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I received an email this morning my Amex everday card went from $2000 to $1300...
I dont understand why so maybe a few of you can help me.
The card was at 52% and I've been paying $100 every month to lower it down except for this last month I only paid $50.
Which is still above the minimum payment of $35.
I'm also still in the 0% interest period..
6 months old and I've only put one high charge on it that I've been paying down
How does utilization look on your other cards?
@Anonymous wrote:I received an email this morning my Amex everday card went from $2000 to $1300...
I dont understand why so maybe a few of you can help me.
The card was at 52% and I've been paying $100 every month to lower it down except for this last month I only paid $50.
Which is still above the minimum payment of $35.
I'm also still in the 0% interest period..
First, unless you do something they will continue to balance chase you. The lower credit limit of $1300 is probably close to your balance so as you pay it down further they may very well lower it even more. You should have received an e-mail from them telling you about the lowered limit with a message to contact them if you wish to discuss their action. You should do so as they may agree to restore your original limit if you were to agree to make a larger payment to lower or erase your outstanding balance. Only they can really tell you why they took action, so please call them.
I'm sitting at rougly 42% utilization overall.
I will give them a call this afternoon and see what I can do. I will also update later on here as well.
Thanks everyone
@Anonymous wrote:
Maybe lack of use, then?
Revolving the balance and making payments count as use. It's possible that additional use could have exacerbated the problem.
@HeavenOhio wrote:
@Anonymous wrote:
Maybe lack of use, then?Revolving the balance and making payments count as use. It's possible that additional use could have exacerbated the problem.
I should have been more clear. I was only trying to say that perhaps AmEx was hoping to see more than just the 1 charge over six months. I certainly wasn't advocating for further spend!
@Anonymous wrote:
@HeavenOhio wrote:
@Anonymous wrote:
Maybe lack of use, then?Revolving the balance and making payments count as use. It's possible that additional use could have exacerbated the problem.
I should have been more clear. I was only trying to say that perhaps AmEx was hoping to see more than just the 1 charge over six months. I certainly wasn't advocating for further spend!
Amex is a charge card company first and foremost. They like to extend large limits but they don’t like having people use them for revolving balances, especially when there are revolving balances with other lenders. They will limit their exposure whenever they see risk and no reward.