American Express Complaint - AMEX Credit Line Reductions - unwarranted
EL PASO, TEXAS -- I wish to add my name to the list of those who have written about the customer unfriendly way they have been treated. I am the holder of two AMEX Blue accounts. Over the last two years, AMEX has cut my credit lines and increased my interest rates, as I try to reduce my account balances. I can understand why companies change their credit allowances, but AMEX is the only company to cut credit lines as I make progress to pay off the balances due. No other credit provider has done this (Visa or Mastercard).
I attempted to tell AMEX officials, and then the Better Business Bureau, that their actions were having an adverse affect on my credit rating, due to the ratio of credit in use v. line of credit available. No one wants to hear my arguements.
In my complaints, I have repeatedly asked AMEX for a term loan to replace these credit facilities at the original interest rate that was granted at the time of their opening these lines of credit. In return, I offered to cancel these credit cards. I believe this is reasonable, but no one seems to care.
AMEX has single-handedly contributed to the downfall of my credit ratings by their approach to credit. In this economy, many folks have been left literally "holding the bag" on debt. Many are struggling to pay bills, but I am fortunate that I have never been late and usually pay more than the minimum due. However, I am like many who have suffered by the lack of income increases, so I don't have the resources to pay off debts like this and get them off my credit report.
I would be interested in a class-action lawsuit or some united action against AMEX. Neither AMEX nor the Better Business Bureau are helpful. Overall, I desire to unload these credit cards, but I feel trapped. I think that AMEX should take some responsibility for getting into the revolving credit business and now trying to back out at the expense of the consumers that are trapped by a debt they cannot simply pay off in full.
Feel free to comment. Helpful advice always acceptable.