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Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Amex FR again...lol

@youngman, you can call them and offer to submit bank docs / bookkeeping records / any other relevant documents that can prove your revenue on top of the tax docs. Sometimes they are willing to take them into consideration as well.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
0

Re: Amex FR again...lol


youngman1234 wrote:
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.

 

You could tell all that to AMEX (esp since you can send statements)  and they'd fully understand it.   You're dealing with the people at AMEX that handle biz accounts, they understand everything in business fluctuates a bit and it's expected.  They're just checking info due to your accounts being relatively new with spending activity that changed.    So far you haven't mentioned anything notable that would make me think they'd close your accounts.

Frequent Contributor
rlx01
Posts: 433
Registered: ‎02-10-2013
0

Re: Amex FR again...lol

Just stay calm and wait it out. Amex FR is no big deal.
Frequent Contributor
youngman1234
Posts: 456
Registered: ‎02-27-2012
0

Re: Amex FR again...lol

I just don't want accounts closed... And really don't want hard limits placed cus I'm in the busiest time of the year...
Established Contributor
cashnocredit
Posts: 1,028
Registered: ‎07-18-2009
0

Re: Amex FR again...lol


youngman1234 wrote:
I just don't want accounts closed... And really don't want hard limits placed cus I'm in the busiest time of the year...

Very low probability they will close your accounts.  You worry too much.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Frequent Contributor
Networth
Posts: 275
Registered: ‎07-11-2013
0

Re: Amex FR again...lol

Look at it like this. If all your documents check out, showing you can pay them the money back they are hurting themselves if they close your account. Someone who makes them money and bend over backwards to show proof of ability to pay is not going to have their account closed. Amex is in business to make money, and your making them money.

Chase Sapphire Preferred - American Express Blue Sky - Chase Freedom - BankAmericard Travel Rewards - Walmart - Macy's

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Frequent Contributor
youngman1234
Posts: 456
Registered: ‎02-27-2012
0

Re: Amex FR again...lol

So here it is,

I call the rep in the FR department handling my accounts...

1. Personal Plat- 36k outstanding (16k due)
2. Business Gold- 72k outstanding (28k due)
3. BCP- 1k limit owed $1,100. Paid off 2 days ago.

She said basically pay the 16k & 28k that are due this month, and all my accounts will be opened and no hard limits and no AA. Continue as normal. So I think I'm good to go hopefully ???

I told her I need 2 days to make the payment as I have to wait tomorrow until the banks open and transfer funds over...

I know I push my luck with credit all the time, but once the FR is complete and everything is back to normal should I apply for my CLI on the bcp applied at 61 days they denied never applied for increase after that. Also was thinking apply for the Plum... Insight plz
Established Contributor
scenery_guy
Posts: 935
Registered: ‎07-24-2012
0

Re: Amex FR again...lol


youngman1234 wrote:
So here it is,

I call the rep in the FR department handling my accounts...

1. Personal Plat- 36k outstanding (16k due)
2. Business Gold- 72k outstanding (28k due)
3. BCP- 1k limit owed $1,100. Paid off 2 days ago.

She said basically pay the 16k & 28k that are due this month, and all my accounts will be opened and no hard limits and no AA. Continue as normal. So I think I'm good to go hopefully ???

I told her I need 2 days to make the payment as I have to wait tomorrow until the banks open and transfer funds over...

I know I push my luck with credit all the time, but once the FR is complete and everything is back to normal should I apply for my CLI on the bcp applied at 61 days they denied never applied for increase after that. Also was thinking apply for the Plum... Insight plz

Well that's a good outcome. Why do you think you need to pay tomorrow? Was that a condition for releasing the holds on your accounts? Also it's pretty simple to make AMEX payments online from their web site from your business and personal accounts. Do you have that set up? When I make payments from AMEX site it credits them instantly and posts in a day (in other words on a credit card my available limit shows the payment the second I click pay). 

Make the payments, continue usage as per your normal routine and ask for the CLI at 61 days. Skip the Plum unless you really need another line. 

 

Also it's not clear - did you apply for the CLI t day 61 on your BCP and were denied? If that's the case move on until it's time again, I believe that's 180 days but check the AMEX CLI thread for exact details. 

Frequent Contributor
rlx01
Posts: 433
Registered: ‎02-10-2013
0

Re: Amex FR again...lol

90 days after denial, I think.

 

And yeah, I wouldn't be opening any additional lines if you were declined for a CLI recently?

 

Just pay what's due on the site. I don't know why that takes 2 days.

 

Although generally if AMEX has a problem with your balance they'll ask you if *they* can process a payment right there and then.

Frequent Contributor
youngman1234
Posts: 456
Registered: ‎02-27-2012
0

Re: Amex FR again...lol (UPDATED)

Guys,

I got my personal plat in 2011. My gold business in April 2013. And BCP in April 2013. I applied for the 3X cli in July over the 61 day period and got denied... New accounts limited history with Amex revolver and high balances I think... After that I did nothing just sat on it.

That's why I'm thinking maybe now after FR apply or cli and maybe Plum cus I was avoiding it cus of FR which evidently didnt work...

Also payment why 2 days I know payments are effect ASAP. I just opened a new account last month. $$$ is sitting new account I need to transfer funds from that account to old bank account, or just verify the bank routing number Tom before I authorize payment. Don't want to process with wrong info. I should be fine by wed.

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