topic Re: AMEX Financial Review Debacle in Credit Cards

AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 09:43:05 GMT

Was approved for an AMEX Platinum card, as well as blue cash and everyday cards. After one month of pristine frequent payments and being a generally exemplary and responsible cardholder, AMEX suspends all accounts without warning while I was out of the country for the 4th of July holiday, leaving me completely stranded.

After calling in to get to the bottom of what was happening, a very rude representative from the FR department threatened to close all of my accounts if I didn't provide IRS tax forms and would not budge. After explaining that I have demonstrated perfect payment ability since opening my account and that I was out of the country and needed access to my accounts, she wouldn't budge and basically told me off.

So in summary, I pay 550 dollars for the "privilege" of having a shiny metallic card with a roman soldier on it, which can and will be suspended at a moment's notice while I am out of the country. NOT a reliable or dependable card company, totally insulting and disappointing. My, how downhill they have gone. Over it, and you should be too.

(Mod edit for language)

Re: AMEX Financial Review Debacle

UpperNwGuy — Sat, 08 Jul 2017 08:17:46 GMT

I have read on this forum that Amex doesn't like to see more than one payment per month for the first few months of a new card. Were you doing that? Were you buying any gift cards?

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 08:28:20 GMT

I made one payment per week and never carried a balance for more than a few days. Several customer service reps suggested I make payments frequently in order to build a good track record and have my spending limit increase faster. This is exactly the opposite of what you're saying. There is no reason why a credit card company should object to frequent payments it makes absolutely no sense.

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 08:35:10 GMT

Anything at all that might have made them do that? I feel like we run into a lot of these stories with the same patterns that starts out with "I never been late, always paid on time, my score is good, such and such etc", only to find out some twist or more info revealed down the line that may have caused it. I dont think they would do it for no reason at all.

Nevertheless, hope it gets resolved for you..

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 09:40:18 GMT

My account is in excellent standing, there are no twists or turns.

FR was triggered by an unprofessional merchant attempting to charge my card several times for the same order which appeared as fraud. There was also a returned payment due to the same merchant charging my checking account without my knowledge causing it to be overdrawn thus affecting the AMEX payment.

The bottom line is that AMEX should NOT be putting its valued responsible customers through such bull at all, let alone while they are out of the country, completely stranding them. They wasted no time in making it clear that they don't care about me and would rather close my account and lose a relationship due to a ridiculous issue like this. The entire process has been abusive and threatening, and I am treated like a petty criminal instead of with respect. I have read of big spenders of 100K+ having their accounts suspended leaving them stranded at hotel front desks for the same FR reason. This company needs to change the way it handles this.

(Mod edits for language)

Re: AMEX Financial Review Debacle

UpperNwGuy — Sat, 08 Jul 2017 08:51:09 GMT

Did you buy any gift cards?

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 08:56:59 GMT

Well this is what I mean......now there is NEW INFO..as always..

You only been with Amex for about a month you're still new, you had several attepmpted fraud charges and then you have a returned payment on top of that.

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 09:03:21 GMT

To correct you: they were NOT fraud charges. All explained in detail to the CSR imbeciles outsourced to India and verified by my bank on a three way call.

I made 7K in charges in the first month and PAID EVERY WEEK IN FULL. Excellent credit score and no derogatory marks or missed payments ever. What more can you ask for in a client.

Any credit issuer who has the **bleep** nerve to do this to a valued client who PAYS THEM 550 PER YEAR, needs to **bleep** right off. Take your business elsewhere with a company you can depend on and who will be as loyal to YOU as you are to them.

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 09:05:46 GMT

No gift cards no.

Re: AMEX Financial Review Debacle

SunriseEarth — Sat, 08 Jul 2017 09:49:10 GMT

Multiple posts have been edited to remove partial obscenities. If you feel a need to partially censor your words on this Forum, we would prefer that the words not be used at all, as the Forums are for general visitors. --SE

Re: AMEX Financial Review Debacle

SunriseEarth — Sat, 08 Jul 2017 10:02:06 GMT

@Anonymous wrote:
My account is in excellent standing, there are no twists or turns.

FR was triggered by an unprofessional merchant attempting to charge my card several times for the same order which appeared as fraud. There was also a returned payment due to the same merchant charging my checking account without my knowledge causing it to be overdrawn thus affecting the AMEX payment.

So we have a few factors at play here that raised AMEX's ire. First, the multiple payment habit is unusual. Especially if you made large purchases, this could appear like MS to AMEX. One of the benefits of credit is the grace period, and with a charge card, UTIL shouldn't be a factor. Also, because ACH transactions cost money, frequent payments are a cost to the lender. This is why most limit the amount you can make in a month.

I think the multiple charges by the merchant may have also raised flags, especially if this merchant was out of the country. However, I think the returned payment is probably the biggest factor in your FR. AMEX thinks you are outspending your ability to pay them back, so they would like to prove you can afford it.

Unfortunately, the FR seems like a result of a string of bad circumstances, and one could hardly blame you if you chose not to retain your AMEX accounts. This is also a good reason to always have backup credit options when possible. Cards can be declined for any multitude of reasons. It's best to be prepared for whatever circumstances you may face.

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 10:53:24 GMT

The FR was triggered by your behavior and a series of unfortunate events. As a previous poster suggested, there was indeed more to the story. Someone paying every week (who just opened 3 cards and has put a decent amount of spend on the card in the first month) who all of a sudden (still within a month or so of opening) has a returned payment is someone they will definitely keep their eye on. They don't care if fraud or this or that caused the returned payment.

Their position is completely legitimate. Instead of understanding that and behaving rationally and saying "ok, I could see why they did this. I will supply the documents and explain what happened" (which I understand may not resolve the issue), you are swearing them off as if they are some bully on the playground picking on you.

What income did you report to them when you applied? 7K isn't much spend, but it might be depending on the answer to that question. Regardless, a returned payment in the first few weeks is certainly cause for concern for any institution...

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 10:57:58 GMT

I completely disagree with your assessment of the situation. My reaction of "swearing them off" is completely justified given that a credit card company whom I pay 550 dollars per year to, and treat very well with frequent payments (as recommended by several CSR's) demonstrating my loyalty, stranded me while away out of the country. Full stop.

Anybody who doesn't see the truth in this is not smart.

Re: AMEX Financial Review Debacle

bz386 — Sat, 08 Jul 2017 11:28:24 GMT

You have three brand new accounts and a returned payment. It is fully justified for them to be suspicious. Get over yourself.

Re: AMEX Financial Review Debacle

digitek — Sat, 08 Jul 2017 11:40:14 GMT

I can understand your frustration, but this is a pretty ridiculous thread.

Did you only take one brand new CC with you on vacation?

Credit Cards provide a service; you are borrowing money from them until you can pay them back. They have the right to refuse to let you borrow the money if they feel something is amiss. This is all in their ToS that you agreed to.

Sorry for your frustration, close the card and move on if you want, thats all you can do, everyone else on this thread doesn't think that AMEX was out of line. If anythihg this is just a reminder to have multiple forms of payment from different banks ESPECIALLY IF YOU ARE OUT OF THE COUNTRY!

Looks like you just joined, stick around and take a breath =D

Re: AMEX Financial Review Debacle

trant3 — Sat, 08 Jul 2017 12:57:44 GMT

@Anonymous wrote:
I completely disagree with your assessment of the situation. My reaction of "swearing them off" is completely justified given that a credit card company whom I pay 550 dollars per year to, and treat very well with frequent payments (as recommended by several CSR's) demonstrating my loyalty, stranded me while away out of the country. Full stop.

Anybody who doesn't see the truth in this is not smart.

You're delusional. Your actions caused the FR to be triggered, just be accountable. Paying 550 for the plat or making frequent payments does not imply that you are "treating them well", after all you've agreed to the AF and making payments on whats owed. On top of things, why would anyone bring strictly AMEX cards abroad????? Unreal

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 13:08:26 GMT

Ok. My accounts my frozen for FR by AMEX in June 2016 after i acitvated my Personal Platinum. Yeah, on the same day. The personal Platinum was my 4th card with AMEX in 3 months after the Delta Platinum, Delta Reserve and Business Platinum. Honestly, I really don't know what triggered it except for the reason others have mentioned here. I never did get an explanation from AMEX. Yeah, I was making multiple payments a month on a fairly new AMEX accounts. Perhaps they are making sure nothing is questionable and I'm not violating any ToS. I didn't know the lender gets charged every time I make an ACH payment.

But, one thing for sure, the won't budge until you return the 4506-T they requested. Unfortunately in your case, you were out of the country and left stranded by their practice. Even if you submit the 4505-T, it's not a guarantee your accounts will be reinstated. If you choose not to sudmit the request, just close your accounts before they close it. I'm not sure how much negative impact on your credit score if it's closed by grantor rather than closed by consumer. But, most suggest "closed by consumer" has a lesser negative impact then the former.

My experience:

1. I submitted what they want. I figure if I want to borrow money from them, I need to prove my side. Thankfully, the auditor who was assigned to my account was very nice.

2. It took 14 business days for processing. I had to go in and change all automatic payments I had set up. I never bothered to call. I just waited and kept logging on my account until one day, that bright notice was gone. So yeah, I did survive the dreaded AMEX Financial Review. All accounts fully restored with no reduction in line of credit.

3. Yeah, that was very frustrating and disappointing. But, I was in rebuild and was grateful enough for AMEX to extend me credit. I had 9 collections showing on my account at that time. AAoA was ZERO. Scores was around 630's when I got those accounts.

Forward to present, July 2017:

1. I have 9 accounts with AMEX - 5 revolvers and 4 charge cards.

2. I still make multiple payments. Sometimes, several in a week that come from different banks (Wells Fargo, Bank of America, NFCU, Alliance CU) where I have savings and checking accounts.

3. The perks and benefits their cards provide will offset the FR niightmare and inconvenience you went through.

I guess what I'm trying to say is, depending on how much value do you see in keeping AMEX, the FR process is not reversible. There is no consideration on anything unless you agree to the release of your income tax returns. Other lenders like Chase, Citi and Synchrony have done the same thing without any warning. In fact, when I received and activated my Marvel card from Synchrony (already have Stash Hotel rewards, Lowe's, Sam's Club, and Cathay Pacific), all accounts were suddently frozen and a request for 3 yr income tax was sent to me. Yeah, this happened a few days before I left for Euriope for 3 weeks. AMEX only asked for the 2015 return. I submitted as well, waited 2 weeks and accounts were all of a sudden restored. Synchrony even sent me a thank you letter for submitting the 4506-T and apolozed for the inconvenience.

Good luck on what steps you want to take. Although I must say, it can happen to anyone with ANY lender. it is what it is, I guess. If your application is truthful and your income tax is what you say it is, I don't think you have anything to worry about FR. By anyone. AMEX or not. Just FYI, Chase is not as considerate. They will cllose your accounts with no FR whatsoever and that's that.

Re: AMEX Financial Review Debacle

pip3man — Sat, 08 Jul 2017 13:15:22 GMT

Bruhhh/ma'am you need to chill out. I understand your out of the country but still that shouldn't hinder u from providing the IRS form they requested. Most hotels have a business center where you can fax/print documents. This is a one page form u can print from AMEX's website then fax it over in 2mins. They will be the ones to pull ya transcripts saving u the hassles of doing it yaself. There's no need to howling like crazy

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 13:43:18 GMT

@UpperNwGuy wrote:
Did you buy any gift cards?

It's clear from what the OP has posted what caused the FR. We really have to get over this notion that buying a gift card or two or three, etc causes FRs, account closures, CLDs and earthquakes. They don't unless you abuse them. Of all creditors Amex cares the less about that as they encourage you to buy their own gift cards with promotions.

I don't mean to single out your post but overall people vastly vastly overstate the effect of buying gift cards on this forum. Do account closures happen because of them. Of course but in almost every account closure thread we see that is one of the first questions asked and 95% or more of them are due to some other factor, like a returned payment.

Re: AMEX Financial Review Debacle

Anonymous — Sat, 08 Jul 2017 14:00:15 GMT

I've just got to follow this thread... I'm boggled at the sense of entitlement some people have when they have to pay an AF... Oh, OP? You've been a customer of AMEX for what, a month? You're nowhere near established in their eyes, and also, making multiple payments in a month will raise a flag quicker then multiple charges from the same merchant.

Even after all of the posts I've read, I feel that we aren't getting the *full* and complete story...

EDIT: Yes, they can suspend or close the cards at any time, that's their perogative.