This thread at fatwallet, http://fatwallet.com/forums/messageview.cfm?catid=52&threadid=219779 , suggests that Amex might be cutting limits to individuals with high credit with NO NOTICE. See especially the OP bellwilliam's experience, and tabalard's also. Have any of you had similar exeperiences? Have you heard anything about this? I'd like to move $20K from Blue to Amex Cash Rebate today, when my cycle closes, to give me a $40K Cash Rebate line--but don't want to do this if there's reason to believe they'd cut my limits if I did so.
I read the entire thread at FW- but I think this is definitely threadworthy. It really surprises me, bc I have noticed a trend at Amex toward higher CLs. I hope that CNers will update here if they have any evidence of a new policy at Amex. Cheers- Calypso
I had my limit cut from 6000 to 500 for no reason on my delta plat card... I pay in full every month and charge about 4k a month on it.. They wont reinstate my limit... Kev
Sorry to hear that Kev, Would you be able to give more details? Did they give you any explanation at all? Had you been using a high % of your other lines with them? I'm just trying to establish a pattern to figure out what's causing all this... Thanks, Dave
FLEET gave me -$100 (CLD) Have not had any problems with AMEX except BLUE no CLI for 4 years...had to SPIN-OFF $14,500 from BLUE to get the "PRE-APPROVED" DELTA and it cost me 4 HARD INQUIRES...but then I just got STARWOOD and HILTON and a CLI on DELTA of $5,500!!! ALL IN LESS THAN 2 MONTHS
MY FLEET IS 1.90% BT TILL 12/01/03 so on or before 12/01/03 IT WILL BE PAID IN FULL...it is already in the SOCK DRAWER
I SURE WOULD NOT REWARD A DECREASE WITH ANY BUSINESS...EVEN IF IT ONLY -$100 I will use it for the lawnmower gas can 2 times a year for about $5.18 (MORE OR LESS)
First I've heard of this. Amex has been very liberal in their increases for me. I started out with a $10,000 limit on my gold delta card in May of 2002. It was just increased to $25,000 in August due to their offer to increase my limit dollar for dollar on BT's. They also just offered me an increase on my blue for biz card online. I've only had it for 5 months.
I have just recently seen the exact opposite.. Tony V's AMEX BLUE opened in Jan 2000...$2k CL called within 3 months and CLI to $5k....Received their offer to increase my limit dollar for dollar on BT's.CLI to $9,600 after i accepted the offer..Could hae increased to $15,500 if I BT that much.....Recently (October) CLI to $19,600 due to their offer to increase my limit dollar for dollar on BT's... BTW: I have HIGH utlization on all cards, 65%+ Good luck! Tony V. San Diego, Ca
Thanks, I'm beginning to suspect that it's a profitability thing. If you file lots of claims (BVG, insurance, etc.), you might be more likely to get targeted.
Is the dollar-for-dollar BT increase by invitation only? If so, was it by mail or offered when you viewed your account at the site? Thanks. CardKid
I keep getting the $$ for $$ CLI offer over and over again. Took it once, was conservative though. I guess they want more. Must be the spending or payment behavior of some individuals. I know a lot of the "Rewards" addicts pay off the balance every month. You gotta give them a little bit sometimes.
I received the Dollar for Dollar CLI , Through the Mail, (Amex sent BT checks) and ALSO when I checked my account Online, I clicked Transfer Balances and the Screen Showed up for the Dollar for Dollar CLI.....Good Luck! Tony V. San Diego, Ca
I've never carried a non-promotional balance, and I generallly get the dollar-for-dollar offer twice a year, albeit at varying interest rates.
yeah my wife got a 1-for-1 @ 5.9% but we skipped it. i had fleet reduce me to $500 and bankone cancelled my account the day i got back from honeymoon due to some security procedure that went wrong. They said sorry, apply again. F! bank one/first usa. lol i got a discover 0% for 12 months at the same time, so i'm all good.
Just goes to show you that paying your bills on time doesn't guarantee good credit. The poster of that thread states that his credit report said "Your FICO score of 741 summarizes the information on your Equifax credit report as of September 12, 2003. No negative items at all" I have a FICO 2 points higher than him and a 5 years old CH13 on my credit file. I think he better take a good look at his credit file and find out why it's so bad.
Breeze said: Must be the spending or payment behavior of some individuals. I know a lot of the "Rewards" addicts pay off the balance every month. You gotta give them a little bit sometimes. You are absolutely correct Breeze-- I am positive that they target these offers to people who carry (even promotional) balances. I only receive them when I already have a balance on a card. For the 18 months or so when I was in refi mode and kept everything at zero I was totally ignored. As soon as I took advantage of a promotion I started to receive offers again. I'm certain that they have this statistically calculated. They know which profile is likely to net them the most profit-- and it is not the customer who pays off the entire balance each month!