I recently started an ecommerce business with merchandise paid for with credit. I had a net revenue of $10,000 this month and was going to pay off my AmEx with a $10,000 limit (with a balance currently very near its limit) in full and then request a CLI.
However, I just read on this forum that AmEx has lowered the credit lines of some cardholders, and I do not want to risk that by paying off my balance in full. I always pay my cards on time, however a lot of them are near their limit right now because my business had a delayed start.
My business is now doing well, however it is still too new to apply for a loan which is why I am relying on credit. I do not mind paying them off in full and then being denied a CLI, but I need to maintain my current credit limits in order to pay for new merchandise and can not afford to have any lowered.
My credit score was perfect before I opened this business (a sole proprietorship) and I now have 5 credit cards in good standing but with high balances due to merchandise orders for the store.
What should I do?