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@CreditInspired wrote:
@Anonymous wrote:Just got mine halved from $30k ---> $15k. Not pleased about this, but I hope I'll be able to restore it with a phone call.
A phone call seems to be all it takes.
Do you mind giving us some DPs like useage, UT, payment history, etc.?Thanks.
Usage is low, around $500-1k per month. Always PIF before the statement even cuts. Account approx 18 years old.
Update: I called Amex and let them know I wasn't thrilled at all about this. All it took was answering a few quick income related questions, and the CL was restored back to $30k.
@Anonymous wrote:
@CreditInspired wrote:
@Anonymous wrote:Just got mine halved from $30k ---> $15k. Not pleased about this, but I hope I'll be able to restore it with a phone call.
A phone call seems to be all it takes.
Do you mind giving us some DPs like useage, UT, payment history, etc.?Thanks.
Usage is low, around $500-1k per month. Always PIF before the statement even cuts. Account approx 18 years old.
Update: I called Amex and let them know I wasn't thrilled at all about this. All it took was answering a few quick income related questions, and the CL was restored back to $30k.
WooHoo. Congrats on getting your CL restored!!!
Had my 30K ED just reduced to 15K. Same BS about "to align with your spending patterns".
I know I could likely have the limit restored with a phone call but I can't quite bring myself
to grovel at their feet to restore what should have never been removed in the first place.
AX has lost its' allure with me. Rewards absolutely stink when used on Amazon at something
like 70c per point. 14.99% doesn't impress me either, and I haven't seen a decent offers
or 0% balance transfer offers like I do with the others.
I was going to close it out of spite, but I think I'll just let the card rest in the sock drawer.
Blue Cash Everyday
11+ year history
Decrease from $25K to $12.5K in June 2019. Reason given: minimal activity in the last 12 months
Experian FICO 840
I only put 2-3 small charges a year. Experian still shows the old limit of $25K, so I do not know yet how the lower limit will impact my FICO score. I haven't decided if I want to call Amex to restore the credit line.
So two things that still seem to be consistent with all of these CLDs:
What if you already have a low limit? My Amexs are $6k. Maybe not know I exist hehe.
I think it's just a matter of mitigating their potential risk. Take me. I have two Canadian Amex cards, with a total CL of about $39k US (46k CDN) and three US Amex cards that right now have a CL of $8K and spending limits of about $45k. I spend maybe $500 to $2000 in an average month, more when travelling, but highest balance ever was about $5k.
If I ever got to 30% of my AMEX limit, let alone 50 or 60%, it would almost certainly mean something's changed for me and they wouldn't be getting their money back - and in the US I have no assets to seize, no paycheque to garnish, absolutely nothing to back my credit but my willingness and ability to pay.
So it does make sense for a lender to not put themselves into that position and not to let the borrower get into that position. It's really not about any of us as individuals, it's about a pool of millions - if you cut some of the largest credit limits in half, and restore them to reponsible customers who complain, you'll definitely cut fraud with little or no impact on the spending of your non-defaulting customers.
@Anonymous wrote:
@CJ7 wrote:Just give me a limit you're comfortable with me using to begin with and quit playing silly games!You're failing to recognize here that things/policies change. At the time they obviously were willing to extend a certain limit and now presumably due to risk/exposure/ultimately profits they aren't and are tightening things up. Policies change all the time based on circumstance.
A restaurant may offer their employees a free shift meal, but have a lone restriction that their 2 best steaks aren't eligible. An employee for 3 years working there that doesn't eat red meat eats a seafood dish almost every shift. For whatever reason, several seafood prices go through the roof in the market and the owner as a result puts a restriction against employees ordering a few of the dishes that this employee regularly enjoys. It is what it is. At the time the initial policy was made, the owner was comfortable with all seafood dishes being free as a shift meal. His costs went up, so he had to tighten things up. While this may be a letdown to the employee, certainly they would "understand" the policy change.
Interesting you are referencing food ... is the situation you mentioned yourself? Surely we can help with a 'fund me' account and get you food Oh, now I am hungry for sea food and it is only 10:16 am
@SkyCommander wrote:What if you already have a low limit? My Amexs are $6k. Maybe not know I exist hehe.
You won't see a CLD. The vast majority of the decreases we've seen have been to [relatively] unused 5-figure limits.