Credit Card Center Advertiser Disclosure

Frequent Contributor
Posts: 276
Registered: ‎08-20-2007
0 Kudos

Re: Amex HELP HELp!!! They just lowered my credit limit after decreasing my apr to 7.9%

They did it, I didn't ask them.. by the way I closed that card, I have way too many cc to waste my time with amex.. I don't need them!!
Valued Member
Posts: 35
Registered: ‎11-13-2007
0 Kudos

Re: Amex HELP HELp!!! They just lowered my credit limit after decreasing my apr to 7.9%


Many credit card companies are doing this. It is part of the credit cruch we are experiencing.


The credit card companies are afraid that people will get into trouble and will use their available credit for day to day expenses and then default.


AMEX stated last month that 50% of their customers would experience declines in their credit limits. Of course, how they choose who gets a decrease, they did not say.


To see more about this, just go to Google and click NEWS, then type in CREDIT LIMIT DECREASE. There should be lots of stories for you to look at.


Many homeowners who had home equity lines of credit also saw decreases in their credit limits, or outright closure of their accounts.


I have also seen stories about auto dealers hurting because they cannot get loans for their customers, so they cannot sell cars.


A year ago, a 650 credit score may have been acceptable to a lot of lenders, but now many of them want to see scores of 720+.


I have hope that things will get better, but at least for now, the days of easy credit appear to be over.


Less is the new more. 720 is the new 650. 20% down is the new 10% down.



Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.