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Mega Contributor
Creditaddict
Posts: 18,794
Registered: ‎10-23-2007

Re: American Express

If you can afford to pay this off or make big chunkie payments, it's silly that people are telling you to actually carry a balance and pay interest.  You got in amex' bullseye sites a long time ago when you started carrying a balance, Amex hates revolving balances past about 3 months and they will CLD the next time they get a chance if they feel your a risk.  If you pay it off they will either drop you to $500 or close the account, but they don't go lower than $500.  You my as well let it happen, get your reports cleaned up and use the card for 6 months and then you can start asking for CLI again.  So many people lost there CL's with amex over 2 years ago and over I would say the last 6 months there have been multiple posts about amex starting to give those CL's back.  Also your CL is not a term that would be protected by any new credit law.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Valued Member
davidsawsparks
Posts: 46
Registered: ‎07-16-2010

Re: American Express


Creditaddict wrote:

If you can afford to pay this off or make big chunkie payments, it's silly that people are telling you to actually carry a balance and pay interest.  You got in amex' bullseye sites a long time ago when you started carrying a balance, Amex hates revolving balances past about 3 months and they will CLD the next time they get a chance if they feel your a risk.  If you pay it off they will either drop you to $500 or close the account, but they don't go lower than $500.  You my as well let it happen, get your reports cleaned up and use the card for 6 months and then you can start asking for CLI again.  So many people lost there CL's with amex over 2 years ago and over I would say the last 6 months there have been multiple posts about amex starting to give those CL's back.  Also your CL is not a term that would be protected by any new credit law.


I'm not advocating to keep a balance and keep paying the minimum simply for fun. I'm only suggesting paying down other CCs first that won't chase the limits. That will allow for a better util. OP stated that AMEX keeps lowering the CL but didn't mention other CCs doing that so I was assuming that AMEX is the only card they have that's doing that. If the score starts improving due to util being better... maybe then it won't have to go as far as AMEX decreasing the limit to 500. Maybe it will stop at 1000 or more once he takes care of the other CCs first.



Equifax: 705
Transunion: 693
Experian FAKO: 761
Mega Contributor
Creditaddict
Posts: 18,794
Registered: ‎10-23-2007

Re: American Express


davidsawsparks wrote:

Creditaddict wrote:

If you can afford to pay this off or make big chunkie payments, it's silly that people are telling you to actually carry a balance and pay interest.  You got in amex' bullseye sites a long time ago when you started carrying a balance, Amex hates revolving balances past about 3 months and they will CLD the next time they get a chance if they feel your a risk.  If you pay it off they will either drop you to $500 or close the account, but they don't go lower than $500.  You my as well let it happen, get your reports cleaned up and use the card for 6 months and then you can start asking for CLI again.  So many people lost there CL's with amex over 2 years ago and over I would say the last 6 months there have been multiple posts about amex starting to give those CL's back.  Also your CL is not a term that would be protected by any new credit law.


I'm not advocating to keep a balance and keep paying the minimum simply for fun. I'm only suggesting paying down other CCs first that won't chase the limits. That will allow for a better util. OP stated that AMEX keeps lowering the CL but didn't mention other CCs doing that so I was assuming that AMEX is the only card they have that's doing that. If the score starts improving due to util being better... maybe then it won't have to go as far as AMEX decreasing the limit to 500. Maybe it will stop at 1000 or more once he takes care of the other CCs first.


okay I agree with this is the other debt is costing more.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

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