American Express Line Of Credit

I was tolled that american express do not have a limit in there credit line (total money available) , is that true?

That is true for their very good customer, but NOT all their customers. They are not about to give hood rats a blank check! LOL By the way, the word is TOLD.

2009-10-15 17:42:12 by Mohandis

I've been collecting credit card junk mail for about a month now. I was original going to make one just about citibank but I thought there ...

I applied for a credit line increase on-line yesterday and got a message that I would be notified in writing within 7-10 days. Does this mean that the request was denied?

Our limit was lowered a few months ago because we went 30 days past due on our mortgage payment. We are current now though. We have also never paid amex late and always pay more than the minimum due.

I would like a higher limit to increase our credit scores. When they lowered our limit it was reduced to about $200 above our balance.

it may not have been declined they just want to review your credit a bit more...more credit does not increase your credit score...paying late the mortgage big deal on that...and it's always good to pay more than the minimum..and they will increase you in time if not now I was incresed and didn't even ask they sent a letter saying with your great credit blah blah
Anyhow Good Luck

2008-01-30 08:45:36 by thankfulmumof2

Price: $79.95

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I've heard of equity line of credit but I own no house.

Prime + 2.75 is about as low as you will get right now.

The only other way would be to find a company who will offer you a balance transfer. BUT, most transfers charge 3% to process.

Just pay more than your minimum and get this one paid off.

You will be hard pressed to find a loan or credit card at less than the 8.75% you are currently paying.

2008-02-12 07:21:09 by Maestro

in which checks I wrote to suppliers out of my credit line bounced. Is there any recourse I can take against them

American Express has been making across the board reviews and reductions in credit limits and in some cases raising or imposing interest rates for many of its customers. There does not have to be any change in your credit history for this to have occured as it has adopted more conservative formulas for determining credit limits.

The notice requirements will be governed by your contract with American Express but many online private consumer forums have multiple complaints similar to yours and according to them American Express asserts that it did in fact send a notification letter to them prior to reducing their credit limit and they will probably claim the same in your situation.

Your remedies may also be governed by your contract. I would not be surprised at all if there is an arbitration clause in your contract. Arbitration generally tends to be favorable to the party that placed the clause in the contract so if you decide to take action against American Express for any loss of business or damages you should expect an uphill battle.

2009-01-30 18:37:39 by Marcelo G

American Express reduced my credit limit to half when I was almost maxed out , and asked me to pay almost 4K inorder to stay within limits , Does this qulify for class action suite? It seems its a scam that they give you a limit of 7K and when you have spend almost 7K they instantly reduced the limit to Half and ask you pay the rest... Unbelieveable but has happaned to me.. last year and this was part of the reaon my credit has gone down from 710 last eyar to 550 this year. who should I contact if this is sueable.

They can do this to any account they like and they have been sued for it in the past. The consumer lost and was forced to pay the legal fees of Amex.... the total was over 70k in corporate attorney fees.

Amex is a company that makes money not on interest but on merchant fees. 60% of amex customers pay off their balance monthly. The portion that don't are eventually squeezed out like you have been. Think about it this way though you could transfer that balance and not pay them another dime.

Then who got the best of who.

2007-08-21 09:34:59 by Sib10