Today was the day, FR from AMEX.

[trumpet-205]

AMEX is very strict about personal card with personal expense only. Using personal card on business purpose is a big no no to them.

[Kenny]

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@Anonymous wrote:

Actually, my Blue card caused the FR. My green usually uses 500-1.5k a month. I pay before the statement even cuts. I put about 3k on the card this month, and my statement was last week. PIF. My blue card has the balance.

They said I shouldn't use personal cards for business. I don't have any business cards with AMEX, just personal accounts. It was 3 large business transactions between another company (about 3k) on my blue, so I guess that triggered it. I never thought it would cause problems! I now know to just use my business debit card from now on.

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Or open an Amex business card! lol

[Anonymous]

Hi guys!! Thank you for the support and respones! 

To clear things up,

I spent 3k on my Green and 7k on my Blue. Those business transactions were on my Blue and counted toward 3k of the 7k just on that card. My green was used for travel expenses.

I sent over bank statements and they reviewed. They didn't close my account. They just cut my credit limits!!! (I found this out today, my birthday, to make things better )

My 18k credit card is now 7.6k with a 7.1k balance!!! WHAT!!

I then called, but it wasn't the FR department just the general customer service. The lady I spoke with basically called me a criminal! She said because I used my card with a merchant I had a relationship with, thats all they could give me! I explained I applied for this card with 35k income and less than 5k in savings. I now have 65k income and 25k in my bank, yet you cut my limit more than half?! She said well you shouln't thave tried to do this and now we have to cut your limits so it doesnt happen again.

What does that even mean?! Trying to do what? I was paying a company for supplies. That's not illegal. Don't act like I'm a criminal because I did nothing wrong. 

If I didn't need to credit limit right now for UTL, I would have closed it after that comment. 

But now I'm in trouble! I just bought a house and I had to pay for furniture and appliences and travel expenses. I wasn't planning on losing 11k in credit! Heres what I have now,

BOA: Limit- 10k Balance-3.6k

Discover: Limit 1.3k Balance- 0

Citi Thank you: Limit- 2.9k Balance-1.7k

Citi Simplicity: Limit -7k Balance -1k

Amex Blue (ugh) Limit- 7.6k Balance- 7.1k

Amex green:- NPSL - Balance 0

Lowes Consumer Credit: Limit- 10k Balance- 2k

Wolf Furniture: Limit- 2.5k Balance- 1.7k

Old Navy: Limit 2.2k Balance -0

Best Buy MC: Limit - 2k Balance- 0

National Penn Cash rewards: Limit - 5k Balance- 0

Sams Club MC: Limit 2.5k Balance 0

Total Credit - 53k Toal Balance - 17, 100

My scores already dropped from INQ and new accounts. My mortgage, new student and auto loan haven't reported yet. I may need to get an addtional student loan next semester, and I'm worried I wont be able to go to school again like last year. 

Is it better to Max out a card or balance below 50% on a couple? How would I work with what I have? Thank you guys! 

[NY2014]

No maxing out the cards isn't going to fix things it just going to make your situation worse,.you prob need to do is consolidate
I don't know what your credit score is or profile ect.

Give us more of your profile and others can weigh in. I really did not want to lead to that point regarding Amex requesting your bank statements because it just did not add up FR/ it more of internal review.not going to get technical but put it in the past and move forward. Call it an error
When you mention student loan.brings up another Issue. "You don't want to Bring more debt to you situation, again others can weight in , give us your credit history. See if options
Regards

[Anonymous]

Thank you!

Scores before balances were 737, 742, and 720. 

Now currently 697, 712, and 693. Most balances not reporting yet

Credit age is two years as of this month. AAoA I'm not sure. Probably very low. 

I have one student loan already for 5k, Mortgage (not reporting yet) at 92k, Auto loan (not reporting yet) at 28k and a new student loan (not reporting) at 10k.

The only installment was that student loan from Aug 2013. The rest were credit cards. Could the new installments help my scoring? How long until I'm in the 720s again? I will be able to put about 1k towards balances each month.

However, looks like I wont be using AMEX too much after today. :/

[go_FICO_self]

seriously, why do you care about the scores now? 

you've got all you need - mortgage, loans, etc. you shouldn't be apping for more stuff anyways. just focus on paying off what you have now. in a year or two, when your balance are low, your scores will jump up even higher.

[longtimelurker]

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@go_FICO_self wrote:

seriously, why do you care about the scores now? 

you've got all you need - mortgage, loans, etc. you shouldn't be apping for more stuff anyways. just focus on paying off what you have now. in a year or two, when your balance are low, your scores will jump up even higher.

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OP said another student loan might be needed, so scores could be important.

[go_FICO_self]

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@longtimelurker wrote:

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@go_FICO_self wrote:

seriously, why do you care about the scores now? 

you've got all you need - mortgage, loans, etc. you shouldn't be apping for more stuff anyways. just focus on paying off what you have now. in a year or two, when your balance are low, your scores will jump up even higher.

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OP said another student loan might be needed, so scores could be important.

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If it's like federal loan, i think any score passes. given there are no negatives, they don't care about utilization/aaoa/scores.

[Anonymous]

It would be a private student loan in addtion to federal sadly

[go_FICO_self]

I think 697 score will qualify you for any student loan. you have no negatives on your credit report, so you're good. you may not get more cards, but that's not the issue.