What can I do?
2007-12-30 07:13:21 · 6 answers · asked by Steve M 1 in Business & Finance ➔ Credit
Nothing they may have reconsidered but they can lower it anytime. If you were going to use it to finance something that cost more than 1,500 just don't use it at all.
My first credit card had a $50 limit and I wanted to buy something that cost almost $100 so I never once used it.
2007-12-30 07:17:52 · answer #1 · answered by shipwreck 7 · 2⤊ 0⤋
If you go back and read everything, including the fine print, on that offer, you were pre-approved for the offer with a limit UP TO $3K. When you applied, they checked your credit and you only qualified for the $1500 limit. Happens all the time.
You have two options. Keep the card. Or send them a letter closing the account. You can not force creditors to extend you larger credit lines.
2007-12-30 15:38:48 · answer #2 · answered by bdancer222 7 · 4⤊ 0⤋
You can call them and ask them to raise it again. Ask them why it was lowered. You are really at their mercy as you simply signed a contract stating you would pay back anything you charged on the card and they reserve the right to rescind the credit extended to you at anytime they so choose. This includes lowering your limit whenever they decide. If you are new to the credit "game" as I call it, protecting yourself from ID theft and monitoring your credit are very important. As a matter of fact, they may have found something in your credit report that was not consistent with your application. How long has it been since you saw your credit file? For a FREE book filled with great credit info visit
http://www.howtogooru.com/lifeguard.html
Good luck and god bless!
2007-12-30 15:27:58 · answer #3 · answered by Anonymous · 4⤊ 0⤋
It sounds to me like you responded to a offer in the mail. Did you get a pre approval letter telling you your approved for 3,000 dollars and then only get 1,500 dollars?
If so this was most likely a credit offer based off of a soft inquire pull where all they where able to see was your credit score. Once you gave them authorization to pull your credit they decided not to extend you the full amount.
2007-12-30 15:56:53 · answer #4 · answered by Anonymous · 2⤊ 0⤋
They probably found something in your past finances that they did not like so they cut your limit.
You can't do anything about it except keep your payments up to date. Later on they will increase your amount IF you keep a good record.
2007-12-30 15:29:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Nothing. Throw it away. Credit Cards are the working mans enemy. Get a non revolving card if you must have one.
2007-12-30 15:26:26 · answer #6 · answered by been_there_done_that 5 · 2⤊ 1⤋