Are many of you seeing reduced credit limits? |
AMEX reducing CL for 1/2 of cardholders in: Subjects › Discussion |
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Are many of you seeing reduced credit limits? |
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(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). |
nothing so far. it might very well happen as I havent used more than 10% of their limit |
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. |
Actually, I recently went from $15500 to $25000 with my AMEX Blue - so nope. |
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"? |
Ecuadorgr said:InfiniTrent said:Actually, I recently went from $15500 to $25000 with my AMEX Blue - so nope. Uh oh...they ARE tricky like that! |
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. |
The CL on both my AMEX cards went up by 20% in the last 6 months. So no. |
my blue credit went from 20k to 1500 but my plat stayed at 28k. the blue was barely used. |
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. |
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. |
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... |
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. |
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. |
Doing a little more research 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. |
My AMEX was slashed from $10k to $500. i was shocked when I got the letter. Wall St is swimming this week... |
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! |
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