American Express Just Lowered My Credit Limit

AmericanRobster · February 11, 2009, 07:14:24 PM

I just got a phone call from American Express that they are lowering my once credit limit of $5,000 all the way down to $800. They told me that it was due to the cards lack of use and the economy has to do with it. Has this happened to anyone else yet? All that I can say is that I want to pay off all my credit card debt and put them away for awhile.

AintSkeered · February 11, 2009, 07:58:24 PM

It's happening to everyone and is due to the fact that our economy is so fundamentally sound. In fact, those crooks are not only lowering limits, but, suddenly raising the interest rates on existing alleged debt. Banks aren't allowed to do that on car loans, home loans, etc., but, can legally due it on credit cards because they're not considered loans and thus it's alleged debt. Since they're not considered to be loans, you can default on that alleged debt, legally. Don't believe me, just Google Debt Reduction, Debt Elimination, not Debt Consolidation(hge difference). Screw them back. Now's the time. We're forgiving these very same banks and big businesses for their bad judgment/investments/loans by bailing them out with hundreds of billions our tax dollars. You can take a bailout, too.

crom A zone · February 11, 2009, 08:03:30 PM

what do you mean de fault on credit cards. not pay them the monthly payment

AmericanRobster · February 11, 2009, 08:06:28 PM

Quote from: AintSkeered on February 11, 2009, 07:58:24 PM
It's happening to everyone and is due to the fact that our economy is so fundamentally sound. In fact, those crooks are not only lowering limits, but, suddenly raising the interest rates on existing alleged debt. Banks aren't allowed to do that on car loans, home loans, etc., but, can legally due it on credit cards because they're not considered loans and thus it's alleged debt. Since they're not considered to be loans, you can default on that alleged debt, legally. Don't believe me, just Google Debt Reduction, Debt Elimination, not Debt Consolidation(hge difference). Screw them back. Now's the time. We're forgiving these very same banks and big businesses for their bad judgment/investments/loans by bailing them out with hundreds of billions our tax dollars. You can take a bailout, too.

Good point.

Does the debt reduction/elimination affect your credit score?

AintSkeered · February 11, 2009, 08:07:28 PM

Just Google it for more information. I'm not going to get into the details only because I don't get paid for it and won't waste my time debating it with the self-righteous. If you're in trouble with credit cards, I assure you that their are laws to help you and your families.

AmericanRobster · February 11, 2009, 08:12:01 PM

Quote from: AintSkeered on February 11, 2009, 08:07:28 PM
Just Google it for more information. I'm not going to get into the details only because I don't get paid for it and won't waste my time debating it with the self-righteous. If you're in trouble with credit cards, I assure you that their are laws to help you and your families.

Thanks, I am not in trouble with credit cards at all, I just have a balance that I make way more than the minimum payment on in order to pay it off. I plan on just keeping it like that. I am seeking a second job too.

AintSkeered · February 11, 2009, 08:29:09 PM

Great, I'm happy for you. Good luck. But, there are millions out there who aren't as fortunate as you are, especially with the increasing jobless rate.

Anoriginal · February 11, 2009, 09:47:20 PM

I carry an AMEX Platinum with supposedly no spending limit. Not too long ago, I went to use it for a purchase around $2500.00 and it was declined. I owed nothing. Went outside, called AMEX and they said I needed to get approval to spend that much.

I've never missed a payment. I've always paid it off within 30 days. My credit score is over 720. Didn't matter....they cut me off absent approval. That's crap.

I cancelled the card on the spot. Used another card. Good riddance.

MedicMudder · February 12, 2009, 12:04:46 AM

Quote from: AintSkeered on February 11, 2009, 08:29:09 PM
Great, I'm happy for you. Good luck. But, there are millions out there who aren't as fortunate as you are, especially with the increasing jobless rate.

I don't know Robster,but The crack about being ''fortunate as you are" How bout it's possable he works his a%& off !! Thats called getting out and making something of your self!!!!.... I hate the term "fortunate ones,as your are" ect. BOY I FEEL BETTER!!

MedicMudder · February 12, 2009, 12:08:47 AM

BUY THE WAY CREDIT CARD COMPANYS SUCK!!!!!

AmericanRobster · February 12, 2009, 12:27:23 AM

Yes Mudder you are correct about that I do work I disagree off. I hope that my construction job holds out long enough so I can get my credit cards paid off and just save up money. I have a lead on a part time job and hope it goes through.

AintSkeered · February 12, 2009, 07:20:28 AM

Yes, Mudder you're correct. It's unfortunate that I used the word fortunate when I should have you the word thankful. Fortunate makes it sound like it was just luck that he's not in credit trouble. But, today we should all be thankful we still have jobs. Sorry. The credit card companies are raising interest rates to encourage people to pay back more cash now, before more people lose jobs and default. That's your reward as a loyal customer of theirs! In other words, "What's In Your Wallet'?

MedicMudder · February 12, 2009, 07:49:43 AM

Sorry bout the rant, that term drives me crazy!!(don't have far to go) :N CARD COMPANYS STILL SUCK!!!!!!

TRX450R_Racer · February 12, 2009, 09:08:48 AM

I have one Master card. I never had an Amex card. I don't carry a balance. I pay what little I use every month. I will have to see if they lowered the limit, as far as I know it's still $30,000.

apkkfx400 · February 12, 2009, 11:45:36 AM

I have 3 credit cards. The one I do use, I use as little as possible and pay it off the following month. The other 2 that just sit idle have recently been lowered by the credit companies to around $500. The 2 that I never use have been at idle for at least 4-6 months. I look at it as being a good thing. Because I would much rather see someone go on a $500-800 shopping spree if someone accessed the credit card info without you knowing about it, rather than a $10,000-30,000 shopping spree. I believe the credit card co./bank would be willing to increase the limit back if you called and asked for it.

Maybe all of the letters read a little differently, but that is what I took from the 2 letters that were sent to me.

IXIswamperIXI · February 12, 2009, 12:18:07 PM

Quote from: AmericanRobster on February 11, 2009, 07:14:24 PM
I just got a phone call from American Express that they are lowering my once credit limit of $5,000 all the way down to $800. They told me that it was due to the cards lack of use and the economy has to do with it. Has this happened to anyone else yet? All that I can say is that I want to pay off all my credit card debt and put them away for awhile.

The exact same thing happened to me. We buy our gas with AX (because they give me 5% off gas) and pay it off every month. We had a $5000 limit (which we never got close to, because we just get gas with it) then we get a letter that they lowered it to $1000. Never missed a payment so I just thought they lowered because of lack of use maybe.

KAW3604x4 · February 12, 2009, 12:43:58 PM

I haven't had credit cards since the summer of 2004.

They're crooks.

It makes it tough when there are emergencies but the emergencies occur a LOT less without them.

greenmachine · February 12, 2009, 08:41:06 PM

I have an Amex Platinum, it had a $25K credit line. I just received an email in December they were dropping it to $11K.
Never been late & my beacon score is 760, at least that is what it was when I bought my truck last year.
Sign of the times

Anoriginal · February 12, 2009, 09:20:37 PM

760. Wow. Less than 10,000 people in America have a beacon score that high. Congrats.

crom A zone · February 12, 2009, 09:36:43 PM

i have/had 730 last year when i bought my truck not to mentioni have to credit cards and 2 atv loans prior to truck and i am 22 years old. so i guess i am not that dumb lol

TRX450R_Racer · February 12, 2009, 10:15:22 PM

My credit score was in the low 800s when I bought my truck in 2004.

AintSkeered · February 12, 2009, 10:29:26 PM

My cholesterol is higher than your credit scores!

AmericanRobster · February 13, 2009, 02:20:58 PM

Home Depot is also getting crappy with thier credit card. My Dad and I are really good customers there and we are now getting treated like crap. We just cut up our cards and canceled them! I am never shopping at Home Depot again!!!! I am a Lowes man now. The 3 stores that I shop here around St. Pete and Clearwater really do suck!!

backinsaddle · February 13, 2009, 03:27:40 PM

happening to everyone. i work with people that are millionaires with stellar credit, and their amex limits are getting cut as well

AintSkeered · February 13, 2009, 08:29:20 PM

The Home Depot card is a Citibank card. Your bailout tax dollars at work for ya!

American Express Just Lowered My Credit Limit

backinsaddle