Amex decided to lower my credit limit without telling me first yesterday.

When I checked my credit limit 2 days ago, available credit was $6000.00. So I purchased a laptop, a software and a plane ticket for my business trip, which was about 5000.00 all together.

If I used $5000 out of $6000, I should still have $1000 left in my account. But when I checked my account online today, I didn't have any credit left.

So I called the Amex, and they said I've already went over credit limit by $90.

They told me they decided to lower my credit line to $4300 because of my credit score.

OK. I don't mind them lowering my credit line because of my decreasing credit score. But what I have problem with is the fact that they lowered it without telling me first!

They said they sent me a letter just today about it. But since they just sent it, it will take 3-5 days until I receive it. So what if I decide to spend my credit card for emergency uses before getting that letter, which is the case here?

They didn't care to give me a call and decided to just send me a mail, expecting me to not use my credit card until I get that mail.

WHAT THE HECK?

They call me and email me all the time about special offers but they don't have time to call me or email me about the change on my credit line?

F*** YOU AMEX

After reading this and the same crap pulled on me, I am going to do exactly that!

It seems all credit cards are lowering credit lines to better reflect the cardmembers spending pattern.  I received my letter in the mail, It just came too late.  I called and they explained it to me.  It's just happening with all companies from what I understand.  It's ok with me I never would have spent my previous credit line anyway.

I had the same thing happen.  They drop my business account limit from $19,000 to $2,000 overnight.  I called to find out the reason, and they said I had new derogatory information on my credit report (I also had Credit Secure service from AMEX and they never informed me of any derogatory info, but thats another story!).  I had them send me a copy of my credit report, and lo and behold there was a new entry in the report.  It was for $40.00 from a cook book I received from AMEX that stated it was Paid but sent to collections.  That cook book was attached to my Amex account and paid by my Amex account.  Why was it sent to collections!?!  I called back this morning, and was on hold for over an hour and had 4 internal transfers to finally get to someone "who can help me".  After I explained the situation, he told me that because of the this I do not meet their "credit requirements to reinstate my previous limit".  I was blown away.  I have been a member for over 7 years and this was a Platinum business account with 4 other cards attached.  Well, in response, I closed our account.  They may not care, but at least it made me feel better.  Also, my business will no longer accept American Express as payment.

Jeremy Muir
owner
FNTECH

Count me in also, for the 2nd time this year they hit me.
I am submiting the following to whitehouse.gov, but I don't expect any reply.



Dear Mr. President,

I would like to know how we are expected to re-start the economy when banks like "American" Express are cutting everyone's spending capabilities.

The account in question here is just a representative example of what this particular company is doing wholesale to its customer base. You can read more by searching the web. There are many, many sites, (like amexsux.com) with other examples.

In my case, I opened up this account with a $25,000.00 credit limit.
When the economy started to drop, so did the limit.
The first drop was to $6,000.00, now it’s down to $3,000.00.

As I have stated in my reply to them, there is absolutely no reason for them to be cutting my limit so drastically. I have never been even one day late on any payments, I have not filed bankruptcy on them, I always pay more than the minimum payment on all of my bills, my debt-to-income ration is low, my home loan is not “backwards”, I have been working in the same upper level management for over 30 years and have never been unemployed in my life.

I cannot understand how we are supposed to re-start the economy with the banks we loaned money to doing this to their best customers…


--------below is my reply to “American” Express

====================================================

Thank you for this.
It will be remembered the next time the banks ask congress for a multi-billion dollar bail out using taxpayer funds.

I make over $180K a year, never have missed a single payment, have never filed bankruptcy, never been even one day late on any payment, my FICO's are all over 700, my debit to income level is less than 34% and this is how you treat me.

I have no sympathy for companies like yours that treat customers like this.

The current President asks us to support the banks and spend more to get the economy running, but actions like the ones “American” Express are doing are in direct conflict with the interests of our great nation.




-------- Original Message --------
Subject: Important Account Status
From: "American Express"<AmericanExpress@email2.americanexpress.com>
Date: Fri, March 13, 2009 4:44 am
Important Account Status
                       
Notice of Credit Limit Reduction        
Your Account ending in  xxxxx      
             
Log in to Manage Your Account Online          
     
Dear Mr. Carson:

We are contacting you to let you know that after a thorough review of your credit profile we have lowered the credit limit on the account listed above.  We wanted you to be aware of this change immediately.
     
Your revised credit limit for purchases is now $3,000.00.  The new cash advance limit is $200.00.  Please ensure that any additional cardmembers on the account are also aware of this change.

We have sent you a letter with a full explanation of how we came to this decision, but wanted to contact you via e-mail to ensure that you were aware of the change as soon as possible.
     
Sincerely,

American Express Account Services
       
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This Customer Service e-mail was sent to you by American Express.  You may receive customer service e-mails even if you have requested not to receive marketing e-mails from American Express.

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I had a limit of $6,400 for the past year on the Blue card.  Had a $2k-$3k balance for the past few months then put a trip on it a couple weeks ago to put the balance to $5,000.  I was going to pay it off on the next statement but I wanted to get the points.  2 days after buying it I get a letter in the mail saying my credit limit was dropped to $5,200 because of my spending patterns and credit score.  Pretty much the same deal as the 1st post.  Pissed me off.  No reason to do it, I've paid my bill on time every month.  I could understand if the credit crunch has hurt them and they can't extend as much credit to people, but they dont' need to blow smoke up peoples asses and tell them its because of credit score issues or spending patterns.

TCarson, if you do not like Amex, QUIT USING THEIR PRODUCT.

Ms Tanner, Yes you CAN cancel your account.  Do it promptly by mail.  And dispute any fraudulent charges and call the police.  Start using your head instead of your ego.