Credit Cards

[Creditaddict]

I believe they have changed rules so they can't reverse such things.

But the first round of the application is all computer, 2nd review is a person, I think they are still able to do that 2nd review, I could be wrong though.. amex has been hit hard with credit tightening also.

[myficomatt]

I probably should have consulted here first before I applied but oh well. I didn't realize they had been hit with a credit tightening. I figure I'm going to pay off my CO, and my baddie, and then try again in a year or two when I've had somewhat of a decent credit length. Right now my longest account is 8 months old so it's no bueno.

[Creditaddict]

Yes there was just a great article in business week, money? I forget (I read them all)

That in the past Amex has been untouched by market slumps because of there premier lending type customers, but in today's market Amex has taken on WAY to much Unsecured debt (there credit cards) people are starting to carry balances on there amex credit cards and although amex has always given very high limits, a big percentage of there customer never carried high balances so they never had to worry about it, but apparently there percentage of accounts now carrying balances is not looking good on there books. Basically they are now in a lending frame they have never had to deal with in the past it sounds like.

[Cheezy]

I would consider it a blessing in disguise!

(coming from a bitter soon-to-be-ex Blue card holder)

[myficomatt]

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Creditaddict wrote:

Yes there was just a great article in business week, money? I forget (I read them all)

That in the past Amex has been untouched by market slumps because of there premier lending type customers, but in today's market Amex has taken on WAY to much Unsecured debt (there credit cards) people are starting to carry balances on there amex credit cards and although amex has always given very high limits, a big percentage of there customer never carried high balances so they never had to worry about it, but apparently there percentage of accounts now carrying balances is not looking good on there books. Basically they are now in a lending frame they have never had to deal with in the past it sounds like.

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I really wish I would have known this before hand but hindsight is 20/20 right? I'm really just anxious to get a card with a decent limit so that I can build. I'm not looking to spend but just have a decent looking report. Amex probably thinks otherwise lol... My highest credit card is Cap1 @ $500. I am getting a visa through the CU with no AF and a decent rate and I applied for a WAMU visa platinum offer that I've been getting bombarded with for months. I guess the plus to my app spree is that they were all on different credit agencies. Any advise on a card I should go with?

Message Edited by myficomatt on 05-27-2008 02:25 PM

[Cheezy]

Regarding the WAMU card; my hubby is building is credit from scratch (new immigrant from Canada). Wamu gave him $500 and we used it to fill his car with gas and paid in full each month.  Just 3 months and they bumped him up to $2K without asking.

[myficomatt]

Thanks encouraging news! Hopefully they'll approve me. It seems like that 30seconds instant "response" seems to be "we'll get back to you in 2-4 weeks" but the rep told me to call tomorrow. I'm kind of anxious!

[myficomatt]

AMEX pulled both EX and TU in Atlanta, GA. just as an FYI.

[Timothy]

This is not unusual if your borderline on approval-

In June when I applied- they pulled all 3 for me-

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myficomatt wrote:
AMEX pulled both EX and TU in Atlanta, GA. just as an FYI.

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[myficomatt]

LOL. So are you saying there was a slight chance? Maybe in a few years then I'll try again.