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Wow...Why am I not surprised by Amex. There are more and more complaints about them.
@Anonymous wrote:This company needs a consumer interventionist! !!!!
Ok one is approved for an Am Ex card with a $3500 limit in September. Uses $2650 and pays $100-$200 timely monthly payments. Has a $1000 balance in July with 5 months to go in the 0% interest period.
That is an over $1600 reduction in the balance in 9 months. Nothing wrong with that. Excellent payment history. With Capital One that would get you a cli. That is what a revolving account is for.
Let's stop taking Am Ex's side on this. Complaints need to be filed and if this is out of the parameters of the CFPB, then a highly organized movement must be started to combat this unjustifiable behavior of Am Ex and other banks. This cannot stop without an AGGRESSIVE consumer movement.
No, AMEX and other CCC do not make these decsions out of the blue: "Who will we CLD today Charlie?" "The computer says this one, Bill" "No, I think we should CLD the next person on this random list of cardholders.... Done!"
What we most certainly do not have, and do not get without a lot of questions being asked of the OP in threads like this, is the Rest Of The Story. There is a lot of generalized speculation in these threads, but the fact is the CCC had a reason to take action on one of their customers, based on some mix of information they saw about that customer. End of game.
The OP can move on, but whatever mix of actions caused the AA isn't solved by doing that. It may be the number of auto loan inquiries, we did not get an exact figure for that. In other cases people have had dozens of new inquiries when a dealer goes hog wild looking for that last 0.01% reduction in APR, and the additional $20 in his bonus check.
And when this goes up before Congress, you can bet the CCC will have The Rest Of The Story. The hearing committee will say "Oh. Ok.... What's next on our agenda?"
Chase/Amex/Citi and BofA all will take AA on a person if the wind blows in the wrong direction. Granted at least BofA usually gives you a courtesy call prior. It is kinda sad they give limits, but if you say goto 50% or 70% of them then AA can happen.. I understand it is within their rights as it is their money, but what is the point of having said limit if you cannot use it? That makes it just a pretty $ on your credit report and nothing more basically. I have an Amex with 23k, but could I use that 23k without them getting freaked out before I even came close to that $ figure? Only Amex knows that, but most likely I would get some form of AA in the future unless I paid it off the following month or half of it off. Only one lender I really know that doesn't take AA and I respect them for that and that is Cap1. I talk alot of smack about Cap1, but least you know you can use that CL without being slapped for using it. At the same time I agree if said person makes 10k a year (just making up a figure here) and charges 2500 on credit card of 3500 limit I would be a bit worried being a lender. In this case if person was paying back 100-200 a month back on a 0% apr, I think it is a shame what Amex has done.
So ya most of us have CL's that are big, but if we actually use them then chances are we will be penalized.. Why not just give out a real CL vs an inflated one that a lender really feels comfortable with vs. a "fake" one. Each lender wants a persons business so they basically beat the previous highest CL, hence part of the problem as well.
@Anonymous wrote:
How about: If you don't like their policies, don't do business with them. Please stop it with this intervention and regulation nonsense. They are regulated to make sure they do not have to be bailed out, not so Joe Blow can go out and buy a Tesla on his AMEX and pay it over the next 10 years.
Sad thing is all banks will be bailed out by the tax payers again if their is an economic meltdown, no matter how conservative they are..Look at the 2008-2009 meltdown, their isn't a bank on there that didn't take a handout from joe taxpayer