AMEX ILLS OF THE VERY WELL HEELED
By JAMES FANELLI
January 4, 2009 --
Even New York professionals raking in six-figure incomes have been sideswiped by the recent credit crunch, with some having their American Express cards unexpectedly canceled.
One jewelry-company exec saw her AmEx credit lines dwindle down even though she had never fallen behind on payments.
Ronnie Dobkin, a card holder since 1997, was embarrassed when her platinum card was declined at a fancy dinner.
"It was totally shocking," Dobkin, 53, told The Post.
About a month ago, Dobkin had taken out a $633,000 mortgage condo. The financing temporarily dropped her credit rating.
According to consumer groups, credit-card issuers have grown tightfisted. "We're always evaluating our risk-management strategies and making changes as needed," said AmEx spokeswoman Lisa Gonzalez.
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2 comments:
I am all for it. Amex just slashed the limit on my small business card by 80%, making it useless. I have canceled all of my Amex cards and consequently, will also cancel my Costco membership since I can no longer effectively shop there for my business.
My credit scores are very very good, excellent in fact. I have never been late. I've never been over my limit. My credit is spotless, in the mid 700s. There's no excuse for this, and it is going to cause harm to my business and cost me a lot of time to get my vendors changed over to other payment methods.
It's a huge, unjustified hassle.
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