Comments on: Recession forcing American Express to target profiles to decrease credit limits

By: Chris

Chris — Thu, 04 Nov 2010 15:02:22 +0000

Amex – an ugly word in my household. The company was hailed in my family for it’s perks, ease of use, no credit limits, airport lounge access, great points program, and so we thought the best customer service in the world. Amex – you’re fired.
6 year Platinum Member, never late, paid in full every statement, credit was at 811 – and one day just like that – no notice no drop in credit limits, no nothing, the card was just canceled after finding out buying gas. They “charged-off” the account (it was at zero)and reported the account as “skipped out of town”. LOL – We are in the military and never skip out of town and always pay. When I called the customer service reps could do nothing nor the supervisors. So I hired a lawyer. The have violated the fair credit reporting act and will be held accountable. Scum bags, as this derogatory statement on my report dropped my score down almost 200 points. There has got to be a way to hold them accountable and legal action is all they understand.

By: Rich

Rich — Tue, 02 Nov 2010 00:28:14 +0000

STOP GIVING AMEX YOUR REVENUE FROM YOUR PURCHASES. Amex will not make any revenue if you do not spend. I was hit back in 2008 when they started chasing card balances. Went from spending $7k to $10k a month and was reduced from $14,000 to $1,000 limit. Today I called to cancel the card.

By: Jon B

Jon B — Wed, 06 Oct 2010 21:29:43 +0000

Very confused today and upset like everyone else. I started with AMEX with my company in 2007 and had a $50,000 credit limit and since 2009 was a bad year my spending was lower and start of 2010 no purchase and always paid before 30days and since I had no balance I was able to order upto $1200 because they said looking at 6 months they divide it by 12 they came up with $1200. I said the school did not start purchasing until July and I called to let them know I will start buying so they can put in their notes. They said does not matter we look at 6months like she was reading from a script no matter what was said same thing. I said so then basically your telling me my credit is $1200 and if I keep paying it off like I always do then it will always be $1200 and since business is picking up for me I have to buy my parts with a different card…she said we look at your 6 months and figure that as 12 months. That is not logical to say that should look at paying habits past three years and purchasing and see this person is a good customer. I think part of it was because I am trying to be a better buyer looking for good deals they are seeing I am not buying from the more expensive places therefor they made an assumption. I am going to write them a letter to let them know I will not renew my gold card and will take my business elsewhere. I am going to talk to my credit union to see about getting a card through them they are better than banks far as I am concerned.

If you have an AMEX and you know business is going to pickup and you need to order parts for your customer check with AMEX to see what they have done with your credit limit you might be surprised and need to be proactive to find an alternative source otherwise they will hurt your business. good luck everyone and hope business picks up for everyone during this tough economy.

By: Andrew

Andrew — Tue, 23 Mar 2010 18:22:58 +0000

Back in October 2008 I tried spending about $200 at Target for Christmas decorations and got declined. I was shocked! I found out when I got home (and logged in online) that my “limit” now showed “$0 available” (instead of the “no pre-set spending limit”). After some investigating and a phone call, I found out that my Green card had an effective limit of $1000 due to my credit score and income (their records showed my income as 15k, what I made back in high school when I first applied for the account in 2005, very out of date!). I just dealt with the issue… I regularly charged about 800 to 2000 to my card monthly (mainly gas and food, I’m a college student). After some time, my “effective” limit went to 1500. Yay, lol.

But just the other day I logged in to make a payment and my Green now shows ‘no preset spending limit’ (again). It looks like the “limit” has been removed? I’m just wondering if anyone else has started to experience this? Perhaps now that things are improving and –the sky isn’t falling–, they’re loosening the leash on credit.

By: Shelly

Shelly — Thu, 20 Aug 2009 18:03:04 +0000

Same story here. My available credit has been going down with my payments on the amer blue account. Didn’t care because at the 3.99% interest rate I can take my time and use the $ elsewhere. I just received a letter stating that the 3.99 fixed is going to 14+% variable. Only a $6000 balance but I will not make another payment to them. My spouse has an 800 credit score and plenty of available credit on him so out of spite they can do whatever they want to my credit. I would have paid as agreed until my balace was paid off but will not pay extra money to get sc*&^ed.

By: Lauren

Lauren — Wed, 12 Aug 2009 22:17:47 +0000

Wow I thought it was just me. My credit line was 8$8000.00 and I made a purchase today and then two hours later received a call stating my balance had been cut down to $4000.00. I was like wtf. I called and they blamed it on the credit bureaus and all that jazz. I was so pissed. I want to close the account so bad but fear it’ll hurt my score. But wait AMEX is not the only one doing it. My good friend told me Chase cut her credit line down too. Looks like things are really bad. I’m so angry because my credit history is really good and I always get increases not DECREASES!!

By: KH Byrd

KH Byrd — Mon, 03 Aug 2009 15:12:58 +0000

I totally understand everyone’s concerns and complaints. This company has hurt many people including myself. I pride myself on maintaining a good credit score, and for what? For Amex to cancel me because I was in a dispute with another credit card company. In my opinion, it is none of their business what is going on with me and my other creditors. We have “never” once been late with Amex, but they took it upon themselves to “randomly” look at my other accounts and decided to cancel me. I finally resolved the problem I was having with my other creditor, which was ultimately their fault in the first place, but Amex didn’t care. Amex canceled both my accounts and I don’t think I deserved such treatment. What did my other account have to do with them anyway? So with all that being said, I will NEVER EVER accept an offer from them. I hope they go bankrupt!!!!