topic Re: AMEX FR Outcomes in Credit Cards

AMEX FR Outcomes

Anonymous — Thu, 18 Oct 2012 22:21:45 GMT

Since I just went through this I thought it would be good to start a thread of the actual outcomes of a FR to help others that might be going through it!

Type of AMEX: Zync

Open: 1.5 months ago

Cause: I was told due to excesive inquires (bought a truck)

Information requested: IRS transcripts

How long did it take to complete: Almost 3 weeks

Outcome: They called and emailed to state they put a $3000.00 limit - then called 3 days later to say they made a mistake (you know my heart sank)...increased the limit to $5000.00??!! Strange but I'll take it.

I am hoping it does not happen again, even though the process was painless...the suspension is a pain. And I have learned to carry a backup card especially if on vacation

I am also interested to hear if people have been FR'ed more than once.

Re: AMEX FR Outcomes

Anonymous — Thu, 18 Oct 2012 22:29:45 GMT

I have nothing to contribute--I just wanted to thank you for doing this, I think that it will be of interest to many!

Re: AMEX FR Outcomes

Anonymous — Thu, 18 Oct 2012 22:36:09 GMT

how many new inquirys did you have and in how short of a span?

Re: AMEX FR Outcomes

Anonymous — Thu, 18 Oct 2012 22:46:11 GMT

I only went to one dealer and everything was done on the same day. Looking at my Credit Karma it looks like they submitted my application to every bank...lol. Total was 10, however it should only count as 1 for credit scoring purposes, but I guess Amex looks at it differently.

Re: AMEX FR Outcomes

youngandcreditwrthy — Thu, 18 Oct 2012 22:52:14 GMT

You know, everyone says mortgage/auto loan apps only count as one if done within a two week period for FICO scoring reasons, but idk how true this is....and even if it is true... I think it might be better to get financing prior to going to the dealership. I hate the thought of taking 10 hps just to buy a vehicle. Gah, that just sucks!!!!! Sorry you went through that. Clearly lenders do not view auto loan/ mortgage loan apps as one..

Re: AMEX FR Outcomes

creditnocash — Thu, 18 Oct 2012 23:03:26 GMT

i had about 12 inq on 8/30/12 amex being my last.

dealership pulled all 3 of my reports then toyota pulled all three of my reports

amex pulled all three of my reports.

still no fr though. maybe since they were last?

question? when they did how do you get transcripts?

i personally use turbotax and do my own taxes. and my income was slightly less last year since i started a new job in may/june. but i have stubs to prove of the increase in income. would that suffice?

Re: AMEX FR Outcomes

Anonymous — Thu, 18 Oct 2012 23:12:36 GMT

They send you the form to fill out. You have only 5 days to complete. They prefill most of it and send you details instructs on how to fill out the rest. You then send in the completed form to American Express, they submit it to the IRS. There is no fee and it's only one piece of paper you need to fill out and sign. When filling out my application I stated my current income - which does not match what the IRS has from last year due to new job and increased income. It appears it was not an issue since they did not ask for any proof of my current income. (I had my paystubs ready...lol).

Re: AMEX FR Outcomes

Anonymous — Thu, 18 Oct 2012 23:13:40 GMT

The banks still see all the inquirys and still use them to judge you, it's just fico counts them as one as far as your score goes... Two separate things

Re: AMEX FR Outcomes

youngandcreditwrthy — Thu, 18 Oct 2012 23:40:34 GMT

Eh... That's why I'd just rather buy a cheap car with cash or NOT let the dealer find my financing. LOL...

Eeekkk amex fr scares me. Lol

Re: AMEX FR Outcomes

youngandcreditwrthy — Thu, 18 Oct 2012 23:41:21 GMT

Has anyone heard of amex doing frs because of new student loans reporting?!? Mine for this semester just started reporting :-/

Re: AMEX FR Outcomes

Anonymous — Thu, 18 Oct 2012 23:52:12 GMT

I am hoping some people post their outcomes to see different reasons and results. Don't live in fear of being FR'ed.... Think of yourself more knowledgable than most thanks to this forum...there's tons of people that get this call and never even heard of this practice. Granted I did not think buying a new car would provoke one...but at the same time when I applied for Amex I knew about FRs...so I always had the thought in my head.

Re: AMEX FR Outcomes

youngandcreditwrthy — Fri, 19 Oct 2012 00:05:54 GMT

Ive never really experienced any AA from any creditor, but the thought in general is intimidating lol...

Re: AMEX FR Outcomes

navigatethis12 — Fri, 19 Oct 2012 00:16:05 GMT

Type of AMEX: Blue Cash Everyday, Simply Cash Business card

Open: Blue Cash Everyday - Seven months, Simply Cash - A few weeks

Cause: Did not care to ask. I charged about 2000 dollars just before it happened so that may be it.

Information requested: Last two years tax returns for business, didn't have them since business was just started in June. Last year's personal tax return was enough

How long did it take to complete: Almost 3 weeks

Outcome: I got an email saying the cards were reinstated.

I didn't use the cards much so it did not matter, but the whole thing to me was just kind of sloppy. A week went by and I contacted them to find out what was going on. Turns out they were baffled why they got a personal return, instead of business, even though I already told them I did not have business returns. They didn't even think to ring and tell me. They also thought it appropriate to ring and leave messages at numbers I never authorised them to use. They got them from the credit report most likely, but I did not appreciate it at all. So the Simply Cash is sitting at the limit with a balance until the zero interest runs out, and the Blue Cash Everyday gets swiped for groceries only, and is also sitting with a balance until the zero percent runs out.

Re: AMEX FR Outcomes

youngandcreditwrthy — Fri, 19 Oct 2012 00:21:39 GMT

Maybe they fr'ed you bc you were carrying balances?! Seems like Amex hates people using their revolvers to "revolve" a balance... How stupid/contradictory, right?! Lol

Re: AMEX FR Outcomes

LS2982 — Fri, 19 Oct 2012 00:32:06 GMT

I'm not worried about an FR, they get PIF every month, and I charge about $1300 a month on it. No more.

My balances on other cards go up and down but they see a pattern of spending from me and i've always set up payment as soon as my statement closes.

Re: AMEX FR Outcomes

navigatethis12 — Fri, 19 Oct 2012 00:32:08 GMT

@youngandcreditwrthy wrote:
Maybe they fr'ed you bc you were carrying balances?! Seems like Amex hates people using their revolvers to "revolve" a balance... How stupid/contradictory, right?! Lol

I wasn't carrying the balances until after the financial review. I realise now how silly it was to try and keep American Express happy to avoid getting the cards frozen. It is over now and am going to enjoy the zero percent for as long as it lasts. If they didn't want people to do it, they should not offer it.

Re: AMEX FR Outcomes

Jazzzy — Fri, 19 Oct 2012 00:55:39 GMT

We had the Delta AmEx. I don't believe we had a FR when we got it, but a couple of months later I asked for a CLI because we had wedding expenses for our daughter, and I wanted the miles.

The card stayed live while we waited. I don't remember how long it took. I assumed the FR was because my husband and I were both self-employed...he's a real estate appraiser and I was a traveling nurse practitioner. It was approved and we got the CLI. (We always minimize income when we app for anything because we know creditors can get twitchy about self-employment. I never want to over-estimate..so things turned out fine.)