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American Express Costco / cut my credit limit

1 CA, United States Review updated:

We were asked by AMEX to buy a higher level of credit card with Costco which costs $100. a year so we can have better priveledges. We then a few months later got a letter in the mail saying our credit limit has been reduced to $800. due to a couple of reports on our credit report. We have a zero balance with American Express...have never been late...always paid on time...but they say they do not take that into consideration even though we have been members for approximatly 8 years. I did get a copy of my report btw and to me it looked excellent. There was one bad report due to a service that was cancelled by me and is currently in dispute but being taken care of...but other than that everything has been in good standing. Oh excuse me..5 years ago i was late on my mortgage payment ONCE. This is very bad businees especially for COSTCO since I do my business with them and this will be limiting how much I will be spending with them. This is so very insulting to be treated like this. I would like an attorney to take this on.

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Comments

Ep
  4th of Sep, 2009
Agree Disagree 0 Votes

thats something u have to take with AMEX. Costco has no fault on this. becoming an executive member does give you more benefits with amex but they shouldn't run any other reports on your credit card. i would advise you to get a credit report to make sure noone is using ur ss# and ruining your credit.

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