AmEx slashes family's credit limit

AmEx slashes family's credit limit

There are 71 comments on the WOOD-TV Grand Rapids and Michigan story from Nov 11, 2008, titled AmEx slashes family's credit limit. In it, WOOD-TV Grand Rapids and Michigan reports that:

As Americans become more reliant on plastic to get by during this economic slump, credit card companies are cracking down on their usage.

Join the discussion below, or Read more at WOOD-TV Grand Rapids and Michigan.

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rav5jkc

United States

#1 Nov 11, 2008
how is this even news at all, someone in jenison had their terms with amex changed, ALERT THE PRESS, i bet this attention hungry woman called channel 8 to get them to investigate or something
cglupker

Hudsonville, MI

#2 Nov 11, 2008
must be family member or something.
Dominic

Bad Axe, MI

#3 Nov 11, 2008
rav5jkc wrote:
how is this even news at all, someone in jenison had their terms with amex changed, ALERT THE PRESS, i bet this attention hungry woman called channel 8 to get them to investigate or something
I agree, this woman is probably lying in a desperate attempt to get on TV. I'm surprised she didn't burn her own house down in order to get attention, like that wacko lady did last year, or the guy who burned his own flag in his front yard and then called the TV station and claimed it was a hate crime.
nunya

Traverse City, MI

#4 Nov 12, 2008
Come on WOOD.. Anyone listening to police scanner knows theres plenty of news.
WHY is this considered news? Come on who cares..
Jonbob

United States

#6 Nov 12, 2008
How is this a bad thing? The bottom line is: If you don't have the cash on hand, you can't afford it. If she's using more than the new $2500 limit, she's just asking for insane interest payments, and eventual financial doom. When times get tough, cut the fat, don't pay interest on it.
grc

Allegan, MI

#8 Nov 12, 2008
This woman needs to call Amex and determine if the email is real or not. Generally, credit card companies do not alert you to these things via email. If they do, a lot are a scam. If she doesnt get a mailed letter soon, I would be skeptical.
lisamom

Rockford, MI

#9 Nov 12, 2008
Where did we get the idea that we have the right to "rely on credit"? If this woman has a "great" job and her husband is employed and her mortgage is paid, then she is simply living above her means on credit. Not a good idea. The borrower really is slave to the lender.
ShamelessHussy

Grand Rapids, MI

#10 Nov 12, 2008
Credit is a privilege, not a right. If she has college tuition due, she can apply for a guaranteed student loan through FAFSA just like a lot of students. The interest rate is lower than a credit card.
real american

United States

#11 Nov 12, 2008
Jonbob wrote:
How is this a bad thing? The bottom line is: If you don't have the cash on hand, you can't afford it. If she's using more than the new $2500 limit, she's just asking for insane interest payments, and eventual financial doom. When times get tough, cut the fat, don't pay interest on it.
It's a bad thing because, if she had a $10,000 dollar credit limit, and had $7500 on it, Now she would be $5000 dollars over the credit limit.And thus they are now going to start charging her over the limit fee's,unless she can find a way to pay the $5000 to get it down to the credit limit. And for millions of americans Who do not live with there mom & dad, this is virtually impossible.New's 8 is forwarning people to beware.
the savior

Grand Rapids, MI

#12 Nov 12, 2008
This is just a glimpse of what will happen since "the savior" is our new president. The rich people get the shaft and you poor folk will be given free money.
normal

Grand Haven, MI

#13 Nov 12, 2008
We've had an AX card for 20 years, THERE IS NO LIMIT, no interest, because you HAVE to pay the card off EVERY MONTH. If you don't it's gone.

We don't carry any balances on any card. It is just stupid. Don't buy it if you cannot pay cash.
real american

United States

#14 Nov 12, 2008
the savior wrote:
This is just a glimpse of what will happen since "the savior" is our new president. The rich people get the shaft and you poor folk will be given free money.
That's Funny
Old news

Holland, MI

#15 Nov 12, 2008
For those of you who think this isn't news....it was reported on all major news outlets 3-4 weeks ago that AMEX was going to start doing this do to THEIR need to lower the amount of credit on their books.
And its happening to just about everyone--no matter your credit score, credit limit, employment status. Its because of the credit crisis and that started way before obama!
And it hurts not matter what your status is--lets say you have a $500 limit and had $50 on the card. AMEX cuts your limit to $100 you suddenly have gone from using 10% of your credit to using 50% of your credit---WHICH LOWERS YOUR CREDIT SCORE. Making it harder to get a mortgage, buy a car, rasies your insurance payments, raises your intrest rates, on and on.
You may not think it is news, but CNN, FOX, AP, MSNBC all did--3-4 weeks ago.
E-baas

Decatur, IL

#16 Nov 12, 2008
This is the Credit Crunch everyones been warning/telling us about for a year now. It'll get worse. Now that the limit was reduced I would guess her FICO score also went down 10-15 points (based on a amount of lower available credit). This means when her auto insurance policy is reviewed they can raise her rates because her FICO score went down. And on and on it goes!
dad

United States

#17 Nov 12, 2008
normal wrote:
We've had an AX card for 20 years, THERE IS NO LIMIT, no interest, because you HAVE to pay the card off EVERY MONTH. If you don't it's gone.
We don't carry any balances on any card. It is just stupid. Don't buy it if you cannot pay cash.
American Excess did have cards that let you roll continous balance. I'm lost on your last statement? Seems to go both directions and contradict yourself.
E-baas

Decatur, IL

#18 Nov 12, 2008
Old News you dog! Stealin' my thunder like that!
Careful Reader

East Lansing, MI

#19 Nov 12, 2008
What is a person, who qualifies for financial aid, doing with a $10,000 limit credit card? Add to that, a 2-income family and a mortgage that's currently paid-up (until next month's payment is due?). Something isn't right with this story and it should be checked into. There is a reason the credit limit was lowered!
dad

United States

#20 Nov 12, 2008
Old news wrote:
For those of you who think this isn't news....it was reported on all major news outlets 3-4 weeks ago that AMEX was going to start doing this do to THEIR need to lower the amount of credit on their books.
And its happening to just about everyone--no matter your credit score, credit limit, employment status. Its because of the credit crisis and that started way before obama!
And it hurts not matter what your status is--lets say you have a $500 limit and had $50 on the card. AMEX cuts your limit to $100 you suddenly have gone from using 10% of your credit to using 50% of your credit---WHICH LOWERS YOUR CREDIT SCORE. Making it harder to get a mortgage, buy a car, rasies your insurance payments, raises your intrest rates, on and on.
You may not think it is news, but CNN, FOX, AP, MSNBC all did--3-4 weeks ago.
This only makes a difference if you worship at the alter of the great FICO score.
E-baas

Decatur, IL

#21 Nov 12, 2008
dad wrote:
<quoted text>
This only makes a difference if you worship at the alter of the great FICO score.
I agree. Pay as you go! Need a car, buy one with the money you've been saving. Haven't been saving? That rumbling noise and bright light rapily advancing atraight at you is the economy. Bummer....
student

Grandville, MI

#22 Nov 12, 2008
ShamelessHussy wrote:
Credit is a privilege, not a right. If she has college tuition due, she can apply for a guaranteed student loan through FAFSA just like a lot of students. The interest rate is lower than a credit card.
actually with dual enrollment at ferris and GRCC you need to pay your GRCC tutition in december and ferris and your loans and aid come in january. But clearly your uneducated to this matter. I have the same issues as she does and so do a few of my friends.

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