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Just looked- CLD from American Express

Super Contributor

Re: Just looked- CLD from American Express


haulingthescoreup wrote:

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)

This is my personal approach.  I was recently asked what I would do if a card gave me a CLD and my answer was "nothing!".  I don't want to close a card, I have plenty of credit available.  So if someone CLDs me I will just use the card every month and Pif it.

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
Message 21 of 45
Super Contributor

Re: Just looked- CLD from American Express


MidnightVoice wrote:

haulingthescoreup wrote:

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)

This is my personal approach.  I was recently asked what I would do if a card gave me a CLD and my answer was "nothing!".  I don't want to close a card, I have plenty of credit available.  So if someone CLDs me I will just use the card every month and Pif it.


I agree with you. I think it is the best approach. Banks are cutting down the CL's because they dont have money to lend. It has nothing to do if we are good for the money or not. They did stupid decisions with Subprime and they are paying the price now. I am sure if we keep the card even though they did CLD and once economy comes back up I am sure people who received CLD will be first to get CLI as they have been proven customers both in good time and bad times.

Message 22 of 45
Regular Contributor

Re: Just looked- CLD from American Express

The more I read about Amex the more i get the feeling that they want to go back the their older business model - charge cards -  they seem to be reducing all their customers CL regardless of what their CRs look like.

Message 23 of 45
Valued Contributor

Re: Just looked- CLD from American Express

I agree, i will not close the card. That does no good either. I am really not upset about the situation just puzzled as to why did i recieve the cld if the 4 things you mentioned HTSU do not pertain to me (i.e.- zipcode). But oh well, i will continue to pay my bills like i always do and you are correct HTSU when you state, you dont know what the future holds.
Message 24 of 45
Frequent Contributor

Re: Just looked- CLD from American Express


wmarat wrote:
I would like to believe that in 2-3 years AMEX will beg us to use their cards.

 

No in three years you will be beggin Amex to even look at you LOL
Message 25 of 45
Frequent Contributor

Re: Just looked- CLD from American Express

What I find amusing is that I have an old charge-off with my ex spouse (awarded to him in the divorce) and they sent me an agreement stating that if I paid it off (last activity was 6 years ago) they would give me a NEW card with a $2000 limit.  And my EQ as of today is pretty low at 648.  Seriously.

 

I really don't get it.  I read the consumer references, but why would you give new credit to someone who defaulted on your company in the past, and decrease a loyal, on time, low util customer? 

 

Lisa 

WOW! EQ when I joined myFICO: 657. Ups and downs and a few bumps and bruises, but finally back over 700. Whew!

Message 26 of 45
Moderator Emeritus

Re: Just looked- CLD from American Express


ddd wrote:

wmarat wrote:
I would like to believe that in 2-3 years AMEX will beg us to use their cards.

 

No in three years you will be beggin Amex to even look at you LOL

C'mon.  Let's be friendly and supportive. Smiley Happy

 

----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 27 of 45
Frequent Contributor

Re: Just looked- CLD from American Express


cheddar wrote:

ddd wrote:

wmarat wrote:
I would like to believe that in 2-3 years AMEX will beg us to use their cards.

 

No in three years you will be beggin Amex to even look at you LOL

C'mon.  Let's be friendly and supportive. Smiley Happy

 


Healthy and Fun NO offense inteded just adding to this joke.

Message 28 of 45
Valued Contributor

Re: Just looked- CLD from American Express

I truly believe this is going to hurt them immensely in the long run. I understand they are looking short term at this point but in the long run, they will have a while to go before they can rebuild the trust and financial support they recieved previously from loyal good paying customers. I, of course, will keep the card open but i will use it every 3-4 months, charging something very small.

Message 29 of 45
Valued Contributor

Re: Just looked- CLD from American Express


LisaJ wrote:

What I find amusing is that I have an old charge-off with my ex spouse (awarded to him in the divorce) and they sent me an agreement stating that if I paid it off (last activity was 6 years ago) they would give me a NEW card with a $2000 limit.  And my EQ as of today is pretty low at 648.  Seriously.

 

I really don't get it.  I read the consumer references, but why would you give new credit to someone who defaulted on your company in the past, and decrease a loyal, on time, low util customer? 

 

Lisa 


Er... so they can get paid?? It really is apples and oranges.

Message 30 of 45