Stop Credit Limits & Lowering


You’ve had your credit card for a long time and everything is going great, but out of nowhere you get a letter in the mail. The letter looks innocent enough in the beginning, but what’s in it feels like a punch in the gut. All of a sudden your credit card provider doesn’t trust you like they once did. In fact, their trust in you has dropped so much that they have now lowered your credit card limit. For some, this isn’t much of a problem, while for others it could be devastating (especially if they the limit to the current standing balance).


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Don’t Panic

No matter what, panicking will not help; honestly, it’ll only make it worse. For starters, you might not even be utilizing your entire credit limit. In this instance, there really is in a point of having a high credit limit. Now, there are some who do use most if not all of their credit limit; for them, the lowering of their credit limit could push them into limit default (going over their credit limit). If you do not need a higher credit limit, then you are fine. If you do need a higher credit limit, then you need to get in touch with your credit card provider soon.

Be Prepared

Of course the fastest way to get your credit limit raised again is to contact your credit card provider; however, you should not go in with your “guns-a-blazing”. You have to realize that the credit card provider is worried about you in some form or another. Maybe you’ve come across hard times and some of your bills are late. Maybe you missed a payment with them. Maybe your identity has been stolen and you aren’t even aware of it yet. Whatever the reason may be, they control your credit limit.

First, you should do as much research as possible to determine what you think might be the cause of your decreased credit limit. If there is a possibility that you have been late, or unable to stay current with your creditors, make sure that she can provide good reasoning as to why that was a one time occurrence. If it wasn’t a one-time occurrence, the credit card provider will be less apt to re-raise your credit card limit.

Make The Call

Now is the moment of truth! It’s time to pick up the phone and contact your credit card provider. Generally, you are going to have to click through a lot of prompts to get to an operator; even so, it is important that you reach an actual person. Normally, you are going to reach a low-level employee who will not be able to help you adequately. Instead, you should ask to speak to a supervisor or higher-up.

Once you have them on the phone, you should explain your situation as thoroughly as possible. They might come back at you with several reasons why your credit limit has been lowered, listen carefully and remember that they are trying to protect themselves. Respond to each reason in a way that shows them that you are not trying to hurt them, but that you need them to work with you as well. Most credit card providers will look at past history and if your past history is solid, then your chances of reinstating your previous credit limit is higher than if you defaulted.

Will Negotiation Always Work?

Not always. Unfortunately, some credit card providers will not negotiate under any circumstance. In these events, you have to determine whether you want to stay with that credit card provider or move to another. If you cannot afford to change providers, then do not even make an idle threat. Some providers take that threat and immediately put a stop on the credit card in question.

So, if your credit limit has been lowered, you still have a chance that your credit card provider might reinstate the old credit limit. Again, do not panic. Don’t make hasty decisions. Get all of your information ready and contact your credit card provider. Calmly discuss the situation with them and ask for a reinstatement of your old credit limit. They have already lowered your limit, so if they say no, you will not have lost anything.

Gina Wilson

Another post from Gina Wilson – Credit & Loans Specialist Blogger.

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