New York Times said:An economy propelled by easy credit for more than a decade is fraying as credit disappears. American Express, to take one striking example, is reducing the maximum credit limit for half of its tens of millions of cardholders.
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
(If AXP cut your lines, please also post an estimate of what your total utilization % is across all of your cards at all lenders, values over 25% may be spooking AXP).
Message edited by: markkundinger on 2008-11-06 09:45:07 CST
fwvisitor
Senior Member
posted: Sep. 20, 2008 @ 10:42a
nothing so far.
it might very well happen as I havent used more than 10% of their limit
yaijic
Senior Member
posted: Sep. 20, 2008 @ 10:50a
I never even knew what my limit was. It was simply listed as "no pre-set spending limit.". Now we all know that there is obviously a limit but i've never seen it published anywhere.
jlgrandam
Addicted Member
posted: Sep. 20, 2008 @ 10:59a
Nothing slashed here.
InfiniTrent
Member
posted: Sep. 20, 2008 @ 11:34a
Actually, I recently went from $15500 to $25000 with my AMEX Blue - so nope.
Ecuadorgr
Senior Member - 2K
posted: Sep. 20, 2008 @ 11:45a
InfiniTrent said:Actually, I recently went from $15500 to $25000 with my AMEX Blue - so nope.
Maybe they gave you $25k so that they can slash you to $20k and add you to that "1/2 of cardholders"?
InfiniTrent
Member
posted: Sep. 20, 2008 @ 2:02p
Ecuadorgr said:InfiniTrent said:Actually, I recently went from $15500 to $25000 with my AMEX Blue - so nope.
Maybe they gave you $25k so that they can slash you to $20k and add you to that "1/2 of cardholders"?
Uh oh...they ARE tricky like that!
bigcat007
Thrifty Member
posted: Sep. 20, 2008 @ 2:15p
Ruh roh !
Nummerkins
Senior Member
posted: Sep. 20, 2008 @ 2:48p
I call BS. That little tidbit isn't a quote... it's like the author made it up based on what is said later about less CLIs. Nothing's changed on my cards.
asarat
Happy Member
posted: Sep. 20, 2008 @ 3:42p
The CL on both my AMEX cards went up by 20% in the last 6 months. So no.
3v1l
Senior Member
posted: Sep. 20, 2008 @ 4:18p
my blue credit went from 20k to 1500 but my plat stayed at 28k. the blue was barely used.
TheMouse
Senior Member - 2K
posted: Sep. 20, 2008 @ 4:30p
3v1l said:my blue credit went from 20k to 1500 but my plat stayed at 28k. the blue was barely used.
Platinum AMEX cards do not have preset limits. It's unlikely that figure will move.
PolarDude
Senior Member - 1K
posted: Sep. 20, 2008 @ 5:00p
I closed my accounts when they tried to FR me.. Now they want a notarized statement from my CPA before they will open a new account for me.
maddybeagle
Greedy Member
posted: Sep. 20, 2008 @ 5:18p
Had one of my IN cards reduced to 500 after letting it sit for awhile after using for a BT....hardly even noticed until I tried to open a new card a month ago and declined because recently had a card reduced...
Auream
Senior Member - 1K
posted: Sep. 20, 2008 @ 5:29p
No reductions on my $45K Starwood card. Makes me a little nervous though because that's one of my highest limit cards and I don't want it to get cut when I do my upcoming AOR.
whoDean
Happy Member
posted: Sep. 20, 2008 @ 5:31p
I think this is a new development from AMEX, starting this last week and probably not completely implemented yet.
On a macro level I fear this will become more and more likely from other CC issuers also, depending on how the Gov. bailout affects them.
Post article said:American Express spokeswoman Kim Forde said the company typically adjusts less than 20 percent of its customers' credit limits annually. Traditionally, 80 percent of those adjustments are to raise the limit, while the remainder are decreased. That ratio began changing in October and now sits at about 50-50.
So, this isn't exactly what was printed in the Times article, maybe they got it wrong. It does illustrate that AMEX is lowering credit limits much more frequently though.
kmhggns
New Member
posted: Sep. 20, 2008 @ 8:17p
My AMEX was slashed from $10k to $500. i was shocked when I got the letter. Wall St is swimming this week...
MikeR397
Senior Member - 2K
posted: Sep. 20, 2008 @ 8:24p
I just got my cards reinstated from $500 each to $24.9k and $10.3k last week after a 5 month stint. Hoping I won't get bumped right back down again!
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.