Hi guys, been a while since I posted....
Just found out today that Amex CLD'ed my BCP from 18k --> 9k. I haven't used the card in about 8-9 months, as I've been using a different card for grocery lately, so it's entirely my fault and has been on my radar, but haven't followed up and put any spend on there.
So what is the best course from this point?
1) Call for a recon on the CLD?
or
2) Let it ride, and request a 3xCLI next month to get it back? (Would I be exempt from this if I had a recent CLD?)
Never had to handle a CLD until now, so not sure how Amex handles these things. Any advice is greatly appreciated!
On Deck: Possibly Aven 3% Visa
Hey thanks for the feedback.
Well, when Covid first hit, I was laid off twice by 2 different companies back-to-back. Then went 2 years miserably unemployed, unable to find a new job. During that time everything went on cards to survive, and now my current UTI is about 33% of 167k TCL. Paying $2500/mth just against CC debt trying to knock it down, but it's slow. Using 0% BT offers between about 4-5 cards in a rotation each year so I'm avoiding excessive interest, but the 4-5% BT fees still hurt a bit.
I haven't updated my scores on here in a while, but right now (even with all of this) I'm hovering around 715-735 average across the bureaus. My peak was 833 before all the debt. My credit profile is still flawless, but I wouldn't call it strong.
Like I say, this is my first CLD on any card and I need to recapture that limit or my UTI will jump to near 40%. Just wasn't sure how Amex handles these things.
The real question is, do you really need that CL with that AMEX? Answer would seem to be you don't, not having used it for 8 to 9 months. Next question would be, how much CL would suffice for your amount of spend? Since AMEX did an involuntary CLD, now go ahead and do a voluntary CLD to the CL you really need, long term. Doubt you would ever see another involuntary CLD again, as long as your profile remains solid. Otherwise close the CC and wait for another day to go back and hit the SUB again, even with the no AF version.
NOTE: There is a 6% grocery AVEN, no AF or FTF. I prefer the 3% all spend version myself. Which goes to 4% on referral for 10k. I'm currently working 10k @6% general spend, next refresh 10k @7%.
Citi:
US Bank:
Chase:
Aven:
RH:
Well does anyone really "need" their CL? As we all know around here, credit padding is primarily for UTI purposes. Prior to Covid and being laid off, I was strictly PIF each month and using cards for Cashback return. This debt would never have hit my cards had that not occured, so I understand the pinch I'm in and I understand the reasoning behind CLD's. This is just the first one I've experienced since my credit build.
The AMEX is certainly not a card I would fear losing....but the CL is. Most of my cards have limits between 12-20k and applying for anything new is not an option, given my debt. I have tried for some CLI's on my lower limit cards to assist with my UTI% but those are limited.
I called Amex today for e Recon, and they wanted to know a lot of confidential information that I was not comfortable with. They wanted to know my cash in-hand (across my bank accounts) and wanted bank statements. I absolutely refused. They have no business with my bank statements.....why? So they can see how and where I'm spending my money? They can suck it.
I have never been delinquent, never paid late and never held any extended balance on that card. This is the reason I stopped putting spend on it, so I would not get myself in that kind of trouble. You know, responsible CC usage. So they see me as a risk....
So I'm going to continue to work down my debt, recover my FICO scores and do a 3xCLI in a few months. If they want to be fliptards then I will get to a point that I will add some new credit lines and close the Amex. I don't need them. I just need my TCL to remain intact.
@Taurus22 wrote:
Well does anyone really "need" their CL? As we all know around here, credit padding is primarily for UTI purposes. Prior to Covid and being laid off, I was strictly PIF each month and using cards for Cashback return. This debt would never have hit my cards had that not occured, so I understand the pinch I'm in and I understand the reasoning behind CLD's. This is just the first one I've experienced since my credit build.
The AMEX is certainly not a card I would fear losing....but the CL is. Most of my cards have limits between 12-20k and applying for anything new is not an option, given my debt. I have tried for some CLI's on my lower limit cards to assist with my UTI% but those are limited.
I called Amex today for e Recon, and they wanted to know a lot of confidential information that I was not comfortable with. They wanted to know my cash in-hand (across my bank accounts) and wanted bank statements. I absolutely refused. They have no business with my bank statements.....why? So they can see how and where I'm spending my money? They can suck it.
I have never been delinquent, never paid late and never held any extended balance on that card. This is the reason I stopped putting spend on it, so I would not get myself in that kind of trouble. You know, responsible CC usage. So they see me as a risk....
So I'm going to continue to work down my debt, recover my FICO scores and do a 3xCLI in a few months. If they want to be fliptards then I will get to a point that I will add some new credit lines and close the Amex. I don't need them. I just need my TCL to remain intact.
The CL/TCL is not the issue. Utilization is fleeting, month to month. Issuers know that. Padding is a worthless endeavor in my book. No, it's all about the non PIFing and creeping carry of debt that has gotten you noticed. Which you are well aware of. Once you resolve that, you will be Gold.