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Valued Member
Posts: 47
Registered: ‎04-23-2012
0

AMEX just decreased my credit limit?

[ Edited ]

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?

 

 

Frequent Contributor
Posts: 391
Registered: ‎11-27-2010
0

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. 


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Valued Contributor
Posts: 2,106
Registered: ‎03-30-2012
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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: $5000 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $1950 | Target: $2200 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Moderator Emeritus
Posts: 4,875
Registered: ‎11-02-2010
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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.


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Valued Contributor
Posts: 1,588
Registered: ‎04-24-2008
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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.

Valued Contributor
Posts: 2,106
Registered: ‎03-30-2012
0

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: $5000 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $1950 | Target: $2200 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Valued Member
Posts: 47
Registered: ‎04-23-2012
0

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.

Valued Member
Posts: 47
Registered: ‎04-23-2012
0

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.

Contributor
Posts: 90
Registered: ‎09-22-2007
0

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
Valued Member
Posts: 47
Registered: ‎04-23-2012
0

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.

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