AMEX CLD TWICE!!!

[jp_dlp]

My aunt just told me she just got 2 letters from AMEX saying that her credit line has been decreased.. She has two accounts from them, their GOLD personal card, and a GOLD business account. her gold business was cut from 35k CL to 15k, and her personal from $25k to 10k. they stated in the letter were only giving you this amount of credit and you can charge all you want but that's it. She carried a balance in her business accnt. but I wouldn't even consider it a risk at all w/ $2000 bal. for a supply she got for business, it's not as if that charge was a plane ticket to vegas signalling somewhat a risk. She pays in full the other account. 

I had a feeling this was gonna happen with all thats going on right now. although she had perfect payment history with them, card was opened back in '86, nobody is an excemption, all they look at is your current risk, history doesn't matter or maybe a little that's why they left her with a little bit. My only concern for her is that she has only that 2 accounts eversince. no visa/mc/discover or any other cards for backup.. I told her to get one just in case. but with whats going on right now, I don't even know who's gonna approve for credit..

If you currently have AMEX with such high CL's.. try to watch out.. 

[Anonymous]

If her credit scores are 720+ she should have no problem securing a good rewards card as long as she has no recent baddies on her record (collections or lates within the last 2 years, majors within 4 years or so).

[wmarat]

I thought Gold is a charge card with pre set limit.

I would highly recommend Penfed Rewards Platinum Visa.

[missgamecock]

We just got Chase and BOA rewards cards. I have a 718 equifax and 725 TU. Experian hates me and refuses to budge from 693 even with no baddies or balances.

[Anonymous]

I just posted this link in credit news..

http://www.msnbc.msn.com/id/27055285/

Edited to correct an inaccurate representation.  (I guess I should learn how to read)

Message Edited by miahmarie on 10-14-2008 08:59 PM

[kbell]

The MSNBC article is saying that Amex reviews 20% of its accounts each year--of the 20%, 50% receive CLD's, which comes out to 10% of its total accounts. In a typical year, Amex will CLD 4% of its total accounts and give CLI's to 16% of its total accounts. So this year, CLD's have increased from 4% to 10% overall (not 50% overall), while CLI's have decreased from 16% to 10% overall. I'm 89% confident of those numbers based on the article.

[CreditAble]

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@kbell wrote:

 I'm 89% confident of those numbers based on the article.

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 Your math is 100% correct. I was waiting to see if someone would point out that increases are supposedly being made just as much as decreases. Why didn't I bring it up? I don't particularly believe anything they say. The leaders of the whole financial sector haven't been particularly honest with us lately.  

 How many people on these boards have posted that Amex raised their credit limits without being asked?

50/50?

Sure...

Right..!

[Anonymous]

hmmmmm-

AMERICAN EXPRESS CO
Date:   October 3, 2008
 
AMEX ACCOUNT REVIEW
Date:   September 27, 2008

AMEX ACCOUNT REVIEW
Date:   September 12, 2008
 

[MidnightVoice]

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@CreditAble wrote:

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@kbell wrote:

 I'm 89% confident of those numbers based on the article.

---

 Your math is 100% correct. I was waiting to see if someone would point out that increases are supposedly being made just as much as decreases. Why didn't I bring it up? I don't particularly believe anything they say. The leaders of the whole financial sector haven't been particularly honest with us lately.  

 How many people on these boards have posted that Amex raised their credit limits without being asked?

50/50?

Sure...

Right..!

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That info actually comes from an AMex in-house presentation that is well hidden on their site.  And the 50/50 CLI/CLD is from all reviews - including those from people dancing on the luv button.  Now at one point fused was asking for a $5K increase every month, so all those are included in the calculation 

[Anonymous]

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@Anonymous wrote:

hmmmmm-

AMERICAN EXPRESS CO
Date:   October 3, 2008
 
AMEX ACCOUNT REVIEW
Date:   September 27, 2008

AMEX ACCOUNT REVIEW
Date:   September 12, 2008
 

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I guess now that your CLs are lower they seem to want to offer you a new card. Maybe it was your letter asking what bank they would approve you to refin with. And it is still possible if you take the bait you could be hit with F/R. Crazy yep!

For those who don't know what I'm talking about: 

AMERICAN EXPRESS CO "soft hit", Is usually a check for new promo offer I have found. I get an offer in the mail about 1-2 weeks after it shows up on my CR.