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
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.
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.
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.
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.
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.
