12-21-2012 10:24 PM
12-23-2012 05:19 AM
12-23-2012 12:20 PM
12-23-2012 01:32 PM
12-26-2012 09:53 AM
12-26-2012 04:35 PM
Amex is being fined becasue they were not clear in their collection practices by not declosing the repercustions of settled balance with them and how it will effect their future credit decisisions. They were also fined by stating that paying a balance will have positive reflection on their credit report, even though it fell off their report due to age.
From my understanding the Amex settlement will affect people under the following circumstances:
1) If someone applied and was denied a card because they settled a debt for less then what was owed.
2) If someone applied and was denied a card because they settled a debt for less then what was owed and they paid the remaining balance.
3) If someone paid their Amex Card based on what was told to them regarding their credit report.
03-14-2013 05:58 AM
I received a $100 check from Amex because of the CFPB enforcement the other day and then yesterday, I received an application to apply for the Amex Optima. The app states that credit line increase is not possible for 36months and the limit would be from $500 to $1000.
I had a charge off in 2007 of $7k and received a 1099c because of it.
Should I apply for the Optima even though theres no guarantee I will get approved?