No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I've never ever been late. My CL was $2000 at the time, never asked for increase and always played by AMEX's "preferred rules". My scores have gone up considerably since I got my Amex Costco.
Today my Costco Amex was CLD to $800. I currently owe around $700. I always PIF every month, now that decrease leaves me $100 limit.
Never thought it would happen to me because of my low initial limit.
Has anyone called AMEX to complain and received their credit limits back?
@Anonymous wrote:Has anyone called AMEX to complain and received their credit limits back?
Many have played, few (if any) have won.
It appears they are chasing your balance. They will probably continue lowering your limit each time a payment posts.
Solarjuju wrote:I've never ever been late. My CL was $2000 at the time, never asked for increase and always played by AMEX's "preferred rules". My scores have gone up considerably since I got my Amex Costco.
Today my Costco Amex was CLD to $800. I currently owe around $700. I always PIF every month, now that decrease leaves me $100 limit.
Never thought it would happen to me because of my low initial limit.
Has anyone called AMEX to complain and received their credit limits back?
Do you know your current FICO scores? How do your non-Amex accounts look?
Has there been any change in your scores recently? I'm sorry, but thus far the vast majority of people receiving CLDs have mismanaged their other accounts causing their scores to drop. It's basically American Express's way of practicing universal default, they simply forego the rate hike and reduce your CL instead.
Yes, it sucks. Yes, I'm waiting for my AmEx TE CLD and it'll tick me off. But that's the risk I take having a card with them. I have been careful to treat not only my AmEx very well but my other cards as well, to avoid this very situation. Basically I'm just sitting under the covers chanting, "Pay early, pay often. Pay early, pay often..."
The reason I use American Express is still the same as always. Great responsiveness from customer service, great warranty and fraud protection on purchases and great rewards. You may say that all of these CLDs are a sign of poor customer service. Desperate times call for desperate measures. I'd rather have them adopt an aggressive strategy to reduce their risk than have them go under or lay off massive amounts of employees or cut back on service. Fortunately, none of the above have happened. Everyone's tightening their belts. If you PIF every month and you had only charged $700, maybe that's all you really need right now? What does it matter anyway if you PIF every month?
Sorry to hear about the CLD anyway. Here's to hoping everything turns around soon and we can all get our generous CLs back.
@jaybird201 wrote:Has there been any change in your scores recently? I'm sorry, but thus far the vast majority of people receiving CLDs have mismanaged their other accounts causing their scores to drop. It's basically American Express's way of practicing universal default, they simply forego the rate hike and reduce your CL instead.
I think that ("mismanagement" of other accounts) may have been the case not so long ago, but now it seems like anyone getting a CLD from AmEx is just as likely to live in a zip code with a high foreclosure rate, or to have their mortgage serviced by Countrywide, or any one of the other things AmEx can't stand. It sucks, and like you, Jaybird, I'm just waiting it to be my turn to get a CLD.
Solarjuju... I'm sorry about the CLD, it sounds like you've been doing everything right and STILL that's not good enough for AmEx.
@jaybird201 wrote:I'm sorry, but thus far the vast majority of people receiving CLDs have mismanaged their other accounts causing their scores to drop.
that may be where they started some time ago. not anymore. now thousands of customers have received CLD's with no score decrease or 'mismanagement' of accounts. unless you consider idiocyncratic amex 'rules' that not every one really knows about (like carrying a balance for 4.5 months instead of 4 or having the wrong mortgage company or living in the wrong zip code) 'mismanagement'.
currently many CLD targets have not paid late and not gone over the limit on their accounts. that's the sad part.
OP i'm glad to hear you have a PIF pattern because that seems to be our one recourse from this rather messy approach to customer relations. PIF and move on. some say they like those who play 'hard to get' so pay and get packing until they realize they got the wrong one (again).