Visitor II

Lowering credit limits

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 Comment
Catalyst V

Lowering credit limits

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/