CHESSNOID

This continues to happen more often as each day passes.   Most customers are surprised because this is not major TV news.  It is something most customers look up after it happens to them.  What is frustrating is they make large payments to lower the balance and improve their credit profile, then American Express lowers the credit limit by that big payment amount or more. Ouch!

Customers think did I overlook  a payment, did my last payment bounce,  is there fraud going around.  Regardless, once they confirm it is not a delinquent payment issue, they call customer service and are given the run around and with a generic reason:

We review and monitor your credit report on a regular basis and something negative appears on your credit report.

What this does is allow the customer service representative to refer you to something that most people don’t have immediate access to and allows them to stall you while waiting for the letter they supposedly sent before informing you of the credit reduction down to your credit balance outstanding and your credit report in the mail.

Once you do get your credit report and notice that their is nothing negative on there and call back, they will advise you that it is on one of the other credit reports or that their credit reports are different from the ones consumers receive.  Both reasons are untrue.  The customer service representatives are just tired of not having a valid reason or explanation to give to their loyal customers.

Check out my older posts:

Recession is forcing American Express to reduce credit lines for no reason

Recession forcing American Express to target profiles to decrease credit limits

American Express don’t leave home with it

Un-American Express targeting profiles to decrease credit lines

Just know this, it is not you it is them.  Be ready for more credit limit cuts as you pay down your balance. You are not targeted for more credit limit reductions.  If you are paying an annual fee, then you might consider saving that money and canceling the card and paying it off.  You will also save yourself some future frustration.  Check out the comments of those posts and you will see what I mean.