Yes AMEX Blue Card CLD from 15k to 100 over balance at the time was 5200 ...then I made a 300 payment and they CLD'd it again to 5000....100 over balance again.... so I left it for the remainder of the month and I payed it in full ....it hasnt changed since.
I also had a AMEX Gold Card and cancelled it since it really doesnt matter to have a AMEX in your wallet when you dont know if the charge will be approved anymore or not ...so until they change their ways ...me and my interest go elsewhere ....Hello Discover 25k limit ... Hello USAA 25k limit ....
Amex is overrated and is losing customers faster than GMAC is losing money! lol well I dont know if its quite that bad yet but close lol ... Just about every professional person I talk to at work has had some sort of run in recently with AMEX .... its sad ...so many years to build up the reputation and now its pretty much junk.. I have no faith in amex...although besides the CLD conversation ...all 3 of them ..with stupid non-answers .... I have always had good customer service up til now...
All my other cards have not been touched
My scores as of today are TU 747 EXP 749 FAX 762
HHI is over 140k yr
Yesterday I got the letter from Amex citing their reasons for lowering my limit. They say they use Experian as their source, and I have access to my Experian credit report at any time. The problem is, they are citing reasons, "According to Experian," that do not appear on my Experian report, such as:
-Too many accounts with balances.
-Too many inquiries. Three within the last year; one for a refi I was contemplating; one from B of A, which bought Countrywide (they are apparently pulling hard credit reports on all Countrywide mortgagees); and one for Discover, the only new account I've opened in over 3 1/2 years.
-Too many accounts recently opened. I have one, as noted above. I don't know what they consider "recently."
I can't dispute any of this on my credit report because they are not listed by Experian.
In addition, they cite this under their own reasons:
-The number and value of residential loans, opened within a short period of time as indicated in your credit report.
I have a first and HELOC on my home, both current. obtained through a refi in May of 2005. These were on my credit report when Amex gave me this Blue card with a 25k limit.
I tried to send Amex an email about all this, but they will only communicate by phone, which I believe will be useless. I will, however, send them a registered letter with a copy to Experian. I will also pay off the balance and cease using use the card.
I have not had any of my credit lines cut. However, I do not have an American Express card. I called B of A and they INCREASED my credit limit by an additonal $5000 yesterday. My GEMB Lowes and Walmart have NOT been cut as well.
My FICO scores are ok but not as high as many on here. Then again I never owe out on my credit reports more then 1% of my total credit lines. Who knows why these banks do the things they do. I do think they are trying to avoid future losses though, who can blame them.
My parents had their card limit decreased by Amex. Best thing is to balance transfer the balances to another card if you can and move on. If you can't afford to, just continue paying them as much as you can. Some people's cards are still being slashed after paying them as much as they can.
My parents went with Amex at the recommendation of Suze Orman in 2005 when she stated people having problems with other credit card issuers, to go to Amex for better treatment! Just Monday on an early morning show Suze Orman stated people's credit lines are being slashed and their debt to ratio will unfortunately suffer plus their FICO scores and for people not to use their credit cards at all. How does her FICO kit on this forum address credit line decreases? I also believe I heard her state FICO will not be making any changes to their formula to take in consideration these credit limit decreases either.
I believe it is in a person's best interest to analyze where they are financially and to rid themselves of credit cards altogether.
I feel bad for you people who have the AX card problems. For you to do nothing wrong and to take FICO score hits is just not right.
Is it legal for them to do this? I mean wouldnt AX need a good reason to lower your CL??
Is this just happening to people who own their own business? or is it for everyone?
I was going to get an AX but I never bothered as my BofA card has a $30,000 limit.
Now I am glad I never applied for an AX card.
I feel bad for you people who have the AX card problems. For you to do nothing wrong and to take FICO score hits is just not right. It is not only AX thing. Target, Macy's, Citi, BOA and even GEMB CLD people.
Is it legal for them to do this? I mean wouldnt AX need a good reason to lower your CL?? Completly legal. They always can come up with bogus reasons.
Is this just happening to people who own their own business? or is it for everyone? Nobody is safe.
I was going to get an AX but I never bothered as my BofA card has a $30,000 limit. BOA CLDes too.
Now I am glad I never applied for an AX card.