AMEX credit limit decrease

[Anonymous]

Okay so it sounds like you are misunderstanding reason codes. When a lender tells you something like "no accounts with balances," it means that whatever scoring algorithm they are using is penalizing you for that. 

It is never beneficial to carry balances if you don't need to. Make charges and pay them in full every month. Try to keep all cards below 28.9% individually and your total credit line aggregate below 8.9% while also making sure that no more than 1/3 of your accounts have a balance reporting and you will steer clear of lenders getting sketched out and cutting your limits. 

AMEX doesn't like seeing balances on any cards that aren't going down rapidly and they will absolutely slash your limits when they see this behavior on other cards. It's unfortunately something that you just have to accept when working with AMEX - they can be extremely generous when it comes to giving out limits but they are very quick to slash those limits if they feel that you have become a risk. 

Have you called AMEX and asked them what they want you to do in order to have your limits restored? They almost always will restore the limits if you do what they ask you to which is why they put that number on the letter they send you. If you haven't talked to them, I would recommend doing that before coming back here for advice on your next steps. 

[GApeachy]

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@Anonymous wrote:

(edit: removed out dated ?'s )

It has gotten so bad I am actually considering taking legal action! I feel trapped because AMEX could not maintain it's original credit offering,which wasn't all that great to begin with, but as a small business owner you take what you get. 

You are not trapped, you can close them (ALL)....just pay them off first to not hurt your scores anymore than they are.  What were the reasons given by the cb's for score drops?  Utilization?  Any cards opened recently personally and if so, how many? 

So this bold stmt. is pertaining to the Business credit of 5k?  What was it originally that was still  considered "wasn't all that great"? That being said, had I known AMEX was incapable of maintaining it's initial credit lines, (again what are the original starting limits plz)  and had I known what I know now - I'd have never become an AMEX customer! It's that bad! As they chase my balances on my personal cards to within hundreds of the balance it's devastating my credit score, and it almost feels predatory in nature! I have 21 charge accounts and by far the worst is American Express! I pay them $500 a year for my AMEX Business card that they whacked the limit to $5,000! Once I tried to use it for a $10k transaction and it declined the charge and I got a call from their customer service trying to accuse me of doing something wrong! What was the "wrong" they accused you of? Thank goodness I have a Discover card with a $17k limit and that $10k was no problem for them.   Okay, the bold print again....so you have a 5K limit with a balance and you tried to charge an additional 10k?  Did you try to call first to ask about "spending power" or utilize the tool online?  If you did, what was the answer?

Im 12 years I have never missed or been late on a payment with ANYONE! I say that I feel trapped because I am trapped! If I close all three cards it's going to destroy my credit score even more! Currently it's at a 580-640 depending on which of the three you are checking. Would need to know scores upon approval with Amex, for all three cards.I have regularly had mortgage representatives tell me that they have never seen such a flawless payment history with such a low credit score. How can the mortgage reps. see your business scores and your business tradeline on personal?  Did the Mortgage Rep also pull your Business Reports?  If so, did the Mortgage Rep. feel your Business tl's and scores were just as flawless as Personal?  It wasn't always that low, in fact it was in the mid 700's until I got in bed with AMEX and was subjected to their frequent credit line haircuts! Which scores? All 3cb's, fico 8, 9, vantage? Bankcard?

I've tried everything to make them happy, paying off balances at the end of the month (required anyway for my AMEX Platinum Business card), to carrying a balance and there just seems to be no pleasing these people! They just don't seem happy unless they are causing you problems and lowering your credit score.(To know your whole profile would help shed some light on the CLD reasons. ie. how many of those tradelines did you open after theirs, balances) Using you points is like trying to pull teeth as there really is no concierge except for the line that you must lean and figure out how to use them online! 

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[HeavenOhio]

Welcome, @Anonymous.

The previous thread was about people who had their credit limits decreased for low usage. It was a surprise when these CLDs (credit limit decreases) started occurring because AMEX hadn't done them in the past. There's a degree of serenity in the other thread because everyone who asked for their limits to be restored was successful. Those who didn't ask were content with the lowered limit because they felt it was sufficient for their needs.

Your post was separated because it was a different kind of CLD. AMEX has been known for balance chasing as long as I've been reading this forum. As mentioned, AMEX will oftentimes restore limits in balance-chasing situations if the customer agrees to pay X amount by a given date.

AMEX is very sensitive to accounts that revolve balances while payments are at or near the minimum over a protracted period. They like to see "substantial" payments. The best case scenario us to use the card and pay in full.

[Anonymous]

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I understand you're upset. That much is obvious. However, you're lashing out at all the wrong people.

 Moderator moved your thread so you can  get answers to your questions without the extra noise from  thread you posted in.

Considering the inflammatory parts in your post, it could have gotten deleted. It did not. You were given your own room to play, and for that "thread is doctored" is really not the right response.  He was helping you. 

You complained about people and their accents. That right there eliminates me from helping you. You see, I have one. 

Most CSR are powerless when it comes to the issues you have. Some may actually be inclined to help, providing they are treated with courtesy and respect. How much power they have is not based on a country they answer phone from. 

I certainly hope you talked to them in a nicer way than you talked about them. 

Discover has great customer service. Reps are not empowered to make certain decisions. If your issues were with Disco, you'd get same response from the rep. 

There is an issue with your credit at the moment.  People come here upset and try to get answers. Most of our members will do their best to help strangers take some control over their situation. 

If you have no questions but merely wanted to discuss how evil Amex is, some will agree with you. Some will push back because their experience does not mirror yours.  Same can se said about any lender. 

No one here is after you, we dont get paid to type (sadly). If you want help, listen to what others have to say, answer questions and go from there. I'm sure there is plenty to learn. 

Acting as if everyone is against you will only ensure threads gets unnecessarily contentious. 

Members here are trying to help you. Stop fighting them like they stole your wallet. 

With that said, full disclosure ahead....I have no Amex cards and no horse in your race. Other than accent, which happens to be adorable. 

Good luck 

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Gosh, I didn't want to come off as sounding upset - although I am disappointed. Guess they could be considered one and the same.

You are aware that cash is king, right? You could have all the credit in the world it doesn't matter, you still have to pay it back! LOL, a lot of people lose sight of that important little detail. 

I like Discover myself... They seem to have the best customer service and they can maintain their credit lines as a normal person would expect from a serviced based company. No games, no nonsense... Pay your bill and move on without worry.

AMEX on the other hand, well we're talking about a card company that charges $5,000 for it's black membership. As a Platinum card holder I'd have to pass on that craziness because at a $500 annual fee I already feel like I am getting ripped off! LOL

Is it wrong to expect a clear responses from people when calling in for something as important as financial matters!? Is it wrong for me to be concerned about my information being shared with people in other countries who might not have the same kind of laws to protect my privacy? Discover advertises on their main page 100% US Support centers, and they don't use the word "American" in their name! Some might consider that false advertising! No kidding! 

I'd like to know where you got the impression I though people were "after" me. Trust me, I don't have anyone after me because I pay my bills on time every time! Thanks for the help with quoting, it has been a big help!

[Anonymous]

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@HeavenOhio wrote:

Welcome, @Anonymous.

The previous thread was about people who had their credit limits decreased for low usage. It was a surprise when these CLDs (credit limit decreases) started occurring because AMEX hadn't done them in the past. There's a degree of serenity in the other thread because everyone who asked for their limits to be restored was successful. Those who didn't ask were content with the lowered limit because they felt it was sufficient for their needs.

Your post was separated because it was a different kind of CLD. AMEX has been known for balance chasing as long as I've been reading this forum. As mentioned, AMEX will oftentimes restore limits in balance-chasing situations if the customer agrees to pay X amount by a given date.

AMEX is very sensitive to accounts that revolve balances while payments are at or near the minimum over a protracted period. They like to see "substantial" payments. The best case scenario us to use the card and pay in full.

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And that is EXACTLY how it all started out for me!

Now I have AMEX Business asking me to make two payments this month! My bill always falls on the 8th and I have already paid my balance in full on the 8th... But now they want another payment in full on the 25th! I posted PROOF of this but you are unable to see it...

They also once took three duplicate $1,200 payments.. They knew their site was freezing up but did nothing and still took the three duplicate payments! Of course I had the money, and they were paid... but gee wizz... that might have been a problem for some people.

[AverageJoesCredit]

Hello Op, welcome to the forum. I dont want to add too much to whats already been said and im sorry for your troubles and appreciate you sharing with us. Id just like to add sometimes we need perspective. Please feel free to share your story on other credit forums and see the difference for yourself. There are forums where people will attack just to but here we encourage discussion but more in a friendly and supportive manner. No one deserves to be belittled for sharing issues affecting them so just remember, you will get some great info and support here. Sure thete will be those who disagree but everyones experience with credit and credit issuers, YMMV, YEMV . There are many here who have vast experience in business, with Amex, with Fico scoring, please take the time to understand most here want to help and also maybe help future people from encountering your experience. Again welcome to the forum and best of luck resolving your issues. AJC

[PutThatMoneyOnTheTable]

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@Anonymous wrote:

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I understand you're upset. That much is obvious. However, you're lashing out at all the wrong people.

 Moderator moved your thread so you can  get answers to your questions without the extra noise from  thread you posted in.

Considering the inflammatory parts in your post, it could have gotten deleted. It did not. You were given your own room to play, and for that "thread is doctored" is really not the right response.  He was helping you. 

You complained about people and their accents. That right there eliminates me from helping you. You see, I have one. 

Most CSR are powerless when it comes to the issues you have. Some may actually be inclined to help, providing they are treated with courtesy and respect. How much power they have is not based on a country they answer phone from. 

I certainly hope you talked to them in a nicer way than you talked about them. 

Discover has great customer service. Reps are not empowered to make certain decisions. If your issues were with Disco, you'd get same response from the rep. 

There is an issue with your credit at the moment.  People come here upset and try to get answers. Most of our members will do their best to help strangers take some control over their situation. 

If you have no questions but merely wanted to discuss how evil Amex is, some will agree with you. Some will push back because their experience does not mirror yours.  Same can se said about any lender. 

No one here is after you, we dont get paid to type (sadly). If you want help, listen to what others have to say, answer questions and go from there. I'm sure there is plenty to learn. 

Acting as if everyone is against you will only ensure threads gets unnecessarily contentious. 

Members here are trying to help you. Stop fighting them like they stole your wallet. 

With that said, full disclosure ahead....I have no Amex cards and no horse in your race. Other than accent, which happens to be adorable. 

Good luck 

---

Gosh, I didn't want to come off as sounding upset - although I am disappointed. Guess they could be considered one and the same.

You are aware that cash is king, right? You could have all the credit in the world it doesn't matter, you still have to pay it back! LOL, a lot of people lose sight of that important little detail. 

I like Discover myself... They seem to have the best customer service and they can maintain their credit lines as a normal person would expect from a serviced based company. No games, no nonsense... Pay your bill and move on without worry.

AMEX on the other hand, well we're talking about a card company that charges $5,000 for it's black membership. As a Platinum card holder I'd have to pass on that craziness because at a $500 annual fee I already feel like I am getting ripped off! LOL

Is it wrong to expect a clear responses from people when calling in for something as important as financial matters!? Is it wrong for me to be concerned about my information being shared with people in other countries who might not have the same kind of laws to protect my privacy? Discover advertises on their main page 100% US Support centers, and they don't use the word "American" in their name! Some might consider that false advertising! No kidding! 

I'd like to know where you got the impression I though people were "after" me. Trust me, I don't have anyone after me because I pay my bills on time every time! Thanks for the help with quoting, it has been a big help!

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Not because when you call and the phone is picked up and you hear an accent means that the CSR is in another country. I have an accent (very nice one, IMO) and I live in the US. I worked at a call center wheni first came to this country and encountered many opinion over the phone like yours Sir. Unless they say " Hi My name is......and i'm living in <insert country name here>, how can I help you?

[Anonymous]

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@GApeachy wrote:

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You are not trapped, you can close them (ALL)....just pay them off first to not hurt your scores anymore than they are.  What were the reasons given by the cb's for score drops?  Utilization?  Any cards opened recently personally and if so, how many? 

So this bold stmt. is pertaining to the Business credit of 5k?  What was it originally that was still  considered "wasn't all that great"? (again what are the original starting limits plz)  

Ok, the original starting limit on the AMEX Platinum Business was "unlimited". I am trapped because I have already paid the $500 and the damage from what they did is already done. I have closed cards before, even after paying off and it does negatively impact your credit score. 

What was the "wrong" they accused you of? Thank goodness I have a Discover card with a $17k limit and that $10k was no problem for them.   Okay, the bold print again....so you have a 5K limit with a balance and you tried to charge an additional 10k?  Did you try to call first to ask about "spending power" or utilize the tool online?  If you did, what was the answer?

At the time I tried to make the $10k purchase the AMEX Platinum was supposed to have an "unlimited", or no pre-set spending limit. I was purchasing a car. I did try the spending powertool on AMEX and it was approved! My first credit line decrease with American Express happend to my business card about two days after this where it was reduced from "No pre-set limit" to "$5,000"

Would need to know scores upon approval with Amex, for all three cards.can the mortgage reps. see your business scores and your business tradeline on personal?  Did the Mortgage Rep also pull your Business Reports?  If so, did the Mortgage Rep. feel your Business tl's and scores were just as flawless as Personal? Which scores? All 3cb's, fico 8, 9, vantage? Bankcard?(To know your whole profile would help shed some light on the CLD reasons. ie. how many of those tradelines did you open after theirs, balances) 

You have to understand, I am a small business person... I had to submit taxes, bank statements the whole nine yards! I didn't apply for the AMEX platinum business, I was invited off the old Green card based on my history. I have four people who carry the card, mine is the only one that is Platinum.  Before all of this my score was in the mid 700's between the three credit reporting companies. 

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[grower1]

Users here can help to provide insights if you list out your accounts and utilization percentages. That's why they are asking all of the questions. Are you looking for insight or just needed to vent? It's clear that Amex has identified a risk in your profile. You've written a lot of accusations and no facts or details. I'm confused by this post. What is the proof?

[Anonymous]

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@PutThatMoneyOnTheTable wrote:

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Not because when you call and the phone is picked up and you hear an accent means that the CSR is in another country. I have an accent (very nice one, IMO) and I live in the US. I worked at a call center wheni first came to this country and encountered many opinion over the phone like yours Sir. Unless they say " Hi My name is......and i'm living in <insert country name here>, how can I help you?

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Excuse me, but by the fourth time I asked the lady to repeat herself I just simply asked her, "Where is your call center located". To which she replied "The Philippines"... Then I asked her why my "American" Express calls were being forwarded to the Philippines and she had no answer. Upon mentioning this to her supervisor and my displeasure that my information was being accessed by people in the Philippines that is when I seen my American Express Blue Cash card limit sliced from $10k down to $4,700. coincidence? I think not.