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Toad

Looks like Scotiabank is beginning to reduce credit limits

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4 hours ago, penguinh said:

 

Do you guys have a 10k credit card limit because of your high credit score or did you apply to increase your credit limit? I only got 5k when I signed up. 
 

I just checked and I'm still at 5k.

I have 5k on each card for a total of 10k. 

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Just ask them to bump it and don't take no for an answer. It's ridiculously easy (if you have decent credit score that is).

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Scotia increased my credit limit last week. Doesn't seem like they're lowering credit limits across the board. 

 

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21 hours ago, Tagger said:

Scotia increased my credit limit last week. Doesn't seem like they're lowering credit limits across the board. 

 

Did you ask them or did they make an unsolicited offer?

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1 hour ago, harveyspecter993 said:

Did you ask them or did they make an unsolicited offer?

Didn't ask, I logged in and noticed that my credit limit had gone up. 

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On 8/6/2020 at 10:04 PM, Toad said:

I just had the limits on both my Gold Amex and Passport Visa reduced from $5,000 to $1,000.

I'm currently about to enter 3L. My credit score is around 700~ and there is nothing negative on my report.

It looks like banks are beginning to reduce their exposure in anticipation of the economic impacts of COVID-19.

Seriously considering transferring $20,000 from my LOC into a savings account in case they decide to hit the LOC too. 

Anyone else have this happen yet?

 

 

 

Banks automatically do that when you miss minimum payments on your credit card multiple times. Usually branch managers can request to put the limit back to what it was as long as you set up automatic min. payments to come our of your bank account. That way you don't miss any payments.

Edited by SELIM

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