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Finally received their CLD letter.
Here are the reasons for my CLD:
o Proportion of balances to credit limits on bank/national or other revolving account is too high.
o Length of time accounts have been established.
o Number of accounts with delinquency.
o Serious delinquency, and public record or collection filed.
Yadda…yadda…yadda…
If AMEX used the 4th reason only, it is understandable that they’re using old derogatory reporting to justify the decrease, but they’ve crossed the line with obnoxious overstatements, undermining people’s “credit” intelligence.
I mean, why would one’s auto loan be anegative factor? I am very grateful for Cap One’s Auto loan because it helped me get back on track. To say they are “HIGH RISK” is absurd and labeling other financial institutions as a high risk lender is wrong. AMEX is in no better position - they're laying off 7000 people. Capital One has not mentioned any major layoffs (yet).
I would prefer if AMEX be truthful and just told me they CLD me due to current economic situations. I would be more understandable; but to tell me I am bad with my credit after years of repair, just upsets me and puts me in a bad mood.
I am sure if AMEX mentioned the economic crisis as reason for decreasing limits, many people would accept it more than AMEX pointing fingers at card holders, penalizing them for the past.
@fused wrote:
I'm guessing your 70% util did it. Amex hates high util more than any other CCC. I'm not sure if this will make you feel any better, but I fully expect Amex to CLD me too even with very high scores and clean reports and super low util. I am a big risk, I have access to a ton of unsecured credit, so the way Amex might be thinking is what if I lose my job, what will stop me from maxing out my credit lines. What has happened to you, will happen to many of us over the coming months, and it won't just be Amex. I look for BoA, FIA, Chase, CITI an all others to drastically reduce credit lines too.
I have also been wondering if I will end up with AA against me due to the fact that I have a LOT of available unsecured credit.
@fused wrote:
I'm guessing your 70% util did it.
That is my Discover Card. I've been paying double the minimum a month on that. Used it for BT and pay off other cards with APRs.
It was about 85% earlier in this year. But 15% is not good enough for AMEX.
Actually, I should start thinking the opposite - AMEX IS NOT GOOD ENOUGH FOR ME!
Ow, bitten by the BT!
Solarjuju wrote:That is my Discover Card. I've been paying double the minimum a month on that. Used it for BT and pay off other cards with APRs.
@fused wrote:
I'm guessing your 70% util did it.
It was about 85% earlier in this year. But 15% is not good enough for AMEX.
Actually, I should start thinking the opposite - AMEX IS NOT GOOD ENOUGH FOR ME!
@haulingthescoreup wrote:Ow, bitten by the BT!
@Anonymous wrote:That is my Discover Card. I've been paying double the minimum a month on that. Used it for BT and pay off other cards with APRs.
@fused wrote:
I'm guessing your 70% util did it.
It was about 85% earlier in this year. But 15% is not good enough for AMEX.
Actually, I should start thinking the opposite - AMEX IS NOT GOOD ENOUGH FOR ME!
@jmbfl wrote:
@maestro wrote:
They have already announced plans to layoff 7,000 employees.Yesterday's news. We all know that.
No fooling wiseguy.
The comment was based on Jaybird's comments 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.
Went recently from 3300 to 500 on Blue Cash, I hate Amex, I had a Gold Rewards and I closed it
because they shut the card off one time for "fraud purposes" because my AU was the only one using the acct. I had to go through so much hassle to get it activated again. I refuse to do business with them ever again, they act like they are better than everyone, they arent even taken everywhere!