AA from AMEX

[djshifted]

Thank you for sharing the results.  This has me a little concerned, as I was approved recently at $2k with a 662, with a new card not reporting yet and was looking at an additional inq/card.

[Anonymous]

I would advise to just garden garden garden, it sounds like if you were borderline approved, which I was lucky enough to be, they are just as picky as Barclaycard I guess about new accounts, well really inquiries in AMEX's case.

[UncleB]

---

@Anonymous wrote:

---

@lg8302ch wrote:

---

@msbia wrote:

OP have you considered asking Amex to PC your card to the no-AF BCE in lieu of closing it? Good luck with whatever you decide. 

---

This would also be my path. Try to reinstate and if no chance explain that with a 1K limit you rather have the BCE and not pay the AF. Once you have a decent CL you would be happy to upgrade to BCP again and see how that goes.

---

Before asking to convert to BCE, I would do some quick check of my spending.   If the card can be devoted to groceries (and maybe some gas), and your spending is fairly even, you can still hit the max $6K a year with a $1K limit.    If you do spend $6K, then you have to consider if the worrying about utilization is worth the extra $105 in rewards.    If you spend less, the extra rewards are less and going for BCE seems more attractive

---

+1

Thexian100, I know first-hand how annoying this is - my BCP also has a $1k limit, and they have continually denied my CLI requests due to "...previous negative experience with an American Express account".  The account this message is referring to is one that was IIBK back in 2000 - 16 years ago!

My reason for 'chiming in' is to say that even with the annoying small limit, I'm still able to justify the BCP over the BCE just on groceries.  The 'break even' point is $210 (specifically on groceries).  If you spend more than $210 each month at a grocery store, you'll be better off rewards-wise with the BCP.  This isn't even taking into account using it at department stores or gas stations.

I know many folks here worship the almighty FICO and do anything and everything to gain a few points, and I realize having $300-$400 report each month with only a $1k CL probably costs me a few points.  That being said, those two or three points are intangible, while the cash I earn each month is very real. 

I'm just saying take your time, and do the math.  If the BCP is profitable for you, there's no reason to axe it just to get back at Amex - trust me, they won't care.  Actually, I consider it 'punishment' for them to have to deal with my little card each month, effectively paying me to use their card, and not even having a snowball's chance of getting a penny of interest due to their miserly credit line.  (Yeah, I've though this through... LOL)

Whatever you decide, thanks for coming here to let us know what happened, and for following up with the info from the letter, as lousy as it is. 

[NRB525]

---

@Anonymous wrote:
So do you think I might have a chance to get my original CL reinstated? I don't want to rock the boat but dang lol

---

I would not worry about it today. You went from $3,500 to $1,000 on this card, that is a change of only $2,500.

With continued good usage and PIF activity on the card, you will probably be able to request a SP CLI in 3 months and most likely in 6 months. AMEX is not vindictive if you pay your bill on time, they just got that combination put together that made them adjust the CL down;

- Public record

- 3 new INQ in addition to the 7 they knew about (adding more CL after they issued the card)

- You are still a new AMEX member. They want more time to re-build your credit limits.

Credit is a marathon. It takes time to get past any history issues on your file, and to build up a payment history directly with any bank. When one has both going on, bad history and short history with a bank, it just takes more time to build up that trust.

And at the end of the day, credit is all about trust. You have to build it.

[Anonymous]

And I agree wholeheartedly! Thanks everyone for all the support! Don't worry, I'll never close this account. The BCP IMHO is too good of a card to miss out on.

[elim]

---

@Imperfectfuture wrote:

---

@Anonymous wrote:

OP, that letter from Amex smells. 

Oh, in other news AXP stock getting hammered today.

---

Wow, my portfolio got a nice bump, better than S&P so far.

---

   :]

    I think I would take some profits quick before monday at 10 AM, lol

    3 steps back, 1 step forward lately.  what a day friday was.

[Anonymous]

---

@NRB525 wrote:

---

@Anonymous wrote:
So do you think I might have a chance to get my original CL reinstated? I don't want to rock the boat but dang lol

---

I would not worry about it today. You went from $3,500 to $1,000 on this card, that is a change of only $2,500.

With continued good usage and PIF activity on the card, you will probably be able to request a SP CLI in 3 months and most likely in 6 months. AMEX is not vindictive if you pay your bill on time, they just got that combination put together that made them adjust the CL down;

- Public record

- 3 new INQ in addition to the 7 they knew about (adding more CL after they issued the card)

- You are still a new AMEX member. They want more time to re-build your credit limits.

Credit is a marathon. It takes time to get past any history issues on your file, and to build up a payment history directly with any bank. When one has both going on, bad history and short history with a bank, it just takes more time to build up that trust.

And at the end of the day, credit is all about trust. You have to build it.

---

+1

That was pretty bad-ass! I'll have to copy that from you.

[Anonymous]

---

@Anonymous wrote:
So, I had combined two of my capital one quicksilver one cards that I don't use anymore, which are both about a year and three months old, to my Venture card so I would have a 10k limit. Well, as soon news of one of the '' closed and paid" accounts showed up on my experian alerts, two days later, AMEX reduced my credit limit on my BCP from 3.5k to 1k! I'm so infuriated! All I did was move limits and close two accounts that I do not use. I recieved an email from AMEX this morning with the info, also saying that I would get a letter about it as well. Should I call to explain my situation so they can review it?

---

What will the impact be wihen other CC companies do their AR's and see the CLD? could others follow suit and do a CLD? Would it be better to close the AMEX before the CLD reports for better damage control?

[Anonymous]

I don't think a CLD would necessarily drop your score would it?

[Anonymous]

---

@Anonymous wrote:
I don't think a CLD would necessarily drop your score would it?

---

Thex.

not likely, but I just wonder if other creditors might also do CLD's if it reports.