Author Topic: Help They Are Lowering My Credit Limit?????  (Read 3881 times)

Offline ash

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Help They Are Lowering My Credit Limit?????
« 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

Offline Yoko

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Re: Help They Are Lowering My Credit Limit?????
« Reply #1 on: December 13, 2008, 08:49:00 PM »
They did the same to me, I'm looking around for another CC other then AMEX.

Offline Yoko

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Re: Help They Are Lowering My Credit Limit?????
« Reply #2 on: December 14, 2008, 11:50:00 PM »
BTW does anyone have any idea's of how to go about this problem?

Offline stevenk

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Re: Help They Are Lowering My Credit Limit?????
« Reply #3 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?

Offline Mikeoracle

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Re: Help They Are Lowering My Credit Limit?????
« Reply #4 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.

Offline ash

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Re: Help They Are Lowering My Credit Limit?????
« Reply #5 on: December 15, 2008, 01:41:38 PM »
3000 was my original limit
and they knocked it down to 1400

Offline Yoko

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Re: Help They Are Lowering My Credit Limit?????
« Reply #6 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?

Offline Dan

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Re: Help They Are Lowering My Credit Limit?????
« Reply #7 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.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Mikeoracle

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Re: Help They Are Lowering My Credit Limit?????
« Reply #8 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?

Offline Dan

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Re: Help They Are Lowering My Credit Limit?????
« Reply #9 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.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Mikeoracle

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Re: Help They Are Lowering My Credit Limit?????
« Reply #10 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?

Offline Dan

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Re: Help They Are Lowering My Credit Limit?????
« Reply #11 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.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Mikeoracle

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Re: Help They Are Lowering My Credit Limit?????
« Reply #12 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?

Offline Dan

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Re: Help They Are Lowering My Credit Limit?????
« Reply #13 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...
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline Eli

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Re: Help They Are Lowering My Credit Limit?????
« Reply #14 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
« Last Edit: February 25, 2009, 04:27:06 PM by Eli »
-Eli