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Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008
0

Re: AMEX is pathetic - another victim of CLD


fused wrote:

jmbfl wrote:

maestro wrote:
They have already announced plans to layoff 7,000 employees.

 

Yesterday's news. We all know that.

Maybe you a I know, but not everyone else does. 


You're right! I'm sorry.

Frequent Contributor
Solarjuju
Posts: 335
Registered: ‎04-04-2008
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Re: AMEX is pathetic - another victim of CLD

Finally received their CLD letter.

 

Here are the reasons for my CLD:

 

  1. Your debt is too high with American Express or other creditors. (PIF AMEX every month. My other cards-only 3 hold balances, 2 have 0% APR and about 70% util. from BT,  1 paid off next month)
  2. Your repayment history with us and others is not sufficient to support your spending activity or outstanding balance. (perfect payment with all creditors for past 4 yrs)
  3. The overall credit risk associated with customers who have auto loan(s) from the lender(s) listed on your credit report. (is AMEX saying CAP 1 Auto Finance is high risk???)
  4. Your credit score as provided by Experian. According to Experian, your score is based on the following factors in your credit report:

            o   Proportion of balances to credit limits on bank/national or other revolving account is too high.

            o   Length of time accounts have been established.

            o   Number of accounts with delinquency.

            o   Serious delinquency, and public record or collection filed.

 

Yadda…yadda…yadda…

 

If AMEX used the 4th reason only, it is understandable that they’re using old derogatory reporting to justify the decrease, but they’ve crossed the line with obnoxious overstatements, undermining people’s “credit” intelligence.

 

I mean, why would one’s auto loan be anegative factor? I am very grateful for Cap One’s Auto loan because it helped me get back on track. To say they are “HIGH RISK” is absurd and labeling other financial institutions as a high risk lender is wrong.  AMEX is in no better position - they're laying off 7000 people. Capital One has not mentioned any major layoffs (yet).

 

I would prefer if AMEX be truthful and just told me they CLD me due to current economic situations.  I would be more understandable; but to tell me I am bad with my credit after years of repair, just upsets me and puts me in a bad mood.

 

I am sure if AMEX mentioned the economic crisis as reason for decreasing limits, many people would accept it more than AMEX pointing fingers at card holders, penalizing them for the past.

Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: AMEX is pathetic - another victim of CLD

I'm guessing your 70% util did it. Amex hates high util more than any other CCC. I'm not sure if this will make you feel any better, but I fully expect Amex to CLD me too even with very high scores and clean reports and super low util. I am a big risk, I have access to a ton of unsecured credit, so the way Amex might be thinking is what if I lose my job, what will stop me from maxing out my credit lines. What has happened to you, will happen to many of us over the coming months, and it won't just be Amex. I look for BoA, FIA, Chase, CITI an all others to drastically reduce credit lines too.
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
0

Re: AMEX is pathetic - another victim of CLD


fused wrote:
I'm guessing your 70% util did it. Amex hates high util more than any other CCC. I'm not sure if this will make you feel any better, but I fully expect Amex to CLD me too even with very high scores and clean reports and super low util. I am a big risk, I have access to a ton of unsecured credit, so the way Amex might be thinking is what if I lose my job, what will stop me from maxing out my credit lines. What has happened to you, will happen to many of us over the coming months, and it won't just be Amex. I look for BoA, FIA, Chase, CITI an all others to drastically reduce credit lines too.

I have also been wondering if I will end up with AA against me due to the fact that I have a LOT of available unsecured credit. 

Here we go again...
Frequent Contributor
Solarjuju
Posts: 335
Registered: ‎04-04-2008
0

Re: AMEX is pathetic - another victim of CLD


fused wrote:
I'm guessing your 70% util did it. 

 
That is my Discover Card. I've been paying double the minimum a month on that. Used it for BT and pay off other cards with APRs.
It was about 85% earlier in this year. But 15% is not good enough for AMEX. 
Actually, I should start thinking the opposite - AMEX IS NOT GOOD ENOUGH FOR ME!
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: AMEX is pathetic - another victim of CLD


Solarjuju wrote:

fused wrote:

I'm guessing your 70% util did it. 
That is my Discover Card. I've been paying double the minimum a month on that. Used it for BT and pay off other cards with APRs.

It was about 85% earlier in this year. But 15% is not good enough for AMEX.

Actually, I should start thinking the opposite - AMEX IS NOT GOOD ENOUGH FOR ME!

Ow, bitten by the BT!

I don't know that they compare reports when they do this. My guess is that when it's your turn for them to check you out, they're gonna look at the current soft and go with the numbers on there, neither knowing nor caring that the util used to be higher, or that this is a 0% BT balance.

It looks to me like they're using a very basic, stripped-down thumbs-up, thumbs-down decision-making process for all this, until they can reduce the amount of outstanding granted credit on their books. This might be why charge card holders have been somewhat (not completely) insulated from all this.

I don't have any high util at the moment, but Countrywide bought our mortgage about 7 years ago, so I have that little star by my name, and I have a lot of unsecured credit with other banks and CU's. So we'll see what happens.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
Solarjuju
Posts: 335
Registered: ‎04-04-2008
0

Re: AMEX is pathetic - another victim of CLD


haulingthescoreup wrote:

Solarjuju wrote:

fused wrote:

I'm guessing your 70% util did it. 
That is my Discover Card. I've been paying double the minimum a month on that. Used it for BT and pay off other cards with APRs.

It was about 85% earlier in this year. But 15% is not good enough for AMEX.

Actually, I should start thinking the opposite - AMEX IS NOT GOOD ENOUGH FOR ME!

Ow, bitten by the BT!


 

It was an offer too enticing to refuse.
 
With the 0% BT, I was able to zero out on 5 accounts. Of those accounts, one was Dell, charging me 29.99% or about $45/month on interest & 2 Orchard Cards with 27.99% and 24.99%. The interests saved helped pay down my balances quicker.
 
That Discover was also my first 0% card ever! :smileyhappy:
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: AMEX is pathetic - another victim of CLD

Good Job Solarjuju! IMO, saving money is more important than credit scores and Amex. Period!
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Valued Member
maestro
Posts: 48
Registered: ‎10-28-2007
0

Re: AMEX is pathetic - another victim of CLD


jmbfl wrote:

maestro wrote:
They have already announced plans to layoff 7,000 employees.

 

Yesterday's news. We all know that.

No fooling wiseguy.

 

The comment was based on Jaybird's comments Desperate times call for desperate measures. I'd rather have them adopt an aggressive strategy to reduce their risk than have them go under or lay off massive amounts of employees or cut back on service. Fortunately, none of the above have happened.

Established Contributor
MrCredit
Posts: 571
Registered: ‎11-13-2008
0

Re: AMEX is pathetic - another victim of CLD

Went recently from 3300 to 500 on Blue Cash, I hate Amex, I had a Gold Rewards and I closed it

because they shut the card off one time for "fraud purposes" because my AU was the only one using the acct. I had to go through so much hassle to get it activated again. I refuse to do business with them ever again, they act like they are better than everyone, they arent even taken everywhere! 


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