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@Anonymous wrote:The wife has great credit, around 800 with the only debt being an on time mortgage. Credit cards are paid in full. She had 20k with Amex everyday card and they lowered it to 3k. Nothing new in the reports they are in great shape.
they also slashed my brothers limit from 10k to 2500. He's never paid late either so it appears Amex may be protecting things
dont want to spread a false rumor since it could just be a coincidence, figured I'd ask if anyone else had it happen the past few days?
This is interesting. I posted about Amex removing all my pre-quals for their cards (just yesterday). Nothing in my credit profile has changed, in fact, my score has actually gone up since my first card. I use to be pre-approved for all the co-branded cards and now I have the "expand your membership" message on all cards.
Maybe this is related. Mostly likely they've tightned their purse strings and are going conservative with existing credit and new applications.
As a data point, I just checked the one American Express card I have (Platinum) and it's still approving swipes, so NPSL is golden. To be extra thorough, I checked the "spend over time" limit that I've never used and it's also unchanged.
@iced wrote:As a data point, I just checked the one American Express card I have (Platinum) and it's still approving swipes, so NPSL is golden. To be extra thorough, I checked the "spend over time" limit that I've never used and it's also unchanged.
The good thing about Amex credit cards is if they slash your limit, restoring them can be done, whereas others maybe not so much.
As a DP, my cards are still intact. No changes (yet)
@icednightpaper wrote:
Given this thread and the other one and the news; I’m guessing it’s a bad time to ask for 3X CLI if you...for example...opened a BBP at $9k SL in early Feb 2020?
Just a hypothetical situation of course.
I wouldn't necessarily think so. I think it's a SP, and if so, no harm if denied.
@icednightpaper wrote:
Given this thread and the other one and the news; I’m guessing it’s a bad time to ask for 3X CLI if you...for example...opened a BBP at $9k SL in early Feb 2020?
Just a hypothetical situation of course.
They might not give 3x, but no reason not to try.
@blindambition wrote:
@icednightpaper wrote:
Given this thread and the other one and the news; I’m guessing it’s a bad time to ask for 3X CLI if you...for example...opened a BBP at $9k SL in early Feb 2020?
Just a hypothetical situation of course.They might not give 3x, but no reason not to try.
It depends on the profile.
Be prepared to share more financial details of your business than were probably necessary for approval. I've not sought a CLI on mine because most of my spend on it is personal (though I have moved some CL from personal cards).
@Anonymous wrote:
@iced wrote:As a data point, I just checked the one American Express card I have (Platinum) and it's still approving swipes, so NPSL is golden. To be extra thorough, I checked the "spend over time" limit that I've never used and it's also unchanged.
The good thing about Amex credit cards is if they slash your limit, restoring them can be done, whereas others maybe not so much.
Here's my situation with Amex - two cards - an Everyday with $10K line - this card pays 120% of points if you use it 20 times a month. I always hit that useage level, but it's not on anything big - balance seldom hits even 5%, expecially since I pay it off every weekend. The second card is a Delta Platinum with a $30K limit. I use this for my twice a year travels and except for the 20-30x a month the Everyday card is used, this one is the first one out of my wallet so I can build points, especially the 2x and 3x points on restaurants, hotels, Delta flights and other things. Once again, usage never hits 5% unless I abought some airfare to Europe of Asia. This one is also paid off every weekend, and gets used about 15-25 times a month.
I hope Amex looks not only at the balances but the number of swipes and the payment history. I worked had to get these CLs, and with all 3 scores at 800 or better I intend to keep them. But.... in 2008 my credit card companies started Balance Chasing which threw my Util out of whack which tanked my scores - none of which I had any control over.
@Anonymous wrote:
@Anonymous wrote:
@iced wrote:As a data point, I just checked the one American Express card I have (Platinum) and it's still approving swipes, so NPSL is golden. To be extra thorough, I checked the "spend over time" limit that I've never used and it's also unchanged.
The good thing about Amex credit cards is if they slash your limit, restoring them can be done, whereas others maybe not so much.
Here's my situation with Amex - two cards - an Everyday with $10K line - this card pays 120% of points if you use it 20 times a month. I always hit that useage level, but it's not on anything big - balance seldom hits even 5%, expecially since I pay it off every weekend. The second card is a Delta Platinum with a $30K limit. I use this for my twice a year travels and except for the 20-30x a month the Everyday card is used, this one is the first one out of my wallet so I can build points, especially the 2x and 3x points on restaurants, hotels, Delta flights and other things. Once again, usage never hits 5% unless I abought some airfare to Europe of Asia. This one is also paid off every weekend, and gets used about 15-25 times a month.
I hope Amex looks not only at the balances but the number of swipes and the payment history. I worked had to get these CLs, and with all 3 scores at 800 or better I intend to keep them. But.... in 2008 my credit card companies started Balance Chasing which threw my Util out of whack which tanked my scores - none of which I had any control over.
Well you kinda did have control because you were carrying balances. People who don't carry balances don't have that problem. Even if they get slashed they were going to PIF anyway.