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Super frustrated with Amex now

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rlx01
Established Contributor

Re: Super frustrated with Amex now

Audia4: can't quote since I'm in mobile, but they don't care about how many points you're getting since you can get the same points on their business cards.

I think 20k outstanding balance in 17 days is plenty of leeway. Smiley Happy

They want to see proof that your business is bringing in what you say it is. That's all.
Message 21 of 34
maksimfa
Contributor

Re: Super frustrated with Amex now

Here is the really simple answer/reason.

 

Think of it this way.

 

You applied and you put down your income... Say average income of $60k a year. So... now you have your PERSONAL card... and you put in $20k in a few weeks... say $40k a month equivalent, or equivalent of $480k a year.  

 

So spend equal to $480k a year, yet your stated income is $60k?

 

Make sense?

 

On a business account, they can completely understand that your business may net $100k a year at the end of the year, but you have to spend $200k a month to get there on a low profit margin business.   I routinely spend obscene fo most people on my platinum business charge card, and never a peep after a quick call with Amex the first time I hit $10k a month.  They made a note and knock on wood all good. 

 

So this should answer as to why you were red flagged.  Is there anything wrong with it?  Not really.  To Amex it does not matter for 99% of small business owners.  Why?  Because you personally guaranteed that business card anyway.  It is not a Corporate Amex... just an Amex Business.    

Message 22 of 34
TiggerDat
Valued Contributor

Re: Super frustrated with Amex now

I have more than one question?

 

Do you really want to go to this?  I mean I think would give them what they want and more to show monthly spending and revenue.  I would also include the statements from the other account to show payment and usage habits.

 

Have you considered another bank?  Seriously, maybe you go sit down with a local banker and show them the same things mentioned above and get a card with less hassles.

 

I think I would go through all the effort and more so that I could get an account with another lender so that even if it happens again you are covered.  I would also make sure that the other banks offers good rewards or better.  I think that if Amex straightens it all out, that I would switch to the other card and use it.  I would do it for a few months and then send the statements to Amexs EO and include a nice letter explaining what you did and why.  I would also include an explanation of what they rep said to you and how it made you feel frustrated and the revenue expenses documents again.  Yes, you might have spooked them in the quick charging up of the credit limit.  I think they might have been a bit hasty on it though, since they did ask how much you would run through the account each month.  It might not have spooked them so much if you had told them more as it would not have gotten near the limit so quickly.

 

No matter what, I would pay off the card right away to show consistency of usage and payments.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 23 of 34
dallasjetfan
Established Contributor

Re: Super frustrated with Amex now

There is no way I would ever do a FR with AMEX.  I would close them that day.  My tax returns are none of their business.  I had heard all these stories when I applied for them last month.  I'm giving them one chance at a 3X CLI and if denied I will likely just use them for 0% and then close them.  I have plenty of other CC's that don't pry into my life.  Good luck, OP!!

Barclays US Air $17K| TTCU $15K| Citi Diamond $10.5K| Discover IT $9000| CapOne $2K| Best Buy $2K
Message 24 of 34
longtimelurker
Epic Contributor

Re: Super frustrated with Amex now


@dallasjetfan wrote:

There is no way I would ever do a FR with AMEX.  I would close them that day.  My tax returns are none of their business.  I had heard all these stories when I applied for them last month.  I'm giving them one chance at a 3X CLI and if denied I will likely just use them for 0% and then close them.  I have plenty of other CC's that don't pry into my life.  Good luck, OP!!


Right, but it's a choice.  If you feel the benefits outweigh the privacy concerns, then do it, otherwise not.    Recently, I was planning not to submit the forms for a CLI, but once I got my new card and needed a CLI, and they wanted a 4506-T, I decided to do it.

Message 25 of 34
audia4
Established Contributor

Re: Super frustrated with Amex now


@rlx01 wrote:
Audia4: can't quote since I'm in mobile, but they don't care about how many points you're getting since you can get the same points on their business cards.

I think 20k outstanding balance in 17 days is plenty of leeway. Smiley Happy

They want to see proof that your business is bringing in what you say it is. That's all.

Thanks for the info. I guess you are right, 20k in 2 weeks was a pretty good leeway. LOL

 

I'm just sitting here wondering now, since I'm being told that they are going to look at "gross" versus "net"....when I was on the phone with the rep that was asking me questions, one of the things that he ask was how much income for the year. We were going back and forth about my "job" versus the "company" and he said "whatever you do, make sure you submit to us whichever is the MOST. Well, how exactly can you do that??? I mean they are requesting our entire tax forms, which would contain EVERYTHING from my job to the schedule C, which has all the company information on it. So basically they are getting both I suppose? It just doesn't make any sense that they told me to send one of the other when they are requesting a transcript of the entire return. Smiley Frustrated  Also the rep ask me to come up with a dollar amount for the year and I had no idea what he was needing...gross, net, what we filed, what it is now...and I just blurted out "I don't know, let's go with around 50K".  So when they get this return and it shows more like $250k, is this going to throw another red flag? They must think I'm really mixed up at this point. LOL

TU: 819 EQ: 821 EX 811


**$7500****$30,000*****$13500****$42,200****$10,000***$10,700*****$6000****$11,000*****OPEN****OPEN******$27,000*****11,000



Message 26 of 34
audia4
Established Contributor

Re: Super frustrated with Amex now


@maksimfa wrote:

Here is the really simple answer/reason.

 

Think of it this way.

 

You applied and you put down your income... Say average income of $60k a year. So... now you have your PERSONAL card... and you put in $20k in a few weeks... say $40k a month equivalent, or equivalent of $480k a year.  

 

So spend equal to $480k a year, yet your stated income is $60k?

 

Make sense?

 

On a business account, they can completely understand that your business may net $100k a year at the end of the year, but you have to spend $200k a month to get there on a low profit margin business.   I routinely spend obscene fo most people on my platinum business charge card, and never a peep after a quick call with Amex the first time I hit $10k a month.  They made a note and knock on wood all good. 

 

So this should answer as to why you were red flagged.  Is there anything wrong with it?  Not really.  To Amex it does not matter for 99% of small business owners.  Why?  Because you personally guaranteed that business card anyway.  It is not a Corporate Amex... just an Amex Business.    


 

Yes, it makes perfect sense. I just don't know what I actually put down or if it ask me for gross or net on the form (which makes a big difference).

TU: 819 EQ: 821 EX 811


**$7500****$30,000*****$13500****$42,200****$10,000***$10,700*****$6000****$11,000*****OPEN****OPEN******$27,000*****11,000



Message 27 of 34
audia4
Established Contributor

Re: Super frustrated with Amex now


@TiggerDat wrote:

I have more than one question?

 

Do you really want to go to this?  I mean I think would give them what they want and more to show monthly spending and revenue.  I would also include the statements from the other account to show payment and usage habits.

 

Have you considered another bank?  Seriously, maybe you go sit down with a local banker and show them the same things mentioned above and get a card with less hassles.

 

I think I would go through all the effort and more so that I could get an account with another lender so that even if it happens again you are covered.  I would also make sure that the other banks offers good rewards or better.  I think that if Amex straightens it all out, that I would switch to the other card and use it.  I would do it for a few months and then send the statements to Amexs EO and include a nice letter explaining what you did and why.  I would also include an explanation of what they rep said to you and how it made you feel frustrated and the revenue expenses documents again.  Yes, you might have spooked them in the quick charging up of the credit limit.  I think they might have been a bit hasty on it though, since they did ask how much you would run through the account each month.  It might not have spooked them so much if you had told them more as it would not have gotten near the limit so quickly.

 

No matter what, I would pay off the card right away to show consistency of usage and payments.


There's no giving them more...trust me I ask several questions about it and they said "it doesn't matter, it doesn't matter, we will not look at it, you are welcome to send it, but we won't look at it"....giving us no opportunity to explain any questions they might have, the situation and so on. They are only interested in the return itself and what it says on there (even though last years return has ABSOLUTELY NO relevance to what we are doing now. It doesn't even come close at this point.

 

I have not sat down with a banker (and I bank with the credit union). I wish there was some type of loan or something out there that they could approve you for that's open to a certain amount and you can just use it every month and pay it back to the bank and then it goes back up and you pay it back up. I don't know what's out there and what they would be willing to approve me for, but it may be something I have to look into in the future.

 

Do the other business cards out there do this review like AMEX?  For instance if I was to get one from like Chase Ink or any other place. Is this going to happen with them as well? Or do they at least give you the opportunity to SHOW that you will pay the $$ off in full each month?

 

I agree, I should have probably told them a higher amount to be ran through the card per month, but honestly, I was 1) afraid that if the amount was too high they would deny me and 2) I honestly didn't realize that we were going to have such a boost in sales this month compared to last month and would go over the amount.

 

I don't want to pay ANY of the cards right now until the statement cuts. The reason why I went with this card was for the 3.5% cash back if you PIF when the statement cuts. I have read up on it and know that any payments you make along the way before the statement cuts, you won't get that 3.5% back. It's ONLY the amount to PIF at statement cut, which I have no clue when that is and can't seem to figure it out by looking at my account online. Smiley Frustrated

TU: 819 EQ: 821 EX 811


**$7500****$30,000*****$13500****$42,200****$10,000***$10,700*****$6000****$11,000*****OPEN****OPEN******$27,000*****11,000



Message 28 of 34
audia4
Established Contributor

Re: Super frustrated with Amex now


@dallasjetfan wrote:

There is no way I would ever do a FR with AMEX.  I would close them that day.  My tax returns are none of their business.  I had heard all these stories when I applied for them last month.  I'm giving them one chance at a 3X CLI and if denied I will likely just use them for 0% and then close them.  I have plenty of other CC's that don't pry into my life.  Good luck, OP!!


I completely agree and feel really uneasy about this. It's just weird. I mean if you want to see bank statments showing just how much money is rolling in, that's one thing, but every single little detail to our taxes....it's just unsettling to me. I'm really funny about things like this because my husbands idenity was stolen about 8 years ago and we worked forever trying to get things cleared up with it...not everything was removed and he has struggled since with his credit and rebuilding. However, my hubby wants to do it and see what they say. I mean I guess the worse they can do is completely close our accounts or put a limit on them. I still have other cards to use and will just keep searching or trying for another business card out there and hope for the best. My MAIN goal was to get the charges off my PERSONAL credit cards so that there wouldn't be anything on them each time they cut and reported. The added card benefits of cash back or points is just an added bonus at this point.

TU: 819 EQ: 821 EX 811


**$7500****$30,000*****$13500****$42,200****$10,000***$10,700*****$6000****$11,000*****OPEN****OPEN******$27,000*****11,000



Message 29 of 34
longtimelurker
Epic Contributor

Re: Super frustrated with Amex now


@audia4 wrote:

@dallasjetfan wrote:

There is no way I would ever do a FR with AMEX.  I would close them that day.  My tax returns are none of their business.  I had heard all these stories when I applied for them last month.  I'm giving them one chance at a 3X CLI and if denied I will likely just use them for 0% and then close them.  I have plenty of other CC's that don't pry into my life.  Good luck, OP!!


I completely agree and feel really uneasy about this. It's just weird. I mean if you want to see bank statments showing just how much money is rolling in, that's one thing, but every single little detail to our taxes....it's just unsettling to me. I'm really funny about things like this because my husbands idenity was stolen about 8 years ago and we worked forever trying to get things cleared up with it...not everything was removed and he has struggled since with his credit and rebuilding. However, my hubby wants to do it and see what they say. I mean I guess the worse they can do is completely close our accounts or put a limit on them. I still have other cards to use and will just keep searching or trying for another business card out there and hope for the best. My MAIN goal was to get the charges off my PERSONAL credit cards so that there wouldn't be anything on them each time they cut and reported. The added card benefits of cash back or points is just an added bonus at this point.


I haven't seen reports of theft (identity or otherwise) coming from this process, but I can see that it is a concern.  But as you have found, Amex doesn't really offer alternatives, you submit the form and see what happens, or you decline and lose the cards.

Message 30 of 34
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