topic Re: Amex may be slashing limits in Credit Cards

Amex may be slashing limits

Anonymous — Sun, 15 Mar 2020 23:22:06 GMT

The wife has great credit, around 800 with the only debt being an on time mortgage. Credit cards are paid in full. She had 20k with Amex everyday card and they lowered it to 3k. Nothing new in the reports they are in great shape.

they also slashed my brothers limit from 10k to 2500. He's never paid late either so it appears Amex may be protecting things

dont want to spread a false rumor since it could just be a coincidence, figured I'd ask if anyone else had it happen the past few days?

Re: Amex may be slashing limits

Brian_Earl_Spilner — Sun, 15 Mar 2020 23:24:52 GMT

Have they been using the cards for a decent chunk of the limit? They cut when it's apparent you don't need that high of a limit.

Re: Amex may be slashing limits

sladesurfer — Sun, 15 Mar 2020 23:34:14 GMT

@Anonymous wrote:
The wife has great credit, around 800 with the only debt being an on time mortgage. Credit cards are paid in full. She had 20k with Amex everyday card and they lowered it to 3k. Nothing new in the reports they are in great shape.

they also slashed my brothers limit from 10k to 2500. He's never paid late either so it appears Amex may be protecting things

dont want to spread a false rumor since it could just be a coincidence, figured I'd ask if anyone else had it happen the past few days?

they also slashed all my amex cards the other day....Citi also cut some of my credit limits on my Citi Premier and Citi Aadvantage platinum..im guessing all this corona virus news are making banks uneasy

Re: Amex may be slashing limits

Anonymous — Sun, 15 Mar 2020 23:36:30 GMT

Mine is still intact (for now). I'll keep an eye on it. Amex not getting a lot of luv lately and not getting even 1% utilization.

Re: Amex may be slashing limits

Anonymous — Sun, 15 Mar 2020 23:37:26 GMT

There's another AMEX CLD here too from earlier - https://ficoforums.myfico.com/t5/Credit-Cards/Credit-limit-decrease-Are-lenders-starting-to-protect-themselves/td-p/5952123/jump-to/first-unread-message

Unfortunately it seems like it's slashing time. I checked my AMEX cards and they're fine so far but at $3K and $2200 they're not terribly outsized for my income anyway.

Re: Amex may be slashing limits

Anonymous — Sun, 15 Mar 2020 23:46:07 GMT

@Anonymous wrote:
There's another AMEX CLD here too from earlier - https://ficoforums.myfico.com/t5/Credit-Cards/Credit-limit-decrease-Are-lenders-starting-to-protect-themselves/td-p/5952123/jump-to/first-unread-message

Unfortunately it seems like it's slashing time. I checked my AMEX cards and they're fine so far but at $3K and $2200 they're not terribly outsized for my income anyway.

Hoping most of this applies to cards rarely or lightly used. Mine gets some use every month.

Re: Amex may be slashing limits

coldfusion — Mon, 16 Mar 2020 00:04:52 GMT

@Brian_Earl_Spilner wrote:
Have they been using the cards for a decent chunk of the limit? They cut when it's apparent you don't need that high of a limit.

Yep. This has been an ongoing thing for a while; in many cases making a phone call was sufficient to restore the CL back.

Up until now it appeared that this was limited at least the vast majority of the time to no-AF cards; if that changes and multiple DP start popping up with cards like the BCP having limits slashed that definitely bears watching.

Re: Amex may be slashing limits

Anonymous — Mon, 16 Mar 2020 00:09:48 GMT

With my brother he was lower usage so understandable. The wife used hers more so I'll have to ask her how much on average per month she spent on it.

Re: Amex may be slashing limits

Anonymous — Mon, 16 Mar 2020 00:12:16 GMT

@Anonymous wrote:
With my brother he was lower usage so understandable. The wife used hers more so I'll have to ask her how much on average per month she spent on it.

Yes, that would be helpful information (at least for me) if you can provide.

Re: Amex may be slashing limits

Anonymous — Mon, 16 Mar 2020 00:13:50 GMT

Thank you for posting. I'll be watching mine.

Re: Amex may be slashing limits

Anonymous — Mon, 16 Mar 2020 00:22:14 GMT

Thanks for sharing. I'll be watching mine as well.

Re: Amex may be slashing limits

pinkandgrey — Mon, 16 Mar 2020 00:59:53 GMT

FWIW, I have an 18k limit that rarely gets utilized. I've put a few couple-hundred dollar purchases on it but always pay it off fast. I've never seen a CLD.

Re: Amex may be slashing limits

blindambition — Mon, 16 Mar 2020 01:03:23 GMT

@coldfusion wrote:
@Brian_Earl_Spilner wrote:
Have they been using the cards for a decent chunk of the limit? They cut when it's apparent you don't need that high of a limit.
Yep. This has been an ongoing thing for a while; in many cases making a phone call was sufficient to restore the CL back.
Up until now it appeared that this was limited at least the vast majority of the time to no-AF cards; if that changes and multiple DP start popping up with cards like the BCP having limits slashed that definitely bears watching.

This will be an interesting DP. My card was cut to $7800 last year from $15700. Quickly restored and was BCE.

I upgraded to BCP last year. Carrying $500 and nothing so far. Happened when statement closed last time. That's the 9th and nada.

Re: Amex may be slashing limits

NRB525 — Mon, 16 Mar 2020 01:12:50 GMT

This looks to me like a different CLD pattern. All the CLD that I saw reported last year were for 50% of the limit. These are deeper cuts.

Looking forward to more datapoints.

Re: Amex may be slashing limits

Anonymous — Mon, 16 Mar 2020 02:57:24 GMT

I have a total of 4 AMEX cards. I use 2 of them monthly. While the other 2 gets a single purchase every couple of months. I don't use big chunks of the credit limit and frequently pay more than once a month on the 2 I really use to keep utilization down. They are always PIF after the statement cuts. I've yet to see a cld on any of them. Hopefully I don't , but sadly This Coronvirus scare may have these lenders as scared as most of America is. Thanks for the DP and I'll continue to monitor and report any changes.

Re: Amex may be slashing limits

Openwater — Mon, 16 Mar 2020 03:04:12 GMT

Seems like it might be happening. With all the Covid-19 stuff. Nothing surprises me anymore. I will keep an eye out. Thank you for the heads up.

Re: Amex may be slashing limits

red259 — Mon, 16 Mar 2020 07:46:15 GMT

My cards look fine for now, but all hell is breaking loose with the economy so expect lending to get pretty tight. I'm sure we are going to see credit defaults skyrocket. Be strong we are all in this together.

Re: Amex may be slashing limits

Anonymous — Mon, 16 Mar 2020 10:47:25 GMT

The wife's spending has slowed some lately with her putting maybe 3k a month on the card. She puts groceries, gas, car insurance, utilities, cell phone, etc on it pretty much everything that will take it she puts on it.

it's possible they figured she didn't need that much credit line

she plans to call today to find out what she can. My guess is it's a little of both. If she was charging like 10k+ a month and paying it back they probably wouldn't touch it, but just a guess

I'll find out more and report back

Re: Amex may be slashing limits

Gmood1 — Mon, 16 Mar 2020 12:07:45 GMT

@Anonymous

Nah, her spending is more than fine.

Amex has been doing this for a while.

A quick call will get her limits reinstated.

I had one CC lowered with Amex and one with Chase back in October or November. Didn't bother calling because I don't use either that often. Not a big deal, that's why you diversify.

I'm not hung on Amex or Chase.

Re: Amex may be slashing limits

Anonymous — Mon, 16 Mar 2020 15:47:38 GMT

@Anonymous wrote:
The wife's spending has slowed some lately with her putting maybe 3k a month on the card. She puts groceries, gas, car insurance, utilities, cell phone, etc on it pretty much everything that will take it she puts on it.

it's possible they figured she didn't need that much credit line

she plans to call today to find out what she can. My guess is it's a little of both. If she was charging like 10k+ a month and paying it back they probably wouldn't touch it, but just a guess

I'll find out more and report back

Ok, thanks for the update. I don't have nearly that spend on mine, but we'll see what happens.