Amex CUTS Credit Limits Without Warning: What You Can Do
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- Опубліковано 29 вер 2024
- American Express and other credit issuers are cutting credit limits without warning. Here's what you can do. More info on Financial Reviews: bit.ly/386qLd3
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I received an email from American Express saying that they were reviewing my account and considering decreasing my credit limit, however if I made a payment of a little over $1,000 that would essentially stop the investigation and there would be no decrease.
I've been restoring a classic and using my American Express like a debit card to earn SkyMiles, making payments to cover each part order in real time.
I did my part immediately, so I will be very angry if they don't keep up their end of the deal.
Listened to Sebby's wisdom and paid off the balance before the statement date. I do leave
You mean you leave some for when the statement hits and pay that off?
You’re talking about the no pre set limit
We have been credit card hacking for years with credit cards that have no annual fee. We just got the AMEX gold this year to try travel hacking. We have no spending limit which hasn't seemed to change (yet). We are actually considering canceling this card before the renewal because we're not sure we'll get the value of $250/year due to all the travel changes surrounding this pandemic. AMEX adjusted the benefits of all their higher and lower-tier cards but skipped right over the gold smh
If someone stole your credit card, I’m pretty sure they aren’t gonna ask for your permission on running it up. 6:54
The strongest argument for a bank decreasing your credit limit is to minimize their risk. Since most of us are travel credit card oriented and aren’t traveling, having our limits decreased shouldn’t be a cause for concern. However, the potential problem is if the banks are reluctant to increase the limits when travel en masse resumes.
Yep! Did mine and RUINED my credit score.
They started me off at $1000 for blue cash everyday and they haven't increased my limit a year later.
They started mine at $5000 and I have not received a cli in almost two years.
That’s crazy they started me off with $15,000. I was shocked when they gave me that, it’s increased to $25,000 since then
@@lugiadark21 You can usually request a CLI on the website with it only being a SP but now with the stuff going on I don't think you'd be successful unless your Experian score is spectacular that's what Amex uses
It's really nasty if one is in transit (traveling) and stranded due to the cut. Perhaps we need a national credit line and even a national bank which services all citizens.
You don't know the excitement I get when I see you publish a 20min+ video
Aviantei Agree.
Synchrony bank does this all of the time.
I missed a payment by 10 days. I paid it down to 0, they did a surcharge and I missed it by 10 days. Since it's Synchrony, they took most of my cards down without notifying me. I've lost 70 points on all credit bureaus. I am sick.
Found this in an article about Amex lowering credit limits:
American Express and Discover are not only payment processors, but act as the lenders themselves. This is known as a "closed loop" payment network. When you swipe your American Express credit card, Amex not only moves money from your account to the merchant's, but it actually loans you the money itself.
This creates an entirely different level of exposure to recession fears. Not only could payment volume slow down, but consumers could have trouble paying their bills in a prolonged downturn.
Sebby: if you could give a thumbs up- doesn't cost you anything and helps the algorithm. Me: I felt that.
Citi and Discover both did this to me. I’ve never been late on any payment of any kind, be it credit card, auto, or mortgage, nor do I make only minimum payments. This resulted in a nearly 50 point plummet in my credit score, which over the long term will result in it being more difficult to get a decent auto loan rate, my auto insurance rate, and more. So, basically, I have worked very hard to get and keep a good credit rating only to be punished. It’s like having a car repossessed when all payments have been on time...makes no sense.
What you can do is NOT spend more than you make.
Crazy, I know...
I agree. But it sounds like the are also reducing people who don’t carry a balance. That makes no sense. They make the money from the transactions.
These companies are simply mitigating risk. Anyone that's flexing high unused credit line while things were good it's about to feel insulted. Proactively lowering and shifting credit limits is a smart move guys.
i agree 100% i would constantly wonder why folks with limited income and spend would need $100k - 200k+ in credit limits. Things are changing fast.
#Close your American Express
300k month limit dropped to 50k. Extremely frustrating
This is exactly what happened in 2008. Next up, your rewards are going to disappear without warning. And guess what, you will have no legal recourse when they steal them from you. I learned these lessons the hard way back in 2008/9 so take your rewards and switch them into Amazon dollars or anything else you have control over. And do it quickly.
I am a 19 y/o student with the Amex Green and I know for sure my "check spending power" limit has been significantly decreased. Used to be around 13k was my max approved. Now it's about 3.
A slower speaking pace? I actually put the speed at 1.25 for classic Sebby speed.
I use 1.5 for most vids
3 credit card limits cut this year. Now I have a tough call to make since now my total credit limit is now under 50k and my utilization is now over 10%. However, all my balances are on 0% promo interest cards til late 2020/early 2021, but I also have many inquires past year or two due to my credit card hobby interest. Was furloughed from my job last month and all I hear now is cash is king.
I would say keep enough money on hand to make the payments on the cards you have and not worry too much about the utilization. Your score bounces right back up once utilization is low; but the inquires last a year or two and missed payments last quite a while.
I haven’t been affected; however, I previously requested lower limits to avoid a possible FR.
Eh, they actually increased mine by $7500 without me even asking. Hopefully, they don't lower it, though. I keep a zero balance but I use it all the time.
Yes they did even though I've never missed a payment
😔 How much did they reduce it by? What was your utilization like?
Ask Sebby reduced mines by almost 10k. My limit was 33 now its 24k utilization at 6%
Age of account? How long a customer overall? They ain't playing around that's for sure.
@@AskSebby they reduced 4 of my 5 down to 1k and they had between 13-15k limits initially. They didn't have a balance on them so I guess they didn't want me using it
Carlice Lewis assholes 😠 I would repay them by spending only a dollar & 23 cents every 3 -4 months on their stupid cards use a credit union for spend banks don’t give a f about anyone screw them
Sebby- “Slice of the pie instead of the whole pie”
Also Sebby- *Uses a cake emoji”
🍰
Piece of pie.
Easy as cake.
Oh, wait!
Reverse that.
They just cut me from $7500 limit to $2300. Never missed a payment ever on anything in 15 years. Credit score of 824. Utilization of 20% now it's 0 as I paid it off.
6:39 seriously though if you were buying ten $700 computer wheel sets I would cut your limit too just on “the f are you doing! Are you high” factor. 🤣❤️😂🤣🤷🏾♀️
Never had an issue with reaching credit limits but Thank you for the heads up my man 🤙🏽
if any of these credit card companies cut my credit, I'm cutting their credit card 😐
Amex can kiss my azz!
And then FICO lowers ur score....
Shitty
Annab56- it will go back up in 6 months
There were few times i asked for limit increase with AMX. AMX do "soft inquiry" and always have a feedback for me in a very short time. soft inquiry won't lower my credit score. Stay away from CITI. I think you do he same with CITI you almost for sure will get a "hard inquiry" which will lower your score. Then they are company will let you know ahead that your request will result in a "hard inquire" if you want to go ahead or back of now. CITI is the worst for sure.
Yeah Citi always does a HP first time I asked for a CLI 3 years ago they told me that I've never asked for another 1 again and when they did give it to me it was a 1K increase I use my Citi cards once every and awhile to keep them open to keep my utilization padded and the age of the accounts
Here is what Citi says on its website: "We will not obtain a credit bureau report to evaluate your request, and you will receive a decision instantly." I did request an increase on my Citi card. I got instant increase and it has been almost two months since then. My credit reports do reflect the increase, but there is no hard pull.
@@yumama3831 citi lies. They did "hard pull" , my credit monitor will notify me if any thing like that happened.
Whats going on Sebby.......With this great video >>>>would it be wise to apply for a Amex BBP as a sole proprietor??? thank you....
Dude. Your slow pace sucks. Get back your original. fast pace. in the end. thats a hit. slow pace sucks.
Not sure if there's a video about this. I've never made a late payment, and AMEX has increased my APR by almost 6%. Does this happen?
Amex and Discover cut my credit line also.
Do they still automatically increase your limit by 3 times after you have had the card for 2 months like they used to? I am thinking of applying for it but I'm wondering how this whole situation will affect me since I want to get a good credit limit
Do you think applying for a new Amex business card is harder to get now? I want to apply for a contractor business. Mostly I o buy new equipment and stuff like that!
I'm spending 15k to 20k a day on ads for one of my ecom businesses,
They won't let me spend over 3k at a single charge and I used to be Able to spend a crazy amount.
I found the secret is a lot of smaller payments , if you add in big payments you need to pay those off otherwise it waxks up your whole credit limit on no limit cards
I offered to wire amex 100k to just let me spend larger amounts on my card without the 3k limit but it doesn't matterso I don't have the problem and they said.
On the phone they told me after 3 hours they aren't giving out any loans at all, they froze every single type of new loan offering and my vendor capital account new requests.
Additionally Wells Fargo i believe is having liquidity and insolvency Problems
Look for more printing press money to "fix the problems"
180k subs seems low compared to the quality of the information conveyed by Sebby. He should be at 10 times that number. Keep up the good work!
Not my everyday blue, they actually Increased my limit from 4500 to 9500@13%😊 2 mths ago. But i Never had a limit increase since issued 4yrs ago.
Most likely the cuts done to low int rate cards where they only make change.
As much as it sucks to lose some limit at least these financial companies are mitigating risk. That’s a good sign. 🤷🏾♂️
Thanks for the applicable tips. Haven’t been affected by this myself but, someone I know may be.
Agree, companies need to take steps to mitigate risk. Sucks for the consumers.
Fuck these financial companies
Terrance Pride that's right T tell them lol we trying to eat and they bullshiting
@@AskSebby yet without the customer they wouldn't be where they are.....I don't.have any cc ..just like your channel
Thanks for this communication and wonderful video
Please advise as recently my existing credit card limit
has been reduced to 50 percent of previous limit
My monthly credit card utilisation ratio is below 10%
in old and new both limits scenarios.
Should i apply for new credit card with value of limit
reduction to maintain my current cibil score or
should not apply as my monthly credit utilisation is
well below 10 percent in new scenario. Please advise so that my cibil is not impacted adversely.
I’ve never missed a payment, put 10s of thousands of dollars through their cards with out issue. Sometimes over $1000/day in adspend. They just slashed my balance limit to $3300. Absolute joke.
it really is!!!
They sent me a warning email with the option of making a large payment to avert a further investigation or credit decrease, so I paid their ransom.
I have a feeling that Discover may do the same thing. Considering that they are mostly credit card focused. What's your thoughts on Discover asksebby?
Thoughts on Discover shutdowns here: ua-cam.com/video/a45HZ2GYMog/v-deo.html
Question. Chase recently pre approved me for two chase freedom cards. Would it be a good idea to take them on both of there offers or just be patient and grab one. To grab both will complete my CSR TRIFECTA. Thoughts.
Limits unchanged on mine. My account is six months old, so it’s a relatively newer account.
Thanks Sebby. I started watching your channel since Oct of 2019 with no credit. I followed your tips and got a secured card and today I got officially my first Fico score of 734 with Fico 9 and 720 with Fico 8. Thanks.
Congrats!! :)
Right after watch this video I got I letter from Amex , they decrease my limit from 5k to 2.400 , so I call them , so the guy was very kind and he ask me some question about my income , my job , my assets, he ask me how much I can pay now , I told him 1k so he agree to give me my credit back if I pay just 500 right now, my credit will be back in 30 days , the other option is go through a financial review which is not necessary if I pay 500 so that gonna do , good think I call them rights way .
what was your balance? Did they give you a reason for decreasing initially?
For many of you this is psychological because many never spend anywhere near your limit. However, what difference does it make if they drop your limit from $20k to $10k, if you hadn't planned on using it anyway? Utilization may go up, but unless you were planning for a large purchase it makes no difference. If you don't like the decreases, then close the account and your accounts are decreased by even more. CC companies don't care about your feelings, they have to protect their shareholders by mitigating risk and they do that by cutting CL.
Sebby posts, I watch and click Like!
And these clowns still want THE SAME ANNUAL FEE?!?!?!
Daniel W right I would cancel that shit & tell em to stick it up there as🤬
So far i am safe with $40k in personal credit and $21k in small business credit plus a platinum card
Hahaha. That ending tho! 😂
I get why they're doing it. It gets a lot of potential debt off their balance sheet, but I'm worried they'll hit people like me who are saving for a home.
zunedog31 same!
If your saving for a home why would it matter then? I'm confused at what you mean
The provisions for credit losses isn't because they are worried. They are required to increase reserves due to CECL regulations which were implemented in first quarter of this year.
I have 4 Amex cards - They dropped my my BCE card from $13,500 to $8,500 a few weeks back... I called them and they asked my income and moved it back to $13,500. I dont use the BCE a ton which may have contributed. I PIF all my cards every month so they only make money on my annual fees and discount rates when I swipe.
Thumbnail of this video: Sebby, goodluck cutting that Amex metal card with a scissor.
Well... I guess credit limit is important for either new credit folders and or people who use their credit as leverage. But normal people if they get cut $10k from their overall credit. It isn't a big deal. I currently have $122+ with charge cards. So $10 to $20k less wouldn't really hurt me. But YMMV lol
Hey Ask Sebby, im thinking about grabbing the amex plat charles schwab flavor. in terms of sign up-bonus, will it affect any eligibility if i decide to get the vanilla or any other versions? should i get the vanilla first? does the vanilla have any perks that the Schwab one does not have? mostly interested inthe 1.25mr cash out since i wont likely travel any time soon. already got the amex gold and green card, and i dont dip into the buisness cards bc i dont have a buisness. thanks Sebby!
Will they send out notices to us or just slash the limit on our cards without telling us?
In my experience credit cards companies do not give you a heads-up that your limit will be slashed. They act first, then send you a letter or email after the fact. I’m assuming a reason for no warning, is that companies do not want to give people a chance to run up their balance the last minute.
Sebby- American Express offers a savings account.
Does this apply to gold card holders? I have a zero percent utilization and 758 Amex Credit Score
Have $55K credit limit across 5 cards with AmEx now and 2 charge cards. Never been through a Financial Review but did have 3 claw backs due to self-refer. No credit limit change so far and I keep my utilizaition at 0-1% on my credit report.
Captions: "hey guys it's Sebastian from ask Sebby...."
Looks like they got it!
Wooo! It's about time! :)
My question to Sebby is that do you think Amex considers POT DIRECT as a credit limit? i have 35k both on my gold and plat and form time to time i also revolve though not too much. As of today all is well but i am curious about POT being considered as a credit limit
What about co-branded card's like Navy Federal 🤔
Just got my notification from Carnival (Juniper) card, reducing my limit from $16000 to $15640. Not much of a cut, but did make one.
So what you are recommending me is to pay off my Blue Cash balance ASAP?
When I worked at Barclays, we did CLD all the time based on changes in FICO. Most of the time, it was a result of you falling behind on another Barclays acct or a returned payment.
Thanks for the insight!
I recently got an American Airlines Aviator card (2019) via Barclays, as was assigned a very high interest rate. I have 700+ credit. Called immediately to ask for a reduction. Told me no. I called corporate offices, got lip service, with no results. I was always polite . you get more with honey than vinegar. The corporate office location was in Las Vegas so the rep said ? Odd .. because I know it’s not. Disappointed, for sure. They had three options, for interest rates and I never dreamed I’d get the worse rate. Now I only use it and pay it off. So frustrating . I won’t close it cause it will hurt me more. One thing I like about Apple Card, you see your rate and line available prior to getting it. Good idea to me. I’d be curious to see what you think about a interest rate reduction with Barclays. I have 28 years of good credit. Curious to know your thoughts ? Thx !
@@jasonb4988 You will never get a rate reduction just when you get a new card and no prior relationship. You could either take it or leave it. You could have closed the card if you weren't happy within the first pay cycle and it would not show up on your credit report. Sometimes after 6 months of on time payments, you could call again and ask for a rate reduction.
@@jasonb4988 i have had a barclay card for 10+ years and they won't give me a rate reduction with an 820 score. I won't close it as its my oldest card and a no annual fee. Plus I don't carry a balance.
In my case, its because I don't use my cards enough.
Yes, I notice that with my discover card. I was like what the hell.
They took away 26000 from me from my 5 cards
I’ve never been late with them or any other company
Sebby I have a 810 fico but AmEx just tanked 50 pts. They lowered my score no warning that I know of. I admit I have been using a lot over last 2 to 3 months. Would paying off the entire balance bring back up the score by next statement. Have you ever seen 50 pts go back up the next month??? Or will it just allow a few pts a month.
Pay some of the balance off before the statement close date to keep utilization low, and then pay the remaining balance when the statement closes.
Well i stick with discover, they raised my a few week ago.
Liquidated all my AXP position.
Hahaha Debby your the best and funny you mentioned the speed at witch you speak. When I watch your videos I turn the speed down to .75 to capture your information. Thanks again for all I've learned from you.
Gotta love that Ask Debby...
So this also applies to charge cards that don’t have a “preset limit”?
I think they're slowly going away from the charge card thing so it's possible.
They may be lowering what they’ll allow on a single transaction.
But in the end it’s not a credit card with a credit limit. They expect you pay it back.
My guess is they may pull back pay as you go limits.
A few years ago, they lowered the amount they would let me charge from $40,000 to $35,000 (no pre-set limit my Aunt Fanny). I have no idea why. The csr didn't know or wouldn't tell me. You can now check how much they'll let you charge on the website. At the time, it just came as a big fat surprise.
They cut mines by 2000 down to 8500 it's was on my amex blue cash and I've never missed a payment only had 1 card with a balance and that was my Citi bestbuy visa 1500/7500 limit.
Happened to me with USAA and pissed me off
Chase did this to me in 2008. I am in law enforcement and was moved to guard prisoners and did not have access to the internet or mail. They counted my payment as late. After a phone call they waved the late fee, but still reported me as late. They cut my limits in half and said i was scheduled to be dropped to a lower limit. I had never been late and had to make a payment of about 4K that day to get below my new limit.
If you didnt pay the 4k, would they charge you an overlimit fee? Doesn't seem legal that you can spend up to your legit limit, then they cut you below that number, and then they say you're over the limit??
KP I called them because I work law enforcement and due to a hurricane I didn’t have access to the internet or mail. When I explain to them the issue I had they waved the late fee but still reported my account as late. In this phone call I was informed that I had to pay a bunch of money right then or I would be over my limit. Mind you I payed my bill in full 6 mouths before and that was 7K. This was at the time when a lot of people were not paying their bills at all. For being a good customer this was the service I got. I took my lick and then found this channel and chase has made zero money off of me in almost 3 years. Is it legal who knows but I don’t have 20 lawyers and millions of dollars to fight chase. All I can say is THANK YOU SEBBY!
Good thing I have the gold card and don't have to worry about this!
It’s impacting us too. They are lowering the invisible spending limit.
Wonder if other issuers like chase are going to follow suit...i never use near my credit limits and pay in full every month
i've seen in many other videos that its happening across the board with other lenders.
Lenders can only lend x amount to thier assets that is part of it too.
USBank didn't lower my credit card limit, yet.
Instead, they started charging an annual fee of $25.
I will decide next year whether I will keep the credit card.
For now, the fee is inexpensive.
It's a concerted effort to tank people's credit scores by reducing everyone's total available credit. This way lenders have the reason to charge higher interest rates because interest rates are low.
Not at all true. They can charge you any interest they want they don't have to tank your scores. Also they just have to migrate risk
Late to the party!
🔥
Feels pretty reasonable. You hit it on the nose; Amex makes their revenue on credit cards alone. Why would they not adjust the business model accordingly?
#SQUAD
🙌
I received a letter dated 8 May 2020 from Amex. They reduced the limit on my Amazon Prime Business from $15,000 to $5,000. They cited low usage as the reason. They left Simply Cash Plus ($10,500), Blue Business Cash ($13,500) and my old Blue personal card ($10,000) alone-despite rarely using them. Historically, I did use those cards more than Amazon, but now only Blue Business Cash gets much spend. I am leaving it alone; $5,000 is plenty for my spending.
Not a problem with the decrease, but the delivery of the credit cur happened the day i was travelling. I called and was told to reapply. This would take a few days. That was really helpful as i was standing in front of a rental counter. I was also told that they would cover two charges involved with my travel, and this was not honoured. The call centre was no help, So never again. They are more expensive in fees, so i will pay them down abd take my business elsewhere. I also disagree they have a flawed business model as everywhere i try to use AMEX i am told they charge too much in fees so a lot of stores do not use them.
A side note is also my income has increased ten fold since starting with AMEX and the operator said it could be due to my ability to pay..... 22 years and treated like dirt. Bye bye AMEX, i would not recommend them at all.
I'm keeping my eyes on my Chase, and American Express limits so far no change I've been a customer of Amex's for 23 years now and Chase's for 21 years my income hasn't been affected by this economic downturn and I'm still making my payments should I be concerned all my limits on every other card has stayed the same except for my Discover IT Miles the limit increased from $6K to $8K and my IT Cash went from $8K to $10K I've only been a Discover customer since 2016 and rarely use my Discover cards
It happened to me. Without warning, my limit was decreased from $20,000 to $10,940. I called customer service and the representative opened a reconsideration case for me. I was contacted by a credit analyst the next day and was asked to submit proof of income. Since 99% of my income consists of a salary I receive from my employer, the analyst and I agreed that I would submit my paystubs rather than my tax returns. Within a day, my limit was reinstated. Out of curiosity, I asked the analyst what triggered the credit limit review. She explained that an unusually large purchase had tripped the algorithm. Apparently, my espresso machine was deemed a risk by the algorithm!
I have a Blue from American express since '06 with a credit limit of 8k and a Hilton Surpass since last year with a credit limit of 8.5k. Utilization was under 3%. They haven't touched my credit limits, yet.
I prefer they don’t change my credit available, but if they did, I probably wouldn’t notice......trying to do a Dave Ramseyish kind of program here. They should be courteous and just send us a email or text to say credit limits changing, call if you have questions.
Weird thing. Im a college student with a 30K limit on one card. I was stoozing some funds of about 15K, and paid off the entire balance early may. Just checked my account, limit still 30K.
I don't know why some people who actually need their limit are getting it cut while im left with a 30k limit, which I have zero intent of using. I think the most ive ever used at a time was 3K.
Sooo informational
Uh-oh. Just applied for one and got $12,500 limit and already put 10k on it. About to check if they reduced mine....
I love ❤ your video's very smart and intelligent young 👨 thank you. 😊
Haven’t lowered any of mines yet. Also since this started I got the blue business 18k limit and Hilton Aspire 25k limit. Oldest card with them is only 2 years. Also have 6 other cards with them
i dont have a amex yet..but have been paying off debt since 2017..my credit limits have been going up/and credit score can complain in these times ...People have to go on a debt diet...a borrower is a slave to the lender and this is true from biblical times to now
My plum business card had no preset spending limit and they just set a $100k limit. My balance is $149k on it so they suspended all my spending. Not cool.