I am extremely upset with the fact that my credit limit was lowered from $2500.00 to $1470.00 in less than 24 hours and without any notification or justification. I looked at my account online on Friday, November 6th and had over $1000.00 left to utilize.
Went to make a $200.00 purchase on Saturday, November 7th and the card declined. I called to the credit service number and was told that the bank decided to lower ALL consumer credit card limits and that a letter will be sent in the mail explaining why. As I stated to the lady on the other line, my account has always been paid on time and have never gone into default. My account has ALWAYS been in good standing and it is unacceptable that my limit was lower due to the economy.
I would understand if I had not been making payments on my account or if my account payments had been late on a continual basis, but that is not the case. I have done everything necessary to keep my account in good standing yet I'm being penalized with no explanation as to why. This is not only ridiculous, but completely unacceptable. I expect some answers and have not received any.
If I would have ever thought this would have happened I would have NEVER reopened my consumer credit card with Lowe's, but rather would have opened an account at Home Depot or another store. I cannot believe the complete disregard to your customers and the lack on communication.
I DO EXPECT A RESPONSE WITH SOME ANSWERS! And you can believe I will be posting this on the internet for other consumers to be aware of the games that are being played.
Product or Service Mentioned: Lowes Credit Card.