Discover Card Complaint - Lowered credit limit
I have been a loyal Discover card member for the past 13 years and suddenly they lower my credit limit from $6500 to $700 because of delinquent account on Capital One from 2005! Coincidentally I was trying to book a room for vacation and that is how I found out they had lowered my limit. Needless to say, I called to find out why and they said there was a new law that stated they had to reduce my credit limit if I had any outstanding bills on my credit. This must be a new law because my credit limit had just decreased in April 2010. After getting the run-around for an hour & 15 min. I was finally connected with Portfolio Recovery where a higher credit limit was declined and I was not offered any alternative other than to deal with it. My account history showed one late payment over the last 13 years and they can't extend my credit above $700? I was interrupted several times while I was asking questions by both associates that I talked to which was very rude. I canceled my card and will no longer do business with Discover for as long as I live. They even hung up on me before I could do a customer review survey.