Amex FR again...lol (UPDATED)

[cashnocredit]

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@youngman1234 wrote:
I just opened a Wells Fargo secured Loc/card for 25k.... They have a product that comes with a check book and card. I also have a citi business card for 7k..

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Was that a biz account? I didn't know WF had secured LOCs linked to cards or secured cards with that high a limit. Sounds interesting.

[rlx01]

Don't worry about it. They just want to know you can pay your balances back.

Amex are usually able to dynamically adjust the internal limits but they'll FR if there's a big jump.

You should consider a Chase Ink Bold/Plus if you don't have one already. Chase doesn't give you the spending power of Amex (they're not really geared to big spending IMHO), but at least you can keep cash flow under control.

[youngman1234]

Yes it's a business account.. I just got approved prime rate of 5% plus 2

[youngman1234]

I hate chase....

[youngman1234]

Should I make payments while being in an FR ??

[crunching_numbers]

I would continue business as usual. If you ordinarily would have made a payment at this time, continue to do so. If you would not have been making a payment, then don't. AMEX is figuring out who you are as a customer, and where they are comfortable. Since you provided true information, they will see that upon reviewing the documentation. I am sure they value you as a client, and will be happy to adjust their internal limits to meet your needs (after all that is exactly what they told you they were doing). You crossed a figurative line in the sand, and they are just looking to verify the facts. Relax, and let the FR play itself out.

[youngman1234]

So here is the weird thing.. On my account the please pay by date is 13th both accounts. And I have one bcp for 1k limit. The bcp I always pay before the statement cuts so I always have a 0 balance. The charge cards, I usually pay one around 10-15th and business one between 23-27th.

On Friday my accounts said charging suspended please call. The NPSL under the due date was gone on both accounts. The available credit under the bcp was gone too.

Yesterday I paid off my bcp to 0. I logged off and then 30 mins later and it's showing charging suspended but available credit 1,000. Under both charge cards it's says NPSL.

[RyVision]

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@youngman1234 wrote:
So here is the weird thing.. On my account the please pay by date is 13th both accounts. And I have one bcp for 1k limit. The bcp I always pay before the statement cuts so I always have a 0 balance. The charge cards, I usually pay one around 10-15th and business one between 23-27th.

On Friday my accounts said charging suspended please call. The NPSL under the due date was gone on both accounts. The available credit under the bcp was gone too.

Yesterday I paid off my bcp to 0. I logged off and then 30 mins later and it's showing charging suspended but available credit 1,000. Under both charge cards it's says NPSL.

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It's normal for AMEX to suspend accounts during FR until they get and see something (docs) they feel comfortable with that simply verifies what they were going on.  You just saw a very good sign.  You're over halfway through the process with all lights so far glowing green.

I suspect this week you'll be posting things are back to normal with them.   The most they might do is wait for docs from the IRS to see that they match what you faxed in. 

[jenn_bar]

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@RyVision wrote:

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@youngman1234 wrote:
So here is the weird thing.. On my account the please pay by date is 13th both accounts. And I have one bcp for 1k limit. The bcp I always pay before the statement cuts so I always have a 0 balance. The charge cards, I usually pay one around 10-15th and business one between 23-27th.

On Friday my accounts said charging suspended please call. The NPSL under the due date was gone on both accounts. The available credit under the bcp was gone too.

Yesterday I paid off my bcp to 0. I logged off and then 30 mins later and it's showing charging suspended but available credit 1,000. Under both charge cards it's says NPSL.

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It's normal for AMEX to suspend accounts during FR until they get and see something (docs) they feel comfortable with that simply verifies what they were going on.  You just saw a very good sign.  You're over halfway through the process with all lights so far glowing green.

I suspect this week you'll be posting things are back to normal with them.   The most they might do is wait for docs from the IRS to see that they match what you faxed in. 

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Think about it from AMEX's perspective. The last thing they want is everyone who must go through an FR to all the sudden charge up all they can while they can. If the FR showed that they could actually not pay down that balance, they'd be in a lot more trouble.

[youngman1234]

My main points:

• we didn't lie about any documents.
• I can pay the balance if they want, I can show bank statements to show proof of that but they didnt ask.
• last year was our first year we did like 700k revenue, but a few points need to be noted.
1. First year in business so we need to establish ourselves. ( even though my parents have been in the industry for 20 years).
2. Revenue has got up my alot, we moved into a location almost double the size. And we own a seasonal business and got hit with a big hit cus of sandy. Our business was closed for 2 weeks.
3. We have alot more assets in terms of inventory on hand. I don't know if that is a good thing.