American Express lowers my credit line from $37K to $7K

[Anonymous]

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@Anonymous wrote:
Amex has been ruthlessly slashing credit lines on their cards for the past few months, with no apparent rhyme or reason. They've been limit chasing long time customers as well as new ones and there doesn't seem to be any recognizable pattern.

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Limit chasing... seeing as they're shocking so many people, especially garnet402, I would call it "limit tasing."

[Anonymous]

So  sorry this happened to you. What I have found are the most major reasons are:

Lates, no many if it is 1 day or not, and doesn't matter if you made them in the past or just now.

Too many other lines of credit.

Too high of balances on other lines of credit.

With whom you have your mortage (this is a big one)

If you live in an area that the foreclosure to sale ratio is high

Doesnt matter if you have been with them a long time or short time

You have a high limit- and doesn't matter whether you have PIF or not in the past, the point is that at the present time you have been revolving

Hope that helps.  

[EW800]

It would be interesting to see what type of accounts they are targeting for these decreases.  I have a $19,800 limit with them, but never have more than a $400 balance or so.  I have been checking every couple of days to see if they knock me way down. 

[Anonymous]

correct me if I'm wrong, but It seems to me that amex wants to go back to their previous business model "charge cards".  it sounds like they tried the credit business and got burned. Now they look like they want to go back to what they know best.

[Anonymous]

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@Anonymous wrote:
correct me if I'm wrong, but It seems to me that amex wants to go back to their previous business model "charge cards".  it sounds like they tried the credit business and got burned. Now they look like they want to go back to what they know best.

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That's totally my impression. Even though I had PIF up until this past six mos- they told me I had revolved too long on this particular card. Um- it is a revolving line right/ 

[Anonymous]

that does not surprise me. most posts I've read regarding AA from amex seems to target customers with amex credit cards only or a mix of amex credit/charge cards. I think they are just scared of revolving accounts.

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@Anonymous wrote:

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@Anonymous wrote:
correct me if I'm wrong, but It seems to me that amex wants to go back to their previous business model "charge cards".  it sounds like they tried the credit business and got burned. Now they look like they want to go back to what they know best.

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That's totally my impression. Even though I had PIF up until this past six mos- they told me I had revolved too long on this particular card. Um- it is a revolving line right/ 

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[Anonymous]

I had preferred amex b/c of international travel.  It has been the best.  Also since it have it for stwarwood preferred hotels. 

You are correct that they are targeting the credit score that has decreased -- and that was due to my lawyer not paying or notifying me of required payment to prevent deliquency.  I had dependent on him too much.  I have tried to contact the creditor as soon as I found out, made notes in my credit report but alas --- from 685 to 660.  Since I charge in big $$$s due to my international travel, I acrue about $10k a month, but pay off most of it in a month or two... which suddenly lowered my credit report to 648.  And since I dont' travel consistently, they consider it racking up credit right away.

Any suggestions? 

[Anonymous]

thanks... exactly what I've decided.

[Anonymous]

American Express has been lowered my limit 3 times over the last 6 months. It's almost like a game now with them. It started out with a 30k limit and now it's down to $3,900. We have good credit and have only been late a couple of times. We run up our card to around $10,000 every month for our small business and pay it off every time. They keep giving us excuses that we have too many enquiry's ect. It's a bunch of bs because our credit is better than ever. I think they're having problems and are cutting back. What pisses me off is that they won't admit it and say it's because of something else.

[MidnightVoice]

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@Anonymous wrote:

We have good credit and have only been late a couple of times.

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That is probably the cause