American Express / lowering credit limits
This action must be popular for American Express. I have credit cards that are increasing my limits because I'm a good customer, not lowering them. I never keep a high balance and have always paid on time and always piad 2 to 3 times more than the minimum due monthly. Lowering the credit limit on cards creats problems with your FICO. Is that Illegal? The company was the one that made the decision to give you that amount in the 1st place. They even gave me increases and I didn't have the card that long. I probably wasn't using it enough to suit them.
American Express lowered my credit limit from 4, 000 to 500. I received a notice stating "as a responsible lender we are sorry to inform you that due to review of your account we are lowering you limit to $500." No warnings nothing just did it. A good way to lose customers.
I called customer service and said I wanted to close the accounts I had and also made sure she knew I was no longer going to do business with them ever again. The rep just said she could transfer me to accounts and they could explain why. I said OK and told her that it wasn't going to change my mind. I was put on hold foir a few minutes and then was told it was going to be a 15 to 30 minute wait, so I just told her to close the accounts
The website has a secure message board to send messages but has been down for the last month. Nothing seems to work and you can't get help or explainations.
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