the card. If you want an unsecured credit card, one where a deposit is not required, you will have to fix your credit and improve your credit score.
Yes you can. One of the best ways to reastablish your credit is to get a secured credit card. This is a credit card with a set spending limit. Say you give the credit card company $500 that will be your spending limit. Just use the card for normal purchases you would make anyways like gas. Then make the monthly payment on time every month. Within no time at all you will be back on…
John Wanamakers in Philadelphia, PA was the first department store to issue a credit card. Prior to that some stores offered 'open credit' to customers. They would pay the bill in full each month for what they bought. Wanamakers came up with the idea to issue a credit limit and credit card and allow customers to pay in full or over time, but not exceeding their credit limit.
Are the odds great if you don't have a great score but have paid this particular card always on time that they won't lower your credit limit?
One may always cancel their credit card, however, if one has a balance outstanding, one is STILL RESPONSIBLE FOR PAYING. From a credit reporting standpoint, it is never good to cancel a credit card because the number of open accounts is reduced and the relative credit usage is reduced (both resulting, generally, in a reduction of credit score).