Legal Question in Credit and Debt Law in California
I have had good credit for the past eight years, never been late on a bill, and none of my credit are 50% over the balance or maxed out. Recently, my American Express Card was cancelled, which reflects negatively on your credit report. American Express said I have $40K in debt, which is student loans and my car payment, which I had when I applied for the card. I want to know my rights as a consumer. I have spoken and written to American Express to have this reversed, but they will not change this action. I need your help and advice on this matter.
The only recent inquiry on my credit report is for a car re-finance loan to a lower interest rate and lower monthly payment. Secondly, my GEMB/Len crafters account was paid off, my capital one credit card has been paid down as well since I have had the card, and none of my credit cards are over 50% or maxed out. All of my accounts are in good standing and have been paid on time in the past eight years. Furthermore, I haven�t had any negative activity or been late on any bills in the last eight years.
1 Answer from Attorneys
New restrictions on credit card companies went into effect recently, causing them to clamp down on their policies. It may be as simple as you weren't using it enough to make it worth it to them to keep you, in case you ran it up. You don't have a right to a card. You don't have any legal recourse here.
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