James D Richard, WalletHub Analyst
@b2bfever
There are a few potential reasons for why your Home Depot credit card limit was decreased, according to the terms & conditions.
One is that you've been carrying a balance higher than 30% of your overall credit limit for too long, thus having a high credit utilization.
Another reason is linked to strange spending patterns or even a suspicion of identity theft.
It's best to call the bank and find out why this happened.
Home Depot® Credit Card
herbmorris, Member
@herbmorris
My credit limit went from 20,000 and 5000 I haven’t use my card for a couple years what happened
Credit card companies are slashing limits in half because of recession and economy. Another reason may be because you are not actively using it. Why grant you so much credit if it’s not being used. This is how banks think, but you’re actually lucky they don’t just close it instead of decrease your limits. A good rule of thumb is to use your card at least once a year so it’s not closed by the creditor. Closing the account will cause even more harm to your credit age and score. Hope this helps
mrh_rcollins, Member
@mrh_rcollins
Credit card companies are slashing limits in half because of recession and economy. Another reason may be because you are not actively using it. Why grant you so much credit if it’s not being used. This is how banks think, but you’re actually lucky they don’t just close it instead of decrease your limits. A good rule of thumb is to use your card at least once a year so it’s not closed by the creditor. Closing the account will cause even more harm to your credit age and score.
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