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American Express reduced my credit line by 95%

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I'm planning to pay off the big breakfast with the amex card with my leftover wamu checks. I plan to use them all up (16 bucks left in that wamu checking account) and close it afterwards. Do you think they'll have a problem processing 30 checks each at 10 cents value? Or will they try to screw me?
 
Originally posted by: compuwiz1
That makes sense but then maybe one needs to cycle a card thru near it's limit and back down once in a while. As I understand it, just don't ever let your total available credit dip below 60% of all your credit lines or score suffers.
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FFS, I'm all about breaking in my motorcycle properly, letting it warm up before hitting redline, etc...but I DON'T want to deal with that kind of crap with my credit cards as well.:roll:
 
Originally posted by: rh71
lol $500... do HS kids just starting out even start that low?
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I think my first ever credit card was something like $5k.

If course, this from a company which was known for high credit limits, in college.
 
Hmm, seems they've raised my credit limit from $30K to $33.5K.

I've been expecting to get cut too, but it hasn't happened. I thought for sure my Home Equity Line of Credit would get cut because if you add up my outstanding mortgage balance with available HELOC it comes really close to the value of the house now that real-estate values have dropped so much around here, but I got a call last Friday from the bank asking if I wanted to increase the amount. I was thinking WTF.
 
I just talked to a friend who used his Amex to buy a room in Vegas, then he came back to Washington and his fuel purchase was declined. When he called, he was told his credit limit had been reduced, specifically because he used the card in a high risk manor. (Las Vegas)

**note to self:

Don't use credit cards if I ever go to Vegas.
 
Originally posted by: compuwiz1
I just talked to a friend who used his Amex to buy a room in Vegas, then he came back to Washington and his fuel purchase was declined. When he called, he was told his credit limit had been reduced, specifically because he used the card in a high risk manor. (Las Vegas)

**note to self:

Don't use credit cards if I ever go to Vegas.
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I'm going to vegas for CES next month. Guess I'll just use my debit card.
 
Originally posted by: fuzzybabybunny
"That's nuts" is bad while "that's tits" is good. Frickin' double standard.
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Depends on your preference, sexuality, and experimentation level. Pretend it is an answer to the question of "What is that of which would you rather have in your mouth"

my answer, which is in your idea "is good" would be "that's tits"
 
Originally posted by: Squisher
Hmm, seems they've raised my credit limit from $30K to $33.5K.

I've been expecting to get cut too, but it hasn't happened. I thought for sure my Home Equity Line of Credit would get cut because if you add up my outstanding mortgage balance with available HELOC it comes really close to the value of the house now that real-estate values have dropped so much around here, but I got a call last Friday from the bank asking if I wanted to increase the amount. I was thinking WTF.
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"So you're going to fire Samir and Michael and give me more money?..."
 
Originally posted by: compuwiz1
I just talked to a friend who used his Amex to buy a room in Vegas, then he came back to Washington and his fuel purchase was declined. When he called, he was told his credit limit had been reduced, specifically because he used the card in a high risk manor. (Las Vegas)

**note to self:

Don't use credit cards if I ever go to Vegas.
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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.
 
Originally posted by: rh71
lol $500... do HS kids just starting out even start that low?
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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.
 
Originally posted by: compuwiz1
I just talked to a friend who used his Amex to buy a room in Vegas, then he came back to Washington and his fuel purchase was declined. When he called, he was told his credit limit had been reduced, specifically because he used the card in a high risk manor. (Las Vegas)

**note to self:

Don't use credit cards if I ever go to Vegas.
Click to expand...

nothing like a little second hand stories to freak everybody out. who knows what other stuff the guy had going on (debt, FICO score, etc). Going to Vegas may just have alerted an analyst to check out his file, so that's what he told you. But anyway, no need for AMEX (unless you are black level or something), there are better cash back cards out there, I personally use 3 different ones from Chase and 1 Charles Schwab depending on the purchase. None of those limits have been lowered, and I have more than 1 years salary in available credit..then again I pay in full each month and have never been late.
 
Originally posted by: her209
Credit card companies are going to get bailed out next. Just watch.
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AMEX is already part of the bailout, they were allowed to become a bank instead of just a credit card company so they would be eligible.
 
Wow. I thought I was the only one. While not so crazy, they dropped mine from 25k to 15k. I thought I hope that doesn't negatively affect me, since now my available credit is so much lower, but figured it was just part of this whole mess...
 
Originally posted by: PingSpike
Originally posted by: rh71
lol $500... do HS kids just starting out even start that low?
Click to expand...

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.
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My first card between my first and second year of college was $1k. It wasn't some student credit card though.
 
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.
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Check FWF. I bet you have a mortgage with Countrywide? That's a factor in these decisions.
 
thanks for the thread OP, AMEX did the same to me I went from 10,000 limit to 4500. i had a balance of 200 which was paid off 2 weeks ago.
 
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