Decreased Credit Limit with AmEx

marksoton

byebyedebt wrote: »

No, no no. Amex are reducing limits again on their cards. Its not always about not utilising limits. If it was they would raise it. Im in the same situation, credit limit cut in half. Discovered as I checked my account today prior to spending 3K. Would they raise it, oh no. Not without submitting bank statements and pay slips etc. Im going to clear the balance and move away.

On your personal account. Suggesting they are doing it as a general policy is wrong based on nothing more than your own experience. :rolleyes:

misso2lady

i have just had the biggest kick in the teeth ever,, i have a mastercard that had a two thousand pound limit on it ,, they without my knowledge have just reduced that to one hundred pounds ! 3 weeks befor xmas , i was trying to buy my kids xmas gifts with it and kept getting it not autherised, after many many phone calls was told " its because with people like you who pay there bills we dont make any money on late charges and interest ! i am sooo angry right now i cant sleep , also i have no idea what to do ,,, help please anyone

misso2lady

Monners wrote: »

twice in the past 12 months my credit limit has been decreased from 1900 to 1300 then just to 800. I asked why and got the usual "we are a responsible lender" rubbish.

Never missed a payment, never gone over or anywhere near my credit limit got an average credit rating, havent applied for more credit etc.


so why have they done this??

i have just had this done to me too !!! from 2 grand to 100 pounds !!! 3 weeks befor xmas ,,,, feel sick

M_Thomson

marksoton wrote: »

On your personal account. Suggesting they are doing it as a general policy is wrong based on nothing more than your own experience. :rolleyes:

They along with a lot of other banks are doing it as a policy. They told me as such on the phone. Also, do a search for Amex Credit Limit reductions. There has been tons of complaints in The US regarding them doing credit limit reductions. Amex has been hit hard by the credit crunch.

henrik1971

It must be just certain issuers.

Ive got 6 cards and have an opposite experience to the OP.

Intelligent Finance Visa transferred 4k in 2006 when I opened the account on their lifetime b/tfer offer at 4.95%. Have never used the card. Current balance around 2200 Original limit was 4500, which has risen incrementally over the years with a latest rise last month to 12,100

MBNA Sonycard opened 2 years ago with a limit of 10k, have never had a balance above 3k on it, yet constant rises in limit, latest was a few months ago to £16,100

marksoton

M_Thomson wrote: »

They along with a lot of other banks are doing it as a policy. They told me as such on the phone. Also, do a search for Amex Credit Limit reductions. There has been tons of complaints in The US regarding them doing credit limit reductions. Amex has been hit hard by the credit crunch.

Yes but only to people they feel they need to. Something that has always gone on. It's just they currently consider too many people have limits they shouldn't have.

What's the big problem with that ??!