topic Re: WOW AMEX in Credit Cards

WOW AMEX

Anonymous — Sat, 09 May 2009 06:49:56 GMT

I am truly concerned about my AMEX card which was first opened in 2004. I started off with 16K credit limit which was recently slashed to a mere 4.7K

I am carrying a balance of 3.8K due to obvious tough economic times. To make matters worse, AMEX decides to cut my credit limit AGAIN and now I am left with a mere $109 credit limit. I'm scared I might go over my limit! My scores have already suffered due to the first credit slash.

I know they are chasing my balance down. Should I call and inquire about their irrational behavior? Should I close my account before they close it for me? I have NEVER been late. Always on time. Even pay 3x the minimum. They have no reason to treat me like a 3rd rate member.

I just lost all respect for them.

Re: WOW AMEX

Anonymous — Sat, 09 May 2009 07:00:27 GMT

Alright, it is 2:56AM and I just called and threatened to disown AMEX. Basically, an unsuspecting young woman from the Philippines had to endure me venting.

It just doesn't make any sense that only AMEX is repeatedly cutting my credit limit. CHASE, CITI, and DISCOVER have all left me alone. I'm just a little worried that they might follow with AMEX's irrational decisions.

This was my first call to AMEX.... EVER. And my last.

Re: WOW AMEX

Red1Blue — Sat, 09 May 2009 12:38:32 GMT

Sorry to hear what happend to you with Amex. That is life now a days. Dont feel bad. I closed all my 3 accounts with Amex since they pulled the CLD/FR on me.

Re: WOW AMEX

athensguy — Sat, 09 May 2009 12:40:41 GMT

You need to pay that down as soon as you can so that the others don't start taking AA due to high balance on the card.

Re: WOW AMEX

haulingthescoreup — Sat, 09 May 2009 13:17:15 GMT

Hi, thatdoodjohn, this is why AmEx was able to report that it had enough cash on hand --it has been slashing many CL's. especially for those with balances.

You're not going to be able to get them to change their mind. You're probably headed for a $500 CL once you have a $0 balance, or maybe they'll close you outright.

I agree, do what you can to get that balance off. If you can't pay it off, check into a BT to another card with a decent CL, so it won't look so scary.

As to what you do with the card then, you can close it, or you can toss it in the sock-drawer with a small recurring charge, and wait and see what kind of CCC American Express becomes. It will certainly be a different one from the one we saw over the last several years, that's for sure.

Re: WOW AMEX

Anonymous — Sat, 09 May 2009 19:16:32 GMT

Don't take it out on the poor cust rep they're just trying to earn a living.

Amex purposely tries to rid itself of moderate or high risk borrowers, it's not their target market.

I can understand, Amex should not have given so many people credit cards in the first place. But still.

Re: WOW AMEX

Anonymous — Sun, 10 May 2009 18:35:55 GMT

this is why i will NEVER own an AMEX card!! even if that was the last card on earth!!

Re: WOW AMEX

Anonymous — Sun, 10 May 2009 22:23:52 GMT

@Anonymous wrote:
I am carrying a balance of 3.8K due to obvious tough economic times. To make matters worse, AMEX decides to cut my credit limit AGAIN and now I am left with a mere $109 credit limit. I'm scared I might go over my limit! My scores have already suffered due to the first credit slash.

They cut your CL down to $109 or left you with $109 in available credit?

Message Edited by YoungEntrepeneur on 05-10-2009 03:23 PM

Re: WOW AMEX

Anonymous — Mon, 11 May 2009 02:31:21 GMT

$109 available credit.

Re: WOW AMEX

trudawg660 — Mon, 11 May 2009 04:37:33 GMT

to hear this is sicking i wanted a starwood card but i think i need to pass

Re: WOW AMEX

Anonymous — Mon, 11 May 2009 05:59:19 GMT

What's your interest rate on the card? You're definitely in a tough situation. If you pay our balance down, they're going to chase your balance. If you don't pay your balance and just make small payments, interest charges can cause you to go over the limit. I would make payments of $150-$200 a month which will pay your balance and give you a chance at keeping your CL and account open. There's a good chance that AMEX might close your account once you pay off your balance and you wouldn't want that since you have about 5 years of history on the account. If you have older accounts or accounts opened in 2004, I would pay off the balance aggressively and let them decide if they want to keep the account open or not.