American Express stories 8-11-08

There are 2 more comments from 2 more current American customers about their recent experience. The comments are starting to get buried in the older posts so I have decided to move them up here with a link back to the original blog post.

Keith

OMG! I can’t believe this! I thought that I was the only one this has happened to. So today, I received two letters from AX indicating that my credit limit has been reduced on both of my cards, Jetblue AX limit $8k (balance $0) and Delta AX limit $15k (balance 10k). Informing me that Jetblue has been reduced to $500 and Delta to $10k. These people are F8^&% crazy! I have never never never never been late and always paid more than minimum! I called AX and they tell me that negative info has been reported on my credit report (which is BS)! I told them that i have a current credit report from Experian dated August 8th and there is NO negative information and they know it! Something is seriously dishonest about AX and now it appears that I am maxed out of credit with these a-holes! I am contacting an attorney this week!

From Recession is forcing American Express to reduce credit lines for no reason, 2008/08/11 at 4:08 PM

Chicago Joe

I received a letter from AMEX today, 8/6/08 informing me that my credit line was decreased from 3500 to 500. I had not used my card for 6 months and the balance had been paid off. Immediately after receiving this letter, I called AMEX to close my account. In the letter I was told that the reasons involved in my credit line decrease were Length of time the accounts have been established, number of accounts with delinquency, (I have none), Amounts past due on the accounts (I have only 1 credit card with a balance that has never been delinquent) and Serious delinquency. The letter also states that the decision was made from the consumer reporting agency identified in the letter. There is NO consumer agency identified in the letter. What a shady way of doing business! why can’t they just tell their loyal customers that they’re hedging possible losses? I was an AMEX member for 3 years with no issues and I will NEVER be an AMEX member again. This is a company of losers.

From Recession forcing American Express to target profiles to decrease credit limits, 2008/08/11 at 6:56 PM

3 Comments

Subscribe to the Comments

Ms. S., October 12, 2008:

WOW!! I thought I was the only person who had problems with Am/Ex.
First I want to start by saying my husband passed away and I immediately called the company to inform them of his death. They cancelled the account’s and told me I had to continue to make the payments until it was paid of in full. I inquired how do I open up my own account. I was told by the representative I had to get the balance below $5,000 so, I immediatey sent them a check for $2,700. After I didn’t hear from them within 3 weeks I called them back then I was told I had to pay the balance off in full in addition to his Optima. I paid Am/Ex $9,700 in total to pay of Gold and Optima account. Long story short I found out after the fact from a Am/Ex representative I did not have to pay my deceased husbands accounts off because, I was not the account holder – I was only a authorizer user! They took advantage of a grieving widow. Now that I have my own Am/Ex account I had a limit of $15,000 and they lowered it to $7,000 and took away my revolving. I called to inquire and I was told due to negative information on my credit report. My credit report does not have anything negative. We/I had been a member for 16 years and NEVER missed a payment and ALWAYS paid more than what was due. I closed my accounts and told them to take the money I paid on my deceased husband account’s and transfer the payments to my account. They told me it isn’t nothing they can do about it now?!? I still get upset about this.
Christy, October 17, 2008:

I am in the same boat!!! I got a email today and was told my credit limit was decreased by $4300. That is outrageous!!!! I have always paid my bill on time with more then the min amount required. My husband and myself are going to tell them to stick their card where the sun don’t shine. I called Discover and they said they are not going to reduce my limit and I am free to use their card.
Neil Singh, December 1, 2008:

The economy will improve in time but we should make a firm stand and not give Amex any more business in the future. They don’t deserve it.