What can I do to rebuild my credit rating?

In March American Express arbitrarily canceled my credit card even if I had been paying for it in FULL because of a small ($50+) outstanding balance I had with another credit card and had credit history before i had a US SSN (i recently became a permanent resident but had a guaranteed credit card before then). I called up American Express and asked them not to do it because it would affect my credit rating but they did anyway. and now my credit rating has plummeted. What can I do?

Asked By: Michelle D - 6/28/2009
Best Answer - Chosen by Asker
Be Careful, your other cards will follow them. It has happened to me.It is in the fine print when you signed up for the credit card. Put a note into all three of the credit reporting agencies explaining what they have done. All of the Credit card companies are doing this to all of the nation.It depends on who you talk... More
Answered By: DeDe - 6/28/2009
Additional Answers (2)
all credit card companies are being especially arbitrary in how they handle their accounts now due to the recession. Unfortunately, you are one caught in the middle. Unfortunately, this could take time, but I would use your other card and pay it off every month which will be a good way to rebuild your credit history... More
Answered By: chefddr - 6/28/2009
Get another credit card. I am sure you have been receiving these offers through the mail. Open up another card. Banks don't like it when your not late and when you pay off your total balance before they can earn any interest on you. Well, i say too bad, they rip enough people off. If they did this to you then well... More
Answered By: lisa b - 6/28/2009
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