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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!


soonerORlater750 wrote:

  I close store accounts after the item is paid for, ie: big screen TV purchased a year ago for $2400 at Fry's Electronics... I stretched that one out over 5 months, PIF and closed the account.  I got another TV at Best Buy last month @ $900... already paid $600 and will PIF before the end of this month and will CLOSE the account....
I thought you meant that you PIF'd before the original balance ever posted, so that you always had a string of $0's displaying. And of course you know that closing accounts doesn't help, and it probably hurts. It reduces your total available credit limit, thus potentially increasing overall util when you do have balances on other cards, and it reduces the number of open revolving accounts, increasing your chances of being dinged for "too many accounts with balances."

Obviously, your choice, I just try to make sure that others reading are aware of these issues.


soonerORlater750 wrote:

  I do appreciate your predicament and sympathize, but still contend it's a FICO problem, not AmEx.  I'll shush my mouth now.  :smileyindifferent:
I don't know what predicament of mine you're referring to --if you think that I'm being forced to defend the virtues of FICO scoring, I'm not. I'm just another member here, and all the mods are volunteers. So I don't have to toe the company line or anything. I'm quite certain that I'm not getting a paycheck! :smileyvery-happy:

My only credit issues are lates, mostly minor, from living in a fog in the past. As I wait for them to fall off, I've learned how to fine-tune my scores by minimizing reported balances. My scores would be in the 680 - 700 range if I didn't. :smileyhappy:

And I hope you don't shush your mouth! If everyone did that, I wouldn't have anything to read, and I'd have to go clean my house. Which needs it desperately.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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marty56
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Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!

Another idea is if anted to make a major prchase, I would call my CCC up and ask them about it.  I would say that I'm going to spend $3k in Best Buy and assuming DW doesnt kill me, I intened to PIF in say 6 months so will you smack me on my CL for doing this.

 

 

 

 

09/12/2013 FICO: EQ: 772 EX:813 TU:752
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soonerORlater750
Posts: 78
Registered: ‎08-23-2008
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Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!

Hauling-  Nooooooo.  Didn't mean you had "issues".  lol   I read and appreciate your posts/ guidance in this forum. 

 

I guess all things (including BuyGold's situation) are viewed from one's own perspective.  In my case, I'm 60, don't own a home now (no more yardwork! :smileyvery-happy: ) and really have no "need" for super-high FICO scores / high credit limits.  If I need a high-ticket item, I open an account, charge it... PIF it in a very few months and close the account so I don't worry about ID theft, etc.  I've opened / paid 6-7 CC's, including MCs and Visas in 2008.  FICO may not like it, but I keep getting green lights.  I do really, really, really like the "rewards points" and actually MAKE MONEY off them, especially during their introductory periods!  :smileyhappy:  Having taken BK in 2000, I'm allergic to balances, but I just LOVE having someone (hello Chase!) pay me to use their card.  My credit may have the blem on it, but it's still good 'nuff for anything I need to do.  Again... "perspective".

 

Hope you had a good T-giving and BuyGold survived Black (Red) Friday.

 

Now I'm gonna re-shush!  :smileyindifferent:  :smileyindifferent:   <-- double-shush

 

 

4/13/08 FICOs: TU 646 / EQ 583 / EX 623
2/06/09 FICOs: TU 708 / EQ 689 / EX 705
12/12/09 FICOs: TU 773 / EQ 737 / EX 761
Moderator Emerita
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haulingthescoreup
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Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!

Oh, OK, gotcha, no problem! I see what you're saying now. I'm still in turkey-tryptophan haze, I think.

And there's not enough money on this planet to get me out in the mauls (as I consider malls to be) on Black Friday! * shivers *
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Scamp
Posts: 2,791
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Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!

[ Edited ]

Watchmann wrote:

 

I'm a 28 year AMEX cardholder, $63k CL total on two AMEX credit cards, plus a Gold Charge card.  Have never had a CLD or any adverse action by AMEX. 


 

OP, pardon a brief threadjack -

 

Just a thought, Watchmann - why don't you make the above (or a variation of it) your sig line?  That way you don't have to type it over and over, can just reference it instead for anyone new to the fora, and readers already familiar with your excellent history with AmEx can get to the other useful information/input offered in your posts without first having to wade through something they already know.  Might simplify things all around. :smileyhappy: 

Message Edited by Scamp on 12-12-2008 07:16 PM
_____________________________________________________________________________
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02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008

Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!

[ Edited ]

Scamp wrote:

Watchmann wrote:

 

I'm a 28 year AMEX cardholder, $63k CL total on two AMEX credit cards, plus a Gold Charge card.  Have never had a CLD or any adverse action by AMEX. 


 

OP, pardon a brief threadjack -

 

Just a thought, Watchmann - why don't you make the above (or a variation of it) your sig line?  That way you don't have to type it over and over, can just reference it instead for anyone new to the fora, and readers already familiar with your excellent history with AmEx can get to the other useful information/input offered in your posts without first having to wade through something they already know.  Might simplify things all around. :smileyhappy: 


 

 

Thanks for that excellent suggestion, good to see you are looking out for everyones best interest.  Have a good Black Friday (now go shopping and be sure to use AMEX for all your holiday expenses).

Message Edited by Watchmann on 11-28-2008 05:02 PM
Message Edited by Scamp on 12-12-2008 07:16 PM
Message Edited by Scamp on 12-12-2008 07:17 PM
Established Member
LiLTide
Posts: 25
Registered: ‎10-06-2008
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Re: Maxed out utilization....

Well, HSBC hit me recently.  My initial credit limit was $4000 and I used approx $2000.   I made my payments on time and reduced my balance to $900. One day I got a notice from HSBC saying they were decreasing my credit limit to $905. I thought I did something wrong (missed a payment, sent a payment late, etc.) but I didn't.

The credit limit reduction I didnt care too much about because I wasnt making any charges on the account. I was more concerned about my utilization ratioin that it accounts for 30 percent of your credit score. The lower it is, the better it is for your credit score.

When my limit was $4000, my utilization was 50 percent and slowly decreasing. When my limit was reduced to $905, my utilization maxed out to 99 percent. I have paid it down to $300--30%.  I understand what the $40,000 AMEX holder is saying---cant reduce it to less than the balance, but your utilization is MAXED out.  Either way, your 30% gets slammed and if your balance is maxed out your slammed.

Any thoughts....

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haulingthescoreup
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Re: Maxed out utilization....

Sorry to hear you got hit with this. One name for this is called "chasing the balance." No matter how low you get your balance, they will immediately lower the credit limit to where you're barely below it. They do this over and over and over until you've paid it off, and then they either close the account, or you call up and tell them that you're closing, and that you want it to say "closed by consumer."

It's the CCC's version of the long goodbye. They're shoving you out the door with this tactic. Maybe accounts can one day be rehabilitated after this, but no one here has stuck around long enough afterwards for us to know.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Member
Royal27
Posts: 39
Registered: ‎11-23-2008

Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!

I don't want to make this political, so don't take it that way. This is a sign of what is wrong with our country. Many people think they are owed, we aren't.  Credit is a privilege, not a right. The creditor has a right not to give credit, or to pull it back if they think they are at risk. If this had been done for the last 30 years we would be in a much better financial situation as a country. I have always been treated better by AMEX than any other card - love their CS - no one better with a lost/stolen. They act like they are a step above others, I think they are. This means that sometimes "second tier" is a better choice, not that they AMEX doesn't have a place.
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11/23 TU - 768, EQ - 783, EX 794
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dallasjetfan
Posts: 467
Registered: ‎03-06-2007

Re: Amex Scrooge - Panics on Black Friday, Cuts Credit Lines TODAY! Amex Ruins X-Mas!

I say who cares if they lower your CL, unless you are buying a major purchase, your FICO doesn't matter.  My new philosophy is if they CLD me, then I will close them and take the FICO hit and never do business with them again.
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