I am writing to share my experince from this evening with American Express. I have a 714 score with Experian. A/X left an automated message indicating that my credit rating was reduced from $18K to $4,400. I owe $3,500 on the card, I have a perfect payment history with A/X and that reduction will now put me in an unfavorable position with the credit bureaus as I will be over 50% of my limit. I called and they told me that they reduced my limit because Experian showed me as a high risk. I informed them that this indiscriminate move will give cause to lower my credit rating. The supervisor told me that she knew that but they can not change the 'review boards' decision. My credit report is very clean and the 714 score is not shabby. AX really is as despicable as the rest of the banks out there sucking off of the government motherhood. They took Government money and now they are throwing all of us who have been faithfull cardholders for years in the crapper.
I have cancelled my card, I will pay of the balance by the end of this month and I will cancel all other AX company cards within the organization where I work.
I hope others will read this and do the same.