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> Let the balance chasing begin!, AMEX slashes as expected
rpina1
post Sep 24 2008, 10:11 AM
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AMEX did their first cut in february. Since then, I had decided to keep my balance high, to "avoid" further balance chasing.

It's been a while, and I really don't want to carry that much balance anymore. Even if it means losing the limit, I have been paying more then usual.

I normally keep my balance around $4000, but took it down to $3700 on my last payment. As expected, my limit was cut to $3900.

I expect this will continue, and I am no longer worried about it. As long as they don't close the card or go lower then my original limit ($1000). I am currently seeking a balance transfer to another card.

Once I pay off the card, I will be converting to a PIF strategy. Without having a larger limit available, I will no longer be tempted to over use the card.

AMEX had claimed that they will only do this every 6 months, which we all know isn't true. We will see what happens next month.

This post has been edited by rpina1: Sep 24 2008, 10:12 AM


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Googie
post Sep 24 2008, 10:11 AM
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Stryker
post Sep 24 2008, 10:27 AM
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CBGFCUSAM
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Hate to hear this... bunch of jokers...


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InfamousNY
post Sep 24 2008, 10:31 AM
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This is why they are best of breed!!!


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Big Bear
post Sep 24 2008, 10:32 AM
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Sorry to hear about the balance chasing CLDs. Just give up on them already (why pay them interest to keep a card at a high utilization rate?).

+1 to another thread for George to chime in. smile.gif (<-NOT sarcasm)


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TrevorHere
post Sep 24 2008, 10:41 AM
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Sorry to hear, rp.


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drkaje
post Sep 24 2008, 10:50 AM
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3,2,1.... and we're off!! smile.gif


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Maxima
post Sep 24 2008, 10:54 AM
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Just got the ax myself, from $1,000 to $5,000 down to $600. Call to inquire receive the same script your credit report change, but you are an excellent customer with AE. Nothing change! CRS states to fax in my credit report, I'm like you already have it. So I call to cancel my CS, the CSR goes on to say that it is important to monitor your credit report and so on, why do you want to cancel it, I kindly stated "just because". I also told the kind CSR that apparently AE does not value me as an excellent customer, and I don't value them either.
 
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Curious
post Sep 24 2008, 11:00 AM
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QUOTE (drkaje @ Sep 24 2008, 10:50 AM) *
3,2,1.... and we're off!! smile.gif

yep!


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EX, TU, and EQ, frozen until.............further notice

"The man who said it can't be done should not interrupt the woman doing it."
 
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Battle_of_Evermo...
post Sep 24 2008, 11:01 AM
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I am sorry that they cut your limit, but what company isn't?


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Bank of America Accelertated Amex- $800CL
Discover More- $3,000
American Express Platinum- No pre-set limit
 
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Credit Matters
post Sep 24 2008, 11:04 AM
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Balance chasing is the worst thing too. You're maxed out on the card all the way down.
 
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Curious
post Sep 24 2008, 11:07 AM
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QUOTE (Battle_of_Evermore @ Sep 24 2008, 11:01 AM) *
I am sorry that they cut your limit, but what company isn't?

I haven't read of any CU's cutting CL as of yet. Maybe in the future but not yet.


IPB

EX, TU, and EQ, frozen until.............further notice

"The man who said it can't be done should not interrupt the woman doing it."
 
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Credit Matters
post Sep 24 2008, 11:11 AM
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QUOTE (Curious @ Sep 24 2008, 09:07 AM) *
QUOTE (Battle_of_Evermore @ Sep 24 2008, 11:01 AM) *
I am sorry that they cut your limit, but what company isn't?

I haven't read of any CU's cutting CL as of yet. Maybe in the future but not yet.


Same here. CUs have been pretty quiet.
 
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Battle_of_Evermo...
post Sep 24 2008, 11:13 AM
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I am holding off with applying for more cards right now. But when I do, I am going for a CU, probably Penfed. Let's hope that this credit mess gets fixed soon.


IPB

Sears Mastercard- $2,100CL
Chase Freedom Visa- $5,000CL
American Express Blue Cash- $500CL
Chase Amazon.com Rewards Visa- $1,000CL
Victoria's Secret VIP card- $970CL
Bank of America Accelertated Amex- $800CL
Discover More- $3,000
American Express Platinum- No pre-set limit
 
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Credit Matters
post Sep 24 2008, 11:14 AM
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QUOTE (Battle_of_Evermore @ Sep 24 2008, 09:13 AM) *
I am holding off with applying for more cards right now. But when I do, I am going for a CU, probably Penfed. Let's hope that this credit mess gets fixed soon.


Sounds like a smart plan, BOE.
 
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Battle_of_Evermo...
post Sep 24 2008, 11:19 AM
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QUOTE (Credit Matters @ Sep 24 2008, 12:14 PM) *
QUOTE (Battle_of_Evermore @ Sep 24 2008, 09:13 AM) *
I am holding off with applying for more cards right now. But when I do, I am going for a CU, probably Penfed. Let's hope that this credit mess gets fixed soon.


Sounds like a smart plan, BOE.


Thank you, I have had my Bank of America a little over a month and need to let everything age and pay down 2 balances.


IPB

Sears Mastercard- $2,100CL
Chase Freedom Visa- $5,000CL
American Express Blue Cash- $500CL
Chase Amazon.com Rewards Visa- $1,000CL
Victoria's Secret VIP card- $970CL
Bank of America Accelertated Amex- $800CL
Discover More- $3,000
American Express Platinum- No pre-set limit
 
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Big Bear
post Sep 24 2008, 11:20 AM
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QUOTE (Credit Matters @ Sep 24 2008, 12:14 PM) *
QUOTE (Battle_of_Evermore @ Sep 24 2008, 09:13 AM) *
I am holding off with applying for more cards right now. But when I do, I am going for a CU, probably Penfed. Let's hope that this credit mess gets fixed soon.


Sounds like a smart plan, BOE.


+1 to BoE's plan. I'm thinking Patelco might be my next acquisition, but I don't see any applications being filled out any time in the near future.


IPB

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TheChosenOne
post Sep 24 2008, 11:22 AM
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QUOTE (Credit Matters @ Sep 24 2008, 12:04 PM) *
Balance chasing is the worst thing too. You're maxed out on the card all the way down.


Yep, not to mention Amex is 2 months behind in reporting. Paid off both of mine in early august....here we are late sept and it still shows both balances.

Looks like best of breed likes to keep your fico down for as long as possible.

This post has been edited by TheChosenOne: Sep 24 2008, 11:22 AM


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Big Bear
post Sep 24 2008, 11:23 AM
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QUOTE (TheChosenOne @ Sep 24 2008, 12:22 PM) *
QUOTE (Credit Matters @ Sep 24 2008, 12:04 PM) *
Balance chasing is the worst thing too. You're maxed out on the card all the way down.


Yep, not to mention Amex is 2 months behind in reporting. Paid off both of mine in early august....here we are late sept and it still shows both balances.

Looks like best of breed likes to keep your fico down for as long as possible.


They don't like fast changes, so they put a filter on your account for their benefit. dry.gif


Have you used the card in the past month after the balance was PIF?


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TheChosenOne
post Sep 24 2008, 11:25 AM
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QUOTE (Big Bear @ Sep 24 2008, 12:23 PM) *
QUOTE (TheChosenOne @ Sep 24 2008, 12:22 PM) *
QUOTE (Credit Matters @ Sep 24 2008, 12:04 PM) *
Balance chasing is the worst thing too. You're maxed out on the card all the way down.


Yep, not to mention Amex is 2 months behind in reporting. Paid off both of mine in early august....here we are late sept and it still shows both balances.

Looks like best of breed likes to keep your fico down for as long as possible.


They don't like fast changes, so they put a filter on your account for their benefit. dry.gif


Have you used the card in the past month after the balance was PIF?


Nope, sockdrawered. They were the only one to give me AA this year. They get none of my business.


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Credit Matters
post Sep 24 2008, 11:26 AM
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QUOTE (Big Bear @ Sep 24 2008, 09:23 AM) *
QUOTE (TheChosenOne @ Sep 24 2008, 12:22 PM) *
QUOTE (Credit Matters @ Sep 24 2008, 12:04 PM) *
Balance chasing is the worst thing too. You're maxed out on the card all the way down.


Yep, not to mention Amex is 2 months behind in reporting. Paid off both of mine in early august....here we are late sept and it still shows both balances.

Looks like best of breed likes to keep your fico down for as long as possible.


They don't like fast changes, so they put a filter on your account for their benefit. dry.gif


Have you used the card in the past month after the balance was PIF?


Want to bet how fast they report adverse action?
 
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Big_Daddy
post Sep 24 2008, 11:37 AM
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Summary;

Amex = best of breed for chargecard perks, worst of worst for revolving a balance.

They know when they have you trapped in a box, and they'll keep you there if you let them.


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Big_Daddy
post Sep 24 2008, 11:42 AM
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OP. best of luck with this. - You're here - My wager; ........ that you can be resourceful and you'll get past this unfortunate experience with Amex, all the wiser. Hang in there


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Curious
post Sep 24 2008, 11:57 AM
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QUOTE (Maxima @ Sep 24 2008, 10:54 AM) *
Just got the ax myself, from $1,000 to $5,000 down to $600. Call to inquire receive the same script your credit report change, but you are an excellent customer with AE. Nothing change! CRS states to fax in my credit report, I'm like you already have it. So I call to cancel my CS, the CSR goes on to say that it is important to monitor your credit report and so on, why do you want to cancel it, I kindly stated "just because". I also told the kind CSR that apparently AE does not value me as an excellent customer, and I don't value them either.

Did you just cancel your monitoring service or did you cancel your card?


IPB

EX, TU, and EQ, frozen until.............further notice

"The man who said it can't be done should not interrupt the woman doing it."
 
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TrevorHere
post Sep 24 2008, 12:07 PM
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QUOTE (Big Bear @ Sep 24 2008, 11:20 AM) *
QUOTE (Credit Matters @ Sep 24 2008, 12:14 PM) *
QUOTE (Battle_of_Evermore @ Sep 24 2008, 09:13 AM) *
I am holding off with applying for more cards right now. But when I do, I am going for a CU, probably Penfed. Let's hope that this credit mess gets fixed soon.


Sounds like a smart plan, BOE.


+1 to BoE's plan. I'm thinking Patelco might be my next acquisition, but I don't see any applications being filled out any time in the near future.


good choice.


IPB



Credit Matters - A Must Read
Unless you try to do something beyond what you have
already mastered, you will never grow. - Ralph Waldo Emerson
 
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TheChosenOne
post Sep 24 2008, 12:10 PM
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QUOTE (Big_Daddy @ Sep 24 2008, 12:37 PM) *
Summary;

Amex = best of breed for chargecard perks, worst of worst for revolving a balance.

They know when they have you trapped in a box, and they'll keep you there if you let them.


You could easily change that to "charge card accounts period" IMO


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