Amex has a new trick! After more than halfing my credit limit and raising my APR to over 33% some time ago, which of course dropped my credit scores ( I have a spotless credit report for over 18 years) they have the %%%%s to call me and ask me to pay down my low rate promotion by half. In return they will credit back 2 months of interest and not review my account for 12 months. After all the crap they have dished out I don't believe a word they say. I told them to keep their credit on interest, increase my credit limit back to where it was and drop my APR on purchases back to 9.9% and guarantee in writing not to change anything on my account for 12 months and I would consider it. Of course the reply was I can't do that and guess what ? My reply to them was the same, I can't do that and hung up.
In my opinion alot of what is going on right now is a result of our government passing a bill to limit what credit cards can do but not putting it into effect until next year, leaving us, the consumers, fair game to whatever they can dream up!!!!
I'm afraid to open mail or email from my credit card companies any more. My formerly excellent credit is being ruined, and not from my doing.
Today I got a "Notice of Change in Terms and Right to Opt Out" from Citibank telling me that effective August 4, my interest rate will increase to prime + 23.99%, with a minimum of 29.99% My current interest rate is 8.24%. Since I do carry a balance I have to opt out, but not before I max out the account! I just don't know how this will affect my other accounts.
Cleverbroad, I sure know how you feel. My fixed rate accounts 9.9 to 12.9% range are now scheduled to change to high variable rates unless I opt out which I must do as I have debts on multiple cards. I had about six cards with limits in the $30k range and only American Express cut me off in the past few months, first to $11,900 and then to $6,900 and I believe if I pay that down Am Ex will cut the card lower. Meanwhile the Bank of America cards are slated to move up to the 24% to 28% variable next month unless I call to object which I will to see what I might negotiate. My Chase card is still in the lower range of interest but it seems they may be raising other fees and the minimum charges for cash transfers. I had good credit but know it can only be going down now. I get the sense it is not even related to me or my own situation but some across the board big change to protect their profit margins.
Yes i got reduced on my 2 bank of america cards, RBS, and Chase all reduced my limits from around 10k each to about 1k or in the case of RBS $250 LOLLLL
in two cases, the limit reduced before i was notified, and i was trying to use the card and got denied. Chase had given me credit card check with a cool interest rate, and the day i used it was the day they reduced my limit, causing my check to be returned!!!
I called every single one of these companies. I have been on time on each of these accounts, and been a card holder from 15 years (Chase) to 5 years (BofA), in every case they denied more credit or they said they have to do a credit report inquiry (which will hurt my score), and so i refused. I stopped using RBS in 3 months they dropped me.
I have not been touched yet (but I bet they get me) but my husband has. He also had a check returned from Chase that he decided to take advantage of the great offer they made him. They called him after he deposited the checks and told him they decided not to honor them!! This caused the checks to bounce and to add insult to injury, we had to pay the bounced check charges to the bank of 58 bucks. Chase has lowered my husbands credit limit to 100 over what he owes.
I have high cl's with Amex, BOA and Citibank. I am nervous as all heck cause you know they just haven't gotten me yet but I am willing to bet they will. We always pay on time and pay well over the payment due but it looks like it does not matter. If my husband was not laid off, we would take our savings and pay all of the balances off, but that is not a good idea right now. This really stinks!!
CHASE lowered my credit line by 50%Now I'm almost maxed out on one of them.CHASE send me a letter with explanation why my credit line has been lowered.
Total available credit on bankcard is to low....NOW is even lower
Too few account paid as agreed compared to total account....that were a Washington Mutual CC.
Too few open account with time on file greater than 24 months.
So....if you apply for a credit your score goes down,if you don't apply your credit limit goes down.
Have I missed something?
Yes, American Express lowered my credit limit from $13,500 to $2,300. They stated they were reviewing accounts and lowering credit limits based on % of use.
Also, Chase Bank closed an account that I had, but had never used. I had the card and it was still valid, but because I had never used it, they closed the account.