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Credit limits and laws??

A store credit card gave me a $800 credit limit on my account. That's all well and good, until they lowered my credit to $600. As I had $650 on my account when they lowered it, is it legal for them to lower the amount below that which I have on the card? And, in turn, charge me penalties or allow it to effect my credit score? I have not received any notice, mail or otherwise, regarding the change. When I requested a higher limit, I was denied. What can I do, and is this legal?

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sweetphoenix529

Asked by sweetphoenix529 at 5:09 PM on Oct. 11, 2009 in Money & Work

Level 6 (139 Credits)
Answers (4)
  • IDK but I would certainly call them on it.
    Anonymous

    Answer by Anonymous at 7:42 PM on Oct. 11, 2009

  • i think you need to ask around legally but it sounds like they are trying to get away with that...id seek free legal advice, like one who would give u a free consultation, usually those kinds of things you can sue over if you find a lot who they have done the same too, like a class action lawsuit...it seems weird to just all of a sudden change your policy with no written notice.
    dezandry

    Answer by dezandry at 8:38 PM on Oct. 11, 2009

  • Everyone-including companies are having hard times with mney.


    And its no suprise to me that some companies would do this and try to get away with it.


    In times like this i really encourage everyone to have a family lawyer available.


    Not just cause I'm a broker of legal plans, but because it protects you.


    It can be quiet stressful and costly if the company wants to play around.


    next time around-you'll be asking your lawyer not Cafemomers lol.

    Anonymous

    Answer by Anonymous at 2:18 AM on Oct. 12, 2009

  • I thought they made that illegal in June or July of this year- but I don't have Credit cards so I really don't know.

    Anyway I would call them and explain the situation and see if you can get them to raise your limit again or at least waive all the fees you got for "going over the limit."

    If they won't work with you, keep calling every day until you get someone that will work with you.
    GOOD LUCK
    Anonymous

    Answer by Anonymous at 4:37 PM on Oct. 12, 2009

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