Re: MY GOAL: Get The AmEx Centurion Card - MY PLAN: read in article
12-05-2009 01:05 PM
I would like to thank all of you for the great advice. I am learning new things everyday because of people like you that share your knowledge with others.
In the recent years, I think AmEx implemented certain changes in order to minimize the risk of account defaults. For example, my uncles account was closed because he used his card at Wal-Mart one day. They said that people who use AmEx cards in that establishment have a higher rate of defaulting on their accounts. AmEx basically tracks everything you buy, analyzes the information, and compares it to statistical data. Nowadays, many institutions are using such methods, especially the auto insurance industry. In a way, I think it is not just. Everyone should be judged independently instead of putting them in groups. I guess they don't have the means to know everything about the people, so they generalize. An example: women in general, pay less than men for auto insurance.
AmEx is known for CLD's, income verification requests, and account closings. It's really annoying having to follow hundreds of rules just so that you can be on their good side, especially when they don't tell you the rules. AmEx got it's problems, but if they had not taken all those precautions, chances are they would have been weakened more severely by the recession.
Money is great to have, but at this point in my life, I am to busy with school. My parents fund my living expenses and my college tuition so I really don't need money. Whatever money I make now, would be insignificant when compared to the value of the knowledge I would gain if I devoted the time to learning instead.
One thing I would like to do though, is set up a corporation so that I can start building corporate credit. I feel this is important to do early since I may need lots of funding later on. I'm too poor to hire lawyers and accountants so I would have to do all the learning from web sites. I don't really know what it would cost me to do all of this. I also plan not to make money in the beginning, but it may be that, in order to get a lot of corporate credit, I have to make some money with the business.
Anyways, I will review the posts on this site for help. If any of you know any other helpful sites, let me know.
I'm glad you mentioned the Wal-Mart situation. I always suspected AMEX would do something like that. I posted something about that about 3 months ago.