WOW AMEX

[Anonymous]

I am truly concerned about my AMEX card which was first opened in 2004. I started off with 16K credit limit which was recently slashed to a mere 4.7K

I am carrying a balance of 3.8K due to obvious tough economic times. To make matters worse, AMEX decides to cut my credit limit AGAIN and now I am left with a mere $109 credit limit. I'm scared I might go over my limit! My scores have already suffered due to the first credit slash.

I know they are chasing my balance down. Should I call and inquire about their irrational behavior? Should I close my account before they close it for me? I have NEVER been late. Always on time. Even pay 3x the minimum. They have no reason to treat me like a 3rd rate member. 

I just lost all respect for them.

[Anonymous]

Alright, it is 2:56AM and I just called and threatened to disown AMEX. Basically, an unsuspecting young woman from the Philippines had to endure me venting.

It just doesn't make any sense that only AMEX is repeatedly cutting my credit limit. CHASE, CITI, and DISCOVER have all left me alone. I'm just a little worried that they might follow with AMEX's irrational decisions. 

This was my first call to AMEX.... EVER. And my last.

[Red1Blue]

Sorry to hear what happend to you with Amex. That is life now a days. Dont feel bad. I closed all my 3 accounts with Amex since they pulled the CLD/FR on me.

[athensguy]

You need to pay that down as soon as you can so that the others don't start taking AA due to high balance on the card.

[haulingthescoreup]

Hi, thatdoodjohn, this is why AmEx was able to report that it had enough cash on hand --it has been slashing many CL's. especially for those with balances.

You're not going to be able to get them to change their mind. You're probably headed for a $500 CL once you have a $0 balance, or maybe they'll close you outright.

I agree, do what you can to get that balance off. If you can't pay it off, check into a BT to another card with a decent CL, so it won't look so scary.

As to what you do with the card then, you can close it, or you can toss it in the sock-drawer with a small recurring charge, and wait and see what kind of CCC American Express becomes. It will certainly be a different one from the one we saw over the last several years, that's for sure.

[Anonymous]

Don't take it out on the poor cust rep they're just trying to earn a living.

Amex purposely tries to rid itself of moderate or high risk borrowers, it's not their target market.

I can understand, Amex should not have given so many people credit cards in the first place.  But still.

[Anonymous]

this is why i will NEVER own an AMEX card!! even if that was the last card on earth!!

[Anonymous]

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@Anonymous wrote:

I am carrying a balance of 3.8K due to obvious tough economic times. To make matters worse, AMEX decides to cut my credit limit AGAIN and now I am left with a mere $109 credit limit. I'm scared I might go over my limit! My scores have already suffered due to the first credit slash.

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They cut your CL down to $109 or left you with $109 in available credit? 

Message Edited by YoungEntrepeneur on 05-10-2009 03:23 PM

[Anonymous]

$109 available credit.

[trudawg660]

to hear this is sicking i wanted a starwood card but i think i need to pass