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Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Just looked- CLD from American Express

No, I will not. I have lived on cash only for 38 years, so I believe I will manage.

 

However, you, Sir, as DR deciple should be happy when people do not use CC. (a little joke, is not it)


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

 

IN VINO VERITAS.
Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
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Re: Just looked- CLD from American Express

I agree with you MV with little difference. I defenetly will be offended.


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.


 

IN VINO VERITAS.
Super Contributor
Posts: 8,188
Registered: ‎03-25-2007
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Re: Just looked- CLD from American Express


wmarat wrote:

I agree with you MV with little difference. I defenetly will be offended.


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 will admit that I would be irritated.  But I have put some effort into a spread of cards regularly used for monthly bills, with a very large credit buffer.  So I would contine on and be OK, I hope
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
Senior Contributor
Posts: 3,017
Registered: ‎06-03-2008
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Re: Just looked- CLD from American Express


LisaJ wrote:

 

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 


Because they are brilliant in this regard. The typically issue the new card for approx. 50% of the defaulted balance. So you make good on say $4k in your case, then they issue you a $2k card. Even if you default on the new card, they still made $2k on you that they probably never would have seen had they not offered you this incentive to pay. Brilliant, brilliant idea on their part.

Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
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Re: Just looked- CLD from American Express

This is a final warning! When posting, be respectful of others or this thread will take a dirt nap.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
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Re: Just looked- CLD from American Express


LisaJ wrote:

...

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 


I'm thinking that they reduced my CL from $82K to $14K which was at 8.64% and they give the difference to 10 other people. The are happy to get 14-19% and may be late so they get a late fee and the interest bump up to the default rate.

If they play the "big picture", that may be way more profitable for them.

Frequent Contributor
Posts: 368
Registered: ‎02-07-2008
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Re: Just looked- CLD from American Express

I had a second-chance finance loan in 1999 with Arcadia. It was paid off in 2001 when ex-DS wanted to trade in for a new car. So, it shows on my report as a paid satisfactory joint installment loan.

 

Interestingly, Citifinancial must have bought Arcadia, since it shows on one of my reports as Citifinancial instead of Arcadia. That FICO report that shows all the codes once said I had a consumer finance loan.

 

Since your mortgage is with Citi, are they somehow, erroneously calling that a consumer finance loan?

 

 

"Knowledge is of no value unless you put it into practice."- Anton Chekhov
4/11 TU 743 4/11 EQ 763
Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
0

Re: Just looked- CLD from American Express

No, on all reports, it is citimortgage. Like HTSU said, i think they just threw that in there. I really dont know what they mean and the customer service did not know either, go figure lol
Senior Contributor
Posts: 3,684
Registered: ‎01-10-2008
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Re: Just looked- CLD from American Express


oracles wrote:
No, on all reports, it is citimortgage. Like HTSU said, i think they just threw that in there. I really dont know what they mean and the customer service did not know either, go figure lol

 

kind of a bummer that issuers sometimes appear to just throw something in there when it doesn't apply to your acct. at all and you are trying to figure out how to play by their rules.  new rule:  sometimes when you can't make sense of the listed reason, it's because it doesn't apply to your crb.  ok, so it is not a new rule.  but it is still a bit loopy!

 

i am not surprised that cs didn't know when you spoke since what they know (or will share) often seems to vary by individual.  i don't think a front line credit reporting rep. necessarily has a lot of background on how an individual's cbr relates to the reasons provided for AA. 

 

in any case, i blurted out a few posts in the thread but had wanted to say i am sorry this happened to you and pleased that you are able to be a good sport.  great that it didn't hurt you all that much.  quite a few of their customers (including me) have been caught a bit off guard when this happens!  so it seems an ounce of prevention (no balance on card) also served you well in this case.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
0

Re: Just looked- CLD from American Express

Thanks Score_building, appreciate the kind words. I just got an email today from AX stating they have reduce my CL to $500 and a letter was sent with the explaination as to why. They also said, the reason why they are sending this email is so i know immediately. I guess that was nice. I will update everyone once i receive the letter with what they said.
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