American Express canceled accounts...

[adavis425]

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@AvadaKedavra wrote:

Why do stories like this turn into people hating on AMEX?

Not to call OP a liar, but something else HAS to be going on for AMEX to have done this. If not, OP should have followed the steps to follow up or give what AMEX has asked and chances are, they would reinstate the account(s). If not, then he has been deemed too risky and they have every right to freeze accounts as they are doing what they need to protect their business. 

Responses like "this is why I won't get an AMEX" are just silly. It's not like AMEX picks random names out of a hat and chooses to freeze those accounts.

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+1! 

AmEx does what every other ccc does with the exception that AmEx will give you the opportunity to send in documents supporting your spending. If one chooses not to send those documents, they're effectively agreeing to close the account(s). Why this turns into ccc-bashing, I'll never know. It's not personal-just business.

[CreditCardDiva]

OP, sorry...that's how AMEX gets down? Wow.

[CreditCardDiva]

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I agree. I'm nowhere near your income level/credit profile, but I don't get why s creditor extends a limit, and then gets all spooked because you charge it up. I think if they were scared they could have just frozen any future purchases, and allowed you to pay the balance down. BUT, like you said, they can do what they want...and you can decide not to do business with them again.

[mkm77]

Did some of you miss that they requested info and then closed anyways DAYS later? We went going to send anyways but that's ridiculous. Relationships? No common sense? It would take time to gather documents on top of the time to get it to them. This post was meant to show what happened to us..Not how they had the right, what we could do...etc. It's a shame how computers decide who is a risk now a days...Maybe a thousand payments have been made by us and reported via credit report...Never late...Never over limit yet some computer decided they didn't like our business. Again we don't care...But thought some might want to hear about it. They can do what they want as well and I can post about the experience.

[Anonymous]

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@mkm77 wrote:
Did some of you miss that they requested info and then closed anyways DAYS later? We went going to send anyways but that's ridiculous. Relationships? No common sense? It would take time to gather documents on top of the time to get it to them. This post was meant to show what happened to us..Not how they had the right, what we could do...etc. It's a shame how computers decide who is a risk now a days...Maybe a thousand payments have been made by us and reported via credit report...Never late...Never over limit yet some computer decided they didn't like our business. Again we don't care...But thought some might want to hear about it. They can do what they want as well and I can post about the experience.

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Calm down, duder.

You were the unfortunate victim of a computer red flag/possible mistake, You certainly have the right to complain about it.

If you still want to, You can contact AMEX about it and see if they will re-instate with the proper docs.

[elim]

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@mkm77 wrote:
Did some of you miss that they requested info and then closed anyways DAYS later? We went going to send anyways but that's ridiculous. Relationships? No common sense? It would take time to gather documents on top of the time to get it to them. This post was meant to show what happened to us..Not how they had the right, what we could do...etc. It's a shame how computers decide who is a risk now a days...Maybe a thousand payments have been made by us and reported via credit report...Never late...Never over limit yet some computer decided they didn't like our business. Again we don't care...But thought some might want to hear about it. They can do what they want as well and I can post about the experience.

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   thanks for posting your experience OP. i have been following this thread closely and will use the info wisely with my accounts.

[longtimelurker]

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@adavis425 wrote:

AmEx does what every other ccc does with the exception that AmEx will give you the opportunity to send in documents supporting your spending. If one chooses not to send those documents, they're effectively agreeing to close the account(s). Why this turns into ccc-bashing, I'll never know. It's not personal-just business.

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Not always!  WIth the BC shutdowns, Amex acted like the other ccs, and just closed the cards

[longtimelurker]

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@mkm77 wrote:
Did some of you miss that they requested info and then closed anyways DAYS later? We went going to send anyways but that's ridiculous. Relationships? No common sense? It would take time to gather documents on top of the time to get it to them. This post was meant to show what happened to us..Not how they had the right, what we could do...etc. It's a shame how computers decide who is a risk now a days...Maybe a thousand payments have been made by us and reported via credit report...Never late...Never over limit yet some computer decided they didn't like our business. Again we don't care...But thought some might want to hear about it. They can do what they want as well and I can post about the experience.

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So this was more than a 4506-T request?   That's what they usually demand in a short time frame, but that takes no prep time.

[dollar_bill]

I've never had a bad experience with AMEX. I have one AMEX card, with an 18k limit and I never come close ot using it all. I usually come close to PIF every month, sometimes I have some carryover but I'm not hung up on timing statements or any of that garbage. I'm not sure if I'm just lucky or fall into the right parameters to elude computers evaluating my financial status. I suppose I could test it one day, and max out a card, let it ride for a few months.

IMO, the OP is right, it's a lousy way to do business. Granted, AMEX will go on without him, but it's a philosophy that can cost a company over the long run. Right now, MC and VISA are hot, just look at the stocks Point being, there are other players in the credit game who will be happy to take your business. To turn off a customer who has never been late is a mistake IMO. Worst case scenario, it should be turned over for human review and allow someone to look at the flag, then call. This would allow for questions to be asked and answered and both parties could move forward based on the conversation. Maybe a guy is ringing up high balances on multiple cards and it looks like they have given up on being responsible, or maybe there was a glitch in the system. If the call doesn't take place, it's impossible to know.

If AMEX did someting similar to me, I would be happy to part ways. I have a small list of companies I refuse to do business with, it wouldn't take much for me to add another company to the list.

[LexieCat]

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@dollar_bill wrote:

If AMEX did someting similar to me, I would be happy to part ways. I have a small list of companies I refuse to do business with, it wouldn't take much for me to add another company to the list.

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Yeah, I get that.  I had something like that (not the same scenario, and I DID call to find out why--I forget the details) with Citi, AND CapOne suddenly raised my interest rate sky-high once without good reason, and I closed both of those accounts down.  I applied for a Citi card a year or two ago and got such a paltry CL I told them to close it before I ever got the card.  I am DONE with both companies (well, more or less--I do have a couple of IRAs at CapOne's Sharebuilder).  Some experiences just leave a really bad taste in your mouth.

Now, if only I could find someone other than Comcast to deliver my television content, I'd drop them like a hot potato.  I have zero options, they have a true monopoly here (and I can't get satellite--trees in the way).  Currently my most loathed company.