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Valued Contributor
thom02099
Posts: 1,350
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 !:smileysad:

 

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.

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014
Frequent Contributor
pdog661
Posts: 378
Registered: ‎03-31-2012
0

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
Startome
Posts: 399
Registered: ‎08-21-2013
0

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)

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


Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
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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  :smileyvery-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
Startome
Posts: 399
Registered: ‎08-21-2013
0

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  :smileyvery-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
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

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  :smileyvery-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! :smileyhappy:

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Valued Contributor
FinStar
Posts: 6,980
Registered: ‎10-21-2012
0

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

:robotvery-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  :smileyvery-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! :smileyhappy:


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  :robotlol:

 

Moderator
09Lexie
Posts: 26,630
Registered: ‎09-13-2012
0

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

Frequent Contributor
amdm2013
Posts: 268
Registered: ‎10-06-2013
0

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

AmEx Centurion Card (Issued by MENA) / Macy's: $5k / Duck Card: $5k / CSP: $6k / Discover it: $500 / BarclayCard World MC: $7k / US Bank Platinum Visa: $2.5k / PayPal MC: $4.5k / Bloomingdales: $1.5k / Care Credit: $9.6k / Ebates: $2.5k / Chase Hyatt: $5k / JCrew: $1,150 / Dillard's AmEx: $1k / Cap One Quick Silver: $5k / Cap One Platinum: $300 / US Bank Sig: $10k / Brooks Bros Visa: $2k / Amazon: $1,550 / Banana Republic Visa: $1.2k / Bank of Hawaii AmEx: $3.2k / Diners Club: $10k / Chase Freedom: $1.5k / Discover Chrome: $1.5k / JCP: $1k
Established Member
Jmdurbz
Posts: 36
Registered: ‎08-09-2013
0

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.

Discover IT - 2000 ; Chase Freedom - 2000 ; American Express GPR - NPSL ; American Express Delta Sky Miles Gold - 6000 ; Chase Saph Pref - 9000 ; Citi Thank You Pref - 9500


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