I don’t know about you, but one of my favorite parts about building credit is that you can instantly see just how far you’ve come. Many of us started with either a secured card, or a low $500 credit limit. Overtime, we can grow those numbers into the tens of thousands if we show good behavior. Credit can take ages to grow, but unfortunately is a privilege which means it can be taken away from us at a moments notice.
There have been reports of people getting their Chase credit limits lowered. Make sure to check those accounts!
No doubt, these cuts are due to Chase wanting to limit its exposure during the pandemic. It isn’t the first set of limitations they’ve introduced either, such as denying just about every small business credit card application since March.
If you’ve been hit by a reduction in credit limit, just about the only thing you can do is try giving Chase a call or secured message to reestablish your credit limits. That may or may not be successful, but you’d be surprised how often it does get reinstated. I’m sure there are a ton of people out there that don’t use their Chase cards at all, so for them, they wouldn’t have even noticed the reduction anyway. But if you’re on here, chances are that you did notice, and you probably use your Chase cards anyway.
If you aren’t able to get the credit limit reinstated, you always have the option of moving credit limits around from other cards as well, if you’ve got a favorite. Otherwise, keep the responsible credit use, and I’m sure you’ll be taken care of in the future.
Have your credit limits been reduced? Let us know in the comment section below if you have, and if they’ve been reinstated!