I just don't understand why they always screw the person that is always trying to pay down debt rather than work things out..... I have had 2 american express cards for ten years(each with $12,000 limit)....never been late on payments and have paid down balances of having them at one time over half the credit limit.... now they changed one from $12,000 to $500 and $12,000 to $1500(with a balance of $1100) which in turn makes it look like on paper that i am "maxed" out over 50% of balance lowering fico score!!! its almost like they are punishing the people who are really trying to lower there debt and raise there fico score!!!!
No, but I'm prepared by keeping my balances VERY low in case I have to Zero them out quickly. In fact, I was approved for a Capital One MasterCard ($300CL) and a Delta Sky Miles American Express ($2000CL).
AmEx lowered. Now only has $100 available credit which looks really bad - after paying down from $6000. Never been late - have been paying over the minimum for the past year. FICO hovers btw 680-720.
Only with a "sorry if this is an inconvenience". I wish I had the funds to pay it off completely today and be done with it. Soon... just keep snowballing.... soon....
Just in the past three months I have paid off 3 credit cards which were never paid late, just wanted to reduce the amount owed to help with my FICO score. Two of these credit cards are serviced by GEMB. After those 2 were paid in full, they immediately reduced my credit limit. Within 1 week of paying the balance in full I received a letter from them. So now I have two cards that show a very low credit limit. I have 2 other credit cards that are serviced by GEMB and I absolutely refuse to pay off those balances for fear they will reduce that credit limit as well.
Both of these cards would increase my limit every 6 months without ever applying for a higher limit. I don't understand why now they are reducing the credit limits and in turn hurting us for actually taking care of our debts and being responsible.
YES! I just recieved a letter from Walmart....reduced my credit line from $1000.00 to $960.00
Never late...good paying record. No reason was offered from Walmart either. That really sucks!
I got an email from Amex on 10/26 informing me that they had lowered my limit by over $17,000 to $7,500. When I called to find out the reason I was told it was because I'm using too much of my available credit and because there have been too many inquiries in the last 12 months.
What a ridiculous Catch-22: now my total use percentage will be even higher because of their action. I have never been late, always paid much more than the minimum, and six months ago had a zero balance. As for the inquiries, I've had three, two of which were authorized by me. The third, by B of A, and through no initiation of my own, was apparently run because I have a mortgage with Countrywide (also current). Their inquiry on 10/20 resulted in my FICO score (which I track constantly through Experian and is usually between 765-774) dropping to 740.
What's ironic is that I had a letter yesterday from one of my other credit card issuers that they had raised my limit. They're likely to rescind that when my FICO score is lowered as a result of Amex's limit reduction. I informed Amex that I will no longer be using their card.