Credit Card Matcher

You have always thought of yourself as a good customer as far as your credit is concerned. You have made your payments on time and are not close to your credit card limit at all. Unfortunately, this may not be enough to keep your credit limits at the level you have previously had. The credit card companies are responding to the fact that some of their customers are defaulting on their debts by re-evaluating the creditworthiness of their other customers.

In a nutshell, even though you have done all the right things, you may open your credit card statement to find that your limit has been lowered. It’s important to understand that you still have some choices in this situation. You don’t have to just roll over and accept the credit card company’s decision. Here are some suggestions:

1. Ask the Credit Card Company to Explain the Decision

Don’t be afraid to pick up the phone to discuss the matter with the credit card company. The company made a unilateral decision, and there is nothing wrong with asking why your account was targeted to have the credit limit lowered. Some companies conduct regular checks on their customers’ credit ratings and the decision may have been made based on something in your credit report.

If it turns out that the decision to lower your credit limit was based on incorrect information, you need to contact the credit reporting agencies to report it and get it corrected. Once the correction has been made, you can ask the credit card company to reconsider its decision.

2. Speak to a Supervisor

When you contact the Customer Service Department at the credit card company, the person who answers the phone may say that they can’t reinstate your previous credit limit. If that is the case, then ask to speak to supervisor or manager who can make the change for you. Sometimes, all you need to do to get the results you want is to go a little higher on the food chain.

3. Be Polite, But Firm

You can get pretty much anything you want, as long as you are polite about it. Now is not the time to make threats or talk about how insulted you are about the decision. Simply explain that based on your previous history and exemplary payment record, that you feel the company should reconsider its decision. Gather your records and remind them that you have been their customer for “x” number of years and that you have always made your payments on time. If you make your case and the company refuses to budge, then you may need to move on to the next item on the list:

4. Find Another Credit Card Company

Since you have a good credit history, you have the option of applying for a new card and transferring your existing balance to that account. Several companies will allow you to do so interest-free, and this is a good incentive to make the switch. Once the transfer has been done, don’t close the old account, since this may affect your credit rating. Instead, use the card once a month or so for a small purchase and pay for it in full.

If your credit card company has lowered your limit, even though you have good credit, you aren’t powerless. Don’t take it lying down; find out why they made the change and look at another company if necessary.

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