I have had an American Express Credit Card tied to Costco for the past year, I have always paid the balance off every month $800.00, $1, 400.00, or $2, 000.00, it didn't make any difference it was paid. I went to get gas on 03/11/09 it was turned down, and then the same thing happened on 03/14/09.
I was a little irritated so I called AMX, they stated that after reviewing my account and going over the report from Experian they decided to cancel my account. According to the Experian report I have had several inquiries for new credit and I am paying below my balance level.
I have not applied for any new credit in the past six month and I pay way over my "minimum" payment due. How do these credit reporting companies get away with this kind of terrorism. This report that Experian has divulged will most likely dampen chances for any future employment.
Costco and AMX push for the credit cards, the card is paid off every month, then they cancel the credit. Does not add up. What is going on that this one company can destroy peoples credit?