topic Re: AMEX Finacial Review in Credit Cards

AMEX Finacial Review

Anonymous — Thu, 17 Jan 2008 21:48:07 GMT

Hi,

I am looking for some information regarding an Amereican Express Financial Review.

We have had our Gold Amex card for just about 4 months, paid in full on time every time

They suspended my account for a "Financial Review", because most of the charges on the account were done by a secondary card holder. They now want 3 months bank staements.

So - I have a couple questions...

1 - If I send them the info, can they (will they) still cancel the card? What else might happen.

2 - If they cancel the card, how will that effect my FICO score?

3 - If I cancel the card first, what effect will that have on my FICO?

4 - Will canceling the card negativly effect the secondary card holders FICO scores?

Thanks for any help. I am really adverse to sending what I consider private info to a charge card company.

Bill

Re: AMEX Finacial Review

Red1Blue — Thu, 17 Jan 2008 22:10:58 GMT

Hi Bill, welcome to the forum. I am not sure what is the reason they would suspend just because the charges were made by the secondary card holder, as long as that person is a valid user on the card?

May I ask what were the amount charges / month? Are they very high in amount? That could have triggered alarm. They gave me lot of hassle for me with my Delta Application and asked me to produce all kinds of papers. I told them no way.

If you can send the and if you dont have any objection to send the statements, then you could send them and get them to restore your account previlges.

Amex seems to be very itchy and picky with the card holders lately. I am sorry to hear about your situation. Good Luck.

Re: AMEX Finacial Review

Red1Blue — Thu, 17 Jan 2008 22:11:47 GMT

I am not sure why there are 3 posts for the same message. Oh well...

Re: AMEX Finacial Review

fused — Thu, 17 Jan 2008 22:15:10 GMT

Which ones do you want removed?

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 00:10:02 GMT

I'll bet that they are just trying to make sure that there's no piggybacking or fraud going on. My fiance's ex got a fraudulant cc by adding herself as a co-applicant to a preapproved card using his last name as hers. She then got the cards and used them and he didn't know about it for years. I bet if you send the statements they will let it go. it seems that they just want to make sure that you are indeed the cardholder and that the other card holder isn't pulling any funny business. just a thought

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 00:27:53 GMT

When you accepted the card you agreed to an FR if they wanted one - send them what they want or they will shut you down so fast and you will not get another card with them - EVER.

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 00:59:53 GMT

Whenever Amex F/Rs someone, they suspend the account to further charges until their review is completed. That being said, yes, they can either reinstate the card, lower the charging priviledges or close the account alltogether depending on what they find.

You can refuse, but I am sure there will be some reprecussions as Lady Scarlet said. However, closed by consumer looks much better to anyone eyeballing your report than closed by grantor. I have never heard of anyone being shut down after cooperatiing with the F/R, though I am sure it has happened.

Message Edited by Brammy on 01-17-2008 07:59 PM

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 01:16:55 GMT

I know you feel uneasy about sending them your private information, but they already have most of your private information (S.S., DOB, and Address) when you app'd for the card. They will not do anything else with your information but review it to make sure you make the amount of money you say you make.

Re: AMEX Finacial Review

CreditDrama85 — Fri, 18 Jan 2008 01:20:57 GMT

a classic case of AMEX doing whatever the H*ll they want, whenever they want.....when will you all that continue to use AMEX and then become shocked when it happens to you learn your lesson? will you ever?

Re: AMEX Finacial Review

CreditDrama85 — Fri, 18 Jan 2008 01:22:28 GMT

and by the way, this happened to my best friend. he faxed the bank statements and 4 months later they closed his accounts anyway because they said his monthly payments were not large enough eventhough he always paid on time. he had the revolving Blue Cash card

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 01:47:10 GMT

It would be really good if someone actually answered my questions - so I could make an informed decisioon - rather than telling me everything else.

I feel like I just asked a group of policticans something.

Bill

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 03:00:00 GMT

bgill wrote:

It would be really good if someone actually answered my questions - so I could make an informed decisioon - rather than telling me everything else.

I feel like I just asked a group of policticans something.

Bill

I will answer your question in this way. I answered as much of your question as you gave information for. First of all a number of factors will determine how your FICO scores will be affected and even a best guess will not even get you into the ballpark since the FICO scoring system is proprietary. That being said. You have to look at factors such as your utilization before and after the closure. As far as who closes it, it really doesn't matter. If your utilization skyrockets expect to take a hit. And skyrocket is also a relative term as it is comparative to what your current uti is.

BTW, no one can give you a dead on answer to how much your scores will increase or decrease since no one even knows what your scores are nor any other factors on your report. Even with this info, the only thing you would get would be a best guess which I wouldn't even hazard.

Message Edited by Brammy on 01-17-2008 08:52 PM Because NMN thought I was rude

Message Edited by Brammy on 01-17-2008 10:00 PM

Re: AMEX Finacial Review

haulingthescoreup — Fri, 18 Jan 2008 01:56:01 GMT

@Anonymous wrote:

It would be really good if someone actually answered my questions - so I could make an informed decisioon - rather than telling me everything else.

I feel like I just asked a group of policticans something.

Bill

Check back on Brammy's reply. I think she answered much of what you asked. We have had a lot of posts from people who went through an FR with them, and few are very happy, but they seem to come through the other side OK. There were a lot of posts this past summer and early fall (these things seem to come in waves,) and so you might want to do a search in the box at the top left on this.

I've never heard of one being triggered by an AU's usage, which I think is why no one can give you a specific reply. If they did close the card (which I doubt they would do from what you posted), the AU could simply remove him- or herself from the card and it would no longer exist on his/her card.

Again, as others said, it's unlikely that they would close your card. If you're genuinely worried that this might happen, it looks better on future manual reviews if it says "closed by consumer" rather than "closed by grantor."

Even if we knew exactly what was happening on your card, which obviously we don't, it is impossible for anyone here to tell you exactly what will happen.

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 02:27:21 GMT

Yes, cancelling the card most likely will lower both of your FICO scores. But sometimes you just have to do what you have to do. I wouldn't send them anything. If you ever run into trouble, they would now have all your banking info right there. IMO, that's the only reason they're asking for it. They're scared to death of losing more OBSCENE profits so they want people's banking info to try to make it easier for themselves and less risk for them to decide who's limits to drop. No, I wouldn't send them anything. That's crazy for them to be asking at all, let alone at this point. Too late IMO.

Based on everything I've read about them here and the blue cash card denial I just received over the phone (while WaMu just gave me the same CL with half the interest rate), all happening just this evening, I'm beginning to see a card company in desperate fear.

They couldn't give me a card with a 500 limit and a horrible APR with no rewards. Other people have had problems with them not updating their CRs. While others seem to also be getting account reviews, credit decreases out of the blue.

I would never apply for one of their cards again. I'm now very happy that I wasn't approved after hearing all this.

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 02:30:30 GMT

have closed a card with absolutely no effect on my score, two as a matter of fact. The thing is that they didn't have that big of an impact on my utilization.

Re: AMEX Finacial Review

notmyname — Fri, 18 Jan 2008 02:33:19 GMT

Who knows, Bill might have been a good new member, probably not now.

If anyone had cared to notice the first seven posts to Bill's questions , out of nine, had nothing to do with what he asked. It was the usual BS personal agenda that people are drawn to like fireflies. Funny thing, their stories are different every time they are repeated.

I would not even be writing this except that there is a prejudice here that is unfortunate. I enjoy reading but hardly post because of the unfairness of the clique. Bill was not rude , he was right on the money, but he , as a new poster, was treated rudely which is not uncommon here.

On the subject if anyone cares; I have my SO on my second most important AmEx account. As an AU on that gold account my SO runs ninety percent of all charges on that account. I can't think of a reason in the world why that would be a problem.

Maybe four months history is just not enough time for AmEx , I don't know. I just know that I read a lot of stuff here that happens to others and not to me or anyone that I know . BTW, I have started asking people out in the real world and no one knows of all the FR STUFF. Maybe it is just the pack you run with , I don't know.

Additionally ; as wrong as the CCCs surely are so often , it would be refreshing if one person every now and then actually admitted some things are their fault. I hate Chase right now but you will never read where I have written that again because what purpose does your or my vendetta serve.

NOW , I HAVE MY FLAME RETARDENT PAJAMAS ON, SO GOT TO IT.

Thanks,

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 02:39:10 GMT

NMN What I think is that people were trying to get an idea of what was going on. Three of those seven post were accidental dupes. Not sure of what agenda you mentioned but no one attacked the OP or went 'oooh, you must have done something wrong'. For a new visitor to make such a statement as far as that which was made I felt was very rude. I even moved the post here so that the OP could get more feedback from someone who has gone through this and maybe get some idea of how their scores were affected.

No one has all the answers and they come as the info becomes avail and when more seasoned people in whatever your situation log onto the board and provide feedback. Sometimes you have to read through several posts to get the full picture. But attacking other 'good' existing members is not the way to do it.

Message Edited by Brammy on 01-17-2008 09:39 PM

Re: AMEX Finacial Review

haulingthescoreup — Fri, 18 Jan 2008 02:45:18 GMT

edit: sorry to keep bewildering people. I posted to the wrong thread, another member replied to my post before I deleted it, I replied to hers before SHE deleted IT. aarghh

----------

LOL, I did! --just moved it. As it this thread couldn't get any stranger...

I'm thinking that six separate forums windows open at once is about 2 too many.

Message Edited by haulingthescoreup on 01-17-2008 06:45 PM

Re: AMEX Finacial Review

Anonymous — Fri, 18 Jan 2008 02:43:53 GMT

@haulingthescoreup wrote:
LOL, I did! --just moved it. As it this thread couldn't get any stranger...

I'm thinking that six separate forums windows open at once is about 2 too many.

Strange indeed!!

Re: AMEX Finacial Review

Red1Blue — Fri, 18 Jan 2008 03:18:20 GMT

Looks to me NMN always comes to the defense and rescure of Amex. In his eyes every one is wrong other than Amex. I wonder if he works for Amex.