dstevers

1 Contributions 149 People Helped

Member Since: May 2009

Most Helpful Contribution

The Relationship Between Your Credit Score and Credit Card Utilization Rate

Nov 19, 2012
Helpful to 149 out of 171 people

that's exactly what Wells Fargo just did to me... i have joint checking, joint savings, a mortgage, an unsecured personal loan (which has auto pay out of checking), and a Visa... they just cut my credit line on the cc by $1250! For NO reason... i am NEVER late on any payments, always pay more than the minimum... i just disputed a car lease which i do not have, since i traded my car in for a hybrid purchase... reports still showed i had BOTH the loan and the lease (didn't know for 3 months)... my utilization dipped from 30% to 30.667% (which they rounded up to 31%) and triggered WF to reduce my credit limit, putting my Visa at like 99% utilization! i called, and the credit rep told me that they would have to do a hard inquiry to restore (which of course will also count against me), so i should wait until i'm sure the lease is off all reports (a month to 45 days) - in the meantime, my score continues to drop and the other cc/banks will probably flag me as more of a risk... this is the kind of BS that they play at your expense, most definitely

Activity (1 Total Contributions)

The Relationship Between Your Credit Score and Credit Card Utilization Rate

Nov 19, 2012
Helpful to 149 out of 171 people

that's exactly what Wells Fargo just did to me... i have joint checking, joint savings, a mortgage, an unsecured personal loan (which has auto pay out of checking), and a Visa... they just cut my credit line on the cc by $1250! For NO reason... i am NEVER late on any payments, always pay more than the minimum... i just disputed a car lease which i do not have, since i traded my car in for a hybrid purchase... reports still showed i had BOTH the loan and the lease (didn't know for 3 months)... my utilization dipped from 30% to 30.667% (which they rounded up to 31%) and triggered WF to reduce my credit limit, putting my Visa at like 99% utilization! i called, and the credit rep told me that they would have to do a hard inquiry to restore (which of course will also count against me), so i should wait until i'm sure the lease is off all reports (a month to 45 days) - in the meantime, my score continues to drop and the other cc/banks will probably flag me as more of a risk... this is the kind of BS that they play at your expense, most definitely