AMEX credit limit reduction

[FicoRiRi]

Hi! I just got an alert from Amex that my BCP card limit has been reduced from $10,000 to $2,000. I have no issues. Always paid on time. I had paid in full a few months ago but had some recent expenses that I just charged 2 months ago but I am paying that over time. They want me to submit 3 months of my bank statements to revise their decision. Should I do that? I have other AMEX accounts that don't have the annual fee and those accounts are fine. No issues. I am concerned about submitting my bank statements because what is the criteria? I keep that bank account balance at $3K and use it to pay bills. I last updated my annual income about 10 months ago. Any advice?  

[Gregory1776]

What's the balance on what you're rolling? They say American Express does not like you to carry balances. I've had to do it before, I've never had anything like this. Triple the limit on my BCP up to 7.5K used 

[FicoRiRi]

$1,200. I am waiting for an outstanding invoice to be paid then I can pay that off. But I always pay at least what is owed before interest charges are applied. My credit scores are in the 720 - 750 range but I am worried this drops my score when it reports.

[sjt]

I would submit your bank statements, including any savings or investment account statements, to get your accounts restored. This also minimizes any future reductions.

[Kforce]

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@FicoRiRi wrote:

Hi! I just got an alert from Amex that my BCP card limit has been reduced from $10,000 to $2,000. I have no issues. Always paid on time. I had paid in full a few months ago but had some recent expenses that I just charged 2 months ago but I am paying that over time. They want me to submit 3 months of my bank statements to revise their decision. Should I do that? I have other AMEX accounts that don't have the annual fee and those accounts are fine. No issues. I am concerned about submitting my bank statements because what is the criteria? I keep that bank account balance at $3K and use it to pay bills. I last updated my annual income about 10 months ago. Any advice?  

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They want the statements from the bank account that your income is deposited, not an additional account that you pay bills from.

You could send in both but they want to see your monthly deposits.

[FicoRiRi]

Thanks for the info. I had a similar request from BCP 2 years ago where I asked for a CLI and they had me submit my bank statements. But then they didn't review it in time? I followed up with them a few weeks later and then they gave me a CLI. It was really strange. And if I just pay the $1,200 now, I will still be stuck with a lower limit? 

[Kforce]

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@FicoRiRi wrote:

" And if I just pay the $1,200 now, I will still be stuck with a lower limit? "

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I believe that if you don't follow the request instructions, you will only have the new $2000 limit.

Should not be hard or time consuming to download and send in 3 months of statements.

It would not hurt to pay it off also, as said above they like those that PIF every month the best.

The BCP is an OK rewards card,  but not for floating a balance month to month.

[dfwxjer]

As long as one doesn't lie about their income, providing a few months of statements takes less than 5 minutes. 

agreed that Amex is best to PIF every month. All cards should be, but Amex in particular isn't the issuer to ride a balance on. 

[Gregory1776]

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@dfwxjer wrote:

As long as one doesn't lie about their income, providing a few months of statements takes less than 5 minutes. 

agreed that Amex is best to PIF every month. All cards should be, but Amex in particular isn't the issuer to ride a balance on. 

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I'm curious about this, because I've done it several times when I shouldnt have, and it cost me quite a lot of money. no adverse actions from AmEx.

I have learned my lesson, and am working on establishing the savings needed for life.

[dfwxjer]

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@Gregory1776 wrote:

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@dfwxjer wrote:

As long as one doesn't lie about their income, providing a few months of statements takes less than 5 minutes. 

agreed that Amex is best to PIF every month. All cards should be, but Amex in particular isn't the issuer to ride a balance on. 

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I'm curious about this, because I've done it several times when I shouldnt have, and it cost me quite a lot of money. no adverse actions from AmEx.

I have learned my lesson, and am working on establishing the savings needed for life.

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It's not a make or break scenario, especially with their revolvers. I could be off, as my evidence is anecdotal from reading about Amex CLDs here on the forum.