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Outcome of AMEX F/R

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Anonymous
Not applicable

Re: Stop the worry>>>



centurionholder wrote:
Not necessarily:
 
How can I do a financial review of your past finances without having them furnished by you, or by the companies, banks, or corporations you have given permission to supply me ??
 
All a credit card company knows in the application process is what you tell them, and what is verified by an accurate, competent, and legal source.  Remember, all the info you give on your credit application is subject to verification, at any time !!


centurionholder: I believe what folks are trying to say is if, let's say for instance, I applied and got approved for an Amex card, and then turned around the next day and applied for another one (yes, I did this), then AT THAT TIME if Amex is concerned or a Red Flag is thrown up, ask for these documents BEFORE you grant them a second, third, fourth account. Verify the info by an accurate, competent and legal source BEFORE approving the application. It's real simple, and I don't think we would be reading about these Financial Reviews if this was done. What Amex is doing is not good customer service, and I will be very leary to pull one out of my wallet. I think you would be singing a different song and dance if you were on your honeymoon, pulled out your Amex to pay for the hotel and ya got declined due to a stupidazz F/R....especially if you had been a cardholder for about 15 years. True story...just read it!!
Message 21 of 37
Anonymous
Not applicable

Re: Stop the worry>>>

ITA.  That is exactly what I told the csr today.  Ask for financials before opening the account if they're so concerned about it.  It would require more processing before an application is approved, but then you don't have unhappy customers by the thousands having their accounts suspended or their purchases declined without warning.
 
 
Message 22 of 37
Anonymous
Not applicable

Re: Stop the worry>>>



centurionholder wrote:
If people don't lie about their income and say they are making 175,000 a year when they realy make 40,00 a year, YOU WILL NOT ( I don't see how you can), HAVE A PROBLEM. If you were approved based on the info you gave, and it turn out to be verified 100%, why should you have any problems.  Just think...If you were giving someone a charge card and said  "go spend", and pay me later, wouldn't you want to some verification of their income done?  And another thing, a mortgage process is like getting a financial proctological exam, an AMEX FR is a breeze along the shore compared to this..Smiley Very Happy


hmmmm....I would not give "Joe Blow" my credit card and say go spend away and pay me later without first verifying his abilty to pay me back.........not 2 weeks after I loaned the card to him.
Message 23 of 37
Anonymous
Not applicable

Re: Stop the worry>>>

  But if you didn't have an established relationship with the company, even if only for a couple of weeks or months, would you hand over your income statements knowing that you could be turned down completely and they would still have that personal info and you gained nothing but in inquiry to your CR's.
 
  Correct me if I'm wrong but I haven't heard of the F/R resulting in cancellation of an account, just CLD's, so you have still gained from the situation by being approved for a new positive TL.  And with time and good payment history your CL will increase and all will be well. 
 
  They can approve you and then if you go off and charge all kinds of money, and they soon after decided to lower your CL, you should have an out readily available to pay off or move those charges so as not to be assesed any fees, or you have sorely missed the purpose of this entire forum. 
 
  Just what I'm thinking, not directed at anyone inparticular if it seems to be  Smiley Wink


Message Edited by Jamesus81801 on 08-03-2007 08:43 AM
Message 24 of 37
Anonymous
Not applicable

Re: Stop the worry>>>



Jamesus81801 wrote:
  But if you didn't have an established relationship with the company, even if only for a couple of weeks or months, would you hand over your income statements knowing that you could be turned down completely and they would still have that personal info and you gained nothing but in inquiry to your CR's.
 
  Correct me if I'm wrong but I haven't heard of the F/R resulting in cancellation of an account, just CLD's, so you have still gained from the situation by being approved for a new positive TL.  And with time and good payment history your CL will increase and all will be well. 
 
  They can approve you and then if you go off and charge all kinds of money, and they soon after decided to lower your CL, you should have an out readily available to pay off or move those charges so as not to be assesed any fees, or you have sorely missed the purpose of this entire forum. 
 
  Just what I'm thinking, not directed at anyone inparticular if it seems to be  Smiley Wink


Message Edited by Jamesus81801 on 08-03-2007 08:43 AM

Yes, I have read on other credit forums that accounts have been permanently closed by the FR....which makes me think they probably were not honest on the application, or have racked up more debt than their income can handle!!!Smiley Wink
Message 25 of 37
Anonymous
Not applicable

Re: Stop the worry>>>

  Well in that case they shouldn't have received the card in the first place, nor should they have applied.  If you're not telling the truth on your app (don't worry I know you did, I've read your other posts) then you probably need the card for purposes other than establishing, building, or maintaining credit, and as we all know those are really the only purposes that one should apply for CC's.
Message 26 of 37
weezie
Valued Member

Re: Stop the worry>>>

So rather than allowing everyone to enjoy an expedited approval process, it would be better for us consumers if Amex rejected the risk of a "bad decision" and insisted that all "suspect" cases provided income documentation up front? I disagree.

As a cardholder, why would I want them to build that level of scrutiny into the "cost" (i.e., interest rate or membership fees) of my cards? I don't want the fee for screening others out to be passed on to me any more than it already is when certain cardholders skip out on their bill. (I also disagree that it's normal consumer behavior to open credit card accounts and immediately ask for CLIs; it may seem so because of the nature of those of us seeking advice from credit repair boards, but on average I betcha it's not.)

This is a balancing test, it's a business decision, and it's irrational to take it personally. By accepting a credit card from Amex you are entering into a contractual relationship with them and the terms of that contract stipulate that they are allowed to do exactly what they're doing with these F/Rs. And it seems to be a process that can be as short as a couple of days but no longer than, what, two weeks at most?

A person really shouldn't be mad that they're being forced to adhere to the terms of legal agreement they'd promised to abide by in exchange for the credit card. Just my two cents. And I totally respect the fact that others disagree.
Message 27 of 37
MidnightVoice
Super Contributor

Re: Stop the worry>>>



weezie wrote:

This is a balancing test, it's a business decision, and it's irrational to take it personally. By accepting a credit card from Amex you are entering into a contractual relationship with them and the terms of that contract stipulate that they are allowed to do exactly what they're doing with these F/Rs. And it seems to be a process that can be as short as a couple of days but no longer than, what, two weeks at most?

A person really shouldn't be mad that they're being forced to adhere to the terms of legal agreement they'd promised to abide by in exchange for the credit card. Just my two cents. And I totally respect the fact that others disagree.

One of the problems is that when doing a FR they freeze the account without warning.  That seems to me poor business practice in terms of customer relations.
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
Message 28 of 37
Anonymous
Not applicable

Re: Stop the worry>>>

Jamesus81801  and Weezie
 
I agree with both of you. By accepting and using an AMEX card, you not only have a contractual responsibility, but a monetary one as well.  If AMEX wants to check your financial statements one time in order to verify your income and allow you to charge with NO PRESET SPENDING LIMIT, then why should anyone complain. 
 
I don't hear people crying about AMEX when they are able to spend tens of thousands of dollars on their cards without question during their spending spree vacation and pleasure trips, so why all the moaning when AMEX, a legitimate bank, asks for a financial review in order to allow you the flexibility of using the card?
 
If you don't like AMEX, don't use it or keep it.  I have, and have had cards from chase, citi, barclay, pulaski bank, discover, and merrill lynch.  Aside from merrill lynch, I have to say that AMEX customer service is by far the most superior, and knowledgeable to date.  I actually speak to someone who is trained to help me, not answer my questions with other questions, and MOST IMPORTANTLY, they all speak fluent English.
 
PS...I don't now, and have never worked for AMEX, so please don't think me an AMEX mole in the forum.  I am just another ordinary consumer who has his own opinions about the plastic cards many of us depend on every day, and as always respect everyone else's opinion.  AMEX works for me, it may not work for you.Smiley Happy
 
 
---and btw,,MIDNIGHT...I do agree with you that freezing accounts without warning is not the best of business practices, and I do beleive they should apporach that problem from a different angle.


Message Edited by centurionholder on 08-03-2007 12:33 PM

Message Edited by centurionholder on 08-03-2007 12:34 PM
Message 29 of 37
sl
Established Contributor

Re: MidnightVoice wrote:     I would think that a competent c...

I agree, AMEX needs to check before they issue credit cards to people.
 
Why not take a "Pro-Active" approach to your client base and your company?
Message 30 of 37
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