What's wrong with Amex

[Anonymous]

Recently AMEX decreased my creditlimit by 90%, I have Fico score of 733(experian) and the balance on the card was zero and all of a sudden they sent an email and letter that they reduced my credit limit drastically to 10%

I spoke with a rep and she said its based on my recent credit changes - great - I made a balance transfer 4 months ago from Citi and have been paying much more than minimum and I do have a job(thank god) and my wife has a job as well so, why in the world would they reduce it.

They asked me to fax bank stmts, paystubs etc to review my case which I did and still they did not  increase it.

I was loyal to them since 2002 and this is what I get

I hate Amex - they can't figure out a bad apple and axe falls on a person who never missed 1 payment in past 7yrs

My score would definitely come down - a big fall

Is this just me or anybody with me in the boat? 

[Anonymous]

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@Anonymous wrote:

They asked me to fax bank stmts, paystubs etc to review my case which I did and still they did not  increase it.

I hate Amex - they can't figure out a bad apple and axe falls on a person who never missed 1 payment in past 7yrs

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7 years with no missed or late payments.You don't need this stress in your life.I wouldn't close the card thou, pay it down and let it sit.My wife has had her delta card for almost 1 yr now and hasn't been touch but im sure its coming.

[Anonymous]

Thanks Carter; Yes, I would not close it too and just keep it without using

closing the card damages my score further 

thanks to Amex for bringing me down from 700 level to 600 or 500 pretty soon 

[Anonymous]

Welcome to the forums!

Sorry to hear it OP. But if it's any consolation, this has happened to many people across the board. 

[Creditaddict]

it happened to everyone that carried any balance with amex and even some who didn't.

Never carry balance on amex, they will hate you! even though they are the ones that offered 3.9 for life of balance.

my dad went from 68,500 down to around 12k and that's just because there are balances on 2 cards keeping those limits up.

my mom went from 40ish to around 12 and that's where her balance is on a fixed for life offer. 

[Anonymous]

Thanks FM & CA

Yes, they would hate you even if they offerred you 3.9 for life 

Bottom line: never carry bal on amex, if you are planning to get a new amex, refrain  

[Creditaddict]

but the thing is, it's not real fair for long time amex cardholders, because amex use to love you to carry a balance. and anytime you paid big portions of balances off you could get huge CLI and then carry an even bigger balance. Then the credit crises and they decided to go LOONEY TUNES.

[Anonymous]

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@Anonymous wrote:

Recently AMEX decreased my creditlimit by 90%, I have Fico score of 733(experian) and the balance on the card was zero and all of a sudden they sent an email and letter that they reduced my credit limit drastically to 10%

I spoke with a rep and she said its based on my recent credit changes - great - I made a balance transfer 4 months ago from Citi and have been paying much more than minimum and I do have a job(thank god) and my wife has a job as well so, why in the world would they reduce it.

They asked me to fax bank stmts, paystubs etc to review my case which I did and still they did not  increase it.

I was loyal to them since 2002 and this is what I get

I hate Amex - they can't figure out a bad apple and axe falls on a person who never missed 1 payment in past 7yrs

My score would definitely come down - a big fall

Is this just me or anybody with me in the boat? 

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Just hang in there... Everything will bounce back in time.

King

[haulingthescoreup]

rsvpraj, how did you find out your Experian FICO score?

For any new members reading this, EX stopped allowing consumers to buy their own FICO's on 2/13/2009. The only way to find it out now is to apply for a mortgage (kind of extreme) or belong to PSECU, a Pennsylvania credit union. Any EX "score" that you get from a monitoring service or other credit source is a FAKO, including the score which Experian likes to sell you from their own website.

But yeah, AmEx has been shooting off their own feet, toe by toe by toe, for a while now. I thought they were slowing down, now that they passed their test a few months ago.

Message Edited by haulingthescoreup on 06-23-2009 11:53 AM

[Anonymous]

My Credit Score & Report from
American Express is a complimentary

benefit for Cardmembers. 

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@haulingthescoreup wrote:
rsvpraj, how did you find out your Experian FICO score?

For any new members reading this, EX stopped allowing consumers to buy their own FICO's on 2/13/2009. The only way to find it out now is to apply for a mortgage (kind of extreme) or belong to PSECU, a Pennsylvania credit union. Any EX "score" that you get from a monitoring service or other credit source is a FAKO, including the score which Experian likes to sell you from their own website.

But yeah, AmEx has been shooting off their own feet, toe by toe by toe, for a while now. I thought they were slowing down, now that they passed their test a few months ago.

Message Edited by haulingthescoreup on 06-23-2009 11:53 AM

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My Credit Score & Report from
American Express is a complimentary
benefit for Cardmembers.