American Express Ripoff automatically lowers your credit limit and then lie as to why it happened Fort Lauderdale Florida

I was upset with American Express because they had lowered my limit by 75% over the past 3 months and had flat out lied to me trying to justify their actions. As a small business I have used American Express as my working capital over the past 10 years, so their reduction in my working capital was a real slap in the face and really hurt. At first I took it real personal and thought they were picking on me but have since learned that they are doing this to most of their customers. In September alone they lowered the credit limits of 20% of their card holders and day by day they are doing it to more and more. If you have some extra time and want to be stunned, Google American Express credit limit and you too can read horror story after horror story.

Just last night my sister went to use her AMX card at CostCo and it was denied. She got home and called American Express (1/2 hour on hold) to find out that her cards limit was dropped to $600 (just above her balance) from $16,200. This girl has impeccable credit and they did this to her. The customer service rep told her that it was lowered because of a Public Record input on her credit report. She immediately pulled her credit reports and found no such entry on any of the credit reports. Funny thing is that an American Express customer service rep tried that line on me too yesterday morning and I too immediately pulled my credit reports. Not finding this Public Record entry on any of my credit reports, I called American Express back and ask them what they were talking about and of course the representative tells me he has no idea why the last representative told me this as he sees nothing in my file like that.

So be prepared to have your credit limited dropped drastically for no reason or to have it chase down your balance with no warning. When you do call them to find out why, be prepared for a long hold time and have your credit reports in hand so that you can call them on their mistruths. It is a very sad day when the employees of an icon like American Express have to tell you flat out mistruths to try to justify their higher-ups actions. But they are only trying to get you off the phone so that they can answer the next call in the very long queue of callers wanting to know why their limits were reduced too.

Sorry for the very long rant but maybe this will save you some embarrassment while trying to use your card. It is no wonder that American Express announced yesterday that they will be laying off 7,000 employees (10% of their workforce) as they don't want us using our cards.