Let the balance chasing begin!

[rpina1]

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.

Edited September 24, 2008 by rpina1

[Stryker]

Hate to hear this... bunch of jokers...

[InfamousNY]

This is why they are best of breed!!!

[Big Bear]

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. (<-NOT sarcasm)

[TrevorHere]

Sorry to hear, rp.

[drkaje]

3,2,1.... and we're off!!

[Maxima]

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.

[Curious]

3,2,1.... and we're off!!

yep!

[Battle_of_Evermore]

I am sorry that they cut your limit, but what company isn't?

[Credit Matters]

Balance chasing is the worst thing too. You're maxed out on the card all the way down.

[Curious]

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.

[Credit Matters]

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.

[Battle_of_Evermore]

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.

[Credit Matters]

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.

[Battle_of_Evermore]

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.

[Big Bear]

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.

[TheChosenOne]

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.

Edited September 24, 2008 by TheChosenOne

[Big Bear]

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.

 

 

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

[TheChosenOne]

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.

 

 

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.

[Credit Matters]

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.

 

 

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

 

Want to bet how fast they report adverse action?

[Big-Daddy]

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.

[Big-Daddy]

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

[Curious]

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?

[TrevorHere]

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.

[TheChosenOne]

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