I've been a customer with Chase for 16 months, opening a credit account with them in October 2024, with a reasonable credit limit. Over those 16 months, I have made timely payments (most of which have been earlier than the due date) and have normally paid well over my minimum monthly due. Today, I received a notification that my credit limit had been reduced by 77% since, according to the credit report that they pulled without my knowledge, that my "credit usage was high" and that I apparently have a "history of low payments relative to balances." It is beyond reason that when I was issued the card, my credit score was actually 14 points lower than I have right now! Regardless of how many open accounts one might have, or what each account is owed, credit agencies roll those markers of credit worthiness (among others) into your overall score. None of my other creditors have taken this action, an action that in and of itself lowers my credit score due to the reflection of a decreased credit limit amount that is now posted on my credit report. Apparently, Chase's ideal customer is one who makes minimum payments, maybe even late ones that inflict fees, and keeps carrying high balances. However, if make timely (or early) payments, and pay higher amounts than the minimum monthly payment (to offset the interest on the remaining balance), they have a team that reduces your credit limit and negatively affects your creditworthiness. I highly recommend skipping use of this bank or their credit card.
