I posted about my Am Ex experience earlier in this thread about my Optima Card CL being reduced from 15k to $500 and my Am Ex Gold having deferred payment suspended, well I still can't get anyone in Am Ex to explain the reduction- all I get is promises that someone will call back. Just for kicks I ran all 3 credit reports today with FICO scores.
The reasons Am Ex cited:
late pays: none- ever as verfied by all 3 reports
Recent Mortgage: refi in 2003 with only loan balance refinanced to lower interest rates
Too many inquires: 1 in 12 months
Debt to Credit Ratio to high:
Installment 9% Revolving 6% mortgage 84%
Oh, and by the way...I got a letter yesterday that my Chase CC with a Zero balance has interest increase to 22.99 percent..go figure!
AXP 19.43, +0.53, +2.8%) and its subsidiaries had their long-term ratings lowered to A from A+, and A-1 short-term ratings affirmed, by Standard & Poor's. The outlook is negative. "The actions reflect our concerns about the weakening operating environment for consumer lenders, deterioration in Amex's credit-card loan portfolio and Amex's wholesale funding concentration," said John Bartko, an S&P credit analyst, in a statement.
FICO will be under future Fed pressure to rethink and recalculate FICO scoresback up as the credit tsunami worsens. Fed action this week wants YOU buying houses, cars and you can't with artificially lowered FICO scores based on CLDs from mismanaged companies like AMEX.
FICO will be under future Fed pressure to rethink and recalculate FICO scoresback up as the credit tsunami worsens.
I am not sure about this. Statistics are statistics
This is pointless. Quit your dooms-daying and just pay off and close the account. AmEX has decided that they don't want your business. They will chase your balance and eventually close your account. If you try to stall they will most likely close it with a balance and demand immediate payment. Really, it's not worth it. It's just a credit card.
Agreed. I have in the past carried very large balances on cards, and am currently carrying a $4.2K balance on my Chase 0% interest card. The card will be paid off in February and there will be no more credit card debt.
There is no sense in continuing to talk about how evil Amex is and how you shouldn't pay down your balance when you can A: afford to and B: regardless of how long it takes you to pay it down they are going to continue CLD'ing you and continue to damage your credit score by leaving you maxed out.
Better to pay the card off and either close it yourself, have them close it when it hits zero, or have an opened line at $500 if you want it.