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So I have a few cards, including an AMEX Blue which I've had for about 7 years now. They slashed my credit limit from $8000 to $3000 a few years back. I had been carrying a balance with hovering around $2,000. I recently paid it down to $1,200. I haven't been late ever and mostly paid more than my minimum payment. I was actually contemplating making use of another card's 0% balance transfer (for 1 year) and then they hit me with a second credit limit decrease $1,800. This just killed my util. score.
I've been pretty dormant with credit applications in the psat year or so, but I recently started working to clean up some negatives on my credit report, so I'm a little shocked it came now. I did get suckered into applying for an Old Navy (card with a $1,000 cl), probably stupid just to save $100 and got dinged for a PenFed card. Lasst time I checked, my credit score for Exp was 718.
Is there anyway I could ask for recon on this credit limit decrease? Has anyone been successful?
Amex doesn't like it when you carry a balance.
I'd say you're lucky they didn't close it.
I'd call and ask why so you can get a better understanding of what they are thinking.
@injustifiiable wrote:I'd call and ask why so you can get a better understanding of what they are thinking.
+1. And then focus on getting that balance down to $0.
@drsmith wrote:Amex doesn't like it when you carry a balance.
I'd say you're lucky they didn't close it.
Why would you say that? Just curious...I have the BCP/SPG and occassionally I do carry a balance month to month. There has to be other factors involve, maybe a missed/late payment on other cards? I can understand if it's a Charge card and Amex want their money asap.
They are really weird. My company has a AMEX SimplyCash card that once had a $33,500 limit. It was slashed to $13,100 in maybe June 2009 and was increased slightly to $18,100 about 6-7 months after. I don't think my boss even bothered to call and find out why...hahah. We used it all the time running $15 - $20K of expenses through it monthly and paying in full. We've cut down use since my boss got the CSP and Chase Ink cards. She likes the UR program a lot.
Who knows??
No, not at all. No late or missed payments. Like I said, I recently applied for two other cards, one of which was declined (PenFed) and the other is a store card with a small limit ($1k). While I am paying down my balances in general, I have moved some of the balances over to the 0% balance transfer offer, however, that card has a $15k credit limit.
I'm confused why they would so dislike people carrying a balance, yet they offer a revolving charge card which is what this one is.
Injustifiable, I have the Chase Freedom card, which is actually the one running the 0% offer, when I get my credit reports all clean and nice, then I may try to go for the CSP. I wish I had a Chase banking account, but I can only do one direct deposit at work and it needs to go to our main bank account and I really don't want to just leave $1500 laying around.
I spoke with an AMEX rep who told me that they do not like it when you carry a balance long term. He made it seem like It does not matter if you pay more then minimum.
I would never carry a balance for more then 2 months, 3 months at the most. Matter of fact most of the time I PIF.
Sorry this happened to you.
Thanks. No big deal. I'll probably just switch over to the Chase combo when I can for most of my credit needs.