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Question By
Dryst

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0 People Helped
Higher limit on my secured credit card
So my financial adviser said it would be wise to open up a secured credit card to raise my score. So I went to my bank and told them I wanted a 300$ secured credit card. When it came in the mail I activated it and set my account up online to find that my limit was 5000$. I waited about a month and it didn't change so I started using it. I ended up charging around 900$ on it and when my statement came in I paid 600$ of it off. That brought my balance down to 300$. I ended up charging a few hundred more dollars. I figured if I used it and paid it off but maintain a balanced I's be doing just fine. However I went into the store and decided o charge 20$ of gas on my card only to have it be declined. When I got home and check my statement my limit had been dropped to 300$. So I now have a 600$ bill for a 300$ credit limit. This isn't a big deal. It's not like I owe a bunch of interest nor do I really need a limit 5000$ high but it seemed off to me. Is this normal? I had this card for over two months. Should I contact the bank and investigate this?

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Top Contributor
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Obviously there was an error made by the bank. You requested a Secured card with a $300 limit but received a card with a 5k limit. The bank recognized their error and reduced the line to the three hundred. I suggest that you get the balance paid as soon as possible. You should contact your bank, I am sure that they will be contacting you as well.

Reply by
Dryst

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Thank you. I figured that might be the case, but I wanted to make sure and check with the community in case there might have been something I missed or something I needed to look out for.

Top Contributor
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And, as you will discover after reading the articles on this site, the best usage rate is 10% or less and pay the balance in full every month.  That will help your score.

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