Comments on: Recession is forcing American Express to reduce credit lines for no reason http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/ Random Noid Musings Sun, 14 Mar 2010 13:31:42 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Credit card companies take action to protect profits http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/comment-page-5/#comment-9982 Credit card companies take action to protect profits Sun, 21 Feb 2010 22:56:54 +0000 http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/#comment-9982 [...] number of Visa, MasterCard and American Express cards in circulation dropped 15 percent in 2009, for example. Rarely used cards were among the first [...] [...] number of Visa, MasterCard and American Express cards in circulation dropped 15 percent in 2009, for example. Rarely used cards were among the first [...]

]]> By: AnotherAmexNightmare http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/comment-page-5/#comment-9619 AnotherAmexNightmare Sat, 16 Jan 2010 03:04:30 +0000 http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/#comment-9619 Hello – I have been with Amex blue card for 10 years. My limit was 25K I used the card, paid it off and used it again, always paying on time. Last year I got a letter stating they will be lowering my credit limit because of economic times. They ruined my credit score and dropped my limit down to 8K. I had a balance that I transfered on the card prior to them dropping the limit at a FIXED rate of 3.99 for lifetime payoff, and have been paying ontime for about a year now. Dont even use the card anymore. This month I got a letter saying they are raising my rate to 15%. I have all documentation of the transfer of fixed rate of 3.99 and have been faxing this documentation to them for 2wks now.. They keep telling me story about how its not a lifetime rate and it was promotional. I am so fed up with Amex I am at loss..I am still fighting them I have the documenation of the transfer.. Im going to try and get my rate lowered. Im just furious with this entire situation. Hello – I have been with Amex blue card for 10 years. My limit was 25K I used the card, paid it off and used it again, always paying on time. Last year I got a letter stating they will be lowering my credit limit because of economic times. They ruined my credit score and dropped my limit down to 8K. I had a balance that I transfered on the card prior to them dropping the limit at a FIXED rate of 3.99 for lifetime payoff, and have been paying ontime for about a year now. Dont even use the card anymore. This month I got a letter saying they are raising my rate to 15%. I have all documentation of the transfer of fixed rate of 3.99 and have been faxing this documentation to them for 2wks now.. They keep telling me story about how its not a lifetime rate and it was promotional. I am so fed up with Amex I am at loss..I am still fighting them I have the documenation of the transfer.. Im going to try and get my rate lowered. Im just furious with this entire situation.

]]> By: American Express Recent Experiences on Credit Card Limit Reductions http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/comment-page-5/#comment-9512 American Express Recent Experiences on Credit Card Limit Reductions Wed, 30 Dec 2009 23:17:29 +0000 http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/#comment-9512 [...] Strike on Recession is forcing American Express to reduce credit lines for no reason Same thing…. I’ve had my AMEX Blue card for about 8 years. I’ve NEVER been late on a payment. [...] [...] Strike on Recession is forcing American Express to reduce credit lines for no reason Same thing…. I’ve had my AMEX Blue card for about 8 years. I’ve NEVER been late on a payment. [...]

]]> By: Michael Strike http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/comment-page-5/#comment-9497 Michael Strike Mon, 28 Dec 2009 21:06:28 +0000 http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/#comment-9497 Please email me at mstrike@new.rr.com and let me know if there is any class action lawsuit. Please email me at mstrike@new.rr.com and let me know if there is any class action lawsuit.

]]> By: Michael Strike http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/comment-page-5/#comment-9496 Michael Strike Mon, 28 Dec 2009 21:03:09 +0000 http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/#comment-9496 Same thing.... I've had my AMEX Blue card for about 8 years. I've NEVER been late on a payment. In the past three months, I've made payments of approximately $25,000 and currently have a $2,000 balance. They dropped my credit limit to $2,300 while I was on vacation. Currently, I would like to be involved in any lawsuit as I no longer feel any loyalty towards them now that they dicked me. Same thing…. I’ve had my AMEX Blue card for about 8 years. I’ve NEVER been late on a payment. In the past three months, I’ve made payments of approximately $25,000 and currently have a $2,000 balance. They dropped my credit limit to $2,300 while I was on vacation. Currently, I would like to be involved in any lawsuit as I no longer feel any loyalty towards them now that they dicked me.

]]> By: elizabeth http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/comment-page-5/#comment-9476 elizabeth Sun, 27 Dec 2009 05:50:40 +0000 http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/#comment-9476 same thing happened to me...my credit limit went from 10,000.00 to 1700.00 and I owe 1800.00...now I am over my limit and that will reduce my credit score...seems illegal to do!!! I have never missed a paymen t and have excellent credit...or I used to anyway... same thing happened to me…my credit limit went from 10,000.00 to 1700.00 and I owe 1800.00…now I am over my limit and that will reduce my credit score…seems illegal to do!!! I have never missed a paymen
t and have excellent credit…or I used to anyway…

]]> By: Will http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/comment-page-5/#comment-9430 Will Wed, 23 Dec 2009 17:29:35 +0000 http://www.totalnoid.com/2008/02/24/recession-is-forcing-american-express-to-reduce-credit-lines-for-no-reason/#comment-9430 Same drill here, 14k line with a 5k balance, reduced to 5200 despite good credit. Luckily I happened to log in and check my account before I tried to use the card, as their notification was days late. Avoiding this type of underhanded behavior was the reason I chose AMEX for credit card needs; needless to say I'll be going with VISA in the future (and abandoning Costco). Same drill here, 14k line with a 5k balance, reduced to 5200 despite good credit.

Luckily I happened to log in and check my account before I tried to use the card, as their notification was days late.

Avoiding this type of underhanded behavior was the reason I chose AMEX for credit card needs; needless to say I’ll be going with VISA in the future (and abandoning Costco).

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