American Express Complaint - They didn't raise my rates but reduced my credit limit with a score of 719!!!
They didn't raise my rates but reduced my credit limit with a score of 719!!! Get ready folks it's already happening. Stand up, do something.
I cannot believe American Express reduced my credit limit! They invoked the “Universal Default” clause and look for other things in my credit history that don’t even apply to this account to make their judgments. This tactic will continue to choke the lifeblood cash flow out of this country. They don’t even see what they are doing.
I found out about what they did last night when I tried to buy airline tickets to take my family on vacation. They made the change before they notified me of it the morning before I tried to buy the tickets. Can you believe it? Imagine my surprise.
Shame on you people, your tactics are despicable!
I have been a member since 1981 and always paid my bills. I find it sneaky and underhanded that they took this tactic. The process is to review your credit, look at one or two other elements on my credit that don't fit the "New Rules", and deduce that they should reduce my ability to buy and be offered credit. Way to go, what a great stimulate the economy tactic. Not only does it reduce my ability to buy, it actually hurts my credit rating more because they put my limit $400 above my current balance which makes it look like I am way to close to my limit. The account was $3,000 away from the limit.
I just made a payment on this account of $1,000 last week. I was even going to make another payment of $1500 on it last night. I opened this account when they sold me their bill of goods that I could use it as business account. I started a small business and it was going along great, Realizing revenues, it was looking good. FAT CHANCE now.
After all the money they received from the federal government to bail them out, they probably paid the execs their big bonuses and turn around and stick it to the people like you and me. We, the consumers, are really the people who are responsible for bailing these banking institutions out. Where do they think the money comes from? Way to instill confidence with generous practices of credit.
I think it totally unreasonable and an invasion of my privacy that they can invoke a "Universal Default" clause and make judgments based on something else they think they found in my credit that has absolutely no bearing on what was happening with the payment history of this account.
My credit score is 719 with one of the all - powerful credit agencies and the other two have me listed with ratings just below that. THAT FALLS IN THE RATING OF EXCELLENT I BELIEVE. WHAT IDIOTS!
Well, they have done it now. I WILL BE CLOSING MY ACCOUNTS AS SOON AS I CAN.
I have already written an entry on the HUGE consumer advocate site "RIPP Off Report.com. I am sure there will be other entries made as they continue this deplorable tactic. Check it out folks, speak up RIP Off Report.com. We need to stand up, this practice needs to made illegal.
I am writing my congressman, and I am going to try to get through to the new president. In fact, I hope he reads this. This is exactly why he needs put constraints on these institution and make them abide by clauses to open up credit so we can get things rolling again!
Congratulations AMX on driving a way a good customer long term customer. I hope you get what you deserve. I am sure it won't be long and the mighty American Express will go the way of Bear Sterns.
Very, very disappointed,
I am mad as Hell, and I am not gonna take it any more.