Can AMEX close my credit cards?

[Thanos316]

Will try to keep this short, some 20ish years ago, I burned with AMEX. 

A few years ago I settled and paid back what I owed. 

Since then I've opened 3 credit cards with them (AMEX PLAT, DELTA PLAT, a Hilton Card). 

I was affected by the writers strike, and have been unemployed for about 10 months now, and savings has been cleared out. 

I just had my car repossesed this past week. My credit rating and scores are down the drain at this point. 

In the past few months, AMEX has lowered my spending limit on my PLAT from $15,000 to about $3000, and i'm currently over that spending limit at about $4000 ( I know its a charge card and shouldn't carry a balance).  They have also lowered my Hilton  card credit limit by half. 

My question does AMEX pay close attention to my credit score, and can they at any point close my cards/accounts with no given notice because of that?  These are about the only credit cards I still have somewhat good standing with. 

Sorry if this sounds like a sob story, I promise its not.  I'm really trying to get some advice about it. 

Thank you all. 

[SouthJamaica]

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@Thanos316 wrote:

Will try to keep this short, some 20ish years ago, I burned with AMEX. 

A few years ago I settled and paid back what I owed. 

Since then I've opened 3 credit cards with them (AMEX PLAT, DELTA PLAT, a Hilton Card). 

I was affected by the writers strike, and have been unemployed for about 10 months now, and savings has been cleared out. 

I just had my car repossesed this past week. My credit rating and scores are down the drain at this point. 

In the past few months, AMEX has lowered my spending limit on my PLAT from $15,000 to about $3000, and i'm currently over that spending limit at about $4000 ( I know its a charge card and shouldn't carry a balance).  They have also lowered my Hilton  card credit limit by half. 

My question does AMEX pay close attention to my credit score, and can they at any point close my cards/accounts with no given notice because of that?  These are about the only credit cards I still have somewhat good standing with. 

Sorry if this sounds like a sob story, I promise its not.  I'm really trying to get some advice about it. 

Thank you all. 

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Yes they could close your accounts, and do it without notice. Yes they would be paying attention to your credit score, and also the other factors which are causing your scores to decrease. I don't know what meaningful advice I can give.  All I can say is best of luck.

[ptatohed]

With all due respect, it sounds like you have bigger issues than worrying if these cards will be closed by AmEx.  If you are carrying balances, you should not be using these cards.  If you are not using the cards, you should not be holding cards that cost you over $1000 a year in annual fees.  Honestly, I would strive to pay off the cards before the annual fees hit and close them yourself.  Get a no AF card for the time being.  When back on your feet, you can re-open the AF cards if you so desire at that time.  Good luck.  

[Slabenstein]

Like @SouthJamaica said, yes, Amex monitors your credit score and credit reports, and, yes, they can close your or anyone else's cards without notice.  From what you've said, it doesn't sound like paying off the balances is an option right now, so really all you can do is pay as much as you can and ride out whatever other credit consequences come of the reposession and increased utilization.

[xenon3030]

As the others mentioned above, if you are unemployed, and possibly not travelling very frequently, there is no reason to keep top tier cards with high AF. Try to PC them to no-AF cards, downgrade to lower AF cards, or close them. In the PCing step, they may refund the pro-rated AF to you (assuming that you did not receive SUB in the past 12 months, otherwise, you should wait till the anniversary date). The AF refund option is typically not available, if you decide to close the card.

[Thanos316]

Thank you so much for the reply. 

It was helpful to know. 

[Thanos316]

Thank you all for the replies.

[markhs777]

Credit card issuers can close a card for any reason that they want to. The question should be will Amex close your cards. My guess is they will. Best of luck.

[keekers]

Hope things turn around for you.

[NoMoreDebt]

Absolutely. They may balance chase you first as you pay it down.