American Express Lowered my credit limit and closed my account without my consent - unbelievable!!! LOS ANGELES California

Let me start out by saying I had an almost identical experience that I will create a new report on after I write this. They lower my score, which in turn makes me close to maxing out the card. Then I pay off a bunch of my balance to create room in my available credit before I go to Europe (in 3 days!!), as soon as I do, they lower my score again (they lowered it this morning), so yet again, I'm close to maxing out the card even though I haven't actually been able to use it in months! This practice is DEPLORABLE and their service is HORRIBLE. And worse yet, when they decide to lower your limit or cancel your card that action takes place IMMEDIATELY, they do NOT need to inform you before they do these things. You may get a letter two weeks after they do it... So you go around thinking you have credit, and you don't. The only reason I found out about the second lowering of my credit score is because I don't trust them anymore, so I check the web site frequently for changes. I won't have to worry about it anymore since i will NEVER use AmEx again. I even got my father to cancel his card, and I will continue pleading with everyone I know to stop giving this horrible company business.

So, I cursed the rep off, and told them where to shove their "prestigious card". I closed my account before they could close it for me involuntarily (which I think looks worse on your credit), and will transfer my remaining balance to a credit card company that aren't as big a bunch of unethical crooks (if such a thing exists in these hard economic times)

I, like others, have excellent credit and always pay my bills on time, in fact citicard just raised my limit by 1100$!! And when you ask them why they lowered your limit, you'll get a different BS answer every time. They finally ended up saying that I had delinquent payments on my credit history, I have two late payments on my credit report, both from back when I was in college, about 9 years ago!!!! Since then I have many years of paying my bills on time, purchasing my house, and other things that have raised my score. AmEx has now ruined my score completely.

But you kept mentioning that you could not get a last name. Just an FYI, Customer Service reps are not supposed to give you their last names. This protects their personal identities and usually a first name is all you need and they can figure it out. Most of the time it isn't even their real name, just one they use to speak to customers. But, since AmEx's customer service is so bad, it wouldn't matter anyway.

Thank you Sir for your nice comments. I only wish to encourage people. It saddens me how people have bought into the "lie" that credit cards give us some type of "honor or prestige" when in fact all it does bring us is heartache and debt. We have paid for our Christmas with cash now for several years. It brings so much peace that I can not describe. You have to only imagine not worrying when will that cc bill arrive to really understand that peace.

I know in about 4 weeks there will be even more complaints here on this site and in all honesty it may take a credit crisis to WAKE people up to the fact that living in DEBT is just plain STUPID! The only thing it brings is worry and to know that if tomorrow my husband lost his job we could live JUST fine while he found a new one. Living in debt makes that so much harder. I thank you for your kind words sir, and congrats to you too!

Good for you on the debt free.

It took me 6 years to convince my wife of the same thing. We owe the credit cards nothing and actually have the ability to put a little in savings every month.

CC companies make all their money on merchant transactions, usually 2-6%. Amex is the highest. the interest made from consumers is just billionaire gravy.
When will americans wise up, live within their means and live on a cash basis.

BTW. When the credit card bill shows up next month for all the Hioliday gifts purchased people will be in shock.

We paid cash.

That "imaginary prestige" is just that, imaginary. You are so right and I hope you will end the end cut up the card and get off the credit card cycle. Amex, Discover, Visa, all of the different companies have tried to hard sell the consumers for many years that "we need", "we deserve " the use of credit cards! I , myself , long ago used to fall for this, but many years ago because of having 45 major surgeries I work up to the fact that it was indeed a lie. I decided I did not wish to be in debt with credit. It was bad enough that I owed for my surgeries, but was I going to stay in debt on PURPOUSE just so that I could live out that LIE?

I re-evaluated my life. If I could not pay in CASH I could live WITHOUT it. You kno what happened? I found out I did not "NEED" as much stuff as I thought i "NEEDED"! I discovered I did not need ten purses. Honestly I have three. One for everyday, one for church and one for funerals. Would I love to eat out more, sure, but do I need to? Nah. My husband and I are closer because we now choose what we will buy , what we will spend and where we go together.

Once we added up the minumim payments, the balance of our cards and the interest on our cards we got out of the lie that the so called "prestige" that we had allowed to dominate our lives. The funny thing is, now we actually have CASH to do nice things we would have never gotten to do when we used credit cards. We have paid for cars and owe nothing on any of our previous cards. Guess what, we do not even miss them anymore. We do not need to worry bout worrying ourselves into a frenzy over the economy because we do not use debt. That in itself, is PRICELESS!

Good luck and I hope you do not allow Amex to upset you any longer. They are not worth it. The peace you will get from living debt-free though, is worth it!

That "imaginary prestige" is just that, imaginary. You are so right and I hope you will end the end cut up the card and get off the credit card cycle. Amex, Discover, Visa, all of the different companies have tried to hard sell the consumers for many years that "we need", "we deserve " the use of credit cards! I , myself , long ago used to fall for this, but many years ago because of having 45 major surgeries I work up to the fact that it was indeed a lie. I decided I did not wish to be in debt with credit. It was bad enough that I owed for my surgeries, but was I going to stay in debt on PURPOUSE just so that I could live out that LIE?

I re-evaluated my life. If I could not pay in CASH I could live WITHOUT it. You kno what happened? I found out I did not "NEED" as much stuff as I thought i "NEEDED"! I discovered I did not need ten purses. Honestly I have three. One for everyday, one for church and one for funerals. Would I love to eat out more, sure, but do I need to? Nah. My husband and I are closer because we now choose what we will buy , what we will spend and where we go together.

Once we added up the minumim payments, the balance of our cards and the interest on our cards we got out of the lie that the so called "prestige" that we had allowed to dominate our lives. The funny thing is, now we actually have CASH to do nice things we would have never gotten to do when we used credit cards. We have paid for cars and owe nothing on any of our previous cards. Guess what, we do not even miss them anymore. We do not need to worry bout worrying ourselves into a frenzy over the economy because we do not use debt. That in itself, is PRICELESS!

Good luck and I hope you do not allow Amex to upset you any longer. They are not worth it. The peace you will get from living debt-free though, is worth it!

That "imaginary prestige" is just that, imaginary. You are so right and I hope you will end the end cut up the card and get off the credit card cycle. Amex, Discover, Visa, all of the different companies have tried to hard sell the consumers for many years that "we need", "we deserve " the use of credit cards! I , myself , long ago used to fall for this, but many years ago because of having 45 major surgeries I work up to the fact that it was indeed a lie. I decided I did not wish to be in debt with credit. It was bad enough that I owed for my surgeries, but was I going to stay in debt on PURPOUSE just so that I could live out that LIE?

I re-evaluated my life. If I could not pay in CASH I could live WITHOUT it. You kno what happened? I found out I did not "NEED" as much stuff as I thought i "NEEDED"! I discovered I did not need ten purses. Honestly I have three. One for everyday, one for church and one for funerals. Would I love to eat out more, sure, but do I need to? Nah. My husband and I are closer because we now choose what we will buy , what we will spend and where we go together.

Once we added up the minumim payments, the balance of our cards and the interest on our cards we got out of the lie that the so called "prestige" that we had allowed to dominate our lives. The funny thing is, now we actually have CASH to do nice things we would have never gotten to do when we used credit cards. We have paid for cars and owe nothing on any of our previous cards. Guess what, we do not even miss them anymore. We do not need to worry bout worrying ourselves into a frenzy over the economy because we do not use debt. That in itself, is PRICELESS!

Good luck and I hope you do not allow Amex to upset you any longer. They are not worth it. The peace you will get from living debt-free though, is worth it!

Steve, I second your comment on AMEX having complete control on the account.

All the disclaimers on our statements or on the forms when we first signed on, which about 30% of us actually read to its completion, are there for the purpose of protecting AMEX itself. So yes, they can close your account for any reason.

Step aside and view it from a client perspective and no doubt, any respectful client with buying power and creditability see this as offensive to their character not to mention it affects our FICO score...

They are protecting themselves from the current economic environment, but it also reflects how poorly they are handling the situation and how they themselves see their place in the market...basically, they don't have the confidence that they'll pull this tough time.

As stated, my company is a huge nation-wide fin'l corp that I, myself, sometimes feel it is too corporate. We, too, feel the economic pressures but we don't go to this level to save ourselves or to hurt the client-relationships. This is our biggest assets.

Seeing that I'm not the only client to experience this, I am truly disappointed with AMEX. It used to carry an image of "prestige", but to me and to probably many out there right now, it is a company in crisis.

First of all let me tell you that AMEX did the same to me in 2004. I had 3 different AMEX accounts all in perfect standing, and all paid ahead of time just like you. The oldest acct was my gold card at 12 years. 12 years of perfect payments didn't matter.

There is a website dedicated to AMEX screwing its cardholders.
It is: AmexSux.com

As far as your statement that they closed your account without your consent, they don't need your consent. They own the account, not you.
You are not "entitled" to anything as a cardholder.

This is common in todays economy as credit cards are at an all time high for default.

And, recently, AMEX actually became a real bank, so they have to change the way they do business in a big way to meet federal regulations and scrutiny.

AMEX is a joke.
I don't beg anyone to take my money.