A similar thing happened to me, where I saw my AMEX credit line suddenly and unexpectedly reduced from $74,000 to $32,000. I had been using my AMEX Delta Skymiles card for both personal and business expenses, usually revolving large balances (which I thought credit card companies considered a good thing -- until the recession) but always meeting my payment deadlines consistently for more than two decades.

American Express is not the only lender to reduce my credit. But somehow, a carefully worded letter from Chase explaining that the reduction was all about the company's efforts to deal with an uncertain economy and in no way a reflection of the responsible way I pay my bills on time took much of the sting out of their actions. Whereas American Express sent me a cold-looking form letter that mentioned their decision could be based on my credit report, payment history, or other factors -- but that they were not at liberty to discuss which factors were involved in my reduction in credit.

I realize AMEX's decision was nothing personal, but that's unfortunate. All good business decisions should be personal. I have switched all financial transactions to my Visa check card and have ceased using my American Express card. While it worked nicely during the Reagan and Clinton economies, I find it unpredictable and unfriendly during the current economic crisis -- a fair weather friend indeed!