Amex cut me down fr 30K to 6K

[Anonymous]

Don't close the card.

What you should do is charge teeny tiny things on it once every other month or so. I'm talking things like a Big Gulp, a Snickers bar, maybe a bag of tees at the golf club. Do that for six months, call back in all sweet and nice, and ask for a CLI.

They'll more than likely get the hint.

[Anonymous]

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TheNewWorldMan wrote:
Don't close the card.

What you should do is charge teeny tiny things on it once every other month or so. I'm talking things like a Big Gulp, a Snickers bar, maybe a bag of tees at the golf club. Do that for six months, call back in all sweet and nice, and ask for a CLI.

They'll more than likely get the hint.

---

good advice, i didn't close mine.

however i won't make a charge on it at all. i use it to secure rental cars and hotel rooms, but always pay with another card. since my cld i've been to at least half a dozen other cities across the us (including st. thomas, san juan) and france. i'm going to europe at least 1 more time prior to my 6 month mark, we'll see how they treat me then.

come january i'm apping the plat and killing my delta converted blue (unless they show me tons of unsoliciated cli's).

[Anonymous]

Hi Folks,

In the couple of months that I've been contributing to this forum I have to admit

that I've read just as many 'good' AmEx threads as 'bad' ones. But the bad ones

cut into our psyche pretty deeply. I mean, if a card issuer tells you that it's ok to

make a monthly payment, why would they turn around and decrease your limit

when you're "paying as agreed"? That's the part that really gets under people's skin.

When AmEx is good, they're great. But when they come after people and reduce

their limits simply because they were following instructions, that kind of thing rubs

everyone the wrong way.

And to get back to the original point: no matter what anyone says, AmEx is most

definitely a PIF culture. Just ask Howard and countless others who ended up on the

short end of the stick...

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 06-27-2008 05:40 AM

[Anonymous]

Here is another article that will shed some light on this, even though I believe that the members have explained and advised very well.

http://news.yahoo.com/s/ap/20080628/ap_on_bi_ge/all_business

[Anonymous]

Thanks..I just read an article on Yahoo regarding Amex reducing CLs..Its the financial climate etc. 

[Anonymous]

That's interesting incite with Amex--I have paid $5500.00  and will SD the card as soon as I PIF next statement or even before that....Fr now on will only use them for small puchases..corner store shopping etc. They are not worth my Credit Worthiness going to the dogs...

However, BOA is giving CLI like mad!!!! AMEX uses Experian so do not know how that pans out. Will SD the card until it's PIF.......never to use it except for very small purchases.  

[Anonymous]

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howardi wrote:

That's interesting incite with Amex--I have paid $5500.00  and will SD the card as soon as I PIF next statement or even before that....Fr now on will only use them for small puchases..corner store shopping etc. They are not worth my Credit Worthiness going to the dogs...

However, BOA is giving CLI like mad!!!! AMEX uses Experian so do not know how that pans out. Will SD the card until it's PIF.......never to use it except for very small purchases.  

---

LIke most members here, I think that would be the best course of action. They lost their grace with you and for that they should get what they deserve. By keeping the card and using it once every few months on tiny purchases should send them that message.

Way to go!

[Anonymous]

Thanks for posting that article..I was just about to post it myself. My In-Law is the a Director for Amex for the NE...And I will be talkign to her soon about this madness fr her company. I am pissed.

[Anonymous]

Well, if you get any "insider information", please share it with all of the great people here in this forum. Knowledge is power.

[Anonymous]

Hi getintherequick,

Thanks so much for posting that article. It complements perfectly

the Bloomberg article I posted earlier in this thread.

So based on the 2 articles, we now know which banks and credit card

issuers are most likely to lower credit limits in the near future:

American Express

Washington Mutual

HSBC

Wells Fargo

And you can add Bank of America to that list as well.

BofA is very good to its clients and provides excellent customer service.

But what BofA giveth, they are also quick to taketh away. So for all of you BofA

customers out there (myself included) I would call to find out what percentage

of a CL they are comfortable with before red flags start popping up. They recently

purchased Countrywide and are looking for ways to be more efficient with

capital. So we want to be on the "plus" side of the ledger, not the "minus" side.

Once again, thanks for posting the article.

CanDo

"The right attitude is everything" 

Message Edited by CanDoAttitude on 06-28-2008 09:29 AM