American Express
Frequent Credit Inquiries and Limit Slashed to $500 on Good Account

Not only is American Express slashing the credit limits of their customers, their "search and destroy" tactics to find potential high risk card holders are lowering the credit RATING of ALL their customers. I became aware of this when I tried to use my Am Ex card in January 09 and it was declined because my credit limit was exceeded. I immediately called Am Ex, as that card had a $10,000 limit. I would have been shocked to find a balance of even a $1,000 given that I pay all my credit cards off in full monthly. I was informed that there was one (1) negative entry on my credit report and that was the reason my credit limit had been slashed to $500! I exercised my right to get a copy of the Experian Credit Report, as I was unaware of any unpaid bills.

I talked to Experian and the phone operator immediately said "Let me guess. American Express?" when I told him a creditor had told me that I had a negative entry. When I received the Experian report there was indeed one (1) negative entry for a whopping total of $69. But even that debt was not mine and Experian promptly removed it from my record when I protested the entry. But what I did have on my credit report was SEVEN (7) pages of American Express checking my credit frequently, at times on weekly basis. For those of you who don't know, every time ANYONE requests a credit check for an individual it lowers that persons credit rating.

The rest of the Experian report was just all of my other bills being shown paid in time and in full. I subsequently read a net article that stated credit card companies, and specifically American Express, are trying to cut credit limits of people who hold a mortgage with a lender that is in trouble. Given that my mortgage is with WaMu that is the only reason I can see for American Express to watch dog my credit rating. But they are hurting the credit of anyone that they target in this manner. As of today all three of my credit scores are still above 770. If you happen to be on the edge of a good/bad credit rating, however, American Express may drag you down with their persistent vulturing.

I cancelled my American Express card today - good riddance. I hope others will follow suit. I admit trying to get the original credit limit restored before I threw my hands up in frustration. They were using a circular logic that read, and no I am not kidding, "We cannot raise your credit limit because American Express recently lowered your credit limit." When I asked them to explain that sentence, they claimed credit limits and credit increases were separate departments. When I asked for the number of the appropriate department that I should speak to, they gave me the EXACT same phone number I had originally called before being forwarded to them. Not only is there logic circular, so are their phone operations. They of course denied I had been targeted for a credit limit slash. The seven pages of American Express checking my credit weekly proves they are lying.

No wonder we have a government stepping into wring their necks. But I believe in the capitalist system. If enough of us tear up our American Express cards they will be singing a different tune.

Company: American Express
Country: USA
State: Texas
City: El Paso
Address: P.O. Box 981535
Phone: 8882583741

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