Just looked- CLD from American Express

[oracles]

Well, I just looked, CLD from American Express from $3000 to $500. Its ok, it really doesn't effect my Util% much. I know they have been doing this, however I thought since I had a 0 balance with them, have no baddies on my CR (absolutely clean report), scores are over 700 on all Credit Reports, my mortgage is from citibank, and I live in a nice neighborhood that has very little foreclosure, I thought I was safe. I guess not. I am going to call them to ask why they CLD. Out of curiousity, I really want to know the excuse they have. Will update you.

[FretlessMayhem]

Ever carry a balance on your Amex card or any other cards?

[wmarat]

Have you used your card

1. Liquor store

2. Online

3. For adult entertaiment

4. Cash advance

5. WalMart

6. Medical bills

7. Shrink bills

8. Marriage consult

9. Lawer

10 Gambling etc,. etc.

[FretlessMayhem]

Ha @ Shrink bills. I never thought of that.

[wmarat]

As far as we're talking about AE impossible is possible.

[Red1Blue]

It is not just Amex. I heard lot of other banks also going to start doing this. I beleive about $2 Trillion or so in the credit card limits are going to be reduced. I dont if that $2 Trillion number is correct or not but there is going to lot of Credit Limit Reductions in the future. My suggestion start doing PIF and keep the balances low by making extra payments ahead of time.

[oracles]

Just to let you know, I only use my AE credit card for small things like coffee and gas and I never carry a balance.

Here is what they told me:

1- balance to credit limit- i have a 19% util

2- High balance on revolving - this is true on one card which i have a 0% balance transfer and it stands at 85% util

3- Too many accts with balances- i have 12 credit cards and i only have balances on 3

4- Too many consumer finance company accts- i have no idea what this is and she could not    explain what it is. i only have one loan and that is my mortgage which i am never late and have a 55% util on it.

oh well, why put energy to something you cant control.

[wmarat]

I would like to believe that in 2-3 years AMEX will beg us to use their cards.

[oracles]

I agree wmarat, this a situation where i have done everything correct, and they still CLD. I really would like to know however, what is consumer finance companies? All my accounts are either CC's are a mortgage.

[MidnightVoice]

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@oracles wrote:
I really would like to know however, what is consumer finance companies? All my accounts are either CC's are a mortgage.

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If you do a search for "consumer finance"  you should find a lot of info on this