topic RE in Credit Cards

AMEX PROBLEM...

Anonymous — Sun, 11 Aug 2013 01:48:58 GMT

So I got the Blue from Amex couple weeks ago limit $1.5k come today i have no job anymore. I got laid off

However I wanted to know about the 3X CLI after 61st day. Do I have to talk to a live person or can I do it online or telephone automated system?

Because If I talk to someone im sure she is going to ask about my income. Now That I don't have any it will be a problem I dont want them to close my card!

I have above 6 sigures in my bank accounts. So paying it back is not a problem. And I will get a new jobb shortly. I have Paid in full what I charged on it this past week which was about $1.5k . Any suggestions?

Re: AMEX PROBLEM...

Trigga — Sun, 11 Aug 2013 01:52:04 GMT

@Anonymous wrote:
So I got the Blue from Amex couple weeks ago limit $1.5k come today i have no job anymore. I got laid off
However I wanted to know about the 3X CLI after 61st day. Do I have to talk to a live person or can I do it online or telephone automated system?
Because If I talk to someone im sure she is going to ask about my income. Now That I don't have any it will be a problem I dont want them to close my card!
I have above 6 sigures in my bank accounts. So paying it back is not a problem. And I will get a new jobb shortly. I have Paid in full what I charged on it this past week which was about $1.5k . Any suggestions?

@Anonymous not wait untill you have a new job then apply , nothing says it has to be right @ 61 days !?? Anyway you ask for a CLI im sure they will ask income via online or CR .

Re: AMEX PROBLEM...

Anonymous — Sun, 11 Aug 2013 01:53:22 GMT

Sorry to hear about your job loss. I would recommend you try the automated system for the cli. Generally people give Amex permission to access tax records in case of FR so you should be safe. I hope you get a job soon. Best of luck.

Re: AMEX PROBLEM...

Anonymous — Sun, 11 Aug 2013 01:56:00 GMT

Do you think If I ask for a CLI they will do a FR ? What happens If I just tell her the same amount i made when i oppened the account?

Re: AMEX PROBLEM...

frugalQ — Sun, 11 Aug 2013 01:59:39 GMT

+1

Ive never requested a cli from Amex, so i cant answer your specific question. However, Is there a reason you need the increase at 61 days? Do you have balances on any other card and need the increase to reduce your util? If not, I suggest waiting until your employment status is more stable.

If you don't carry any balances, increasing the limit will not boost your score. Just having the card open and in good standing month after month will have a positive impact.

Re: AMEX PROBLEM...

lhcole77 — Sun, 11 Aug 2013 02:03:19 GMT

Whether you request it online or over the phone, any credit limit increase requires them to ask you what your annual income is.

Personally, I don't think it's a good idea to request an increase until you have a new job.

P.S. I'm sorry to hear that you got laid off.

Re: AMEX PROBLEM...

Anonymous — Sun, 11 Aug 2013 02:08:27 GMT

I just wanted a credit increase because I wanted to get the membership points. My other credit card are 0 balance I always PIF every month. But using my debit card and have no rewards. If I use my card I get points that was the only reason. But now im nervous I dont want to lie and say I make the same etc. I also dont want a FR. I guess your right, I should wait and not risk it.

Do they do CLI by themselves if they see you PIF every month? Or is it always that you have to request it?

Re: AMEX PROBLEM...

djc1puno — Sun, 11 Aug 2013 02:29:38 GMT

best to just wait until you get a new job that way it's much safer on your end...

Re: AMEX PROBLEM...

scenery_guy — Sun, 11 Aug 2013 02:32:35 GMT

They ask for annual income. Just put what you were making yearly. Do it online - it's easy peasy. Don't sweat it, I am sure you will be back at it in no time.

Re: AMEX PROBLEM...

JonStur — Sun, 11 Aug 2013 02:34:46 GMT

I can't recall anyone getting an auto CLI, so I would just hold off if I was you..I'm sure you'll be employed soon...

Re: AMEX PROBLEM...

phillyguy12 — Sun, 11 Aug 2013 02:37:48 GMT

You can do it online its in account account mgt I don't recall it asking for income just the card and cv2 code and the amt requested

Re: AMEX PROBLEM...

shmacckk — Sun, 11 Aug 2013 02:41:50 GMT

I always thought you were supposed to notify credit card companies if you lost your job or salary got reduce.

Re: AMEX PROBLEM...

Anonymous — Sun, 11 Aug 2013 02:41:53 GMT

You don't think they will do a FR if I do it online? That wouldn't be too good if they did :/

Re: AMEX PROBLEM...

parakleet — Sun, 11 Aug 2013 02:50:00 GMT

@shmacckk wrote:
I always thought you were supposed to notify credit card companies if you lost your job or salary got reduce.

I don't know why you would do that. Obviously, if you lose your job or your financial situation changes, you should probably act accordingly and not run up a bunch of debt that you can't afford. But I see no point in inviting the CCC to take AA against you.

Re: AMEX PROBLEM...

Luscher — Sun, 11 Aug 2013 03:00:51 GMT

they have no knowledge of your income besides what you tell them, unless they ask for documents.

Re: AMEX PROBLEM...

thom02099 — Sun, 11 Aug 2013 03:04:03 GMT

@parakleet wrote:
@shmacckk wrote:
I always thought you were supposed to notify credit card companies if you lost your job or salary got reduce.
I don't know why you would do that. Obviously, if you lose your job or your financial situation changes, you should probably act accordingly and not run up a bunch of debt that you can't afford. But I see no point in inviting the CCC to take AA against you.

+1. Unless one is in dire financial straits due to a layoff/loss of job and can't pay bills, there's no need to tell them anything. OP said s/he has 6 figures in their bank account, so paying current outstanding debt shouldn't be a problem, just need to be judicious in future charges until a new job comes along.

Re: AMEX PROBLEM...

shmacckk — Sun, 11 Aug 2013 03:21:45 GMT

Im not saying I would call and tell them I lost my job its just that especially with Amex what if your out of a job and using your card, it gets declined. You call in and they ask for financial proof.

What do you do then?

Re: AMEX PROBLEM...

Anonymous — Sun, 11 Aug 2013 03:59:40 GMT

When they ask your income, they usually ask for annual gross salary. I don't think it is deceitful for you to answer in one of the following:

1) Last year's income (which will be verified if they ask for tax transcript)

2) Give them anticipated income this year

In both cases, your lack of a job recently shouldn't exclude you.

Re: AMEX PROBLEM...

Capya — Sun, 11 Aug 2013 04:02:38 GMT

I agree with the above posters.... go ahead and use your expected annual income if they ask when you request the CLI.

When AmEx does a Financial Review, they request access to your tax returns - aka last years income. There's no way for them to know your current employment info.

RE

azguy13 — Sun, 11 Aug 2013 04:10:37 GMT

I absolutely think it's deceitful if they ask for annual income and you lie. They are not asking for last years annual income (although we all know that it is what is used for verification). How does the OP know what his/her estimated annual income is for the year if they do not have a job? Being positive about getting another job doesn't mean you have a job until you are in-processed and getting paychecks.

It doesn't matter how much money the OP has in the bank, unemployed is unemployed. I am not saying to call AMEX and tell them, but if they ask for income verification it is not right to lie about it. Advice like this is what got a lot of people into credit trouble in the first place.

OP, I really do hope you get a new job soon.