AMEX 5000 limit to 4100 limit.what to do??

Anonymous · ‎06-06-2007

I am 22 years old credit scores FICO EX 645 and other score is 669 (the other one thats not Trans).Have had credit for 3-4 years first cards are two cap 1 with a limit of 500 on both. i now also have 1 amex blue. and a citi card. and a jcpenny card.

Amex was 5000. citi 1000. jcpenny 1000 also had a personal loan for 2000 i have had my CC's all max out at the same time untill one month ago. and was paying min amout on each.then i went in recovery mode and payed off the loan in full i payed my cap 1 cards off, jcpenny is at 700 and my citi is at $980

when i payed 1000 to amex they sent me a letter saying your new credit limit is 4100 so i am still almost maxed out i get the feeling if i pay them another 1000 this month they are goin to drop me down again i dont wont to lose my limit becasue i know if i got my balance down 1-9% it would help me alot.but if they keep droping my limit.it would hert me.i dont know what to do the more i pay them,the more they drop me.they might not drop me down again,i dont know,but i feel like they would.

i cant find the letter but the reasons were somthing like ~~balence to limit was to high~~

~~acounts have low age life~~~~resent loan(something like that )~~~to many acount have balences~~~do u think they would raise me back up seeing that i payed off the loan and my cap 1 cards and im going to be paying off my citi and jcpenny cards off soon1-2months

i dont know what to do.what do u think would be the best thing to do.

o and i forgot to say i have not missed a payment on any card and no neg marks.

Tuscani · ‎06-06-2007

Did you call and explain the situation?

Anonymous · ‎06-06-2007

yes i did. and they just told me the same thing they said in the letter only thing differnt they said is they look at my credit report every 30days and they look at how i make payments witch was min payment of 100, untill the 1000

Tuscani · ‎06-06-2007

I wouldn't worry too much.. you spooked them by carrying a high balance.. pay it down and try for a CLI in a month or two.

sl · ‎06-06-2007

When I had my AMEX card, they dropped my limit from $14000 to 7500 due to the same reasons...high credit card balances. I called and they would not reinstate my higher limit. They told me to pay down the balances and they would reconsider increasing the balances. I would call them and explain your situation, I doubt you will get your credit line back but it goes on your record with them that you are inquuired about it. Once you get your balances down, call and ask for an increase. They will not lower your limit again unless your utilization goes up. Good luck as they are not the the friendliest to work with.

fused · ‎06-06-2007

I am not an expert on Amex. My experience with them has shown they do not like their cardholders revolving a high balance, even though you make timely payments. Especially timely min payments. Where as some other ccc's love if you revolve a balance and even go as far as giving you automatic cli's every few months or so. I noticed this practice to be common with Chase and BOA.

MidnightVoice · ‎06-06-2007

fused111 wrote:
I am not an expert on Amex. My experience with them has shown they do not like their cardholders revolving a high balance, even though you make timely payments. Especially timely min payments. Where as some other ccc's love if you revolve a balance and even go as far as giving you automatic cli's every few months or so. I noticed this practice to be common with Chase and BOA.

You mean AMEX is the only card that rewards fiscal responsibility?

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎06-06-2007

lazydog wrote:
I am 22 years old credit scores FICO EX 645 and other score is 669 (the other one thats not Trans).Have had credit for 3-4 years first cards are two cap 1 with a limit of 500 on both. i now also have 1 amex blue. and a citi card. and a jcpenny card.
Amex was 5000. citi 1000. jcpenny 1000 also had a personal loan for 2000 i have had my CC's all max out at the same time untill one month ago. and was paying min amout on each.then i went in recovery mode  and payed off the loan in full i payed my cap 1 cards off, jcpenny is at 700 and my citi is at $980

when i payed 1000 to amex they sent me a letter saying your new credit limit is 4100 so i am still almost maxed out i get the feeling if i pay them another 1000 this month they are goin to drop me down again i dont wont to lose my limit becasue i know if i got my balance down 1-9% it would help me alot.but if they keep droping my limit.it would hert me.i dont know what  to do the more i pay them,the more they drop me.they might not drop me down again,i dont know,but i feel like they would.

i cant find the letter but the reasons were somthing like    ~~balence to limit was to high~~
~~acounts have low age life~~~~resent loan(something like that )~~~to many acount have balences~~~do u think they would raise me back up seeing that i payed off the loan and my cap 1 cards and im going to be paying off my citi and jcpenny cards off soon1-2months

i dont know what to do.what do u think would be the best thing to do.

o and i forgot to say i have not missed a payment on any card and no neg marks.

I'd probably pay off the JC Penney and Citi first (or at least bring them to under 10% UTIL). That way, if AMEX does happen to reduce your limit again, you'll be in a better bargaining position. Just saying you plan to pay off the other accounts in the next couple of months won't really get you too far. It's much better to be have that proof (low to 0 balances) on your CR to back you up.

Good job on the recovery mode you have going on.

Stick with it and they'll be falling all over themselves to give you more credit.

Message Edited by Felicity on 06-06-2007 03:35 PM

fused · ‎06-06-2007

MidnightVoice wrote:

fused111 wrote:
I am not an expert on Amex. My experience with them has shown they do not like their cardholders revolving a high balance, even though you make timely payments. Especially timely min payments. Where as some other ccc's love if you revolve a balance and even go as far as giving you automatic cli's every few months or so. I noticed this practice to be common with Chase and BOA.

You mean AMEX is the only card that rewards fiscal responsibility?

Not sure you can say that. Amex just seems to have different policies, and again this is just my experience. Others may agree or disagree with me.

Anonymous · ‎06-06-2007

Amex is kinda out of control lately. Many people have been getting nailed for CL decreases and financial reviews for no good reason. High balances have nothing to do with it. From what I've read, it appears to be random. People are seeing their cards suspended with no prior warning - being surprised when they try to pay a restaurant bill or a hotel bill on vacation. One man who paid in full every month and purchased more than $400,000 over the years had his CL decreased by 95%. Another customer who always kept his balance under 10% was subjected to an FR. The stories are endless. It seems like Amex is happy to approve new CCs and allow customers to bump their CL with ease at the start, and then they turn into Big Brother later.

Based on the experience of others, it's probably a coin flip whether Lazydog gets his $5000 CL reinstated, or sees additional CL decreases.

Message Edited by Revike on 06-06-2007 12:59 PM