credit card line reduced - payment demanded

[colleenhalpin]

I had a credit line of $7,500 with capital 1 credit card for many years; always paying promptly. I recently paid $7,000 on this account and a week later i transfered a balance from another account -$2700 to capital 1 with a few other charges bringing my balance to $4400. I just received a letter from capital 1 stating they are reducing my credit line to $1700 and they say I am now over my credit limit and want the difference. Can they do this?

 

[JETX]

Something sounds pretty strange here. Either there are some facts missing, or it sounds like someone screwed up at Cap1. Have you called them to find out what happened???

Or, if they still insist on this change, you might consider moving the entire account to one of the low-interest credit cards out there.

Finally, legally, there is nothing to prohibit them changing the credit limit, unless there is some unlikely prohibition in their card agreement.


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Steve Halket
Judgment Recovery of Houston
[email protected]
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!