American Express canceled my account. Will this hurt my credit score?
I’ve been an American Express customer for more than 20 years. I was never late, never went over my credit limit. While out of town recently, I tried to use my card to pay my hotel bill and was told it was declined. I called Amex right away and after waiting on hold for about an hour, I was able to speak to a customer service rep who said my account was CANCELED due to a change in my credit score.
Needless to say, I was upset. I checked Experian when I got home and everything was ok, as it should be, since I keep all my accounts current and under my credit limits. I’ve since learned that Amex has been having financial difficulties. They needed a huge Federal bailout ($ 3 billion plus.) Apparently, through their mismanagement, they’ve run out of money and are closing accounts and lowering credit limits to conserve their cash. I can’t imagine they’ll be around much longer if this is how they treat their long-term customers. I heard that if they rather than I closed the account, that this hurts my credit score. Is this correct? Do I have any recourse against them? By the way, I paid my account in full within 10 days of their closing it.