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Just got a letter informing me of the CLD, which I had noticed a few days ago. My wife also got one on her account (50% as usual!). Explanation is low usage over last 12 months. Don't think my wife's has been used for three years or more!
@longtimelurker wrote:Just got a letter informing me of the CLD, which I had noticed a few days ago. My wife also got one on her account (50% as usual!). Explanation is low usage over last 12 months. Don't think my wife's has been used for three years or more!
Sorry to hear that. Hopefully it won't hurt you at all.
I'm not sure if putting spend on each card each month makes a difference, but it might have avoided the low usage over the last 12 months issue for a CLD.
Who knows, it might be my turn for a CLD tomorrow lol.
I woke up to an email that they lowered my credit limit from $9300 to $4100. I called and plead my case since I've had a perfect history with them (and all others for that matter) and she asked a bunch of questions and came back with two options: make a payment of $2100 by June 5 to have credit line restored or submit documents for a FR. I chose the payment option. She said the overall balance on my last credit report across all cards was the reason for the reduction. My overall usage had gone up to about 30% but was only temporary as I was holding onto as much cash as possible during this whole COVID-19 pandemic. Anyway, I'm glad there will be a resolution but was very upset at the reduction to begin with. I understand it's their money and they have to watch their interests too but it was just a very upsetting thing to wake up to. I haven't even had coffee yet!
@Anonymous wrote:I woke up to an email that they lowered my credit limit from $9300 to $4100. I called and plead my case since I've had a perfect history with them (and all others for that matter) and she asked a bunch of questions and came back with two options: make a payment of $2100 by June 5 to have credit line restored or submit documents for a FR. I chose the payment option. She said the overall balance on my last credit report across all cards was the reason for the reduction. My overall usage had gone up to about 30% but was only temporary as I was holding onto as much cash as possible during this whole COVID-19 pandemic. Anyway, I'm glad there will be a resolution but was very upset at the reduction to begin with. I understand it's their money and they have to watch their interests too but it was just a very upsetting thing to wake up to. I haven't even had coffee yet!
Thanks for the DP on the reduction. Increased balances as well as non use can do it.
Sorry to hear. At least you can get the CL restored.
If you ramped up spending in anticipation of your 3X CLI or just to get your SUB, don't think for a second that they won't adjust you back down after your spending is directed elsewhere.
@Anonymous wrote:I woke up to an email that they lowered my credit limit from $9300 to $4100. I called and plead my case since I've had a perfect history with them (and all others for that matter) and she asked a bunch of questions and came back with two options: make a payment of $2100 by June 5 to have credit line restored or submit documents for a FR. I chose the payment option. She said the overall balance on my last credit report across all cards was the reason for the reduction. My overall usage had gone up to about 30% but was only temporary as I was holding onto as much cash as possible during this whole COVID-19 pandemic. Anyway, I'm glad there will be a resolution but was very upset at the reduction to begin with. I understand it's their money and they have to watch their interests too but it was just a very upsetting thing to wake up to. I haven't even had coffee yet!
Thanks for DP. Glad to see Amex being transparent on their reasons and offering some options.
I think its also important to note that Amex and other banks are also slashing limits for lack of use and that there might not be any options to have those limits restored.
@Anonymous wrote:I woke up to an email that they lowered my credit limit from $9300 to $4100. I called and plead my case since I've had a perfect history with them (and all others for that matter) and she asked a bunch of questions and came back with two options: make a payment of $2100 by June 5 to have credit line restored or submit documents for a FR. I chose the payment option. She said the overall balance on my last credit report across all cards was the reason for the reduction. My overall usage had gone up to about 30% but was only temporary as I was holding onto as much cash as possible during this whole COVID-19 pandemic. Anyway, I'm glad there will be a resolution but was very upset at the reduction to begin with. I understand it's their money and they have to watch their interests too but it was just a very upsetting thing to wake up to. I haven't even had coffee yet!
One thing I really like about Amex is they seem good with restoring limits and usually at a minimum seem good with keeping accounts open when we plead our case.
amex told me I can spend as much as I want on their card as long as I prove I can afford it. Amex cards seem to really have that growth potential which is nice. Seems opposite of many capital one cards out there
only other issuer that has been a powerful spending partner for me has been us bank/elan
Considering I haven't touched my $14K ED card in a few months, this has me somewhat worried. Though I can understand their viewpoint and wording to an extent, I would imagine a lot of people would have reduced spending in the last two months simply due to what's going on.
So kind of odd timing and wording, and contrary to "were here for you". lol
After all you might not have needed it then but might now to get you through the storm.
@Anonymous wrote:Considering I haven't touched my $14K ED card in a few months, this has me somewhat worried. Though I can understand their viewpoint and wording to an extent, I would imagine a lot of people would have reduced spending in the last two months simply due to what's going on.
So kind of odd timing and wording, and contrary to "were here for you". lol
After all you might not have needed it then but might now to get you through the storm.
Put some spend on it frequently to minimize risk of AA.