CLD on my Amex Clear Card

[Anonymous]

That's pretty much a CC, right?  "We have the right to do anything at anytime, whenever we feel like it, for any reason or no reason, with notice or without notice and charge you the intial APR or a different APR......and you agree to this in advance as though it was agreed to in the intial terms AND YOU"RE GOING TO LIKE IT!"

[Red1Blue]

That will not give any incentive for customers when they are trying to promote their optima Oasis program. If they are going to keep chaning their rules, why bother paying off the 14+ year old debts and get into their oasis program?

People has better things to do with their money. I guess paying off the debt is a honorable thing to do. But one does not have to go through this after.

Now onwards I am going to strongly advice people who is considering Amex Oasis progra.

[CHARGE_IT]

Once you have made a product change, you cease to be operating under the "Oasis" program.

To Concord;  This happened almost ten days from the time you asked for a CLI on your Clear, from 5k to 7.5k. This was just on the heals of getting the Plum business card.

As Creditaddict warned you in a previous "thread" of yours, those actions were going to get you a manual review. Your number of inquires will not stand a manual review as things are now. Actually, you are lucky it was a CLD and not a closure.

Most people would keep it and make it grow. Nothing you do can hurt Amex, so why not use your cards and make the accounts strong and let them age and work for you. It is the only way to make paying your old debt a plus situation for you.

Sorry it happened,

CI

[haulingthescoreup]

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Martin wrote:

Well, I don't get it. Can someone explain why CCCs are doing such irrational measures? What's behind the scene that they are decresing limits to paying customers, closing their accounts and so on? Recently Amex suspended some of my benefits on my CC, does it mean they do not want clients like me? My credit score substantialy rises (currently avg. 715) never had any baddie on the report, always paid more than minimum and currently PIF but still Cap. One increased my interest (almost doubled), Amex suspended some features, what shall I expect next?

Why are they doing it?

I decided avoid using Cap One (forever) as well as Amex. Now I am thinking whether to keep them as emergency reserves or close those accounts. I have quite a large emergency fund (among my other funds) so I do not need CCs at all.

Thanks

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Read txjohn's excellent post about this: The reason CCC's are giving CLD to everyone is

Banks are hurting for cash, and they are required to keep a certain percentage of cash on hand to credit extended. With less cash available, they have to reduce the amount of credit extended to meet these requirements.

[Red1Blue]

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@haulingthescoreup wrote:

Read txjohn's excellent post about this: The reason CCC's are giving CLD to everyone is

Banks are hurting for cash, and they are required to keep a certain percentage of cash on hand to credit extended. With less cash available, they have to reduce the amount of credit extended to meet these requirements.

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What about billions and trillions Banks are getting in the Bail Out Funds from Govt to Lend to Consumers. Oops,  I forgot that is used up for Executive Bonuses so there is no more money left to lend to consumers from Bailout funds.

[haulingthescoreup]

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concorduser wrote:

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@haulingthescoreup wrote:

Read txjohn's excellent post about this: The reason CCC's are giving CLD to everyone is

Banks are hurting for cash, and they are required to keep a certain percentage of cash on hand to credit extended. With less cash available, they have to reduce the amount of credit extended to meet these requirements.

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What about billions and trillions Banks are getting in the Bail Out Funds from Govt to Lend to Consumers. Oops,  I forgot that is used up for Executive Bonuses so there is no more money left to lend to consumers from Bailout funds.

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Oh, absolutely, I hope they burn in you-know-where for the scam that they're pulling. I'm just trying to remind people that there really isn't anything particularly personal in all this crap --it's just all us little guys getting smushed under the steamroller.