@E36 wrote:
@Janneman wrote:
If one pays Amex in installments, regardless of 0% APR offer or Pay Over Time, then Amex will certainly reduce CL substantially a few months later on ALL Amex accounts which would never be increased or restored back unless bank statements or tax retruns are not provided.
My father has 5 Amex cards, 4 personal and one business for the last 9 years.
1st question, which 4 personal cards? BCE, The old credit cards, Delta, Marriot? The charge cards (Green, Silver, Gold don't have a traditional limit.
@Janneman wrote:
3 years he opened his first business Amex cards wherein 0% apr for 12 months. He charged the account for couple thousands to meet the SUB and was paying slowly because of 0% apr offer on that card. 2-3 months later Amex all of sudden lowered the CL on all Amex cards from $28k to $1k on all those ...
... he must provide bank statements which my father couldn't have provided because he had no bank account and no income by that time. ...
Wish we would have known that one should never carry a balance with Amex at any circumstances unless you have bank statements to prove your income/deposits.
Am I getting the facts straight. Are you saying your father open an Amex Business Card. The previous year his income was big. This time his business was in decline? Within a year, they audited, but by then there was no business account and income?
Did he explain and show his business bank statements from the time he opened the account to show his business was in decline, but what he put on the application was based on the previous year (what I'm assuming)? Or did he just ignore Amex request?
First off, I am not on the trial over here....meaning I am NOT the OP who has some issues given his situation, unless you mistakenly believe that I am the OP. Secondly, the only reason I responded on this thread is to let everyone knows that if you would carry a balance with Amex then most probably your credit limit would be reduced unless you could submit bank statements or any documents Amex would ask for. That's the only reason I responded to this thread. Any other questions relating to my father are irrelevant to OP's situation, but those questions might seem to your interest. I am not obligated to entertain your interest, but I am going to answer anyway a few of them without any further response/query as I would like to stick to OP's issues than my family's.
As I said that my father has 4 personal cards, to which two are charge-cards....Green and Gold. I know that we all know that charge-cards don't have limit, but they do. That's another thing that only Amex would know how much they could allow you to charge on a charged card. Just because there is no limit is said, that doesn't mean that a charged card has unlimited amount to charge. Amex is the only one knows about a charged card's limit...and sometimes Amex would let you know, even in writing, as to how much is the limit a charged account has which was happened to my father's two charged cards wherein Amex sent letter and email to let him know the exact credit limit he has now on each of those charged cards. They even specifically mentioned that any amount over the newly reduced credit limit will not go thru.
As for his business credit card then he did have business with good income at the time his business credit card opened. His application for business credit card was instantly approved without Amex having asked any documentation. It could be because he has many business credit cards with other banks with very high credit limit and he has a long history with Amex as well...20+....Its just that many months later while he was paying back the amount slowly as there was 0% apr, all of sudden Amex reduced CL on his all credit cards, personal and business ones. He contacted Amex to reinstate CL to how it was previously, to which he was told that they need bank statements....and by the time his business has already suffered and he lost tons of money already. He knew that there is no sufficient proof of incoming income especially in the last 3 months when Amex requested bank statements, so he just ignored the request and didn't bother to seek out credit limit increase...Perhaps, he might not want to close his all accounts given the fact that he not only had 0 business income but also losing money in the business. He might have known that Amex wouldn't care about his situation, rather would have just closed all accounts if no income is there to justify...So, he just ignored the request...However, he did try online for CLI every 3 months, but each time system has requested 3 recent months' bank statements which he knew he couldn't provide. So, he has just moved on...and just keeping those cards with extremely low CL in hoping that one day when his business might rebound with good income then he might seek CLI on those cards.
Anyway, I will not entertain any further question about my father as I want to be respectful to OP's query over here even though I have already responded to all your questions pretty much....
