AMEX keeps dropping my limit

[Anonymous]

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dizzier wrote:
It will not affect your age of accounts or payment history because it will still appear on your CR for 7 years.

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Great answer, dizzier!  Except that a positive account in goodstanding will remain for 10 years after it is closed.  Only derogs are removed after 7 years.

[Creditaddict]

Amex is feeling the credit crunch and anyone that is revolving large balances on there amex and not making VERY large payments each month is going to be seeing this.  If you had there charge card they would let you charge as much as you want because you are expected to pay in 30 days, but the credit cards they give very high limits but amex really doesn't like to see revolving very much.  I think when they offered the 3.9 for the life of the balance it was mistake, because people took advantage of that and now they are being scolded for carrying large balances.

I would call them and talk to credit and see what they feel, but most likely with amex until your balances are under control on all cards including amex they will adjust credit line until they feel you can manage it.

[dizzier]

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@Anonymous wrote:

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@dizzier wrote:
It will not affect your age of accounts or payment history because it will still appear on your CR for 7 years.

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Great answer, dizzier! Except that a positive account in goodstanding will remain for 10 years after it is closed. Only derogs are removed after 7 years.

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thanks cheddar, I always get confused on that 7 versus 10 years bit.

[haulingthescoreup]

AmEx says it's OK to carry a balance on its "revolvers" (credit cards like the Blues, Delta SkyMiles, Hilton HHonors, etc.), but their definition of carrying a balance is pay that puppy off in 3-4 months, max.

So the 0% APR and BT offers are great if you have the spare cash to pay a big payment off quickly. But they're not like those from BofA and others where they don't mind you carrying a balance, in hopes that they can get some interest from you when the intro period is up, and you find that you somehow never got around to paying the 0% balance off..

Message Edited by haulingthescoreup on 04-03-2008 03:26 PM