American Express has reduced my credit limit on all of my AmEx cards. I had 3, with total credit of 20K. I was using around 8K of it. The rest, just like every single card I own was always paid on time and not just the minimum due. They decided to slash my credit shortly after I saw a report on CNN or CNBC about AmEx possibly reducing available credit for many consumers in order to reduce their own risks. This was a shock to me, they never contacted me, never evaluated any credit/employment situation etc. They just lowered it, end of story.
Before I even had the time to start fighting it - Chase does the same exact thing on 3 accounts I have with them! Whatever AmEx started - lowered my available credit ratio, set off a flag at Chase and they followed! Within a month my credit looks like I am almost maxed-out, irresponsible loser! Just today Bank of America closed my overdraft protection! American Express set off an avalanche that completely ruined my credit score! This has to be illegal! How can a person that pays bills on time be punished by bad decision making and risky credit policy exercised by American Express who lends to people that do not pay and never should have had credit in the first place? Why am I the one punished for it?
What can I do here? This affects me, affects my family. I am outraged!!!
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