AMEX Platinum @ $800 Credit Limit?!?!?

[Anonymous]

I have a hunch that you're being throttled in large part because Amex is spooked by all the new accounts you've opened in the last few months.

[Anonymous]

My buddy once had Amex shut down his account because he was spending so much money on it compared to what he listed was his income during the application..

[awp317]

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@Anonymous wrote:
My buddy once had Amex shut down his account because he was spending so much money on it compared to what he listed was his income during the application..

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I had this happen too back in 09 with my (at the time) green card. I said I made 65k a year and had spent 40k on it in the first 6 months after some questions and statements showing a savings they opened me back up but they were stopping me at 1000-3000 depending on the month for the first 12 months or so with the card. Then I hit an internal limit of 17k, then an internal limit of 28k the following year and so on and so forth. Really just regular use and payments is all you need to up your spend. It's a card that if you treat right can let you spend some serious money on, I think of it like marriage, gotta get to know each other first and slowly grow to trust each other.  Now the "check your spending power" thing lets me go to 100k, and who knows maybe more that was just all I had the guts to put into the computer. 

[CreditCuriosity]

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@Anonymous wrote:

At this point I would call them and demand that the $450 AF be credited back to your account. I'm pretty sure there's a law about being charged an AF higher than a certain percentage of your limit on a credit card. I'm not sure if this applies to charge cards as well, but it seems down right stupid to be charged $450 for a card with a limit of $800.

That's more than 55% of your limit!

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I am curious about the point you make as well..  Not sure if the Card act applies to Charge cards?  As part of the card act says your CL must be great than 1/4 or 1/5 of you annual fee so take this example if you AF is to make it easy is 500 you CL my be 2k or 2.5k, can't remember if it is 1/4 of 1/5 as stated..  Also curious if this changes from charge cards vs. credit cards..  Certainly be something I would poke them with and do your research on this as well as you might be able to get your AF refunded depending.  I am curious what others will have to say about this that know the laws alot better than I do.

[Anonymous]

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@Anonymous wrote:

I have a hunch that you're being throttled in large part because Amex is spooked by all the new accounts you've opened in the last few months.

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I think you are right about this - but they should know about all the new accounts BEFORE hand since AMEX cards were last on my pool of new accounts I applied for. By the time I applied with them I had 10 new accounts and 32 inquiries. 

On the side note, I met their $4,000 requirement within 1 week and paid in full the very day it hits my account. Same thing for the next month... my statement closes on the 14th and I paid the $1800 lingering on the 13th... so only about 2 weeks in between I've use the card for so little since I was busy with work and really no use for the card from the last 2 weeks but regular dinner/lunch still had it up to almost $800 ... and they "non chalantly" demanded asked that I pay the $800 first before I can make any more charges... at that time I was really got mad... my BCP is at $5,000 and I used it all up in 1 month but paid the whole thing in full before their statement cuts.... I have 4 cards with them and all 4 cards had a roughly $8000 balance but all were paid all at same time before statement cuts... so just really upset that they are treating me like I wont be able to pay an $800 bill.  

Anyhow, I called today after I went ahead and paid off the $800 they want and they said that's good now my inside limit is $1700 and will be good for 5 days... ugh!!! she said that the limit fluctuates every 5 days but for now and next 5 days I will be approve for $1700 and my PRG is closing tomorrow and has $2700 balance, I just paid off today too. I went ahead and asked what's my limit with that - she said well that one you have an inside limite of $1,000,..... ugh! same speech its new and they want to see my normal spending habbits...

[bourgogne]

98 inq?  there is one part of it.  low cls on most of your cards.  med scores.  it all adds up. I think ax change cards are all show and no go.  I had a wife like that once lol.  I tried to put 10K through once and got shot down.  got a decline at a store and it spooked me from using it.  just got back from a month away and nobody wants to take the card in europe.  besides auto insurance I cannot see the point.  either they basically give me the card or I will give it back.  nostalgia is nice and all but it only goes so far

[Anonymous]

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@bourgogne wrote:

98 inq?  there is one part of it.  low cls on most of your cards.  med scores.  it all adds up. I think ax change cards are all show and no go.  I had a wife like that once lol.  I tried to put 10K through once and got shot down.  got a decline at a store and it spooked me from using it.  just got back from a month away and nobody wants to take the card in europe.  besides auto insurance I cannot see the point.  either they basically give me the card or I will give it back.  nostalgia is nice and all but it only goes so far

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Hence why we might see an announcment from Amex this month. They know their cards are losing some market share and that nostaliga can only go so far. 

[Anonymous]

mco, I wonder if you having 3 Amex cards (all fairly new accounts) is what's spooking them.  I opened my Platinum one week after you did, in July, with scores similar to yours (although not quite as many INQ or new accounts) and have found my spending limit to be consistently stuck around $3000 before getting a call to make a payment.  But I only have the one Amex card for now...will apply for Delta sometime next year to try to get my first revolver.

[Anonymous]

Something is definitely spooking Amex with you. So sorry for your issue's, but yours is more the exception than the norm. I opened my Amex BCP, PRG, and Plat Delta about 18 month's ago, all with small limits. Within a year, I've upgraded to Amex Plat and have never had any problems with charging several thousands at a time on it. Never been declined or received a single phone call. I obviously PIF on the Plat and sometimes carry a small balance on my BCP. Give it time and see where it takes you. Just curious: what was your income on your application when you applied ???

[Anonymous]

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@Anonymous wrote:
Something is definitely spooking Amex with you. So sorry for your issue's, but yours is more the exception than the norm. I opened my Amex BCP, PRG, and Plat Delta about 18 month's ago, all with small limits. Within a year, I've upgraded to Amex Plat and have never had any problems with charging several thousands at a time on it. Never been declined or received a single phone call. I obviously PIF on the Plat and sometimes carry a small balance on my BCP. Give it time and see where it takes you. Just curious: what was your income on your application when you applied ???

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Thanks! at the time I only reported my income $89K but I was told if I want I can use my household whatever reflects on our tax so I apped it to $190k. 

I think its all the new accounts and new inquiries - anyway, hopefully time heals itself.