Has your credit cards cut your available credit, or not?

I was told that many of the credit cards are sending notices to people and saying that they are not going to allow them to charge as much as before. Instead their available credit is being cut and the card card conv checks and balance transfer offers are not being issued any more.





I see no examples of this for myself the offers are still coming in but maybe not anymore, who knows.





Have the banks cut your available credit?|||The site BobWang mentioned is an excellent - and totally free - place to learn how this credit crunch is affecting people and how to lower your risk assessment.





It's not just those who carry "large" balances or balances over many cards, which makes them look over utilized and/or struggling, who are hit by either closure or CLDs.


Even those with stellar credit and who pay in full every month, even paying before the statement cuts, are seeing it happen to them.





As for feeling safe just because a CLI is granted, one should keep in mind that these days what is given one month can just as easily be taken away the next month.





There are many factors besides carrying large balances/balances across many cards that seem to be in play with the CLD/closure risk assessments.


A few examples - what city/state a person lives, where they shop, what they purchase, if they use the cards at ATM's, if they hadn't used the card recently, who they have their mortgage with, etc., etc.





I lost two cards because I hadn't used them recently (one was reopened when I requested it, the other would not reopen upon request).


It used to be that a persons accounts would safely stay open if they were used at least once every 6 months, that time seems to have been shortened by about half.|||Actually I recently got a letter from my credit card company telling me I now had unlimited credit. I last had a platinum card.|||They are only doing this on those that carry a large daily average balance (especially if it is above the 50% of the credit line). Those that have been only paying the minimum and those that are constantly late.





They (the banks) want to cut their risks.





I myself have not had any decrease in my credit limits. In fact WAMU just raised mine and lowered the interest, but I thinks it is because they are trying to "bait" me into using their card.





If those who are paying on time and more then the minimum, and also paying down the balance to $0 on their cards every now and then, should not see any lowering of their credit limits. Also if they keep their debt to credit line under 30%, then those people should have no problems.





Hope this answers your question.


|||No credit card limits have been lowered to date. I've read about this happening though. I pay mine off every month so it doesn't matter


to me if they do lower the credit limit.|||Jane:


Go to CreditBoards.com and you will see LOTS of postings about credit limit decreases (CLDs)


I had a $50,000 Merrill+ Visa card closed on me last year because I never used it.


Saks closed my $25,000 World Elite MasterCard a couple of months ago because it had been 2 years since I used it last.


No CLDs for me, though, just outright closures.


I still have well over a million in credit, so I'm not too upset ;-)


Bob|||No