Posted on
February 3, 2010
at
11:00 am
Hello Everyone,I had my credit limit revoked for my visa credit card around 7 months ago. So, I have a credit limit of 0 and would have to reapply for a new credit card if I want to use it. I still make monthly payments on it to bring down my balance.I was wondering how does having your "credit limit revoked" affect your credit report?I asked visa if this was a "charged off" account. They said it was not, it was under the status "credit limit revoked".What does this mean for my credit rating?Thank you for your time!!!
Posted on
February 4, 2010
at
2:54 am
It's clear that they want you to either pay down the balance to a certain amount or until you clear the debt. It's like you've run out of charging power. Did you call them yet as to what they want you to do?
Posted on
February 4, 2010
at
2:59 am
Were you the one who charged your way to a zero balance or is somebody else using your card? Creditors revoke the credit limit sometimes because of identity theft suspicion. I'm just not too clear about it but that's what I've heard.
Posted on
February 4, 2010
at
5:55 am
I read an article that talks about certain creditors not reporting the real credit limit of their clients. Here:
For years, Capital One declined to report its customers' credit limits to the three major credit bureaus. Instead, the bureaus used the highest balance a customer had charged as a proxy for the limit...Capital One's practice makes "..consumer" appear to be using more than 60% of his credit limit, when in fact he's using less than 40%. That hurts the credit.
Posted on
February 4, 2010
at
5:58 am
It's good that you're making monthly payments on that card ..but I think that maybe you should just let it charge off.Then settle it with the collection agency.
