American Express / lowering credit limits

Ti Lawrenceville, GA Review updated:

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.

Sort by: UpDate | Rating


  • Pe
      Jan 03, 2009

    I have recently had the same problem with American Express. They told me that I have delinquent account which I do not have and I have the credit reports to prove it, also they told me that I dont pay enough on my bill each month. This is hard to understand, my monthly payment is 68.00 and I pay on average about 200.00 a month and in November paid 9, 000.00. I was told that they want half of what you spend every month even though they do not state this in their literature or on the monthly statment so If you spend 100.00 they want 50.00 or more even thought your statment may tell you they want 10.00. This same problem also happened to my parents and others I know. They didnt just lower my limit a bit it went from 17, 000.00 to 5, 000.00. What really confuses me is that I pay American Express to monitor my credit scores, and I was told that that only covers 75% of my credit history? Is this right? How legal is what they are doing, I mean can they do this without proof, especially it it can hurt my credit score? Dont they need to send me an explination of why, it seems to me that they are just telling me anything to get me off the phone. I have had cards with them for years.

    0 Votes

Post your comment