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August 11, 2018
Question

Lowering credit limits

  • August 11, 2018
  • 1 reply
  • 0 views
Over the last few months, everyone of my credit card companies have lowered my credit limit. I had a 740 credit score and over the last six months it has dropped to 575. I had not had any late payments at all, i use all of my cards...none had high balance...but do carry balances. Now, everytime I use a card, i get letter saying they lowered my credit limit and i am maxed out. Im talking six or more credit cards....it is killing me. I leased our cars and i have to turn them in in january. I will not be able to get another lease or buy a car with that credit score. I dont know what to do. I have no late payments, no collections, i have a great job, own my home....and i have a credit score of 575??? Any suggestions?

    1 reply

    Carl11_2
    August 12, 2018

    You need to pull your credit reports from the three credit reporting agencies and see what's on them. You can pull those reports absolutely free once a year. The credit reporting companies are Experian, Transunion and Equifax. Contact numbers are:

    • Equifax by phone at 1-866-349-5191.
    • Experian by phone at 1-888-397-3742.
    • Transunion by phone at 1-800-916-8800.

    You can also get them on line at:

    http://www.experian.com/

    https://www.transunion.com/

    https://www.equifax.com/personal/