topic Re: Amex PRG in Credit Cards

Amex PRG

CostantinoA — Wed, 19 Apr 2017 06:21:32 GMT

I have had my PRG for about 6 months now. I have never been late or had issues with the card. I charged about 4k in one purchase on it. A few days later, I recieved a notice that they have changed my card from NPL to set credit limit of 2k. Has anyone heard of this before? How long is it going to be a set limit of 2k?

Re: Amex PRG

K-in-Boston — Wed, 19 Apr 2017 14:03:15 GMT

You have an insane number of inquiries (200+ total) and high util according to your signature. How much of this has been within the past six months? It would appear that you have just spooked AmEx between the extreme credit-seeking behavior and a large purchase outside of your normal spending habits with them. From other reports here, it's usually about 6 months to a year of the set spending limit depending on how you establish spending and payment patterns with them and what else is going on on your reports.

Re: Amex PRG

MyLoFICO — Wed, 19 Apr 2017 14:11:49 GMT

I agree with K. By the looks of your signature, you have lost control or cannot control your need for credit. If you make enough (income) to warrant that kind of usage you need to pay it off. AMEX is just protecting itself from what they perceive as a loose canon. PRG means pay it off before the next statement. Am I correct in assuming you have 4k balance on it now or did you PIF?

Re: Amex PRG

CostantinoA — Wed, 19 Apr 2017 14:27:46 GMT

I had more inquires than this when I was approved for the PRG. It is all from auto loans. I have PIF the balance numerous times over. That is the same with most of my cards. Hardly ever carry a balance. I guess I just need to pay before the statement cuts

Re: Amex PRG

MyLoFICO — Wed, 19 Apr 2017 14:31:03 GMT

Yes, that is highly advisable. Carrying a high UTIL is not good. Your scores would rebound a good bit if you didn't have such a high UTIL. And by al means, let those inquiries age and fall off. I see you are in the garden now, and that is where you should stay until those iquiries fall off.

Re: Amex PRG

CostantinoA — Wed, 19 Apr 2017 14:36:25 GMT

About 85% of the inquires drop off this year. It's weird how I was approved with Amex with higher amount of inquires and nevitive accounts and then they put the limit on the card.

Re: Amex PRG

MyLoFICO — Wed, 19 Apr 2017 14:40:14 GMT

You can call and ask them but honestly, I wouldn't poke that wasp nest until your scores come up, UTIL goes down and Inq's drop off.

Re: Amex PRG

K-in-Boston — Wed, 19 Apr 2017 14:56:13 GMT

I agree with MyLoFICO about not poking them. I would just use it as normal (charge cards are not factored in util), let the statements cut, pay by the due date and stay under the radar. It looks like you have a number of AmEx cards, so I would not be surprised if they take that action on other cards. For the revolving cards, doing the math with total credit lines and number of cards it looks like you likely have dozens of very low limit cards - so I would definitely try to pay those off before the statements cut to get your util under 29% (under 9% if possible). Did your EX score just recently dip below 600 again? Unfortunately, that's the one that they are looking at and the one with about half of your INQs to boot. AmEx changes as you change, so long-term this is not going to be an issue for you with them.

Re: Amex PRG

Anonymous — Wed, 19 Apr 2017 20:29:09 GMT

First I've ever heard of AMEX actually putting a strict limit on the charge card. With 38 cards and ~50k TCL, maybe the average credit limit that you carry across the cards spooked them as well? Don't know if they look at that, but either way that is a lot of cards (good amt which I presume are store cards, which you could work on closing over time as well to cut down)

Re: Amex PRG

K-in-Boston — Wed, 19 Apr 2017 20:40:41 GMT

Lots of data points here with set limits. Usually happens after a late payment or if something has spooked them, and they go back to NPSL after they feel comfortable again.

Re: Amex PRG

Anonymous — Wed, 19 Apr 2017 20:58:59 GMT

It's quite common for them to put hard limits on Charge cards. Amex is easily spooked.

Re: Amex PRG

CostantinoA — Wed, 19 Apr 2017 21:06:57 GMT

How often do the hard limits normally last? My credit was worse than it is now at approval. That is why I am confused.

Re: Amex PRG

Anonymous — Wed, 19 Apr 2017 21:09:04 GMT

@CostantinoA wrote:
How often do the hard limits normally last? My credit was worse than it is now at approval. That is why I am confused.

according to Boston, whenever they feel comfortable again. That probably means that after a few statements PIF at a reasonable balance they'll lift the restrictions; you could always try to call in to dispute but they'll probably just give you an explanation of why they're spooked.

Re: Amex PRG

K-in-Boston — Wed, 19 Apr 2017 21:10:27 GMT

Like I said earlier, most people have said 6-12 months. I think it was the $4k purchase out of nowhere that did it since that is not your typical spending habit since opening the card. Doesn't mean they won't lift it sooner. Pay that $4k and charge $2k the next cycle. It's a charge card, so the CBs will never know about the limit and there is no need to worry about util.

Re: Amex PRG

CostantinoA — Wed, 19 Apr 2017 21:13:15 GMT

You would think they would have declined the charged if they were so scared about it. They put the limit on the card like 5 days after the charge. The statement didn't even cut for it yet. Amex is weird.

Re: Amex PRG

K-in-Boston — Wed, 19 Apr 2017 21:15:27 GMT

In 15 years, I've never had a declined charge paying with AmEx and I have pushed the envelope a few times. Usually unless they think there's fraud they'll approve it. It was more likely a case of let's limit it there for a while and see how OP does.

Re: Amex PRG

CostantinoA — Wed, 19 Apr 2017 21:16:46 GMT

I see. Thanks

Re: Amex PRG

MyLoFICO — Wed, 19 Apr 2017 21:21:52 GMT

@Anonymous wrote:
It's quite common for them to put hard limits on Charge cards. Amex is easily spooked.

Maybe that is why I keep getting declined. Well, I did a year or so ago. My credit spooks me sometimes too. lol