Amex may be slashing limits

[Anonymous]

Well you guys got me curious so I checked and I have preapprovals for Green and EveryDay still. 

[Remedios]

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@fladowntown wrote:

Shame on you American Express. At time of a national crisis. YOU cut my available credit limit in HALF today. Making me at 99% usage. But tell me if i make a large payment you will reinstate the original credit limit!!! I have never been late on this card since opening it 4yrs ago. . SHAME ON YOU FOR DOING THIS WHEN THERE IS A CRISIS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Well, they probably did it because balance preceeds crisis. 

You can either pay it down and ask for them to restore it, or continue paying it down then ask for increase. 

Timing is very unfortunate, but some lenders are trying to protect their interest same way we're trying to protect ours. 

It's not pleasant under any circumstances.

If I were you, I'd try paying it down, not to appease Amex, but to ensure it doesnt case a cascade of actions from other lenders. 

I'm sorry this happened to you. 

[Anonymous]

I was able to get amex to restore almost all of mine. The wife was able to get amex to restore all of hers. Citi on the other hand hasnt been so nice 

[CreditInspired]

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@fladowntown wrote:

Shame on you American Express. At time of a national crisis. YOU cut my available credit limit in HALF today. Making me at 99% usage. But tell me if i make a large payment you will reinstate the original credit limit!!! I have never been late on this card since opening it 4yrs ago. . SHAME ON YOU FOR DOING THIS WHEN THERE IS A CRISIS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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AmX also cut your CL in half last August with a request to make a large payment and there was no national crisis. IMHO, I believe the reason for the drastic slash of your CL is that you have been carrying a balance for too long. AmX likes transactors. So, if you can, I suggest making a large payment to have CL reinstated and try to get in the habit of either PIF or at a minimum make 3-5x minimum payment. 

GL2U

[blindambition]

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@CreditInspired wrote:

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@fladowntown wrote:

Shame on you American Express. At time of a national crisis. YOU cut my available credit limit in HALF today. Making me at 99% usage. But tell me if i make a large payment you will reinstate the original credit limit!!! I have never been late on this card since opening it 4yrs ago. . SHAME ON YOU FOR DOING THIS WHEN THERE IS A CRISIS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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AmX also cut your CL in half last August with a request to make a large payment and there was no national crisis. IMHO, I believe the reason for the drastic slash of your CL is that you have been carrying a balance for too long. AmX likes transactors. So, if you can, I suggest making a large payment to have CL reinstated and try to get in the habit of either PIF or at a minimum make 3-5x minimum payment. 

GL2U

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👍🏻 

[Benzman]

I got hit today. Everyday was cut by 10k to 10k and Blue from 14.2 to 7.5k. Didn't touch the Magnet. Not complaining because I haven't used the cards for many months and someone else may need it in this time of crisis. I'll see about getting them restored down the road if we're all still alive.

[AverageJoesCredit]

Sorry to hear @Benzman  but nice way to help abit  even remotely

[Benzman]

Caddypower, did you call in? What did it take to get restored? Interested for down the road when I try to restore.

For the heck of it, I just tried a CLI online for one of the cards since I never did one before, but immediately was declined. I'm pretty sure it's due to no use for MANY months.

[Remedios]

@Benzman  just call them.

Others who did, didnt have to tell any particular story or anything.

[seattletravels]

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@Remedios wrote:

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@fladowntown wrote:

Shame on you American Express. At time of a national crisis. YOU cut my available credit limit in HALF today. Making me at 99% usage. But tell me if i make a large payment you will reinstate the original credit limit!!! I have never been late on this card since opening it 4yrs ago. . SHAME ON YOU FOR DOING THIS WHEN THERE IS A CRISIS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Well, they probably did it because balance preceeds crisis. 

You can either pay it down and ask for them to restore it, or continue paying it down then ask for increase. 

Timing is very unfortunate, but some lenders are trying to protect their interest same way we're trying to protect ours. 

It's not pleasant under any circumstances.

If I were you, I'd try paying it down, not to appease Amex, but to ensure it doesnt case a cascade of actions from other lenders. 

I'm sorry this happened to you. 

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This. Sounds like this isn't ther first time this has happened. You can call in and try to get it reinstated but it appears they'll require payment before doing so.