Reality, how long have you had the card for? Is it your oldest credit card? Once the recession is over, AMEX will be begging for customers to use their card or even apply for their card. Most people are not going to because they will be worried about the practices that AMEX is currently conducting and it's not going to look good for them.

hjm,

I agree with you and am convinced you did the right thing. I regret ever taking the card in the first place. I'm guessing American Express is going to come out just fine in this endeavor. They lose customers that they don't cater to anyway and they've collected a few million in annual fees.

This probably isn't funny, but American Express has that friendly little piano jingle when you log into your account, LOL they should probably do the Jaws theme instead or something equally sinister.

With a 3 year history and many new accounts, I can't afford to close my Amex account. It will make my score go way down.

Yeah but if they lower your credit line down to be at or below your balance that could hurt even more. Closing the account would be a hit on your score, but it would recover in a year or two. Almost worth it to prove a point to them that even the little guy won't be pushed around anymore.

Well, my credit history is only a year and a half years old and I closed my AMEX account because it wasn't my oldest account.

With a 3 year history and many new accounts, I can't afford to close my Amex account. It will make my score go way down.

I'm guessing that all of the folks that they issued a low limit credit card to are going to see a CLD. It's depressing, but definitely not worth holding on to. I refuse to pay an annual fee for $500 worth of credit. It's a new and scary time now. I'm not even sure I can blame them.

Sorry to hear about your CLD. I closed my AMEX Delta Skymiles account due to a CLD from $1k to $500, just like yours. However, I did not owe them anything at the time. The reason why I closed the account is because I was afraid of them closing the account first and that wouldn't look good on my report.

Wow, I opened up my e-mail today and found an "account alert" from American Express. I've had the card for a year, always paid either in full or 70% over the minimum payment. Granted, I'm rebuilding my credit and only had a credit line of $1000.00. Today I found out that they reduced my credit to $500.00. Presently I owe them 79.00. I'm going to close the account.

Anyone else have a CLD?

I just opened my Amex Blue in September. I log into my account every day to be sure that my credit line has not changed. So far it hasn't. I carry a small balance on it because I got 0% APR for 15 months. But I am afraid of this happening to me. If they do, I will transfer the balance and closed the account.

Sorry this happened to you. They are really struggling right now and cutting back on a lot of people.

Wow, I opened up my e-mail today and found an "account alert" from American Express. I've had the card for a year, always paid either in full or 70% over the minimum payment. Granted, I'm rebuilding my credit and only had a credit line of $1000.00. Today I found out that they reduced my credit to $500.00. Presently I owe them 79.00. I'm going to close the account.

Anyone else have a CLD?

I have an Amex Clear and they gave me an inital limit of $2,000 (approved in August of '07). Less than a year later, they cut my limit to $500. That is a toy limit. They didn't like how I was carrying a balance on my Discover More card (it was my newest card at the time) and my Amazon.com card. They also didn't like the way my score was going up and down. Well, my credit history is only 3 years old and things seem to count more when it is that thin. Amex can be used for small purchases during the month to keep them somewhat happy because they like to see usage.

I think they are mad because they can't make any money off of you. But still, that is no reason why they should lower or close anyone's cc. You are right, this is a lame excuse.

Wow, what a lame excuse. I feel you Eugene, just hang-in there and keep it for history.

I got the letter today .....the reason for the drop was not because of my credit.....not because of my utilization........but because they claim that i do not use the card enough essentially (i charge at least 200 a month and pif). I was cooled off at first but now the words closed by consumer is coming to all of my gemb cards.

Hi everyone well Dillards cld my account went from 350 (not alot i know) to 190 and never late and just used the card last month.