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@oneloveforall_2000 wrote:
I don't understand what is going on with amex,they just lowered my credit limit after decreasing my apr to 7.9%, I'm lost for words... What should I do? I was thinking of closing the card at least if I do I can keep the 7.9% apr.. I called them already they don't care, wont bring the credit limit back up. Should I close now? Because of the credit limit decrease the card is max out now.. And no I will not pay them off or do a BT.
They reduced your CL for a reason. They will likely chase your balance down to zero. Looks like they do not want your business. You need to make timely payments on this account until paid in full. It is also safer for you to have paid off this account before it is closed (by them). I, personally, would continue making on-time payments and get this paid off as quickly as possible. I would not close the card. AMEX is being tough as nails these days and if they do not like you you will be far better off without them. That said, do not close the card unless absolutely neccessary. SD it.
@oneloveforall_2000 wrote:
umm. I always make timely payments
No one is suggesting that you don't make timely payments except for yourself by saying you will not pay them.
@oneloveforall_2000 wrote:
They will not get paid off anytime soon, with this market I'm saving all my money..That's great...but the money you owe them is THEIRS, not yours.
@oneloveforall_2000 wrote:amex is the kind of company that will drcrease your cl even more as you pay them off...That's what chasing the balance means.
@oneloveforall_2000 wrote:
So for that reason they will wait!that's not exactly making timely payments now is it?
@oneloveforall_2000 wrote:
I really don't care for the reason why they decrease my clUggggghh.
You have not supplied sufficient information to formulate an appropriate recommendation. AMEX's pattern of AA seems to be CLD's and not APR increases. If you continue to make timely payments they might leave the APR alone.
Reading between the lines it sounds like you revolved too much for too long on an AMEX revolver. That's a recipe for disaster these days. AMEX likes PIF even on their revolvers and does not like those who revolve balances for too high a percentage of their CL or for more than a few months. I am sorry this happened to you, but remember the old adage: measure twice, cut once. Do not act in haste!
So sorry to hear this! What is your balance, and what was your CL?
oneloveforall_2000 wrote:
I don't understand what is going on with amex,they just lowered my credit limit after decreasing my apr to 7.9%, I'm lost for words... What should I do? I was thinking of closing the card at least if I do I can keep the 7.9% apr.. I called them already they don't care, wont bring the credit limit back up. Should I close now? Because of the credit limit decrease the card is max out now.. And no I will not pay them off or do a BT.
Well put, HTSU!
I do not view AMEX as evil maniacs. Just maniacs. That is why I think they will cut the CL and leave the APR alone. Providian were evil maniacs. They would sell you a CLI, then, rather than cutting your CL, they would RJ you to an astronomically high APR when you used that CLI they sold you. If you carry a balance you are in a vulnerable position to be abused like this. I learned the hard way. I will never expose myself like that again!
There is a vital difference:
1) AMEX does you in a way that may effect your credit report, and possibly indirectly your other credit,
2) Providian and their RJ'ing cousins do you in a way that will have no effect on your credit report, but a massive effect on your wallet! Paying off debt RJ'ed to 33% can take forever. Brings new meaning to the term unconscionable!
Amex CLD or FR or AA if
1. You carry balances
2. You do not carry balances
3. Y ou PIF
4. You revolve balances
5. You have US mail adress
6. You are white/black/ green/yellow/blue/purple/Hispanic/Jewish/Asian/Irish/Europenean/African/Aussie or Vesp (small tribe living in Komi area of Russia)
6. You were born on any day ending on letter y
7. You were Amex cardholder anytime from 1 day to 55 years
8. Your family name starts with any letter from A to Z
9 Your SSN ends on 8 or 2 or 5 or pick your number.
10. Any reason you can think of (not nesecerilly credit/finance related).
SERIOUSLY
Nobody knows how AmeX's computer picks next AA victim and there is nothing we can do.
So, people always carry BACK UP.
@oneloveforall_2000 wrote:
I don't understand what is going on with amex,they just lowered my credit limit after decreasing my apr to 7.9%, I'm lost for words... What should I do? I was thinking of closing the card at least if I do I can keep the 7.9% apr.. I called them already they don't care, wont bring the credit limit back up. Should I close now? Because of the credit limit decrease the card is max out now.. And no I will not pay them off or do a BT.
Question, did they lower your APR on their own or did you request for it to be lowered?