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DansDeals Forum => Credit Cards => Topic started by: ash on December 08, 2008, 04:45:10 PM

Title: Help They Are Lowering My Credit Limit?????
Post by: ash on December 08, 2008, 04:45:10 PM
amex starwoods is lowering my cc limit what can i do ?

wamu did as well but i dont care about them
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Yoko on December 13, 2008, 08:49:00 PM
They did the same to me, I'm looking around for another CC other then AMEX.
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Yoko on December 14, 2008, 11:50:00 PM
BTW does anyone have any idea's of how to go about this problem?
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: stevenk on December 15, 2008, 08:56:59 AM
Give us some numbers. What was your original limit? Reduced to? How much do you spend on average monthly?
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Mikeoracle on December 15, 2008, 12:32:15 PM
I got a call from Amex Open to discuss my business (what i do etc... and what certain charges were for...) B"h they left everything as is and didnt lower my limit although i had the feeling during the phone call that they were fishing around for a reason to lower.
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: ash on December 15, 2008, 01:41:38 PM
3000 was my original limit
and they knocked it down to 1400
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Yoko on December 15, 2008, 01:57:43 PM
My original limit was $14k, now they knocked it down to $5500.

I use this card for my business & there are some months that I need more credit. I called them and asked them to raise me , they told me to wait & spend every month & then they will raise it, it looks like I used the credit to the limit too much, (catch 22) as for the past 2 months I put on at least $10k.

How do I fix this?
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Dan on February 24, 2009, 04:34:34 PM
You are never supposed to utilize more than 50% of your available credit on an AMEX credit card.
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Mikeoracle on February 24, 2009, 06:26:32 PM
Is that 50% of each individual card or more than 50% of your total credit limit for all your amex cards?
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Dan on February 24, 2009, 09:47:36 PM
Is that 50% of each individual card or more than 50% of your total credit limit for all your amex cards?
Each individual card.
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Mikeoracle on February 24, 2009, 10:55:15 PM
Dan, is it worth earning thousands of Starwood points monthly even though it means using most of the credit limit on the cards, or rather keep below the 50% mark at the cost of not earning ALOT of those points?
basically what am asking is how big of an effect does it have on my credit?
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Dan on February 25, 2009, 11:36:35 AM
Dan, is it worth earning thousands of Starwood points monthly even though it means using most of the credit limit on the cards, or rather keep below the 50% mark at the cost of not earning ALOT of those points?
basically what am asking is how big of an effect does it have on my credit?
I would try opening an additional Starwood card to do the spending.
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Mikeoracle on February 25, 2009, 01:07:25 PM
I already have a Personal and a Business card. i can have more than one at a time?
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Dan on February 25, 2009, 01:38:07 PM
I already have a Personal and a Business card. i can have more than one at a time?
Officially no, but it can slip through the cracks on occasion.
Or you can have a SO to open an account for you to use...
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Eli on February 25, 2009, 03:10:58 PM
For those looking for an alternate card, I will be making a post about Chase in this forum soon.

Here is the link: http://www.dansdeals.com/forums/index.php?topic=839.0
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Mikeoracle on June 03, 2009, 03:59:03 PM
I found this article posted on creditcardwatcher.com that might be helpful (link is http://www.creditcardwatcher.com/how-a-college-student-got-amex-to-reinstate-his-credit-limit/ (http://www.creditcardwatcher.com/how-a-college-student-got-amex-to-reinstate-his-credit-limit/)

The Consumerist recently relayed the story of a college student who, like many Amex cardholders, just got his credit limit cut. Unhappy to take the hit to his credit score, the student tried, without much initial success, to get customer service to reinstate his credit limit.

Unlike the majority of consumers, however, he was unwilling to take ‘no’ for an answer and eventually escalated the matter by contacting the executive customer service office. The representatives there were able to take care of him and restored his full credit limit.

Moral of the story? Persistence and knowing the right connections can pay off.

For future reference, here’s the pertinent Amex contact info:

American Express Company
Executive Offices
200 Vesey Street
New York, New York 10285
212-640-2000

Executive Secretary’s Office
212-640-5583

Have a grievance and feel like reigning down your wrath upon all the Amex execs? Here are their email addresses:

kenneth.I.Chenault@aexp.com, kenneth.Chenault@aexp.com, daniel.t.henry@aexp.com, daniel.henry@aexp.com, edward.p.gilligan@aexp.com, edward.gilligan@aexp.com, alfred.f.kelly@aexp.com, alfred.kelly@aexp.com, l.kevin.cox@aexp.com, ashwini.gupta@aexp.com, john.d.hayes@aexp.com, john.hayes@aexp.com, judson.c.linville@aexp.com, judson.linville@aexp.com, louise.m.parent@aexp.com, louise.parent@aexp.com, thomas.schick@aexp.com, steve.squeri@aexp.com, douglas.e.buckminster@aexp.com, douglas.buckminster@aexp.com, william.h.glenn@aexp.com, william.glenn@aexp.com

Title: Re: Help They Are Lowering My Credit Limit?????
Post by: Miracle on June 16, 2020, 06:25:56 AM
hi
I just got a letter from chase that they reviewed my CC account and saw I spent far below my available CL in the last 12 months and they are lowering it from 20k to 8.5k in 2 weeks.

For my IHG account.
Is there anything I can do? Will this look bad on my credit report?

thanks
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: thaber on June 16, 2020, 11:55:24 AM
hi
I just got a letter from chase that they reviewed my CC account and saw I spent far below my available CL in the last 12 months and they are lowering it from 20k to 8.5k in 2 weeks.

For my IHG account.
Is there anything I can do? Will this look bad on my credit report?

thanks
Wonder if you can transfer it to a card you use more
Title: Re: Help They Are Lowering My Credit Limit?????
Post by: theyankel on June 16, 2020, 05:15:47 PM
hi
I just got a letter from chase that they reviewed my CC account and saw I spent far below my available CL in the last 12 months and they are lowering it from 20k to 8.5k in 2 weeks.

For my IHG account.
Is there anything I can do? Will this look bad on my credit report?

thanks
it will impact your debt to credit ratio

maybe call and see
Wonder if you can transfer it to a card you use more