Credit Cards

[Royal27]

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score_building wrote:

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cobaltnv wrote:

 it would not take too many people racking up $100k in debt before the system develops some real problems. 

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one would think so, but with profits in the billions year after year it seems they've somehow b

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score_building wrote:

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cobaltnv wrote:

 it would not take too many people racking up $100k in debt before the system develops some real problems. 

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one would think so, but with profits in the billions year after year it seems they've somehow been willing to let this continue unchecked, until fairly recently... 

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Can you say greed caught up with the banks? Obvious I know, but now that the losses are in the billions it doesn't seem so smart...

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[nyccc2]

I just got my Amex Cards after not being a member since 1986. While I understand the 'business is business' concept, it is also bad business to screw the people who got you here, i.e. the responsbile borrowers from 20 years or more.  It is pretty much what will happen in the mortgage market too; irresponsible borrowers will be rescued/rewarded, responsible ones will foot the bill.

I think perhaps Amex should take a harder stance with any customers who were late, carried huge balances and didn't pay off, and treat their long term never late customers like the gold they are (not counting myself in that mix but fair is fair)...

[Cheezy]

I came here to report of another email from Amex chasing my balance and found this thread.  Just so happy that I finally got some breathing room on my account that I've been paying religiously to get out from under Amex, only to be chased yet again on Friday - down to $200 over my balance.

I have been with Amex for many MANY years and it used to be my fav account.  I now despise them and their balance chasing has ruined my rep with other accts now, since my amex util. has stayed high no matter how much I pay my balance. 

I don't mind being punished when I've been a bad customer, but to tank my fico for using the card they offered and paying my payments on time, well I think it just stinks.  Famex.

[SnowWalker]

Yup, its has finally hit my family.  My Father have  Clear Card and odd thing is just 6 or 7 months ago it was recently got CLI only to get CLD a week ago  from 18K to 5K member since 97. he only has 2 AMEX cards 1 Charge Card and 1 revolving ( which is Clear Card ) looks like he will be ditching it and just use charge card instead.  funny thing the revolving account probably has not been used no more than 30 times since 1997.   I had to tell my father that its not his fault at all. and told him about this site as well, he was like wow and very wealth depth of infomation on this site as well.

Message Edited by SnowWalker on 12-01-2008 11:31 AM

[MidnightVoice]

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SnowWalker wrote: 

 the revolving account probably has not been used no more than 30 times since 1997.  

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That is one of the triggers - if you are not using the card, they will CLD you to a more appropriate level. 

[SnowWalker]

Midnight, if you were him would you cancel the revolving account and just keep the charge card?  or just sockdraw the revolving one. I am sure it wouldnt effect his FICO scores that much anyways. its still shows age of 10+ years old either way I think.

[MidnightVoice]

This is what I do with cards I don't want to use in public like Amex:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=131105&jump=true

[BuyGoldNow]

Welcome all you PIF's to my CLD world!   Armageddon w/b here sooner than you think! 

TAKE YOUR LOW APR BAL XFERS NOW BEFORE IT"S TOO LATE!!!  

USE YOUR CL BEFORE IT'S CLD-ed!!!

Credit - Card Industry May Cut $2 Trillion Lines: Analyst

http://www.nytimes.com/reuters/business/business-us-finance-research-oppenheimer.html

(look for my AMEX update later today, the 1+ hour phone call with 4 reps, You WON'T BELIEVE IT!  Amex is panicking!)

Message Edited by BuyGoldNow on 12-01-2008 12:39 PM

[Jubeyy]

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haulingthescoreup wrote:


American Express is in serious financial difficulties. . . . . . .
a creditor that is on the ropes and getting money however they can.

 

 

GOOD!  Good riddance to them!  Sad sack company if you ask me.  I hope they fall flat on their faces.  

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[Jubeyy]

Had my Amex for about 7 months.  

They gave an initial $2000 limit.

I barely used the card during that time, never exceeding $20 and PIF'ing no less than 2 days after using it.

Last Friday, I joined a gym.  I had my Amex on me.  I used it for the $80  start up to join the gym.  Also, I had it entered as the card to take monthly debits out from for my membership of $32 a month (for a no-fuss-no-muss  monthly usage).

Total charges on the card: $112 (the start up fee PLUS the monthly fee that was taken out today).

I went on this morning to pay the bill and what was my available limit?   $388.

I called them to see what was up and they ran off about 4 reasons from my Experian report as to why my limit was decreased by $1500.   I told the CR I could care less what the reasons were, what's done is done, they lost my business.  She said, "oh but, it will be reviewed for 60 - 90 days and the limit might be bumped back up...".

Once again I told her that I could care less.  

I have NO lates.  I only have 5 cards, none of which are near their limits.  No BK's.  NO NOTHING!  I'm sorry, they can kiss my sweet bottom!  I always read reviews and complaints about them but it doesn't really hit you TILL IT'S YOU!

So, I went to the gym...swapped the auto gym membership debits to my debit card.  

As soon as my payment posts I am calling and cancelling.   

I HOPE they go out of business and that they are the first card company to really go under and take a fall in this recession.   I mean, I am quite sure the decrease was automated...so couldn't a courtesy email or phone call be simutaneously automated to inform me of such an action?  The CR said "oh, you should be getting an email within the next coulpe days".  

GARBAGE COMPANY.  Amex is the new HSBC!