National Penn Bank Elan Financial Services Opened an account, then immediately lowered my limit because of "Credit account too recently opened". Fargo North Dakota

It's all a game really, it's how the whole credit system works, and now-a-days, you need to be an expert to survive in it.

First, if you haven't pulled your file to check lately, go to annualcreditreport.com (it's the credit bureau's website for 1 free credit check a year) to make sure no one is opening accounts in your name, I would recommend doing so immediately.

Secondly, I would recommend sending in a letter to Elan's credit department address (including your account number and financial information, annual household income, monthly housing payment, etc.) and request to get your credit limit reinstated, as that is the only way they will even consider it. If you don't have their address for the credit department, just call and ask for it.

The reason why they lowered your limit has to do with a lot of things including your utilization of accounts, income, and a bunch of other crap. Keep in mind almost everything having to do with credit and how it works is controlled by machines, yes, it's automatic. That's why everyone else followed in the limit-lowering party... no one, and I mean no one, pushed a button to do this. also keep in mind WE ARE IN A RECESSION. These companies are no better than cutthroat pirates and they'll do anything it takes to stay in the green for the fiscal year, even if it means screwing up countless people's credit.

I'm kind of worried about the whole sending back the card thing though, as National Penn Bank is in and of itself its own financial institution, and yes, they "converted" their credit cards over to Elan Financial Services to be processed there. Meaning really, National Penn, when it comes to the credit cards, is now nothing but a name and a logo.

There appears to have been a chain reaction caused by the stupidity of Penn National, aka ELAN FINANCIAL SERVICES, in that when they lowered my available credit line because a new account I just opened was too recently opened (if you'll recall..the new account opened was THEIR CREDIT CARD!!!), other credit card companies saw this lowering of available credit and followed suit, meaning I was using more of a percentage of my plummeting credit limits.  Soon, four other credit cards followed suit..and I am fast approaching being maxed out, all because of one company's INCREDIBLE stupidity, which is running my credit into the sewer.  I ask you...how is it that these companies are PERMITTED to do this to us?  How can they get away with these "Bait and Switch" tactics? 

   This weekend, I got a response from Penn National (ELAN FINANCIAL SERVICES).  They AGAIN lowered my credit limit to what is currently on the card.  I'm going to send the card back to the bank, coated with vaseline.  I'm assuming they'll know what you can do with it, as it'll be accompanied with complete instructions for insertion.   Keep in mind that this entire avalanche was started because PENN NATIONAL/ELAN FINANCIAL SERVICES Offered me a credit card..and then IMMEDIATELY lowered my available credit because I had just opened their credit card account.  And these people are no doubt college graduates!!!! 

  Is there no attorney that can stop these vampires from ruining credit profiles of people across the country?  Are their no state and or federal compliance laws being violated by the blood sucking greedy bastards of these institutions?