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Valued Contributor
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Registered: ‎08-18-2007
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Re: Just looked- CLD from American Express

Actually i just did Midnight lol and the examples they gave does not fit my profile. I dont think i have any accounts that fit this description. I have always had prime cards unless they are speaking about some Credit Union cards i have. I dont have any starter cards or BK/rebuilding cards cause, thank you god, i have never been in that predicament.
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Re: Just looked- CLD from American Express

CU cards aren't rated as CF accounts are they?

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Senior Contributor
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Re: Just looked- CLD from American Express


score_building wrote:

CU cards aren't rated as CF accounts are they?


Shouldn't be.

Here we go again...
Valued Contributor
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Re: Just looked- CLD from American Express

I dont think so, it was not given as an example. i have no idea lol
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Re: Just looked- CLD from American Express


oracles wrote:
Actually i just did Midnight lol and the examples they gave does not fit my profile. I dont think i have any accounts that fit this description. I have always had prime cards unless they are speaking about some Credit Union cards i have. I dont have any starter cards or BK/rebuilding cards cause, thank you god, i have never been in that predicament.

 

Some examples of companies that provide CFL are HFC (subsidary of HSBC), Beneficial, Wells Fargo.  These companies send out letters advising you of a loan you can receive from them but the APR is extremely high. 

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Senior Contributor
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Re: Just looked- CLD from American Express

True but in the skittish world of amex carrying 85 percent on any revolving acct. is alone grounds for CLD. they don't know or care that you are smart enough to grab a zero percent deal. they eventually spaz out if they see high balances on an account for longer than they like (used to be circa 3-4 months but most say PIF each month to be safer nowadays).

 


oracles wrote:
I agree wmarat, this a situation where i have done everything correct, and they still CLD. I really would like to know however, what is consumer finance companies? All my accounts are either CC's are a mortgage.

 

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Regular Contributor
Posts: 178
Registered: ‎08-21-2007
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Re: Just looked- CLD from American Express

One should never max an account with a BT. That will get anybody's attention. Also , if all you charge is coffee and gasoline, your limit was somewhat high. They may have matched your limit to your spending. Happens a lot.

 

NMN

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Re: Just looked- CLD from American Express

Thanks purplehaze, however i do not have any of this. I only have one loan and that is my mortgage from citibank. i have never been late on my mortgage and its going on 10 years now.
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Re: Just looked- CLD from American Express

I agree having a high util% on a cc is an attention grabber but my overall util% is decent (19%) and it is only one cc. I have 12 ccs and the other 2 cards i have balances on are under 20% util.
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Re: Just looked- CLD from American Express


oracles wrote:
Thanks purplehaze, however i do not have any of this. I only have one loan and that is my mortgage from citibank. i have never been late on my mortgage and its going on 10 years now.
How about any old, paid-off loans still displaying?

If you genuinely have never had a loan that might be interpreted as a CFL, then something on your report is being coded (reported) incorrectly. Try looking on your myFICO reports on the accounts page, and check the little symbols next to your accounts. Look especially for a money bag symbol, which denotes a loan, although not necessarily a CFL.

Since it's the fourth reason listed, I think they just threw that in the for the heck of it, but it's always nice to be aware of how your accounts are displaying to lenders.

I think that eventually just about everyone with an AmEx revolver is going to be hit, because they have got to get the figure on their books for extended credit reduced. My guess is that they're picking their targets by certain criteria --zip codes in high foreclosure areas, then recent lates (for instance), then high balances on other CC's, and so forth.

I did the same as you and did a February BT that resulted in an initial 84% util, including the BT fee. It freaked me out so much that I initially paid $1000 off the first month, and then I got a CLI (and keep paying $500/ month), so the util on that one card is now not quite 19%, and total util is 4%.

Sorry to hear that you got bit. I'd keep the card open and keep doing the coffee and donut thing, and see what happens when they recover from their current financial crisis. No point in burning bridges, IMO, and you never know what the future holds. (although I completely understand how furious many people get when this happens)
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