11-10-2013 10:14 AM
11-10-2013 10:35 AM
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.
11-10-2013 07:25 PM
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.
11-10-2013 11:31 PM
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.
11-11-2013 04:29 PM
11-11-2013 07:02 PM
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.
11-11-2013 07:28 PM
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.
11-11-2013 09:20 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO