topic Re: Amex FRing me! What's up with that? in Credit Cards

Amex FRing me! What's up with that?

improvingmycredit — Wed, 16 Nov 2011 06:41:56 GMT

I have had my card in hand a whole of 1 week. Used it for two purchases totaling $35.00. My scores are in the 700's, I make good money and I was instant approved. No baddies on my reports. What gives? When I asked the rep why, he said "I was vetted by the credit department and now I have to be vetted by the financial side. They do this to a lot of new accounts". Very strange way to do business considering I've never had to do what they are asking of me with any of my other credit cards. I'm complying but after some thought, very disturbed by this. Why approve me in the first place and send me a card? Anyone know why or who they chose for these FRs?

Re: Amex FRing me! What's up with that?

Guava — Wed, 16 Nov 2011 06:51:46 GMT

No one really knows for sure why FR happens, but something must have set them off; you gotta take to good with the bad I guess.

Vetted! lol, I learned a new word today. Hope it'll turn out favorable for you soon!

Re: Amex FRing me! What's up with that?

scottwagnon — Wed, 16 Nov 2011 06:52:18 GMT

i must have been very lucky, then again i didn't start out with a charge card. i had a charge card with them for two weeks in june 2005, then closed my account after realizing that i was paying an annual fee for a card i didn't realize i would have to pay only in full (i didn't realize it wasn't a credit card). in october 12 of 2010 is when i started out with blue cash.

i think it is primarily the charge cards they like to FR with new account holders.

the day amex FR's me, i will gracefully wave my hat to them and close the door. i will re apply after six months perhaps, but no credit card is worth this. i suggest you do the same, and reapply 6 months down the road, or as soon as you are eligble to reapply. i think amex will get the hint eventually and leave you alone. this practice of constantly FRing so many has gone overboard and people with prime credit have the right to fight back.

Re: Amex FRing me! What's up with that?

improvingmycredit — Wed, 16 Nov 2011 07:01:30 GMT

Ha, I think I might take your advice. I have no reason to be concerned because everything I put on the application was factual. I will see what they say then I might say in the end, "no thank you!" Unfortunately I have already sent in the 4506T form today. What was I thinking???? I'm more disturbed by this little unusual experience then anything.

Re: Amex FRing me! What's up with that?

Anonymous — Wed, 16 Nov 2011 07:10:16 GMT

@Guava wrote:
No one really knows for sure why FR happens, but something must have set them off; you gotta take to good with the bad I guess.

Vetted! lol, I learned a new word today. Hope it'll turn out favorable for you soon!

I keep hearing more bad than good about Amex, but I suppose to each their own. I read several positive experiences about Amex here this week, and then this. So I guess they always decide they have to harass someone with their FRs, I guess some department would be out of a job otherwise.

I think the only time I've heard he word vetted is when I was talking to MPs at a military installation, they said you need to have proper ID to show them so you can be vetted before they can allow you access on base. Other than that, I don't think I've ever heard anyone use that word.

Re: Amex FRing me! What's up with that?

bichonmom — Wed, 16 Nov 2011 07:40:56 GMT

What does Amex require with a FR? It does seem like more people are writing here about negative experiences.

Vetting has become part of the vernacular these days. I hear it a lot now. But when I first heard it a few years ago, I had to Google it.

Re: Amex FRing me! What's up with that?

sandsanta — Wed, 16 Nov 2011 07:47:15 GMT

I personally don't have an issue with an FR, however if its required it needs to be done on account creation, not a week after with a potentially embarrassing decline.

Re: Amex FRing me! What's up with that?

improvingmycredit — Wed, 16 Nov 2011 07:55:54 GMT

I agree 100%. I think it wouldn't be so bothersome if this all were taking place during the application process. Not after I have the card in hand.

Re: Amex FRing me! What's up with that?

Anonymous — Wed, 16 Nov 2011 07:56:10 GMT

@bichonmom wrote:
What does Amex require with a FR? It does seem like more people are writing here about negative experiences.

Vetting has become part of the vernacular these days. I hear it a lot now. But when I first heard it a few years ago, I had to Google it.

From what I understand, their financial review means you have to send them copies of your tax returns, bank statements, etc. If you refuse, your accounts get closed. It makes sense, but I think it's pretty harsh, especially if they completely randomly pick you for it.

Re: Amex FRing me! What's up with that?

improvingmycredit — Wed, 16 Nov 2011 08:01:38 GMT

"From what I understand, their financial review means you have to send them copies of your tax returns, bank statements, etc. If you refuse, your accounts get closed. It makes sense, but I think it's pretty harsh, especially if they completely randomly pick you for it."

Andy... what they requested from me is a signed 4506T IRS form to request from the IRS a copy of my last years tax return. He said I had 5 days to comply or they would cancel the account. (Not at all in a mean way, very business like. Just the type of thing you might expect from a mortgage lender) He even said the whole process was rather Daconian.

Re: Amex FRing me! What's up with that?

bichonmom — Wed, 16 Nov 2011 08:01:51 GMT

Wow! What a hassle. Amex was on my "goal list" of CCs, but maybe not so much. I've just read about too many problems people have had with them that are completely unprovoked. It would totally mess with the AAoA to get a card, only to have it cancelled a week later due to a FR.

Re: Amex FRing me! What's up with that?

Anonymous — Wed, 16 Nov 2011 08:06:05 GMT

@bichonmom wrote:
Wow! What a hassle. Amex was on my "goal list" of CCs, but maybe not so much. I've just read about too many problems people have had with them that are completely unprovoked. It would totally mess with the AAoA to get a card, only to have it cancelled a week later due to a FR.

But the 6% cash back from grocery shopping and 3% for gas stations/department stores is so tempting!

Then again, I know I'm not even close to getting approved for BCP yet.

Re: Amex FRing me! What's up with that?

sandsanta — Wed, 16 Nov 2011 08:26:25 GMT

Hmm. I got a Zync, Gold and BCE in the same week and then added a Discover More and Visa Sig. I wonder what fun's going to wait for me when I buy a cup of coffee. They'll probably want DNA verification of my humanity.

Re: Amex FRing me! What's up with that?

improvingmycredit — Wed, 16 Nov 2011 08:29:53 GMT

@sandsanta wrote:
Hmm. I got a Zync, Gold and BCE in the same week and then added a Discover More and Visa Sig. I wonder what fun's going to wait for me when I buy a cup of coffee. They'll probably want DNA verification of my humanity.

LOL... better study for that DNA test.. it definitely involves a pen and an fax machine. HAHA. Thanks for the laugh.

Re: Amex FRing me! What's up with that?

mxp114 — Wed, 16 Nov 2011 10:39:18 GMT

If they FR me, I will close out and never look back. Companies can only do stuff they can get away with, if enough people began closing down accounts, I bet they would cease the practice altogether. Or just wait for a politician to get FR, then they will push for legislation to regulate the practice.

Re: Amex FRing me! What's up with that?

LS2982 — Wed, 16 Nov 2011 11:39:02 GMT

AMEX has really lost its luster to me. Don't think I want one.

Re: Amex FRing me! What's up with that?

rbizzle — Wed, 16 Nov 2011 12:25:49 GMT

Makes me think twice about having my zync card anymore

Re: Amex FRing me! What's up with that?

Anonymous — Wed, 16 Nov 2011 12:29:31 GMT

I never have understood the public angst against AmEx FRs. It is a company, notoriously known in the past to be a conservative lender. These days, I think most will agree, they are trying to 'extend' their reach by making some products available to people who probably would not have gotten those cards in the credit market of yesteryear.

In exchange for taking a bit more risk, they are keeping tight reigns on the financial outlook of a lot more customers now. I can understand it completely.

I have had an AmEx Green since July myself, no problems with it yet. And I've gotten 2 cards since then. If they decide to FR me, I'll give them the info they want, and consider it a sound business decision to assure they are not extending themselves to a dead end. It wouldn't offend me one bit.

Re: Amex FRing me! What's up with that?

scottwagnon — Wed, 16 Nov 2011 12:49:31 GMT

@Anonymous wrote:
I never have understood the public angst against AmEx FRs. It is a company, notoriously known in the past to be a conservative lender. These days, I think most will agree, they are trying to 'extend' their reach by making some products available to people who probably would not have gotten those cards in the credit market of yesteryear.

In exchange for taking a bit more risk, they are keeping tight reigns on the financial outlook of a lot more customers now. I can understand it completely.

I have had an AmEx Green since July myself, no problems with it yet. And I've gotten 2 cards since then. If they decide to FR me, I'll give them the info they want, and consider it a sound business decision to assure they are not extending themselves to a dead end. It wouldn't offend me one bit.

its not that its offensive. i dont' find it offensive at all. a bit intrusive, yes, but not offensive. the objective of extending credit is a profit/risk venture that in its own nature is not 'sound'. i suppose suggest fighting this is not what i really meant to suggest; but rather be more intolerant of FRing and simply refuse to go with it. i don't wish to give in to a cumbersome process that is time and money consuming. i have money manager with amex; this gives them a constant and pinpoint accurate portfolio of ALL of my available finances.(even the joint account that i share). IF THIS ISN'T ENOUGH FOR THEM, then to hades with them. obviously i am considered too much of a risk, and will gladly reapply when i am eligble to reapply. i don't mind that they don't feel i am worth the risk/profit. as far as i am concerned, they are doing exactly what they need to do by closing my account. i would then hope i would eventually make the grade.

Re: Amex FRing me! What's up with that?

Anonymous — Wed, 16 Nov 2011 13:36:25 GMT

Damn. I would never send in that much information. I would call and complain and bitch and moan til they did something less drastic than close my account. If they think you're a risk why don' t they just put a limit on the card or stop approving charges.