Some of the most common reasons for credit line decreases are:
Missed or late payments: SoFi may have detected missed or late payments, including on your other credit accounts, and lowered your credit limit.
Credit utilization: SoFi may reduce your credit limit if you use a significant amount of your available credit or spend well below your credit limit over a given timeframe. The credit utilization ratio is calculated by dividing the amount you owe across all of your credit cards and other revolving credit accounts by the credit limits of those accounts.
Reduced Income: If you report a lower annual income than when you were approved for your card, SoFi may lower your credit limit to match the decrease in your income.
Credit Risk: Regardless of your credit standing, a reduced credit limit could occur during economic volatility to lessen overall credit risk.
You should have received a communication outlining the specific reasons for the decrease in your limit.
How is the decision to decrease a credit line made?
We regularly monitor your account and credit profile for changes. There are several factors, including your payment history, account status, account history, debt, and income, amongst other things, may trigger a credit line decrease.
Can I have my original credit line back?
We are unable to overturn this decision at this time. However, as you can see, a lot goes into a credit card limit. We will continue to monitor your account for future credit line increases.