American Express - Improper lowering of line of credit
Credit Card Services - Complaint
EVERYWHERE, ALABAMA -- I am requesting your assistance with a matter that has apparently developed from new credit regulations resulting from the 2008/2009 credit crisis.
American Express has unnecessarily and inappropriately lowered my line of credit (LOC). This has caused a lowering of my debt to credit ratio and decreased my credit score as a result. If this is not illegal, it should be. Unless a person has exhibited a problem with their ability to pay the bill. ie, not paying bill or habitually paying bill late then they should NOT be able to lower your LOC based on some "hunch" that you are no longer able to maintain this LOC.
American Express hides behind so called changes in laws and regulations as a result of the 2008/2009 credit meltdown and refuses to reinstate former LOC. I’m sure it was not the intention of these laws to damage a persons credit, especially someone like myself who has a credit file since the mid 70’s with no late payments to American express and only two late payments ever and those were due to the bank dropping the ball with electronic payments and not making the payment, not because I couldn’t or didn’t make the payment. As soon as I discovered this issue, I immediately corrected it. I have also tried to get that removed from my credit file without success.
What can you do to get laws passed that make this practice illegal AND penalize the company and pay the consumer punitive damages? I want to see some fast action on this! If this has happened to you, won't you join with me and other consumers with this problem and complain long and loud to the legislatures in your area and get these laws repelled and replaced with strong consumer advocacy laws and regulations.