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AMEX just decreased my credit limit?

Valued Member

AMEX just decreased my credit limit?

So I have a few cards, including an AMEX Blue which I've had for about 7 years now.  They slashed my credit limit from $8000 to $3000 a few years back.  I had been carrying a balance with hovering around $2,000.  I recently paid it down to $1,200.  I haven't been late ever and mostly paid more than my minimum payment.  I was actually contemplating making use of another card's 0% balance transfer (for 1 year) and then they hit me with a second credit limit decrease $1,800.  This just killed my util. score.

 

I've been pretty dormant with credit applications in the psat year or so, but I recently started working to clean up some negatives on my credit report, so I'm a little shocked it came now. I did get suckered into applying for an Old Navy (card with a $1,000 cl), probably stupid just to save $100 and got dinged for a PenFed card.  Lasst time I checked, my credit score for Exp was 718.

 

Is there anyway I could ask for recon on this credit limit decrease? Has anyone been successful?

 

 

Message 1 of 47
46 REPLIES
Frequent Contributor

Re: AMEX just decreased my credit limit?

Amex doesn't like it when you carry a balance. 

 

I'd say you're lucky they didn't close it. 


Starting Score: 703
Current Score: EQ 820 4/11/16
Goal Score: 800


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Message 2 of 47
Valued Contributor

Re: AMEX just decreased my credit limit?

I'd call and ask why so you can get a better understanding of what they are thinking.

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 3 of 47
Moderator Emeritus

Re: AMEX just decreased my credit limit?


injustifiiable wrote:

I'd call and ask why so you can get a better understanding of what they are thinking.


 

+1. And then focus on getting that balance down to $0.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
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Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 4 of 47
Valued Contributor

Re: AMEX just decreased my credit limit?


drsmith wrote:

Amex doesn't like it when you carry a balance. 

 

I'd say you're lucky they didn't close it. 



Why would you say that? Just curious...I have the BCP/SPG and occassionally I do carry a balance month to month. There has to be other factors involve, maybe a missed/late payment on other cards? I can understand if it's a Charge card and Amex want their money asap.

Message 5 of 47
Valued Contributor

Re: AMEX just decreased my credit limit?

They are really weird. My company has a AMEX SimplyCash card that once had a $33,500 limit. It was slashed to $13,100 in maybe June 2009 and was increased slightly to $18,100 about 6-7 months after. I don't think my boss even bothered to call and find out why...hahah. We used it all the time running $15 - $20K of expenses through it monthly and paying in full. We've cut down use since my boss got the CSP and Chase Ink cards. She likes the UR program a lot.

 

Who knows??

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 6 of 47
Valued Member

Re: AMEX just decreased my credit limit?

No, not at all. No late or missed payments.  Like I said, I recently applied for two other cards, one of which was declined (PenFed) and the other is a store card with a small limit ($1k).  While I am paying down my balances in general, I have moved some of the balances over to the 0% balance transfer offer, however, that card has a $15k credit limit.

 

I'm confused why they would so dislike people carrying a balance, yet they offer a revolving charge card which is what this one is.

Message 7 of 47
Valued Member

Re: AMEX just decreased my credit limit?

Injustifiable, I have the Chase Freedom card, which is actually the one running the 0% offer, when I get my credit reports all clean and nice, then I may try to go for the CSP.  I wish I had a Chase banking account, but I can only do one direct deposit at work and it needs to go to our main bank account and I really don't want to just leave $1500 laying around.

Message 8 of 47
Contributor

Re: AMEX just decreased my credit limit?

 

I spoke with an AMEX rep who told me that they do not like it when you carry a balance long term. He made it seem like It does not matter if you pay more then minimum.

 

 

I would never carry a balance for more then 2 months, 3 months at the most. Matter of fact most of the time I PIF.

 

Sorry this happened to you.

 

 

Your credit score
849
Source: Equifax Date: April 29, 2015
Message 9 of 47
Valued Member

Re: AMEX just decreased my credit limit?

Thanks.  No big deal. I'll probably just switch over to the Chase combo when I can for most of my credit needs.

Message 10 of 47