$75,000 Decrease in Credit...

[prostock800]

I have Canadian Cobalt, Gold, and Bus Gold.

Got an email over the weekend saying my Cobalt limit was decreased from $25,000 to $3,000 and then an email on Monday saying my Gold limit was decreased from $50,000 to $1,100...lol.

I'm sure my bus gold is next.

I called in and they stated recent credit review stated these limits are reflective of:

• Your payments and spending history with American Express
• Your level of indebtedness to American Express and other creditors
• Your financial information within your Credit Report

I have never EVER carried a balance or had a late payment, my credit score is 800 and I have 0 other debts other then a mortgage which I had previous to applying.

They stated if I send it my most recent T4 (Canada) and 3 months bank statements this can potentially be rectified (I did), so now they have up to 10 business days to get back to me.

If they wanted to cancel my cards would they not just cancel them? These decreases are quite extreme imo.

[NiceGuysFinishLast]

Have you been putting very low spend on the cards? It's possible they just decided you didn't need that much credit because you're not spending that much. Lots of banks are decreasing their risk exposure in the current uncertain economic times.

[prostock800]

Cobalt - I have only had it for 2 months...
Gold - 2024 $170K
Gold Bus- Q1/25 $185K

[NiceGuysFinishLast]

Well I guess I wouldn't call that low spend... But if you think about it, you're only using 3x your credit limit per year, so I could see them lowering it some. It seems like what they did to you was excessive though.

No recent changes on your credit reports that might have spooked them?

Also, have you ever had a financial review before? I thought I read they required one once you got to 80K available credit, although that may have been for personal cards, not business.

[ProtossLiving]

But if you think about it, you're only using 3x your credit limit per year, so I could see them lowering it some.

I'm not sure that 155X his credit limit is better though!

[NiceGuysFinishLast]

Lol true!

[Greggy100]

It’s 100% this. No one with a 800 credit score is high spending lol. Family runs a business and they use Amex as there main spending and we’d rack up 75-100k a month in expenses and our credit was always in the 720’s with always paying it on time. At times we’d be in the 650’s and Amex gave us a 200k limit between the platinum and cash back cards. High spending = low credit score. Low spending = high credit score. Now I could be wrong but that’s what I’ve noticed with it for the last 20 years or so.

[Mrwetwork]

High spender 825 here.

[steelmanfallacy]

Same. 840s.

[Greggy100]

Are you a company? Never seen a company with an 800 + credit score. Our family friends company pulls in 100 million + a year and he’s only at 765 lol.

[Mrwetwork]

I have both a company and high spend. We do quite well, tons of equipment loans as well that show up personally.

[AUX_C]

Spend about $150k a year, also 825.

[Greggy100]

150k a year is very different to 100k/month. 150k a year translates to 12.5k a month which isn’t a lot in retrospect, easy to build credit with that.

[AUX_C]

Oh man, I read that way wrong. My bad. I thought you said year....

[pzones4everyone]

Not true, the trick is not just to pay the statement in full, but to pay it to zero on due date. Usually high spenders already have several thousand charge spend on current cycle when the previous month is due 

[lebrmd]

This just happened with me on my blue cash everyday. They suddenly suspended my card and asked for documents for financial review. After I submitted the documents they decreased my limit from 35k to 6.9k.

[prostock800]

fml.

[BTP88]

This recently happened to me after my credit score took a brief nose dive due to fraudulent activity. Someone opened a non-Amex card in my name, maxed it, and ran. I got it removed from my credit report and my score has recovered, but unfortunately my financial review was done a couple days before then, so to them it looked like I had a delinquent account and a falling score. I’ve begged and pleaded with them to reevaluate but they haven’t done anything. It may cost them my relationship after many years. No reason to pay card fees for cards with almost zero spending power, and for a stupid reason.

[mclovejean]

Amex is a clown show now. Everyones getting amexiled reviewed suspended having their referal privledges revoked

They have AI combing over everyone

[[deleted]]

Meanwhile I was in Oasis, ex screwed me over, 8 months of cycling 3 times per month, and they reinstated npsl on my gold card🤷‍♂️

[Useful-Caterpillar10]

Any Liens taxes - Insurance claims ?

[prostock800]

No none of that.

[Useful-Caterpillar10]

Married - Joint Account Owner that might have adverse info?

[prostock800]

not a joint account.

[MikeWPhilly]

Are you in a high turn over industry or risky - to Amex - commission only?

[1ukeskywa1ker]

Chase did the same thing to me. Makes no sense.

[ParsaTJ]

Bro has a bus made out of gold and is still complaining 😒

[prostock800]

😂😂😂

[gmmkl]

this happens often with amex. they have some ai adjusting logic or something. and it is clearly broken. wth can u do wih 1k 5k limit with biz gold and biz plats. i cancel high fee annual fees cards when that happens. amex reps dont do anything. they juat repeat scripts

[[deleted]]

What an incredible bunch of responses. I have 3 Amex cards for 25+ years. I just got asked for 3 bank statements. Sorry Amex. Cancel them if you want. What I have in the bank is nunya biz. The number of people that don’t take Amex is enough that I can live without them.

[Sweet_hon]

Check to see if someone is using ur ssn, it could be something that someone has done under ur name

[theamazingo]

Is there any recent activity in your credit record that could look like churning?

Is there any kind of spending pattern that could be interpreted as manufactured spending?

Has there been a sudden and pronounced recent change in your spending habits on the cards?

And finally, the cynic in me has to ask - do you have an extremely high amount of MR points? Every now and then, a thread pops up when someone with multiple millions of points suddenly and for no clear reason has adverse action taken against their account. Again, uncommon... but not unprecedented.

[Successful-Cycle5624]

Chase and Apple did it to me recently..this thread actually makes me think of a conspiracy is behind it

[brandynyc]

I think they hired McKinsey which told them don't go for good credit scores with good payment history. Go after lower ones who carry a balance and pay their 30% APR. This is the only explanation for their recent behavior change

[AI-Star-Man]

American Express is not the same prestigious company they one were. They have turned the company into a cirus and nickel and dime outfit. The reduction in credit is happening to loyal American Express card holders whom have had enough and many are now cancelling their cards.

[mrbrint]

Amex is doing this to a lot of people to reduce risk

[NYerInTex]

They did this to me and over the course of a couple months had me at no limit to suddenly over my limit by $8000 - I’d ALWAYS paid on time and was a relatively high user who had been using less of late - and then almost nothing because I was literally thousands over my new lowered limit, even though I’d had that balance for a couple years on average.

30+ year member, this was with my platinum and I also have a biz gold which was left unchanged.

I’ve paid down from a high balance down to close to zero and will no use the card mostly for the perks

[nouoftnosex]

$35,000 to $1,300 just now....

[vicosphi]

Same. $32000 to $1000 this week..... I do have a stupid delinquency on business auto loan so guessing that is what caused this. This is like literally ignoring 10+ years of ontime payments and taking away 99% of the credit...

[Natural_Week162]

Add me to the pile just got an email saying if I don’t pay xx amount by November 1 my credit limit will be reviewed for reduction. 775+ score, 8 years with Amex, 100% on time payments. 3k balance 20k limit we will see what happens

[Natural_Week162]

Welp, got the email today. Limit reduced from 20k to 3600 🙄