American Express reduced my credit line by 95%

[Saint Nick]

Citi changed the terms on my card (increased my APR substantially) and I am opting out. By doing so, they will cancel my card in 2010. I hope they rot in hell as well.

 

[Rumpltzer]

Originally posted by: Imp

Originally posted by: PingSpike

Originally posted by: rh71
lol $500... do HS kids just starting out even start that low?

My first card was $500, which was a LOL at the time but I did have zero credit. But then I heard some one had a $300 limit. I had just assumed $500 was the minimum to even bother sending out a card.

My first card between my first and second year of college was $1k. It wasn't some student credit card though.

You guys lived rich! My first card was during my freshman year of college and it had a limit of $220. I built my first computer after junior year, and I remember how I had to spread the buying over two and a half months to pay for everything. I didn't know that I could ask for more credit and I only had one card.

I think they bumped me up to over $600 after that summer of buying/spending on the card.

 

[ultimatebob]

American Express was the only credit card application that got denied while I was in college. I've held a grudge since then, and haven't bothered applying for another one since despite all the junk mail they send me. Suck it, bitches!

 

[BW86]

that sucks, wtf?

 

[daniel1113]

Surprisingly, AMEX raised my limit about a month ago from $10k to $15k. I couldn't tell you why, other than I always pay it off in full each month and I did use my card a lot this year.

Speaking of which, I'll be pissed as hell if AMEX doesn't pay the money back I've earned on my Blue card this year due to their financial situation.

 

[brxndxn]

Originally posted by: sjwaste

Originally posted by: alphatarget1
Called them and cancelled the card. I have never missed a payment, and have been a customer since 2004. I can understand them cutting it in half, or maybe even 70% to 3000 bucks. 500 is an insult and I'll never ever do business with American Express ever again. May they rot in hell.

Check FWF. I bet you have a mortgage with Countrywide? That's a factor in these decisions.

I had my limits reduced on both of my AMEX cards.. one limit was lowered to less than I spend on it every month and pay it off in full!

My mortgage has bounced around from AIG > Everhome > Countrywide..

What's FWF? Can having my mortgage with Countrywide hurt my credit? In my case, I had no choice..

 

[compuwiz1]

Originally posted by: brxndxn

Originally posted by: sjwaste

Originally posted by: alphatarget1
Called them and cancelled the card. I have never missed a payment, and have been a customer since 2004. I can understand them cutting it in half, or maybe even 70% to 3000 bucks. 500 is an insult and I'll never ever do business with American Express ever again. May they rot in hell.

Check FWF. I bet you have a mortgage with Countrywide? That's a factor in these decisions.

I had my limits reduced on both of my AMEX cards.. one limit was lowered to less than I spend on it every month and pay it off in full!

My mortgage has bounced around from AIG > Everhome > Countrywide..

What's FWF? Can having my mortgage with Countrywide hurt my credit? In my case, I had no choice..

Im guessing FWF = Fatwallet Forums.

 

[Polish3d]

Are we all going to see some sort of benefit returned by these companies for the bailout money we've given to them? (In addition to the profits they've made all these years)?

 

[StageLeft]

haha, fvcking lametastic. Citicards jacked my rate by almost double out of the blue, despite carrying generally no balance, resplendent credit. CCs are cutting back hard, people better watch the fvck out if they are carrying debt on these because the companies are going to ramrod you.

I'm getting out of this Cc game because that's all it is, a big silly game. I paid off my citi (I used it a few hundred $/month for gas) yesterday and now it will sit in my drawer and come out every several months just to keep it active and keep it a note on my credit.

A lot of people got played on their homes, and credit is next. They cannot say they were not warned, though, running up credit like it was free money, it's time to pay the piper. And it is gonna hurt when those with 780 credit are getting 17% APRs, what do you think John Doe with 640 is going to get?

I put a thread in P&N that CC companies are slashing their credit in half down to about $2Trillion nationally. THis will squeeze a lot of people.

Citi changed the terms on my card (increased my APR substantially) and I am opting out. By doing so, they will cancel my card in 2010. I hope they rot in hell as well.

I was going to opt out as a eff you to them but figured instead I will let them benefit me by contributing to my credit. I also wasted their time with a few emails back to their customer service.

 

[ja1484]

Originally posted by: her209
Credit card companies are going to get bailed out next. Just watch.

They already got a 700 billion bailout. Where were you?

 

[GregGreen]

I went to switch my AMEX Student Blue from a student card to a real card. I called to do so and the rep told me I would be getting a new card with a lower APR in the mail in about a week. Instead, I got a notice saying that they were canceling any line of credit I had with them. I was pretty confused by this at the time -- was just before shit started to hit the fan in the press.

 

[Saint Nick]

Originally posted by: Skoorb
I put a thread in P&N that CC companies are slashing their credit in half down to about $2Trillion nationally. THis will squeeze a lot of people.

Citi changed the terms on my card (increased my APR substantially) and I am opting out. By doing so, they will cancel my card in 2010. I hope they rot in hell as well.

I was going to opt out as a eff you to them but figured instead I will let them benefit me by contributing to my credit. I also wasted their time with a few emails back to their customer service.

yeah man, i think i will do the same and let them benefit my credit. i haven't called Citi yet -- but they can lick it regardless. i might send a few nasty emails myself.... are you ditching all your cards skoorb? i am considering it.....

 

[IHateMyJob2004]

Originally posted by: Tooncesthedrivingcat
that's gonna hurt your score for a bit. And Amex has been doing this alot lately.

Amex is also when ofhte best financial companies to own as an ivnestment. As a potential shareholder down the road, GOOD!

They probably looked over your credit records and determined that you have way to much credit available.

 

[RichardE]

My Visa was raised from 3k to 15k and that is as a student with a part time job..

I don't think the CC companies know what they are doing.

They also changed the rate from 12.9 to 26.8 😕

 

[RU482]

I noticed the OP is in Cali....maybe the credit card companies are punishing the coastal folks

Just got my CC limit bumped up...Im in Iowa

 

[SuperjetMatt]

Ugh, what the freakin' hell?! I'm so sick of credit cards and credit scores and their stupid little rules. Now in addition to all the crap you should do to game your credit score up or the things you shouldn't do because they somehow hurt your credit score you have to watch where and for what you use your credit on?

The companies change rates, limits, fees whatever they want whenever they want. If you offer me an open credit line for $5k at X APR it should stay that way unless both parties agree to change it. Any exception that could cause an automatic change should be clearly spelled out and completely unambiguous. These companies should be making the risk assessment up front not constantly readjusting because you happened to go to Vegas.

It is too bad this country is more concerned with corporate protection than consumer protection.

Don't use credit then. 😀

I don't, and I couldn't be happier about it.
No worries about limits or rates.

 

[StageLeft]

Thought I'd bump after citi jacked my rate at the end of last year. I did indeed stop using it and don't even have it in my wallet any longer. They upped my limit by about $500 (5%) this week, for some reason.

 

[RKS]

My Chase Visa (Professional?) was cancelled due to underuse. I've never had any issues with my Amex; in fact their customer service has been fantastic especially when I've had problems with electronics just outside of the warranty period.

 

[K1052]

AMEX has to be somehow analyzing risk and reducing the lines on cards they deem "risky". God only knows what kind of formula or rationale they are using to target the reductions.

They approved me for a Starwood AMEX with a 5K limit last week though I'm hearing they are handing out a lot of rejections on new applications.

 

[XZeroII]

Originally posted by: Aimster

Originally posted by: tfinch2

Originally posted by: Aimster
My AX is still stuck on $13400. I Spend $1500-5000 a month on it. It's the only credit card I use. I want them to raise it to $20,000. Then I'll be happy. Everyone I know has a $20,000+ limit except me 🙁. Guess I need to spend more than the 1500-5000 a month. They dont like me.

What's the point if you don't spend that much?

Increases my credit score.

1. Are you planning on buying a hous?
2. Do you really believe that having a card with a $20k limit will increase your rating?

If I were to total up all of my cards' limits, they would be less than $20k. I am refinancing my house now and my credit score is 810.

Don't play the game, just live your life well.

 

[Bignate603]

Originally posted by: Gillbot

Originally posted by: alphatarget1

Originally posted by: Tooncesthedrivingcat
that's gonna hurt your score for a bit. And Amex has been doing this alot lately.

I don't need a loan anytime soon so that's good...

Citi took my interest rate from under 10% to over 22%. Needless to say, that one is now closed. I've had that account for nearly 15 years.

You should have called and griped about it. They bumped mine from 13.5% to 19.9%. I told them I had another card with 8% on it and they reduced my rate to 13.25%. I still use my citicard because I get cashback and don't carry a balance but that 8% one from my credit union is nice to have in case of an emergency.

 

[TheVrolok]

Originally posted by: rh71
lol $500... do HS kids just starting out even start that low?

I think my original limit was 500 or 600 😛

 

[ranmaniac]

Citi raised my rate 9.99% to 14.99%, and the next month they doubled my limit. No wonder their stock is trading near the dollar menu of McDonald's.

 

[ponyo]

I took my Amex rebate check to Costco today and cashed it in. 🙂 So far they haven't messed with me yet. It probably helps that I pay my balance in full each month and the house is paid off. I even tempted them by using my Amex card at Walmart. 😛 Maybe I should try one of those Dollar stores. Do those places even take credit cards?

 

[nerp]

Originally posted by: RichardE
My Visa was raised from 3k to 15k and that is as a student with a part time job..

I don't think the CC companies know what they are doing.

They also changed the rate from 12.9 to 26.8 😕

Don't you see? They jacked your rate and upped your limit inviting you to accure some very profitable debt from them. You're a student, so they assume you have mommy and daddy to pay for it when you get into trouble.