Why did Chase lower my credit limit?

Chase may have lowered your credit limit because of a missed payment, a significant reduction in your self-reported income, or increased credit utilization. During periods of economic uncertainty, Chase may also reduce credit limits across the board to reduce the possibility of mass overspending on their accounts.

You can learn more about the possibilities below. For specifics on why Chase lowered your credit limit, contact their customer service department at 1 (800) 432-3117.

Possible Reasons Why Chase Lowered Your Credit Limit

Missed payments

If Chase discovers a pattern of missed payments, including on other credit accounts, they may assume that you’re not managing your credit responsibly and could lower your limit.

Reduced income

Chase periodically prompts credit card customers to update their annual income. If you report a lower annual income than you had when you were approved for your card, they could lower your credit limit to match the decrease in your income.

Credit utilization

Chase may reduce your credit limit if you use a significant amount of your available credit, or if you spend well below your credit limit over a given timeframe.

Chase is reducing its credit risk

A reduced credit limit could occur, regardless of credit standing, during times of economic volatility in order to lessen the issuer’s own credit risk and to prevent overspending on the account.

When Chase Can Lower Your Credit Limit

In most cases, Chase can initiate a credit limit reduction without notification, so you should check your total available credit regularly to avoid inadvertently maxing out your card.