I received an e-mail today stating that my credit limit was lowered from 34,500 to 7,000 based on a "soft inquiry" on my credit report from 2007. I have never had a late payment with them and all of my other accounts with other companies are either paid early or on time. They said that I had "late payments" on one of my accounts. My mortgage is paid on time! I'm not defaulting on anything but yet, I'm getting punished based on the "economy" is what customer service told me. What b. S! Once I pay my bill off, it'll be a cold day in hell before I ever use American Express again.
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