Wal-Mart Informative - Reduction in Credit Limit
FOUNTAIN, COLORADO -- In January 2006, I applied for my GEMB Walmart credit card and have been a faithful customer for over two years. I have never been late on a payment, I have payed more than the minimum each month, and I have at times made more than one payment in a billing cycle. I have even recently payed my card down to zero from about $2000. However, when I logged into my account a few days ago, I was shocked to see that my credit limit had gone from about $2400 to about $700. When I called Customer Service to ask why this had happened, the lady told me that they had done a periodic review of my credit report, which prompted them to lower my credit limit. I have heard of companies adjusting interest rates to accommodate for less-than-perfect credit; but I have never heard of companies implementing credit line decreases, especially after a customer had earned those increases.
I told the lady that after I had fulfilled my financial obligation with Walmart that I would be closing my account and that Walmart would be losing my business. If Walmart is going to punish me for being an good, responsible customer, then they do not deserve my business.