Reduced Credit Limits? Share Your Experience

Published on October 31st, 2008
Modified on January 16th, 2010 - 262 Comments
Filed under: Credit Cards, Debt Reduction

About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

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262 Responses to “Reduced Credit Limits? Share Your Experience”

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1. 51
   Ronald, New York Says:
   December 10th, 2008 at 10:16 am

   my credit score is 710 due to the fact i just started building my credit about 2 years ago, my amex and capital one limit has not changed but my paypal buyer credit and my citiflex credit line lower my limits to about 30% of what they used to be, i’m never late on my payments, allways send a lot more than the minimun payment due and allways finish paying everything quick. i really don’t like to use my credit to buy small stuff but it’s needed to build my credit, i guess i’ll be using my cash more and cancelling a couple of credit cards.

2. 52
   Payman Says:
   December 16th, 2008 at 6:22 pm

   I just noticed my credit limit for my Citibank Professional MC was reduced from 15,000 to 2,300. When I called they said it’s because I only use less than 5% of my credit limit. I have a credit score of over 800, I wonder if this will affect my score. Citibank told me it won’t but I’m not sure.

3. 53
   MS Says:
   December 17th, 2008 at 12:24 pm

   Last night on CBS world news with Katie Coric, they had a good report on this probelm. A nurse’s credit was 780 and a credit card company cut her credit in half. As I recall that dropped her score 60 points. This gave reason for a drastic raise in her interest rate’s, they moved up to 21%. She just stopped using her cards. Thats ok for her she very seldom used her cards. For most people this will be crippling or worse.

   The point of the story was how the cut in credit card level effected a person that doesn’t use there card that much. I hope to see a program on how it will effect the rest of use who use our cards regularly.

   I urge everyone to call there congressman and senator’s, please call. I have.

4. 54
   MS Says:
   December 17th, 2008 at 6:16 pm

   I urge everyone to contact House Committee on Financial Services and complain to them about this credit card problem. Go to the following website:

   http://financialservices.house.gov/contact.html

5. 55
   Marianne Says:
   December 19th, 2008 at 10:33 pm

   I have heard about this issue but it hit me first hand today. Barclay’s Bank reduced my credit line from $10k down to $2 and what’s worse is that put me over limit. To top it of, I haven’t received notification of the decrease, I had to have a purchase declined to find this out. When I called the credit card company they didn’t care and wouldn’t raise my limit back up except to cover my current purchases so that I’m not over limit. However I was warned that the limit could be reduced again in the future.

   I warned them that they are losing a long-time loyal customer, no “might” about it!

6. 56
   Lucie Says:
   December 20th, 2008 at 10:42 am

   I went to Pay my fiance’s Best Buy card this morning since its right before the holidays & i know we have used it a small amount. We always keep it at under a 30% credit usage, especially because he just payed off his car so that is the only thing on his credit report right now. Without so much as an email they cut his limit down so there is only $38 available credit!!!! He has had the card for about 4 years & uses it rarely, probably about 3 times in the last two years & has only paid late once & that was over 2 years ago. So now right before the holidays we are going to have to come up with the money to pay it off or risk him losing a good 30 points or so on his credit. We’ve been saving for a house so we can’t let that happen. Good job Best buy & the rest of you credit “know it alls” at these banks, now someone who was making good credit decisions so they could buy a house next year will have to dip into our savings or risk having their credit wrecked!!! Once again the middle class is taking it on the chin for something a bunch of rich arrogant fools did. Welcome to America.

7. 57
   Kendall Says:
   December 21st, 2008 at 10:50 pm

   I just received the letter regarding my interest rate increase along with a notice from Blue stating that my credit limit is going from 10K to $4400. This is totally reidiculous and unacceptable. In the statement they claim, among other things, that the decision was based the fact that my debt is too high with AMEX. That’s total BS because I just made a $4000 payment in May bringing my balance to $0.00, which is where it has been until the last month or so because of Christmas shopping. They also refer to my credit score from Experian, which again is bogus because my most recent Experian score is 721. I am soo sick and tired of these coporate sleezebags sticking it to us that are just trying to get by. I will be contacting AMEX tomorrow and if i do not get any satisfactory answers, I will be contacting an attorney. If someone has already initiated a class action lawsuit, PLEASE contact me.

8. 58
   Malini Says:
   December 28th, 2008 at 11:03 pm

   I agree with all the people who HAVE HAD A LIMIT DECREASE. What gives. I payed off the cards and did not want to over spend so now I have no credit – like $300 is going to help if I need to go the MD or get the car fixed. I have no late payments and pay more then the limit. Discover, Amer Expr, HSBC, GM CARD all the saME. IF YOU DO NOT GET IN OVER YOUR HEAD THEY DO NOT WANT YOU.
   Maybe we should lose the cards and just let someone have a good time. They certainly are having a good time messing us up and keeping their money.
   why would you lower a limit on someone who pays off their cards. I am very disappointed in the congress.
   they do not even answer email. Pelosi emailed me back and said it was against the rules for her to communicate with me as I am not in her district.
   well she may not have a district if she keeps up that attitude.
   sorrry but I do not like being made to look like I have gone over my lmits and most of all they never even gave notice. They just did it and then sent the letters.
   not good . at all!!

9. 59
   Malini Says:
   December 28th, 2008 at 11:07 pm

   How do we start a class action lawsuit. Count me in,
   This is really disgusting. I am glad I finally found a site that even mentions this . Nothing on the AM radio about it at all.
   contact me too just like #57 asked.

   thanks

10. 60
    Ellen Says:
    December 30th, 2008 at 7:24 pm

    I just received a letter today from Juniper MasterCard stating they are lowering my limit from $6000 to $650 because quote: “you are only using a small portion of your available credit”. I have had this card for 3 years with spotless record. I have a 782 FICO. (Well, I did last month!!!!). This really makes me mad.

11. 61
    Tandy Says:
    January 3rd, 2009 at 11:31 am

    I just called BoA to see if they would lower my interest rate a little bit; not only did they not lower the rate, they cut my credit limit on both BoA cards to right at the balance level. Thanks a lot, jerks. Can’t wait to see what that does to my credit rating.

12. 62
    John D Says:
    January 3rd, 2009 at 6:16 pm

    American Express management is making bad decisions about how they treat their customers. This will affect American Express profits for years to come. My Optima limit was reduced from $24,000 to $17,000 which was a few hundred over my balance at the time. My response was that I made an additional $1,000 payment to my regular payment in order to stay under 90% usage on the card. Once again American Express has reduced my limit. This time to $15,000 which is just a few hundred dollars over my balance. The balance is charged a low promotional rate so I am not inclined to pay it off by any more than the minimum payment. But, after the first limit reduction I called Am Ex to ask how I could be a better customer and how much I should pay in addition to the minimum. The customer service representative suggested I pay $50 to $100 more than the minimum each month so that is what I have done. I have been a member since 1985…never been late with a payment and have never gone over my limit. If I treated my customers that way I would be out of business in a few short months. I wonder how long it will take before Am Express is asking for a government BAIL-OUT ? ? ?

13. 63
    MICHELE Says:
    January 3rd, 2009 at 6:40 pm

    Actually Amex has already asked for bailout money. They got themselves reclassified as a bank holding company specifically so that they could do that.

    But they have been doing this balance reducing thing for more than a year now. Its just that they started with their less than stellar customers, you know, the ones who carried high balances and only paid the minimum or near to it. Or were a day or two late with a payment here or there. That was me. Funny how when I started talking about this in forums 6 months ago, I was ridiculed and told I deserved being treated like a criminal by Amex and BOA, but now that they are targeting all their customers equally everyone is ready to file class action suits.

    The only advice I can offer is the same advice that was given to me. Pay them off and cancel the cards and don’t use credit if you can’t handle the terms you agreed to. Thats what I am doing. I have learned in the past year that I really don’t need them as much as they advertised me into believing. The best revenge is living well and as Amex and BOA struggle to stay alive, I will be here still earning paychecks, conspicuously consuming, and I won’t need them.

14. 64
    Annie Says:
    January 4th, 2009 at 1:21 am

    John D and everyone else. American Express applied for Bank status with the past month and now has already gotten the bank bailout money.

    So had GM financial services who did the GM loans. They are now a bank as well and got a double bailout
    one as car manuf and the other as a bank

    Discover is doing the same.
    this is not about helping people at all.
    I never had any lates, but now several of my cards are withing 100 of the limit and credit score has dropped
    I was just aoout to get pre qual for a mortgage.
    Fair Issac must know whats going on but does not give a hoot.

15. 65
    Dan C Says:
    January 7th, 2009 at 10:07 am

    Part of your credit rating is how much of your available credit you use. Each time AmEx or some other entity cuts your credit limit down to near what you owe, that lowers your credit rating. The resulting lower credit rating can and will be used against you by those same companies later.

    What people need to do is to write their Senators and their representatives in Congress and let them know what is happening. If they hear from enough of their constituents, they may not be so quick to provide bailout money to the worst offenders, and, with any luck, might even demand repayment of some of the bailout loans so AmEx and others will know how it feels to get cut off at the knees.

16. 66
    Fred Says:
    January 9th, 2009 at 1:14 am

    What a change for these companies. I used to throw away no less than 5 credit card offers a week but have seen very few in the last few months. Like most of you, I have a high credit rating because I have never even made a late payment in all these years. BOA sent me some checks with a 0% interest promotion through October 2009. I set them on my desk for a few weeks and was considering if I wanted to use them for something. Three weeks later they sent me a letter dropping my line of credit from $18,600 to $1,000. The cheap punks gave me the same lame excuse as most of you on this blog have received. Also, Amex dropped my credit line from $26,000 to $10,600. I wish now that I had maxed out BOAs 0% percent offer and put that money in the bank. That would have prevented them from sacking my credit line for no good reason.

    I am going to send BOA back their card and tell them to shove it where the sun doesn’t shine.

17. 67
    Annie Says:
    January 13th, 2009 at 1:37 pm

    PLEASE, everyone take a look at the bailouts. They will not stimulate the country. I was just getting a pre approval on a 1st home. Due to AMEX , CARE CREDIT and DISCOVER i now do not have a high enough credit score. The credit score itself is a joke.
    I contacted my congresswoman and her Receptionist DID call me back. YOU are supposed to get a 15 day notice before any action is taken on your account in either direction. I got no notice in advance.
    HOW do we start a class action? This has to stop.
    The Senate intends to establish new rules but I heard they will cap the APR at 36% That is also a joke and I am very disappoined in all both sides of this system
    Give them money and they charge us 36% on the tax we paid to big with!!! Shame…
    So again. how does one start a class action Case???
    Be well and keep sharing the knowledge

18. 68
    jbrare Says:
    January 13th, 2009 at 3:38 pm

    BofA just closed six perfectly paid accounts without any notice. They did that when my wife called to request a $200 transfer into our checking account. The “customer service agent” Damon was so arrogant and seem pleased that he we “shutting down ALL of our accounts”! Not one late payment or fees have ever been applied to any of our accounts. Found out two days later that our MC with our credit union was also frozen since BofA apparently administers that account . We received written notices several days after the accounts were closed, nothing before.
    We sent a letter to the CEO of BofA, Mr. Kenneth Lewis detailing how unfair and short-thinking such actions against good customers are. We pointed out that we had only applied for two of the accounts in the first place and that all the others lines of credit were initiated as a result of offers made by BofA to us because of our credit history. Does anyone know if this is legal or who we should contact protesting such actions? Our first reaction was just to tell them to “stick it” and we may still do that. Now, we are guessing that BofA will raise our rates at the first opportunity.
    Anyone that can give further advice, please do so!

19. 69
    Annie Says:
    January 13th, 2009 at 5:24 pm

    To JBRARE I was told by my congresswoman’s office that we are supposed to get notified in advance. They stated 15 days as per the small print. I have yet to verify that but I am sure they need to notify in advance.
    Please post if you find anything that states otherwise. I am going to read the Fair Credit Act again.
    they get bailed out and we get stiffed.
    Some stimulus eh?

20. 70
    jbrare Says:
    January 13th, 2009 at 5:49 pm

    I am pretty sure that all these ba****ds are going to do everything that they can between now and next year to create situations that allow them to up interest rates based on credit ratings and “excessive” use of credit lines. If I understand the new restrictions that will not go into effect until next year, lenders will have to have specific reasons to change your rates and not be able to change your terms as long as you are paying on time and not exceeding your limits. Congress left credit cards companies a huge loop hole and plenty of time to
    cover all their bases in the meantime. Congress always underestimates the resourcefulness of predatory lenders. While our tax dollars are keeping banks and financial institutions afloat, they will be plotting ways to circumvent the new restrictions and setting themselves up to “milk” the good paying customers even more. Let’s just stop paying everyone of them who try to change conditions that they set up and “agreeeeed” to in the first place.
    I am mad as hell and am not going to take it much longer!

21. 71
    Annie Says:
    January 13th, 2009 at 11:45 pm

    Jbrare- ditto here too. makes me ill.
    I got a form from the local DA on Consumer Complaints but all they will do is mediate or pass the complaint on. I read up in the Fair Credit act and they can change the limits based on what they say they found in your credit report. Like to high balance to income ratio. They are supposed to notify you within 30 days . I was only notified in one case and I have no idea when they did the change.
    no lates in over 15years This has sent my score down below 700 Which will prevent me from pre qualifying for a 1st time home loan.
    The banks do not care at all.
    This is all the same old, same old going ons.
    Keep posting – any ideas on how to fix this situation?

22. 72
    Steven Says:
    January 19th, 2009 at 12:09 am

    I logged into my online account with BOA a few days ago to make a payment on my credit card. A small payment for a small online purchase. Since I keep about $15k in total limit available between various cards but no balance on any, the last thing I expected was my credit limit to be cut by 75%. AS I HAVE SEEN IN MANY OF THE BLOGS HERE, NO ADVANCE NOTICE. Never a late payment. I called and cancelled the card as I don’t need a card with a small limit but asked “why the decrease?”. The rep would not tell me why, claiming they had sent a letter several days earlier. Still no “alleged” letter.
    BOA has no idea what they are doing. I have a checking account and savings with BOA and will soon be taking my money elsewhere.

23. 73
    PowerhouseD Says:
    January 27th, 2009 at 12:47 am

    So today, Kenny Chenault complained that American Express’ earnings declined by 72 percent in the fourth quarter of 2008, due in part because consumers were not using their cards…What a shock!

    My credit limit for AmEx was cut by over 90% (30k to 2600) (see comment 37) back in early November, so I cut my use of the card by the same amount.

    How do you ####-ing like it, Kenny??!!!

24. 74
    James Cash Says:
    January 29th, 2009 at 9:35 am

    I agree with everyone hear. One of my credit cards are from Barclay’s bank. Well I never missed a payment and kept the card at a zero balance. Most of my credit cards have a negative balance where I over paid.
    Anyway about a month ago I get a letter from Barclay’s saying that my credit limit was cut to $500. The good thing is my balance is 0. But it makes me wonder? Why would you cut the limit of people who use their credit wisely? “To reflect my spending habits?” There is no way that I will use any of my cards now. You do everything right and they hit you in the rear. I hope that they all go down.

25. 75
    Mike Says:
    January 29th, 2009 at 3:05 pm

    Yea they cut my limit from 27K to 500$. I called and they wouldn’t increase it–so I told them to keep the card
    F*** AMEX. They don’t want our business, we will go somewhere else.

26. 76
    Mike Says:
    January 30th, 2009 at 10:48 am

    Chase pulled a dirty trick.

    2 yrs ago I did a balance transfer of $20k to Chase. The offer from Chase was 4% for the life of the loan. The payment is $250.00, and thats OK.

    The last bill said may payment is a WHOOPING $680.00 a month.

    They have taken my payment from a min. 2% to the 5% the LAW has allowed them to take payments to. This 5% was put in place by the corporate run government.

    Chase gave me the option to continue with the $250.00 a mo. if I would except 7.99 % intrest rate. I agreed under duress. What could I do except to just stop paying????

    May god wtf is going on in Washington. All the money paid out should have went to us, the citizens. A trillion dollars would pay off every mortgage in the country. And we would have plenty of money to pay our cards and to buy again. OUR GOV. AND CORPORATIONS HAVE BECAOME A CRIMINAL ORGANIZATION.

27. 77
    Kelly Says:
    January 30th, 2009 at 10:37 pm

    Capital One is doing it also! Today I was shopping, I tried to charge $100. My card was declined with a huge line behind me. My husband had my debit card. I was so embarrassed. All I could do is walk away from a full cart of bagged items. I called Capital One because I knew I had a $12,600 credit limit and I only had $3000 charged. After talking to 3 foriegn reps. and getting no answers to when or why they lowered my limit $9000. They finally admitted to lowering on the 23rd. (one week ago) No call, no e-mail, no phone call to notify me, (still nothing). They did say they usually try to call. (not that they did) And the reason was that I don’t use my card enough. That is such BS. I have been a loyal customer, never make late payments, pay down frequently and have excellent credit. Is it legal to not notify people. I tried to charge only $20 over my new limit and was declined….wow! You are correct Mike “OUR GOV. AND CORPORATIONS HAVE BECOME A CRIMINAL ORGANIZATION.”

28. 78
    Payman Says:
    January 31st, 2009 at 10:32 pm

    What’s worst beside them lowering the credit limit is it effects the credit score. about a month after Citibank lowered my credit line from 15K to 2300 I checked my FICO score and it was lowered by 30 points. There is no other changes in my credit history except this one. This is not fair as I always pay my bills on time. Instead of our corrupt government penalizing these criminals they just bail them out by giving them our tax dollars.

29. 79
    Mike Says:
    February 1st, 2009 at 12:04 am

    I believe a conspiracy, against citizens, between gov. and corporations, has been in place for sometime. Just think about the timeliness of the new bankruptcy laws. They were put in place just before this credit crisis started hitting. They knew it was coming because they manufactured it.

    The gov. should have given us the 700 billion and we could have paid off our cards with the money. Instead they gave the money to the corporations to pay their CEO’s millions. These people should be tried and executed for crimes against the people. It is the only way they will get the message they are killing us, and our families. And if this doesn’t work then their whole families need to be executed in order to send them the message.

30. 80
    Annie Says:
    February 1st, 2009 at 6:13 pm

    I have already notified my congresswoman. I gave her receptionist the link to this site and another one that I came across. Today I had three new postings come through. I think it is time to go to my local newspaper and see if I can get a reporter to pick up this story. If that works then iit may get in the San FRancisco Chronicle. This is really getting to me. My credidt score has gone down as well for what ever they say that is worth. Enough is enough. Any other ideas???

31. 81
    Tom Says:
    February 4th, 2009 at 12:02 am

    BofA cut my Business Visa Card credit line from 29000 to 17500 without notification. At the time I had 17100 on the card, leaving me 400 to work with for my small CPA firm going into tax season! I immediately sent in 2100 to leave me 2500 to work with. Hopefully they don’t reduce the limit to 15500 on me!

    My credit score is 800 and I usually pay off each month but have been carrying a balance for a few months due to carrying to homes … our old home closes this month.

    No call from BofA. I’m sure this will effect my credit score thanks to them reducing the credit line which was just raised in December 2008.

    Who knows, maybe next will be an interest rate increase from the present 7.99 to who knows what? 24%?

    I think we’ll be paying BofA back and change accounts to a local bank who would maybe appreciate some more business.

    I hope BofA has a plan for the backlash brewing due to their recent actions.

32. 82
    Allison Says:
    February 5th, 2009 at 11:22 pm

    UGH!!!

    I have had three things occur within the last 2 months:

    1. Credit Limit Decrease By Juniper, with a lame explanation (now cut-up with $0 balance, only used to get 6 mth free financing on my MAC).
    2. Credit Limit Increase by Citi
    3. Citi, Plan A or B
    A. Accept an interest rate increase of at LEAST 19.99% OR
    B. Keep my current interest rate until my card expires, at which time they will cancel my card and I can re-apply

    When I phoned Citi regarding A & B, the telephone rep said this is based upon the default rate of it’s customers; NOT MY OWN PERSONAL CREDIT. When did credit become a group thing?

    I agree with Mike…WTF?

33. 83
    Mike Says:
    February 6th, 2009 at 11:41 am

    Annie, I have called my congressman’s office a couple of times. Once on each issue Amex and the Chase cohesion. I have emailed the Senate Banking committee. If I have done this thousands of others must have. I hear nothing in the news about what banks are doing to people who pay there bill’s. IT IS NO WONDER THAT THE ECONOMY IS COLLAPSING. No one can trust the system, banks, and or the government, who has given them hundreds of billions. Billions that have gone to bonus’s.
    If the government would have given us the money we all could have paid off our credit cards and none of us would have a problem.
    When no one listens what happens?

34. 84
    Kellie Says:
    February 16th, 2009 at 7:51 pm

    My husband and I just had a similar frustrating letter come in the mail. We made a payment of $2250 on one card and $3750 on another. I lost my job in September and it took me 3 months to get my unemployment benefits and applied this amount as soon as I received my check, never late minimum payments, but still they sent a letter of reducing our limits to $100 above or balance on both cards … we have a credit score of 740+ never late on ANY payments and this is how they treat us ggggrrr… I haven’t checked our credit scores to see if it had any negative effects, but I have worked hard to make sure our credit is flawless and this is BS to say the least

35. 85
    Jenn Says:
    February 17th, 2009 at 1:02 am

    I’ve had my credit on amex reduced by them every time i make a payment reduced by the payment amount. I normaly wouldn’t have a problem with that except that it destroys my credit making me look like I’m constantly maxed out! and what is their reason? To protect themselves because they realized after 10 years they never should have extended that much- but then again- they were counting on me getting in debt. I’m seriously considering not paying them back at all. It isnt the first time i was upset with thier selfishness. The first was when i asked if i could send them a seperate check targeting the cash advance i took out years before that they were charging me up to 30 percent a month for and they said “no” you have to pay the lower interest pricipal first. Screw them.

36. 86
    Teri Says:
    February 17th, 2009 at 2:16 pm

    Capital One just informed me today that my $10500 credit limit has been reduced to $3300. This will effect my credit score derogatively as I will no longer be below the 50% use of credit that mortgage companies like to see. There was also some comfort that the credit line was there should an emergency arise.

37. 87
    Lynn Says:
    February 17th, 2009 at 8:54 pm

    AMEX substantially reduced my credit limit today (on the Delta SkyMiles card I have had for well over a decade). I made a payment of $750 on a balance of $1250 on February 3. Their gratitude was displayed in the swiftness with which they decided to lower the credit limit just 2 weeks later. They cited a negative credit report. I’ll have to look into that, but I suspect it is due to the only credit card company with whom I have something of a balance, and with whom I was in a dispute over rapidly escalating interest rates. (That dispute was just resolved and they shifted my balances to a much lower rate.)

    I cancelled my AMEX Gold account and the SkyMiles account and wrote AMEX an email saying that my being a “member since 1988″ seemed to mean little to them.

    So the bottom line is that we consumers have to fight back. I was lucky to be able to pay AMEX in full today so that I could show them how I felt by closing my accounts, and to be able to front 3-times the minimum payment to the other card company to sweeten the rate-lowering conversation. The lesson I just gave myself: pay as much as you can as soon as you can, cancel accounts with those who abuse customers, and write to these crooks to let them know you are not going to be treated badly.

38. 88
    Lynn Says:
    February 17th, 2009 at 9:03 pm

    I’d like to add that the comments above with regard to how the bailout money should have been spent are spot on. People who can demonstrate they are working as many hours as they can, and keeping up with bills as best they can should have been given the money that the banks got in the bailout. American Express became a bank holding company so that it could get access to low-cost financing from the Fed. They and other financial institutions are getting every break. The TARP money should have been given US citizens. And now the new gov’t is about to repeat the colossal errors of the Bush administration.

39. 89
    Drale Rbinson Says:
    February 20th, 2009 at 2:15 am

    Yes, American Express lowered my limit from 20,000 in which I hardly ever used to 1,800 in which my balance was which can really mess up my excellent credit score they informed me it was due to their financial backings?? I was outraged and reported them the same thing is happening with Bank of America. they either cancel you for no apparent reason on the consumer side or lower your limits to what you owe which has a derogitory affect on your credit report lowering your fico scores I reported them too. I am watching them closely everyone should report them immediately so they can be regulated closely because they are asking for our bailout monies and in return hurting the few consumers who acted responsible with their monies and credits and due to their mishandlings and poor money managment they are still passing the blame on others. Report them to Attorney General Office, BBB and Consumer plus I am willing and hopefully we can file a class action suit against them for hurting our excellent credit reports for unjust cause and malicious derogitory business practices

40. 90
    Drale Rbinson Says:
    February 20th, 2009 at 2:17 am

    email me with updated infor.

41. 91
    Mike Says:
    February 20th, 2009 at 3:41 am

    Everyone here needs to write there rep’s, congressman, and both senator’s. Also write the banking committee I mention above. Barney Franks is on the committee.

42. 92
    jbrare Says:
    February 20th, 2009 at 2:14 pm

    I had both the AMEX and the BofA experiences exactly as described by others. Had SIX perfectly paid BofA accounts frozen and had my AMEX limits lowered three times in four months. So far since December, AMEX has left me along and BofA has also since they swacked me last year.
    CitiBank took a different approach and actually offered a 10% rebate on interest if their bill is paid on time for ten consecutive months. That seemed like a positive approach in light or the crap AMEX and BofA pulled.
    Anyone else had any kind of positive experience with a banking institution recently?
    If for some reason I cannot pay all my bills, guess who I will pay first?

43. 93
    Annie Says:
    February 20th, 2009 at 7:31 pm

    Hi all., first off Ame Express did it again after I paid my monthy payment. I went to see if I had enough to pay a medical bill and found out I had 100 left out almost 1500 they were so kind to leave after cutting me 3000.
    I called them and they said it was because I did not pay my Triumph Card. I said what. Oh you Ame Express Triumph card . You stopped paying in Oct. 2008 I said you have the wrong person. I told her my credit reports ( 3 ) were in front of me and none mention such a card. They got the supervisor who told me I got the card in 89. NOT!!! I was ill in 89-96 on GA etc. while getting interferon for 2 yrs etc.
    She said she would investigate it as fraud. Right like someone is going to get a card belonging to someone else and pay it up to date for 20 ys. Experian said they never heard of such a card.
    so now I am maxed completly, My score is down 50 points and the loan I was trying to get as a first time home buyer is not coming through due to Am Exp and discover.

    What is the commitee w/ Barney Franks????
    Please post again I do not see the link or name.
    ( my eyes are not the best and the lenses the doc gave me blurr my vision after and hour or two. )
    Thanks Annie

    How do we do a class action??? Someone must know a lawyer out there from the list.
    We need to speak up

    How do we start some kind of online protest??

    I am in if we can do it. willing to put out time to cirulate. already contacted the congresswoman no help there.

44. 94
    Lynn Says:
    February 20th, 2009 at 7:52 pm

    Following the recent criminal activity of AMEX (comment #87), Capital One just sent a notice that my interest rates were going up. Like the AMEX abuse, theirs following my paying the balance. This is just part of a large and growing movement by credit card companies to exact every dollar they can before upcoming regulations force them to become something remotely akin to human and fair. So, it’s goodbye to Capital One. These people need us. If every one of us can find a way to ditch them now when they need us most, write letters to them about why, boycott all of their subsidiaries/holdings, keep posting our stories all over the Web, and write our legislators we will shut them down. We must also write to the credit reporting bureaus because that is the weapon credit card companies can use against us. In short, fight back.

45. 95
    jbrare Says:
    February 21st, 2009 at 11:41 am

    I am beginning to believe that we are not going to have to worry about some of these vultures much longer. From looking at the prices of bank stocks, I believe that Darwin’s theories are going to prove themselves to be correct, at least in the banking and financial sectors! As for the arrogant CEO’s and their future, I say “LET THEM EAT CAKE!”
    One other thought I had as a result Lynn’s comment is that these predators are going to commit as many atrocities as possible before the new regulations take effect. I am alerting all my Senators and representatives to this fact and asking “WHY WERE THE BANKS GIVEN A YEAR AND A HALF TO CORRECT THEIR “USURIAL” TACTICS?” Could it be that the financial sectors own Congress? HMMM? These people can be very “creative” if given that much time gouge their customers.

46. 96
    Chiara Says:
    February 23rd, 2009 at 7:43 pm

    Just discovered by checking online that one of my credit cards just cut my limit to $360 (!!), an amount just above my last balance. The crazy part is that I was online to pay off the balance, like I do every month. I pay all my cards in full every month, never carry a balance, never pay late. There is no reason for them to have done this. My credit score was 800 last time I checked. But now I expect I will have a comment on my credit report that this credit line was reduced by the creditor, a negative, or if I go ahead and close the account, I get another negative. Even if I keep it open, I’m unlikely to use the card again (partly out of irritation, partly because of the paltry limit, and partly out of fear that the limit will have been decreased again without my knowledge, and it will be embarrassingly declined). If I don’t use the card, it will most likely be cancelled, with the ominous “closed by credit grantor” note in my credit report, another negative. I don’t really have any option here that’s not negative, although I haven’t done anything wrong!

    However, my BIGGEST fear is that this will domino, and my other credit card companies will do the same thing, giving me a LOT of negatives on my credit report, including a REALLY small available credit number. After all, they’re all watching what the others do. I don’t “need” the credit cards, except that our society measures every financial move you make by your FICO score, and having a substantial available credit line is a huge factor in a FICO score. This is absurd!

47. 97
    PowerhouseD Says:
    February 24th, 2009 at 9:53 am

    Yesterday, it was reported that American Express started offering $300 “gift cards” to some people who agree to pay off their balances and close their accounts. Has anyone on this site been offered this “deal?” I am wondering what is to keep AmEx from closing accounts if people reject their offer.

48. 98
    MITBeta @ Don't Feed the Alligators Says:
    February 24th, 2009 at 12:19 pm

    There’s nothing stopping them from closing the accounts. The report I heard is that AmEx is doing this simply to “keep up” their “good” image with consumers.

49. 99
    Richard Seerup Says:
    February 24th, 2009 at 1:32 pm

    Bank of America lowering credit limits, and recalling PRIOR transactions. I processed an online transfer for $1150 to pay another card off (which they constantly entice you to do), on Jan 21, 2009. At that time my limit was $5000 with $2600 available for transfers. The transfer posted to the receiving account Feb 05. On Feb 17, I received a letter, dated Feb 07, from them announcing that they LOWERED my credit limit on that account to just above the past balance. When I checked on line I saw that the $1150 had posted to the receiver of the transfer and that B of A (Bunch of A..h…s) had pulled it back causing an insufficient funds charge from the recipient and of course not to be left out, B of A also drew a NSF fee. By doing this they have lowered my credit score to a point that I will be unable to refi my house as I planed and PAY this card off. What they have accomplished in their greed to get a measly $39 is to put me in a situation where I will no doubt be filing bankruptcy. SO in the long run they have blown their own foot off.
    I called and pleaded with them to undo this. My contention is that they DID authorize the transaction (proved by the fact that they sent it to the receiver) and 2 days later they pulled the check back. I find this to be an unethical practice and urge everyone that has any accounts with this bank to reconsider and close all accounts and find another bank that won’t stab you in the back and urge everyone to boycott this bank.

50. 100
    Julie Says:
    February 24th, 2009 at 2:12 pm

    We’ve had a Sears card for almost two years. Our initial credit limit was $6500. and increased about 6 months ago to $6900. We had a balance of about $500. because we buy appliances using the deferred interest promotion and always pay in full before having to pay the accrued interest. Two months ago they offered a balance transfer promotion of 5% for 12 months. We transferred over about $2700. Our balance was around $3150. when they (for no reason at all) decided to lower our credit limit to $3300. thereby giving us a credit utilization ratio of 95%! We immediately paid $2650. leaving only the balance of the appliance which still has a zero interest rate right now. That left us with a balance of $480. and a credit utilization ratio of 15%. We just found out today that they lowered our credit limit to $600.! Now our utilization rate is back up to 80%! We have never been late on ANY of our payments to ANY creditors. Sears/Citi is maliciously attacking and alienating loyal, good paying customers! Why? They got themselves into a financial mess and continue to demonstrate that they are unable to make good business decisions. CONGRESS: LET CITI FAIL!!!

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