Done with Amex

[Anonymous]

I went to check my amex accounts online today and noticed that all of my credit limits have been decreased to just 100.00 my balance. I called to confirm and they said that they sent out a letter yesterday explaining that because of late payments and the recent mortgage they lowered my credit limits. Sokay, have never been late in the last year and my mortgage is 2 years old after paying off another mortgage. My FICO score is actually higher now than when I applied for the cards to begin with, and my annual salary is higher. Actually, I think they are trying to do me a favor. Because most of the introductory interest rates are due to kick up in the next few months. I will pay them off and cut the cards up. If you are going to get an Amex, get it only to help get a better card from someone else. Peace

[Red1Blue]

What are the balances on your accounts? How long have you carried the balances? How much monthly paymets were you making on each of the accounts? I think Amex does not like accounts that carry balances for long period of time. Any way, I am sorry to hear what happend to you. In addition to my Amex card, I  am carrying my Visa from my CU and HSBC Discover in my card to avoid this for me in the future.

[Anonymous]

I'm sorry this happened to you.  I'm glad you found out before you were in an emergency situation.

I think everyone should plan to carry a back-up card...

Amex isn't the only good cc these days.  While I have a couple of AMEX accounts, I think I may give my BoA AMEX more play...

I don't want to be at dinner with friends or coworkers and have my card declined.... 

Message Edited by esshua on 02-13-2008 11:56 AM

[MidnightVoice]

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esshua wrote:

I don't want to be at dinner with friends or coworkers and have my card declined.... 

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BTW - I don't use my AMEX in public 

It pays bills, I used it to buy a computer, I will use it yo buy airline tickes and hire cars, but not in public 

[Red1Blue]

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MidnightVoice wrote:

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esshua wrote:

I don't want to be at dinner with friends or coworkers and have my card declined.... 

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BTW - I don't use my AMEX in public 

It pays bills, I used it to buy a computer, I will use it yo buy airline tickes and hire cars, but not in public 

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Hi MV, I love the way you said it.

[Anonymous]

they were pretty high, but all payments were made electronically and paid right when statements came out.

Starwood 4000.00 CL - 5000, paying 200.00 + whatever left over for month.
HHonors - 575 CL - 2000, paying 100.00
Delta - 875 CL 1000, paying 250.00 (use often)
Blue - 1800 CL 1000, paying 200 Since

I dont have enough to pay all of them off totally, which is best? Pay off 3 and leave balance on 1, or pay all down equally to get util down below a %?

peace

Message Edited by kotam on 02-13-2008 09:38 AM

[Red1Blue]

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kotam wrote:
they were pretty high, but all payments were made electronically and paid right when statements came out.

Starwood 4000.00 CL - 5000, paying 200.00 + whatever left over for month.
HHonors - 575 CL - 2000, paying 100.00
Delta - 875 CL 1000, paying 250.00 (use often)
Blue - 1800 CL 1000, paying 200 Since

I dont have enough to pay all of them off totally, which is best? Pay off 3 and leave balance on 1, or pay all down equally to get util down below a %?

peace

Message Edited by kotam on 02-13-2008 09:38 AM

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I think you are doing ok. Try to pay off the balances on cards that would start hitting the interest soon. The more you pay towards the cards make Amex Happy. Amex does not like people carrying balances for long period of time. That is why I carry my CU Visa to make the charges that I might want to spread for longer time.

[Anonymous]

Personally if any of my cards lower my CL I will pay the balance down to zero & cancel it as soon as I see them reporting zero on my reports. I got 3 new credit card that should be hitting my reports soon. I wonder will AMEX drop my $1000 CL down to about a $50 CL. Sorry to he about that kotam.

[Anonymous]

 

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MidnightVoice wrote:

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esshua wrote:

I don't want to be at dinner with friends or coworkers and have my card declined.... 

---

BTW - I don't use my AMEX in public 

It pays bills, I used it to buy a computer, I will use it yo buy airline tickes and hire cars, but not in public 

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That's the bottom line!

[MidnightVoice]

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l9ikjam wrote:
Personally if any of my cards lower my CL I will pay the balance down to zero & cancel it as soon as I see them reporting zero on my reports.

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If they lowewr my CL I will just lock the card away and use it once every 6 months.  I want that age