topic Re: I think I'm getting AMEX FR'd? in Credit Cards

I think I'm getting AMEX FR'd?

andre181 — Sat, 27 Nov 2010 06:52:32 GMT

So I checked my CR today (like I do everyday), but I looked at my soft inq's today.

On 11/24/10, "American Express Account Review" softed me. All of the other softs from Amex came from "American Express 2" and "AMEX-Serviced by CIC". The last soft was on 10/27/10.

Just recently I used my Zync at Walmart, incidently, it was 11/23/10, the day before this soft from Account Review. That walmart purchase was the last I made with the Zync.

I have also opened 2 new CC accounts in Nov. In Dec. or Jan., 1 more new CC will start reporting (was just approved for US Bank Flexperks)

And to top it off, I charged ~$675 on my FNBO card and $520 on my Barclaycard this month, but so far neither have reported for this month yet. I will not be able PIF these, but they should be paid by Feb. As of this moment, I am only revolving $99 according to my CR.

Tomorrow I'm going to pay my cell phone bill ($129) with the Zync just to see if it goes through.

If I am being FR'd and do not send in the forms and just PIF and close, will I be able to get an Amex in the future?

I'm scared!!!

Re: I think I'm getting AMEX FR'd?

Creditaddict — Sat, 27 Nov 2010 06:56:46 GMT

@andre181 wrote:
So I checked my CR today (like I do everyday), but I looked at my soft inq's today.

On 11/24/10, "American Express Account Review" softed me. All of the other softs from Amex came from "American Express 2" and "AMEX-Serviced by CIC". The last soft was on 10/27/10.

Just recently I used my Zync at Walmart, incidently, it was 11/23/10, the day before this soft from Account Review. That walmart purchase was the last I made with the Zync.

I have also opened 2 new CC accounts in Nov. In Dec. or Jan., 1 more new CC will start reporting (was just approved for US Bank Flexperks)

And to top it off, I charged ~$675 on my FNBO card and $520 on my Barclaycard this month, but so far neither have reported for this month yet. I will not be able PIF these, but they should be paid by Feb. As of this moment, I am only revolving $99 according to my CR.

Tomorrow I'm going to pay my cell phone bill ($129) with the Zync just to see if it goes through.

If I am being FR'd and do not send in the forms and just PIF and close, will I be able to get an Amex in the future?

I'm scared!!!

I have always seen the softs as "Amex financial review" I would not worry about it.

but to answer your question, you can pay and close and get cards again later down the road but it is very likely when new accounts are opened, they will want FR right away before use of cards

Re: I think I'm getting AMEX FR'd?

Anonymous — Sat, 27 Nov 2010 07:36:52 GMT

scared? tell me you're joking. I have my Amex Delta and they soft me once or twice a month and who cares.. All the cards that i've collected over the years have been to be backups for my Amex for when they send me permission for my tax returns.

Re: I think I'm getting AMEX FR'd?

andre181 — Sat, 27 Nov 2010 07:52:23 GMT

creditaddict, thanks that makes me feel better.

jahmal, lol! I feel the same way, gotta have as many backups as I can!

I really don't want to loose this card or get in AMEX's bad graces. I just called and payed my phone bill over the phone and it went through so I'm thinking everything is all good.

False alarm, crisis averted!

Re: I think I'm getting AMEX FR'd?

Red1Blue — Sat, 27 Nov 2010 15:22:43 GMT

Dont worry too much about Amex FR. Use the card wisely and keep balances low and try to pay off the balances on the card before the statement cuts so they balance reported on CR's is low. Even if you get FR so what. They look at your tax returns and adjust your credit limit. Nothing to scared about. I was going to close amex accounts but I decided, I'll give them my reports. I came out fine from their FR.

Re: I think I'm getting AMEX FR'd?

Anonymous — Sat, 27 Nov 2010 15:38:59 GMT

Why do you guys worry about this company so much? To me it does not make any sense, you can't use your card any where you want without getting the stupid FR, just close the account and go to another ccc or credit unions. Much more better and less worries .

Re: I think I'm getting AMEX FR'd?

ficonightmare — Sat, 27 Nov 2010 15:47:10 GMT

@Anonymous wrote:
Why do you guys worry about this company so much? To me it does not make any sense, you can't use your card any where you want without getting the stupid FR, just close the account and go to another ccc or credit unions. Much more better and less worries .
Not all of us worry about it. If I wanna use the card, I'll use it anywhere I want. Have had accounts on and off with them since 1995. Never heard of an FR until joining this forum.
Have been declined once a few years ago, but called and they released it.

I think the issue is there's no rhyme or reason with AMEX. You never know what can trigger anything with them.

But like concorduser said "so what, they look at your tax returns and adjust your CL". No big deal.
Unless of course, someone lies on their app.

Re: I think I'm getting AMEX FR'd?

Anonymous — Sat, 27 Nov 2010 17:14:21 GMT

And what is the big deal about an FR? You report a certain annual income truthfully and the documents they ask for (tax summary, pay stubs, whatever) will show exactly that. You PIF on time each month. The only reason I personally would sweat a FR is if I lied about my income when I applied for Am Ex, but I didn't,

Re: I think I'm getting AMEX FR'd?

haulingthescoreup — Sat, 27 Nov 2010 18:25:55 GMT

It's still a pain to go through, even when you are honest on your app. You're talking about a lot of digging up of records and faxing back and forth, and in the meantime your card is frozen.

And do you really want a bank to have access to your income tax returns, listing all your deductions, your medical expenses, your charities, etc etc?

I'm perfectly happy with sending pay stubs if I have to, but I'm not giving anyone copies of my taxes. It's none of their business, IMO. If a lender feels that it needs to intrude that far into my private life, I'll be happy to move on.

Anyway, OP, I get softed by AmEx from three different sources at least, including one that says something or other about financial review. Never had a problem with them.

Re: I think I'm getting AMEX FR'd?

Anonymous — Sat, 27 Nov 2010 18:42:27 GMT

Hauling . . . I think we're seeing the beginning of a new era in credit (and I've been around for quite a while.) I see every credit card company doing soft pulls monthly or fortnightly by 2015 and not awarding credit limits to customers to hedge their bets. This would allow the banks to reflect the fluctuations in the financial markets (i.e., the cost of their borrowing) as well as the individual spending patterns of their credit card customers. Increasingly sophisticated algorithms would assign risk levels that could fluctuate on a daily basis (i.e. tag someone in the middle of a spending spree.) Certain customers with unspecified risks might need to submit certain documents in advance of an offer of credit. A few banks may drag their feet on this but they would eventually come on board.

Re: I think I'm getting AMEX FR'd?

haulingthescoreup — Sat, 27 Nov 2010 18:56:01 GMT

@Anonymous wrote:
Hauling . . . I think we're seeing the beginning of a new era in credit (and I've been around for quite a while.) I see every credit card company doing soft pulls monthly or fortnightly by 2015 and not awarding credit limits to customers to hedge their bets. This would allow the banks to reflect the fluctuations in the financial markets (i.e., the cost of their borrowing) as well as the individual spending patterns of their credit card customers. Increasingly sophisticated algorithms would assign risk levels that could fluctuate on a daily basis (i.e. tag someone in the middle of a spending spree.) Certain customers with unspecified risks might need to submit certain documents in advance of an offer of credit. A few banks may drag their feet on this but they would eventually come on board.

Sure, I can see this happening. I just wanted to confirm that many of us have been softed by AmEx from different location names (can't think of a better term for it.)

I still remember posts from when I first joined that said that you were OK if they softed you from Texas or Florida locations (can't remember the towns), but that a soft from Greensboro NC was the kiss of death. I eventually had a soft from Greensboro and nothing happened.

I'm not sure that there's a pattern in the softs that can reliably predict when the axe is going to drop.

I agree that lenders will move toward concentrating their "favors" on those with what they perceive as the safest credit. That way they (banks) can lose money on other foolish loans.

Re: I think I'm getting AMEX FR'd?

OnTheRebound — Sat, 27 Nov 2010 19:01:04 GMT

I'm an AU on my wifes Amex Green and all her other cards. I manage her accounts as well as mine. Getting the FR is the least of my concerns. If they ask for our Tax returns I'm going to tell them I will submit mine if they submit theirs (to make sure they are worthy of our bussiness).

The rewards on the Green card stink, considering the annual fees and will be closing it before the the next annual fee is due. We have other cards with much better rewards.

Anyway, today is Small Business Saturday. We will be going to lunch on Amex's dime. Spend a minimum $25 at a local independent business and get $25 statement credit.

Re: I think I'm getting AMEX FR'd?

Anonymous — Sun, 28 Nov 2010 02:24:20 GMT

If they want to FR me, they can do so. I have nothing to hide. However, just like Haulingthescoreup, I don't want to provide my tax return information to a private company other than my tax guy. It's none of Amex's business. It's intrusive, and they need to be told just that by us customers!If an outcry went through the gamut of Amex customers, they would carefully consider doing FR to a lot of people. They get away with it because many people think that Amex is superior to other CCC. In my view, they are not. They are nice and ok, though (so far, that's my experience with them).

I've been softed every 14 days from two locations, TX and, if I remember correctly, either UT or CA. Never had anything happen either. I feel monitored, though which is an unpleasant feeling.

Re: I think I'm getting AMEX FR'd?

Anonymous — Sun, 28 Nov 2010 02:58:15 GMT

I notice allot of the companies ask for household income. Now when I live with my parents I included the ENTIRE household income including mind, witch was close to $180,000 yearly... I never once was asked to prove it. If they did, would I be expected to present my parents tax returns also?

I think the only one I have to worry about that would be CapOne (As I lived with them then). On my latest cards, including Amex I reported mid 20's for my income.

Re: I think I'm getting AMEX FR'd?

larinoriani — Sun, 28 Nov 2010 03:26:42 GMT

I think when they talk about "household income" they mean you and your spouse, not you and your parents. But not sure of their definitions.

Re: I think I'm getting AMEX FR'd?

Anonymous — Sun, 28 Nov 2010 21:10:58 GMT

Actually I believe the defination of HHI, is anyone over the age of 15 that is under one roof and generating income.

I think if its spouse only they will say "spouse income".

Re: I think I'm getting AMEX FR'd?

haulingthescoreup — Mon, 29 Nov 2010 02:43:50 GMT

@Anonymous wrote:
I notice allot of the companies ask for household income. Now when I live with my parents I included the ENTIRE household income including mind, witch was close to $180,000 yearly... I never once was asked to prove it. If they did, would I be expected to present my parents tax returns also?

I think the only one I have to worry about that would be CapOne (As I lived with them then). On my latest cards, including Amex I reported mid 20's for my income.

It's OK to have used your parents' income. That's a legitimate version of HHI.

But if they ever FR you and want your tax forms, I sure as heck wouldn't ask my folks to supply theirs.

Re: I think I'm getting AMEX FR'd?

ChampagneWishes — Mon, 29 Nov 2010 02:50:50 GMT

I've been wondering about this. My boyfriend and I cohabitate, but don't file together. I included both of our incomes on my Zync application, before I had read so much about the AmEx FR - it didn't occur to me that I would ever need anything more than possibly a paystub or two. Now I wish I hadn't included him, because if something happens, I would really hate to ask him for his tax returns. Hopefully I won't ever need to!

Re: I think I'm getting AMEX FR'd?

haulingthescoreup — Mon, 29 Nov 2010 02:56:16 GMT

Basically, the thing to keep in mind with HHI is whether the incomes in your household are available to pay a debt.

It could be that members combine incomes. It could be that members keep incomes and banking separate, but sometimes go in together on stuff. It could be that members keep income and expenses separate, but if one gets in a bind, the other will come to the rescue.

You have to know yourself (and be honest with yourself) as to whether you can handle the charges on your card with your income alone, but that if the you-know-what, the other HH members would be willing to cover for you.

This could be parents, spouse, SO, or even roomie.

I'd really hate to spring on anyone else under my roof that I was in financial trouble, and oh by the way, I'm counting on their income to cover my shopping charges. This is probably something that needs to be discussed first.

Re: I think I'm getting AMEX FR'd?

ChampagneWishes — Mon, 29 Nov 2010 03:19:31 GMT

Exactly! I actually make a little more than my boyfriend, and my income alone is more than sufficient for all of my needs, but if something DID occur, he'd certainly help me out. When I first reported our total HHI, I included him because we do share funds for household expenses and we live in a rather high-rent area (didn't know if AmEx takes zip codes into account when analyzing income). After I read more about FR, I told him that I had reported his income on my app and that there was a chance they might come a-verifying. He's an AmEx cardholder himself and looked at me like I'm crazy. And told me I might want to take it easy on the MyFico-ing.