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Valued Contributor
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Registered: ‎08-30-2011
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Re: Interesting situation. Need opinions from the experts... or people who know american Express

For OP and your friend...

 

He should close the AMEX accounts.  All of them.  He's obviously not mature enough to handle that kind of credit right now.  Many of us can relate to that...been there/done that/won the T-Shirt !Smiley Sad

 

Walk away from AMEX.  He's 22.  In 20 years, he will only be 42.  Hopefully by then he'll have learned how to manage credit better, and can reconsider AMEX at that time.

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Re: Interesting situation. Need opinions from the experts... or people who know American Express

[ Edited ]

Jmdurbz wrote:

The 100k was given to him. 

 

 

And for your information the 2012 Tax form shows 11k. So this should be interesting


Wow...... So young, and boy is this going to be a life long regret when he grows up.  I would say his AMEX cards are the least of his worries.  He makes 11K a year.  If he works to 65 he is on place to make roughly 450K pre tax.  He just blew 8% of his lifetime net worth on junk.  (maybe nice junk, but junk)  Ofcourse he will gain more income, but the 100K should keep pace if wisely invested.  

 

He needs out of the plat card now.  He does not justify the 450 year in annual fee.  AMEX is doing this guy favor.  The annual fee is 5% of his annual inncome alone!!!  

 

He needs to take a financial planner NOW!!!!

Regular Contributor
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Registered: ‎08-21-2013
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Re: Interesting situation. Need opinions from the experts... or people who know American Express

lol I make 14K post tax. It covers necessities and about 15 x 12 = 156 a year in spending money. lol. No way I'd even want a 30K credit limit O.O

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

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Re: Interesting situation. Need opinions from the experts... or people who know american Express


FinStar wrote:
Anyone that I know who's visited Australia has had nothing but the best experience. 

It would be a great place if it were not full of Australians  Smiley Very Happy

 

(take that with a pinch of salt.  Aussies and Poms love insulting each other)

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Regular Contributor
Posts: 399
Registered: ‎08-21-2013
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Re: Interesting situation. Need opinions from the experts... or people who know american Express


MidnightVoice wrote:

FinStar wrote:
Anyone that I know who's visited Australia has had nothing but the best experience. 

It would be a great place if it were not full of Australians  Smiley Very Happy

 

(take that with a pinch of salt.  Aussies and Poms love insulting each other)


Oh goodness. Time to stay out of it.

 

*grabs popcorn and watches from the sidelines*

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500


Valued Contributor
Posts: 2,300
Registered: ‎01-22-2012
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Re: Interesting situation. Need opinions from the experts... or people who know american Express


MidnightVoice wrote:

FinStar wrote:
Anyone that I know who's visited Australia has had nothing but the best experience. 

It would be a great place if it were not full of Australians  Smiley Very Happy

 

(take that with a pinch of salt.  Aussies and Poms love insulting each other)


Well that's definitely true.

 

If I wanted to hear another whinging Pom, I'd head down to the shops. I came here to get away from you people! Smiley Happy

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Valued Contributor
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Registered: ‎10-21-2012
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Re: Interesting situation. Need opinions from the experts... or people who know american Express

Robot Very Happy
CreditScholar wrote:

MidnightVoice wrote:

FinStar wrote:
Anyone that I know who's visited Australia has had nothing but the best experience. 

It would be a great place if it were not full of Australians  Smiley Very Happy

 

(take that with a pinch of salt.  Aussies and Poms love insulting each other)


Well that's definitely true.

 

If I wanted to hear another whinging Pom, I'd head down to the shops. I came here to get away from you people! Smiley Happy


Now this I've actually have heard about.  Aussies are cool folks...so what's with the Pommies complaining about how awful Australia was/is?

 

Sorry Lexie...derailed again....LOL  Robot LOL

 

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Re: Interesting situation. Need opinions from the experts... or people who know american Express

Frequent Contributor
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Registered: ‎10-06-2013
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Re: Interesting situation. Need opinions from the experts... or people who know american Express

If he has 100K in his account, what I would do, is offer a cash or bank guarantee to Amex and pay off the outstanding. I wouldn't risk losing an Amex

CSP: $12.5k / US Bank Sig: $12k / Diners Club: $10k / BarclayCard WMC: $8k / Cap One QS: $5k / Bank of Hawaii AmEx: $3.2k / US Bank LOC: $2.5k / Macy's: $5k
Established Member
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Registered: ‎08-09-2013
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Re: Interesting situation. Need opinions from the experts... or people who know american Express

UPDATE. 

 

they didn't change anything but made his NPSL cards more strict. 

21 Year Old, College Student in NYC.

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