That's right folks with a credit score of 719 I found out today that American Express, just this morning, lowered my credit limit on my American Express Business Platinum card. They lowered my limit to $400 dollars above my current limit.
I just made a payment of $1, 000 on this card last week. I was no where near my limit but my charge was rejected, wouldn't you know, when I was trying to buy airline tickets to take my family vacation.
This is a new practice that the financial world is now employing if you haven't heard about it, let me share what I know. They now do periodic reviews of your credit and based on their questionable formulas of the debt ratio you have on other cards and other information about your credit that doesn't pertain to the account you have with them at all, they make decisions to lower or even cut off your credit.
This is what we get for bailing them out with billions. I am sure all the fat cats at the top got their bonuses and instead of opening up the lines of credit to encourage confidence and spending, they are going into a hoard mode. UNBELIEVABLE!!!
I have been a member with AMX since 1981, usually the gold card that you pay off at the end of the month. So AMX comes out with this new business card plan and offer me this card to purchase equipment for start up and now they cut my limit in half.
What a way to stimulate the economy and encourage more economic growth. Cut available credit so you can't expand. This is only the tip of the iceberg I am afraid. But as for American Express, they have lost a loyal customer that will find another place to do business.