I have been a Platinum Card member since 1981 - My wife had a platinum optima card with $26,500 never been late - lowered to $3200 - my Blue for Business was unlimited and today an email says only $2300 - i am pissed and think everyone needs to cancel their cards and tell AMEX to take a hike - this company is in trouble so sell your stock and tell your neighbors - wouldnt be surprised to see this on CNBC and Cramer by thursday
First time posting here and don't think I have ever held any significant amounts, if any, of AXP stock. However, I was watching some other stocks which I do own while arguing this morning with the dreaded call center of AXP.
About 6 months ago, out of the blue I get a notice of a reduction in my limit. With a my Amex account tied to my personal account(spent millions of $ as an AMEX user)...my personal limit was quite high. So I call them and am told my personal spending habits were the reason the reduction! I was like HUH?? I mean no hookers, drug purchases or anything shady....maybe a company junket or two, but spending pattern?? I kind of thought they wanted me to use my Amex card?
So, today I get notice of another more significant reduction. Again I call and now I am told there is something negative on my credit report....so while they are on the phone, I run my credit report with all three of the major reporting agencies. Nothing! Scores all slightly below 800 and nothing gone unpaid etc. After hemming, the "supervisor" tells me I would need to send proof of nothing on my credit report. A 2nd HUHHH? How do I send proof of nothing negative on my report...and btw don't you get credit report on your customers?
So I attempt fax over my 3 agency report several times and no answer.
I call back and am told I have the correct phone number but "today's a VERY bad day with lots of angry Amex customers all using the fax line".
So sorry about the long rant, but I've gone to a limit of $3,900 from $100k for no reason that I can decipher......I'm thinking AXP should be getting shorted BIG TIME?
Here is a paragraph form the letter that they sent me to lower my credit limit:
"Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency(ies) identified in this letter. (None were identified!) PLEASE UNDERSTAND THAT THE REPORTING AGENCY PLAYED NO PART IN OUR DECISION AND CANNOT SUPPLY YOU WITH THE SPECIFIC REASONS FOR OUR DECISION. (WTF!) You have a right under the Fair Credit Reporting Act to obtain a free copy of your credit report from the reporting agency, if you request it no later than 60 days after you receive this notice. (Thank you for a free report that did not factor into your decison!) If you find any information contained in the report you recieve is inaccurate or incomplete, you have the right to diispute the matter with the reporting agency. (But not American Express because they don't give a flying fu*k!)"
You would have to be out of your mind to be long AXP ... this POS company is going to get slaughtered!
In regards to canceling your cards, I totally agree, there is one problem though...one would lose all their points/miles if they do so. I have 347,000 delta skymiles and don't want to lose them nor do I want to pay a $95 annual fee for a business card with a $1,000 credit limit. This is total BS! I am so going to enjoy watching this company get stomped on by big money! Sell them down the river!