My Amex - Love Hate Relationship

[Anonymous]

Amex just broke up with me!

I've been in a relationship with my American Express card for 4 years. I love my Amex card, can't live without it, use it for nearly everything. I suppose the only time that I don't use it is when vendors don't accept it, during which I'd turn to my back up love interest , the more widely accepted Visa card.

Lo behold, my Amex card was cancelled 3 days ago.

Since then I've been experiencing the 5 Stages of Breakup/Grief

1. Shock/Denial

2. Pain

3. Anger

4. Depression

5. Acceptance & Hope.

I found out about the break up when I tried to use it to register for my GMAT exam (yes, going back to school for MBA, sighhh****).

I called Amex right away and was informed that my card was cancelled. Yep, I was in shock!

I've always been faithful with Amex, always paid the full balance and was never late in payment even once. So I was thoroughly confused.

The Amex representative explained the card was cancelled because Amex was reviewing my credit report, and based on info reflected in the Experian report, they cancelled it. I didn't receive any letter or phone call ahead of time at all!

Naturally I went to retrieve the Experian report and found negatives in it, pertaining to my student loan from undergrad. If you're interested in how that happened, I will explain later. Anyways so I immediately Paid off ALL of my Sallie Mae loan upon learning of a balance due (before the loan due date sometime in 2010).

At this point, my Experian score stands around 650 . I think my score must have plunged 100 points due to the negatives on the CR.

Fast forward, it's been a few days now, I just sent 4 long disputing letters to all the 3 credit bureaus + Sallie Mae today.

I've been out of undergrad for a few years and is planning on buying my first home in the next 1-2 months, before the Obama home tax credit goes away on 11/30/09.

Needless to say, this issue has been a major inconvenience and headache. I'm sure my employer didn't get much production out of me this week, but oh well. I actually had my mid-year performance review today - successful, yay!

So I've called Experian yesterday and is waiting for Experian to update payment info to my acct. so that I can hopefully reconcile with Amex and that they will reinstate my 10K CL card. I guess I'm in the acceptance and hope stage of the relationship now.

Over the next few days, my goal is to get my Amex reinstated.

I'm hoping my dispute with Ex, TU, and EQ can be resolved in the next 30 days so that my score can bounce back and I can apply for the home loan because I've found the home.

All of this is happening at a time when I'm super busy and have been putting in overtime at my company + study on average for about 3 hrs for my GMAT exam when I get home from work, very exhausted. The exam is coming up in the next 2 weeks, couldn't wait to get it done. Heading to Vegas afterward for sure .

At first, I was in complete shock over what has happened with Amex and all, I almost couldn't believe that this situation is happening now. But then I've thought about it, and actually finds it sort of...a blessing in disguise, because it would have been so terrible to go forward with the submission of paper work for the home loan then to find out that my credit score is not in the 700 range like I had expected. 

So I will keep you posted how all this will turn out, if you're interested .

Message Edited by DaSinful on 08-08-2009 12:09 AM

Message Edited by DaSinful on 08-08-2009 12:10 AM

Message Edited by DaSinful on 08-08-2009 12:22 AM

[cobaltnv]

dasinful, 

  Sorry to hear about your Amex closing. Even if you did not revive you Amex for a few months (or years) you will still get your original member since date when you reopen. Basically this means that even if your account is closed for 10 years when you get a new AMEX it will not appear to be a new card but one that is 14 years old--quite nice!

 I would not stress our about the Amex too much, it sounds like you have plenty of other things to work on. Good luck with going back to school and with buying a home!

Cheers 

[Anonymous]

Cobaltnv,

Thanks.  I don't usually lose sleep and I actually lost sleep over that.  At first, I didn't know what to do, so...I was just super worried.  

When I spoke with the Amex representative, she said I could either forward some type of report from Experian in order for them to consider reinstating my card or apply for a new Amex card.

I didn't want to apply for a new Amex card because I didn't want to have to set up all my monthly regular charges that I normally just let them automatically charge to Amex (, insurance, gym membership etc.)  to another account and yes, I was also worried that the cancelation of the card might adversely affect my score.

Will Amex reinstate my card?  I have no debt of any type now after paying off all my student loan the other day.  Everything is in zero balance.   What do you think?

BTW, I just found this website and forum today, wow, it's amazing how helpful the info are (esp. backdoor numbers someone posted) and all the resources availabe here. 

[Red1Blue]

OP, I understand how you feel. My suggestion, send an updated credit report to Amex and also a letter from student loan people stating that account is paid in full also to Amex. Also you can write a GW to student loan people to remove the negative information since it is effecting your credit scores. Things are very mechanical with Amex and how they handle things. I cancelled 3 of my accounts in protest with them few months ago and I reopened a new Business Platinum. Dont take things personal with Amex and dont beat your self up. Keep trying with Amex and send them letters.  

[cobaltnv]

I think you have a chance to reopen your Amex account, but you never know. Concorduser provided some good suggestions and advice--basically it cannot hurt to ask Amex to reopen. 

Good luck! 

[Red1Blue]

OP, what ever you have to do with Amex, you have 90 days to ask them to re-open the account. After 90 days automatically your account will become ineligible to re-open. It is pretty much done by computers, I think it is pretty tough to get it re-opened after 90 days and they will ask you to re-apply for new account.

[DI]

I just applied for an American Express Card.  I got declined due to a freeze on my credit reports.  I called customer service, and was able to give them my PIN to the credit report of my choice.  I chose my TU report.  Now am waiting for a decision soon as they're able to get my TU report. 

I finally figure out a way to force the creditor to choose the credit report I want them to pull albeit it comes with an approval delay.