I am a good credit card customer. I have never missed a payment and always paid atleast my minimum payment no matter how bad my financial situation has been for almost 10 years now. You would think that credit card companies would appreciate me as a customer considering how many defaults have been taking place.
You thought wrong, I am getting the feeling that the card companies see me, and many other good customers, as defaults waiting to happen rather then the responsible customers we are.
American Express is the worst offender, they have slashed my limit twice and have been "chasing" me down as I pay off my card. It is kind of insulting that they would do this when I have given them no reason to suspect I would stop paying my bills.
I know that my credit score is much lower now simply because they have lowered my limit to just above my balance reducing my debt ratio and it pretty much sucks.
My opinion of American Express has really been adversly affected after this treatment and I really question what will happen to them in the future if they continue to treat their good customers this way.
Maybe Dave Ramsey was right after all.
Tuesday, March 24, 2009
Credit Card Companies are slashing limits and Ruining Credit Scores
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2 comments:
My AMEX went from my favorite card to the back of the wallet a few weeks ago. I've used it for years for work expenses ($4k-$6k per month) and always paid on time.
Because I travel so much, I buy tons of things online, and recently, they started rejecting charges for "suspected fraud" - a real piss-off for me, since they never bother to call and let you know they rejected a charge. I'm sending angry emails to online stores, and I find out the item never shipped because my payment bounced.
My wife's AMEX started doing the same thing in the past week, so they're likely to get a couple of cut-up cards in the mail real soon.
Uh, Chris, no insult intended, but you're actually a horrible customer for credit card companies! Come on, paying all your dues in time? Never ever letting the suffering companies earn some much needed late fees? And even though they desperately try to get you into defaulting, by reducing your credit, you still refuse to give them any additional money? Horrible behavior! If all folks would be like you, Amexco and MasterCard would be bancrupt now, and you, the taxpayer, would have to bail them out!
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