How do you think your car/home insurance rates are figured? If you live in a zip code that is associated with higher crime, you pay more. He'll, my parents lived in their home for22 years with no claim, had a huge ice storm, put in a claim for a new roof, then got cancelled! My point is, what Amex is doing or may do is not unique to other credit providers.
Starting Score: TU:676;EQ:648 8/2011
@dharalex wrote:
How do you think your car/home insurance rates are figured? If you live in a zip code that is associated with higher crime, you pay more. He'll, my parents lived in their home for22 years with no claim, had a huge ice storm, put in a claim for a new roof, then got cancelled! My point is, what Amex is doing or may do is not unique to other credit providers.
FWIW, People tend to be a little ignorant about stuff like that.
I think some people on this board are a little too paranoid in general about credit cards being CLD'd, closed, FR'd, etc. Even with the instances of articles being run on this topic, exactly what percentage of overall cardholders do these instances comprise...0.5%? less?
In addition, suppose one of those things did happen to befall you. Is it really worth getting your pants in a bunch and stressing endlessly about?
Be honest on your CC apps...try to keep your util as low as possible and if you have to run it up one month, make payments on time (extra, if possible), and pay off the balances ASAP. I have been at nearly every point of the credit spectrum for the better part of three decades...and following this general rule, I have NEVER been closed, CLD'd or FR'd.
Just my experience...disclaimer: YMMV 
@CreditCrusader wrote:I think some people on this board are a little too paranoid in general about credit cards being CLD'd, closed, FR'd, etc. Even with the instances of articles being run on this topic, exactly what percentage of overall cardholders do these instances comprise...0.5%? less?
In addition, suppose one of those things did happen to befall you. Is it really worth getting your pants in a bunch and stressing endlessly about?
Be honest on your CC apps...try to keep your util as low as possible and if you have to run it up one month, make payments on time (extra, if possible), and pay off the balances ASAP. I have been at nearly every point of the credit spectrum for the better part of three decades...and following this general rule, I have NEVER been closed, CLD'd or FR'd.
Just my experience...disclaimer: YMMV
A part of the problem is our relying on credit too much. I'm not just writing about financial reasons. 
My Amex being closed would be annoying but life would go on.
@Anonymous wrote:Today, I noticed a few pending charges from a gas station that I've never been to. They were pending, but I thought I'd call AmEx and let them know that something was up. "Don't worry," they told me. "We have excellent fraud detection systems." The rep made a comment on my account to placate me, then told me not to worry.
For kicks, I checked an hour later and a whole slew of pending charges I didn't make and immediately called AmEx. I told them that I didn't care to wait to see if their fraud detection systems picked up on it and to immediately cancel my card and please issue me a new number. This rep complied and apologized that the first rep didn't listen to me.
I've seen so much on these boards about how if you buy a burrito at Taco Bell (especially as your first transaction with them), you're going to get instantly F/Red and AmEx is going to move in to a house across the street to spy on you with binoculars. But clearly, AmEx isn't paying the attention we think they are.
1. I've been an AmEx customer for a very long time and I've never once been to the gas station where the first charges were made.
2. I've set foot in a Wal-Mart once in my life and it was as a teenager and I didn't buy anything with an AmEx card, but AmEx approved a several hundred dollar transaction there today.
3. Ditto for the third store-- another discount store. (I don't mean to sound haughty, my point is that this is totally out of character for my normal spending.)
4. ...because all of those places are at least 500 miles from where I live, where...
5. ...I used the card this morning to buy gum.
So to review, large transactions were made 500 miles away in stores I've never shopped in while I was using my card near my home AFTER I called them and reported suspected fraud.
The second rep was very polite and offered to overnight a replacement card and assured me I wouldn't be held liable for these fraudulent charges, so I'm not sweating it and I do appreciate how helpful she was. But my point is that these magical, draconian algorithms that are rumored to be in place clearly...aren't.
If AmEx didn't think anything was up when someone was getting three fillups and buying toilet paper at WalMart 500 miles away from me while I was buying gum with the same card, I really don't think they give a four-letter word if you're using your card to buy a Happy Meal.
I don't see what your personal story has to do with being FR. I see how you're relating it, but I disagree. Amex is a card where you do not have to let them know you're traveling. I don't find it uncommon to, at times, go to a gas station you've never been to before. That's what people do when they travel. In your situation, I'd be more worried with trying to figure how someone got your number in the first place. I don't know what the first rep didn't listen to you about? Amex sides with you against fraudulent charges.
I do agree with you about the FR paranoia. Heck, I think some people stress out too much about inquiries. I read much more good about Amex verus bad (including their credit card reviews). You can read about a negative story anywhere and just change the bank names - BOA, Chase, Citi, etc. Someone has had a negative experience with them all. Everyone has their own personal stories.
Starting Score: 648
I refuse to get paranoid about AmEx, although if I stop at McDonald's for coffee I usually use my Capital One .
I have noticed that in the 1 or 2 months that I've had my Zync, I've used it most at Duane Reade (interestingly, it comes up as Walgreens when it's pending and then shows Duane Reade after the charge has posted), so I wonder what they're thinking about me.