American Express Complaint - Extremely Unhappy Victim Of Credit Limit Slashing!
VOORHEES, NEW JERSEY -- I have been an American Express card holder since the year 2000 and I have worked extremely hard to build the credit that I had. I currently have three credit card accounts with American Express.
On my BLUE credit card between 10/17/08 and 11/18/08 statements my credit line was reduced from $48,000 to $40,000 (17%, within $750 of my balance). During the same time period they imposed a $1,700 credit limit on my ONE credit card which always had been unlimited. I had charged and paid each month more than $2,000 consistently for years on that card and now I had to scramble to move automatic payments, I had several charges declined after the limit was set and was left with egg on my face.
After calling customer service several times they said this was due to a credit review and there was nothing that could be done about it. On 4/2/09 I was notified that my BLUE credit line was reduced from $40,000 to $9,600 (76%, within $200 of my balance). After calling customer service and speaking with a manager they said this was due to a high debt/credit ratio and there was nothing that could be done about it. I have never made a late payment and I typically pay much higher than the minimum payment.
At a minimum this is horrible customer service and at a maximum they have severely impacted my credit rating by increasing my debt/credit ratio. My debt/credit ratio has not changed dramatically in over a year and my credit score is over 700, what they are doing is completely arbitrary. I would not be surprised if they lower my limit again in the near future as they are now creating a self-fulfilled prophecy by manipulating my credit.
From the research I have done there are hundreds if not thousands of customers being affected in the same way and I am looking for a class action lawsuit to join if this can not be resolved immediately. I am so unhappy that I want to immediately cancel all of my credit accounts with American Express, the only reason I have not is it will hurt my credit scores even more. Please help!