CONSUMER BRIEFS / CREDIT CARDS
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More than 30 million cardholders had their credit limits reduced between April and October last year, but most of the adjustments were not made for traditional reasons: late payments or accounts going to collections.
About 22 million cardholders, or 11% of consumers in the U.S., saw their credit limits lowered despite having no recent risky behavior or actions such as negative records added to their credit reports, according to Fair Isaac Corp, whose FICO score is used by most major credit reporting agencies.
Most of these borrowers had inactive or low-balance card accounts and generally had few missed payments and a long credit history.
Since credit card issuers began scaling back credit availability in early 2008, 16% of U.S. consumers have been affected, Fair Isaac said.
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