Thread: AMEX lines of credit

Got that letter also...

Same with my Platinum Business , i now have a limit.. used to be none..

Mine, business Platinum went from no limit to limit to closed. No reason except they are getting away from business lines which is a complete load of crap, no lates no nothing, I revolved about 7-15k a month though so maybe thats why. The shitty part is that they took all my miles too!

They have not dropped out credit yet, but we only charge 6-7k monthly, and pay on time.
As for the Line of credit, it just looks like they are just dropping that business as a whole.
It did not really affect me, because we never used the Line of Credit. My business is straight cash. We don't carry inventory or have to buy inventory.

Khaiser

Originally Posted by 503Tim

Mine, business Platinum went from no limit to limit to closed. No reason except they are getting away from business lines which is a complete load of crap, no lates no nothing, I revolved about 7-15k a month though so maybe thats why. The shitty part is that they took all my miles too!

Oh, crap!! Why would they take your miles? I keep transferring my
miles to my Hilton Honnors account every month, so they can't take them.

Khaiser

Dude! So weird! I just got a letter as well stating my credit has been lowered! wtf??

My friends black card was, in october, declined for a relatively small purchase, i believe it was ~$5,000. The strange thing is, he has had his card for over a year with the bill paid on and in full every time.

He runs an advertising company and his monthly spending is ~200k. He had to call Amex to find out what was going on, and a day or so later he had to send in some paperwork.

This credit crunch is insane...

I give it to AMEX. One of the ONLY lenders not being heavily affected right now.

My Suggestion. If you have a Credit Card of any kind,..use it! Trust me, they will lower your lines if they're not being used. Of course, make sure you can repay.

Originally Posted by KingNasim

I give it to AMEX. One of the ONLY lenders not being heavily affected right now.

My Suggestion. If you have a Credit Card of any kind,..use it! Trust me, they will lower your lines if they're not being used. Of course, make sure you can repay.

Not being affected? They are asking the gov't for $3.5 billion in bailout equity, plus they just got converted to a bank holding co., so they are able to access the fed funds window. Hence the credit cuts across the board. I just had my AMEX biz card limit cut in half.

Originally Posted by Spencer

Not being affected? They are asking the gov't for $3.5 billion in bailout equity, plus they just got converted to a bank holding co., so they are able to access the fed funds window. Hence the credit cuts across the board. I just had my AMEX biz card limit cut in half.

You got to remember...ALLLLL Banks see this an opportunity to ask the Government for help. But, that doesn't neccessarily mean they're in deep waters.

Originally Posted by khaiser

Oh, crap!! Why would they take your miles? I keep transferring my
miles to my Hilton Honnors account every month, so they can't take them.

Khaiser

Yeah thanks...where were you a few months ago...hahahaha