Edit

Forums ›
Finance

AMEX reducing CL for 1/2 of cardholders Archived From: Finance

  • tweet this
  • Post to Facebook
  • Text Only
  • Search this Topic »
  • Classic
alert mods    
   posted: Sep. 21, 2008 @ 4:53p

Both my cards still at 25k, one of them hardly ever used, and one with heavy usage.


alert mods    
   posted: Sep. 21, 2008 @ 5:48p

Blue Student still at $15k even though I haven't used it for years.


alert mods    
   posted: Sep. 21, 2008 @ 6:17p

whoDean said:Doing a little more research

Washington Post article

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.When the credit card issuers finally pull the plug, it will be overnight and across the board.


alert mods    
   posted: Sep. 21, 2008 @ 7:03p

My CL is unchanged at $24.9K. What an odd number. Somebody must have been on crack to give me that credit limit!


alert mods    
   posted: Sep. 21, 2008 @ 7:35p

ifyouhavetoask said:When the credit card issuers finally pull the plug, it will be overnight and across the board.

and then all of FWF will cry...

*It ain't gonna happen!*


alert mods    
   posted: Sep. 21, 2008 @ 7:41p

Just recently had a Financial Review on my Business Centurion. Last review was about 3 years ago IIRC. They requested our 2007 Financials. 2007 was our best year ever. Long story short, credit line was slashed from 300k to 175k unless we agreed to a personal guarantee (which we won't). We've never paid late, we charge >100k every month and PIF every month.

I know a few other centurion holders who have similar stories recently.


alert mods    
   posted: Sep. 21, 2008 @ 8:07p

No cuts for me on personal or business (so far, anyway). I was FR'd earlier this year. I wonder if that makes my lines 'safer' or not.


alert mods    
   posted: Sep. 22, 2008 @ 12:15p

Thanks to all of you who are posting about what AMEX is doing to your CLs, more than a few mention a reduction so far.


alert mods    
   posted: Sep. 22, 2008 @ 12:29p

I am curious as to whether people were using the cards that got slashed.

Looks like a couple of people had in:somewhere cards, that they presumably used for AORs, paid-off, and haven't been using since.


alert mods    
   posted: Sep. 22, 2008 @ 1:26p

My $52K AMEX CL remains unchanged. Charge $1K-4K/mo and PIF.


alert mods    
   posted: Sep. 22, 2008 @ 6:35p

30K Blue and 10K AMEX Costco Business still the same. Also have AMEX Business Gold.


alert mods    
   posted: Sep. 22, 2008 @ 7:42p

No change to my Blue - they did drop me from 20k to 14k a few months ago right after I did a couple of new cards + BTs


alert mods    
   posted: Sep. 22, 2008 @ 7:53p

I went from 41k to 8k the hard way. They lowered it--i used it and was declined 3 times at the same transaction-then called cs and was told the news...So pissed off about the limit decrease!!!!


alert mods    
   posted: Sep. 22, 2008 @ 9:15p

Blue cash cut from 31K to 500 with adverse action because of AOR debt. I have not used an AMEX card for years (aside from the free gift) and had no AOR debt with them.

Explained debt and offered to show assets and tax return showing assets and income well above any debt and was DECLINED due to high utilization. This worked fine for Citi and Barclays. They said "call back when your debt is paid off"

Fuming at the end of the call, they said "thank you for your business" shich set me off. I said obviously you don't want to get additional business by lowering my line to an unusuable total.

This pissed me off because we were thinking of switching our daily spender to starwood on the next AOR. I refuse to make this investment if AMEX is going to lower lines.


alert mods    
   posted: Sep. 22, 2008 @ 9:32p

ifyouhavetoask said:whoDean said:Doing a little more research

Washington Post article

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.When the credit card issuers finally pull the plug, it will be overnight and across the board.

And there shall be no plastic, People shall pay in cash, More trees shall be cut, Global Co2 levels shall rise, Polar ice shall melt and People buying property in any place within 1000 miles a coast shall suffer. Somewhere in between there will be plenty of opportunities for the right investor to make big on boat stocks. Don't tell me later that I didn't warn you.


alert mods    
   posted: Sep. 22, 2008 @ 9:37p

A few years ago my blue had a $17,000 limit. Now it's got a substantially lower limit: $17,000.


alert mods    
   posted: Sep. 22, 2008 @ 10:13p

None mine were cut and tehy are alll very active cards, had they cut my 25k line id be raising some hell. Ill gladly process the 30k/yr with visa or someone else.


alert mods    
   posted: Sep. 23, 2008 @ 12:37a

fwvisitor said:And there shall be no plastic, People shall pay in cash, More trees shall be cut, Global Co2 levels shall rise, Polar ice shall melt and People buying property in any place within 1000 miles a coast shall suffer. Somewhere in between there will be plenty of opportunities for the right investor to make big on boat stocks. Don't tell me later that I didn't warn you.Don't worry -- no trees in U.S. currency. Didn't you see "Inside Man?"


alert mods    
   posted: Sep. 23, 2008 @ 12:41a

unchanged for me....


alert mods    
   posted: Sep. 23, 2008 @ 8:01a

Still have 1K limits on 2 business cards, $62K on a 3rd business card and 1K on a personal card.

Also, my plum and gold charge cards are doing fine. I did have a reduction on a business line of credit with them from 10K to 1K based on unable to verify my business with D&B. I closed that line.

I only have balances on the charge cards.


 Close

Sign Me In
Nickname: 
Password: 
Remember My Login Information:

Forget your login information?

Not Already A Member?
Sign Up Now!


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.


While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2009