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  #1  
Old 01-30-2009, 03:55 PM
Canadian Canadian is offline
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Default Canadian banks lowering credit card limits?

I've heard lots of stories about US banks and credit card companies lowering credit limits on many customers. Is this happening in Canada? Have Canadian banks started lowering credit card limits?
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Old 01-30-2009, 04:16 PM
Steven Steven is offline
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Here is my story. I have a PC Financial credit card and I had around $15K debt on the card for the past 6 months, while my credit limit was a little over $22K. In the last 2 months I paid off the entire outstanding amount, but a few days ago I got the following from PC Financial: "Due to your recent credit account history, your credit limit has been lowered to $8000.". I'll be contacting them to see why did they lower my credit limit.
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Old 02-02-2009, 04:05 PM
Canadian Canadian is offline
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Thanks Steven,

Please let us now what reason did they give you for lowering the credit limit, after you call them.
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Old 02-09-2009, 04:16 PM
Steven Steven is offline
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I'll call them by the end of the week and I'll let you know what happened.
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Old 03-24-2009, 02:46 PM
Canadian Canadian is offline
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Actually I got my interest increased on a credit line from CIBC. This fits in the same pattern of higher interest and lower credit limits.
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  #6  
Old 03-25-2009, 08:06 PM
Steven Steven is offline
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I have a personal line of credit from CIBC, but they haven't changed my interest, at least not yet.
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  #7  
Old 04-21-2009, 08:35 PM
trent trent is offline
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Quote:
Originally Posted by Canadian View Post
Actually I got my interest increased on a credit line from CIBC.
That's interesting, and the same happened to a friend of mine a week ago. Credit shouldn't be that cheap in first place, because encourages reckless speculation.
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