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PersianKitty · 11-20-2008, 07:24 PM

Got a letter in the mail today that American Express is doing away with their Business Line of Credit and Business Capital Line programs as of 1/15/09. As of 11/15/08 (the day after their mail was created) existing Loc and BCL accounts are limited in further purchasing capacity to 10% of the unused credit limit + the current outstanding balance as of the last statement.

In other words, a $35K line of credit that I never bothered to use is now cut to $3.5K and an then to nothing in 2 months.

Wonder what's next.. my BofA 3.24% home equity line of credit (contracted 2 years ago).

Since my home is paid off and I don't have any loans, to keep my good credit rating, I opened the equity line of credit and use it occassionally then pay it off in large chunks.

Bleck.

I stopped looking at the few stocks I have and my retirement fund (in mutuals) about a month ago.

11-20-2008, 07:24 PM
PersianKitty Meow Media Inc. Industry Role: Join Date: Jul 2001 Location: In the valley of the sun, cactus, tacos, tequila, and nod Posts: 7,785	AMEX doing away with biz lines of credit Got a letter in the mail today that American Express is doing away with their Business Line of Credit and Business Capital Line programs as of 1/15/09. As of 11/15/08 (the day after their mail was created) existing Loc and BCL accounts are limited in further purchasing capacity to 10% of the unused credit limit + the current outstanding balance as of the last statement. In other words, a $35K line of credit that I never bothered to use is now cut to $3.5K and an then to nothing in 2 months. Wonder what's next.. my BofA 3.24% home equity line of credit (contracted 2 years ago). Since my home is paid off and I don't have any loans, to keep my good credit rating, I opened the equity line of credit and use it occassionally then pay it off in large chunks. Bleck. I stopped looking at the few stocks I have and my retirement fund (in mutuals) about a month ago. __________________ Wondering what webmaster programs PK uses? Check them out here!