topic Re: Called âmex to move some credit and got a financial review in Credit Cards

Called âmex to move some credit and got a financial review

darkfrosty — Fri, 16 May 2014 20:20:45 GMT

Ugh.

So i have an amex blue that had a 15.9k limit which was a year old. I applied for the everyday preferred and got approved instantly w/ 5k limit. I immediately called amex

and asked if when I get the card I can move credit from one card over to the over and cancel the card. They said no problem. So fast forward to just a few minutes ago. I received my everyday card and I activated it. Called in on my amex blue to move the credit line and the gentlemen says you are due for a financial review and that I was instantly routed to them. My heart was racing because I have no balances with Amex and just two on other cards. So he asked me my income and where I work and my phone number and then said I will be on hold for 10 min or so and I said ok. I was still in shock and super nervous. Finally he comes back on and says ok Im going to transfer you now to a customer service rep and they can assist you with moving the credit.

I said ok thanks and asked why I was flagged for a FR and he said it can be for different reasons but for me it was because of some recent activity on my CR but it was nothing. I only have a total of like 5-6 hard pulls on my experian over the past 1.5 years.

Fast forward and the rep tries to move over 15k from my blue to my everyday to make the everyday 20k. She says that she put in the request and i will receive a letter in 7-10 days which probably means I am denied even though I have no idea why since i am not asking for anymore credit from amex. Because I wanted to transfer some of the credit line over and cancel the blue.

They did say I could speak to their credit department but I was still shaken from the FR that I was like no thats ok I will wait and I wont close the card until I get an answer.

Overall my heart is still racing

Re: Called âmex to move some credit and got a financial review

Anonymous — Fri, 16 May 2014 20:25:13 GMT

I'm surprised that if that was a FR, they just asked for info rather than making you supply a 4506-T

Re: Called âmex to move some credit and got a financial review

09Lexie — Fri, 16 May 2014 20:42:59 GMT

@Anonymous wrote:
I'm surprised that if that was a FR, they just asked for info rather than making you supply a 4506-T

Also, asking to move CL's before the 13billing statement/60 day timeline is a denial.

Re: Called âmex to move some credit and got a financial review

darkfrosty — Fri, 16 May 2014 20:49:04 GMT

really they told me two weeks ago I could do it right away

Re: Called âmex to move some credit and got a financial review

darkfrosty — Fri, 16 May 2014 20:58:33 GMT

also he specifically said Financial Review

Re: Called âmex to move some credit and got a financial review

darkfrosty — Fri, 16 May 2014 20:59:35 GMT

dont know how to quote .. so I will say then I guess i will just close amex blue if they deny it

Re: Called âmex to move some credit and got a financial review

09Lexie — Fri, 16 May 2014 21:02:37 GMT

@darkfrosty wrote:
dont know how to quote .. so I will say then I guess i will just close amex blue if they deny it

Really? Why not wait until the 61 days

Welcome to the forum. I notice that you might not know how to respond to posts by using our quote feature.

1. Click "reply" on the post you want to respond to.

2. To the right of the Spell Check button -- and above the message post window -- you will see the quote button. It should look like this:

3. Tap the quote bubble to insert the text of the post you are responding to and the block of text will appear in the message post window.

4. Type your response below the quoted block of text and then click preview if you'd like to proof the post before submitting, or click "Post" at the bottom of the message post window.

Re: Called âmex to move some credit and got a financial review

Membersince2013 — Fri, 16 May 2014 21:04:46 GMT

The reason why you got the 7 - 10 days message is probably because you have to wait for the 13th statement to cut because you request a limit transfer or allocation... Whatever you want to call it.

Re: Called âmex to move some credit and got a financial review

Anonymous — Fri, 16 May 2014 21:09:35 GMT

@darkfrosty wrote:
really they told me two weeks ago I could do it right away

Yes, several of us got a transfer on a brand new card, but others have still been told the 60 day rule. So I don't know if the system doesn't allow it some of the time, or just some reps won't try.

But is there a reason to close the blue now? I agree it is valueless once you have the everyday, but hopefully at 61 days you can ask for a CLI on the new card (if you haven't done so on the blue in the last few months) and then (probably) transfer most or all of the blue limit. Closing it now just wastes the CL

Re: Called âmex to move some credit and got a financial review

darkfrosty — Fri, 16 May 2014 21:10:16 GMT

yea i really dont want any more credit .. just wanted to shift the credit .. not asking for a cli on this card

Re: Called âmex to move some credit and got a financial review

wHiTeSoL — Fri, 16 May 2014 21:35:31 GMT

@darkfrosty wrote:
really they told me two weeks ago I could do it right away

Yeah, they told me that too, denied. When I asked for a supervisor to explain the denial then came the 13month/60 day rule.

Re: Called âmex to move some credit and got a financial review

youngandcreditwrthy — Sat, 17 May 2014 02:43:25 GMT

Wow... That is a crazy story!!!!!

I have been trying to move my $10k Delta to my $24.5k BCE and I keep gettiing that 7-10 msg too for the same reason: Delta isn't 13 months old.

They specifically said it was because Amex has incurred huge losses when ppl xfer cls and close accts before AFs hit. Heh

Sounds like you faired well! Gotta love Amex <3

Re: Called âmex to move some credit and got a financial review

score_building — Sat, 17 May 2014 06:46:51 GMT

An account with no AF should generally be kept open for at least 24 months so it is no longer considered 'new' prior to closure.

OP sounds like an F/R Jr.

Re: Called âmex to move some credit and got a financial review

darkfrosty — Sat, 17 May 2014 13:24:50 GMT

Yea I guess it might have been a jr for but before he put me on hold he said I'm gonna look over it and see if we need further documentation from you.

I might just close the blue and just apply for 3x cli down the road on my everyday which would bring the cl to that of the blue. Still trying to decide what to do

Re: Called âmex to move some credit and got a financial review

Revelate — Sat, 17 May 2014 17:25:49 GMT

@score_building wrote:
An account with no AF should generally be kept open for at least 24 months so it is no longer considered 'new' prior to closure.

OP sounds like an F/R Jr.

As far as this forum goes, if they don't ask for 4506-T's, it's not a Financial Review and it doesn't matter what CSR XYZ calls it . Maybe we need to update our terminology... this isn't even a half monty FR from the sounds of it, FR Jr. as you state, maybe?

I've never worried about it when a lender wants to play 20 questions with me, I'd be concerned if Amex ever asks for my own tax transcripts: not that I have anything to hide, but because for the life of me I can't see how my pattern of behavior would trigger that.

Re: Called âmex to move some credit and got a financial review

Anonymous — Sat, 17 May 2014 18:00:32 GMT

@Revelate wrote:
@score_building wrote:
An account with no AF should generally be kept open for at least 24 months so it is no longer considered 'new' prior to closure.

OP sounds like an F/R Jr.
As far as this forum goes, if they don't ask for 4506-T's, it's not a Financial Review and it doesn't matter what CSR XYZ calls it . Maybe we need to update our terminology... this isn't even a half monty FR from the sounds of it, FR Jr. as you state, maybe?

Yes, I would say that there are two features needed for a "true FR"

1) Your accounts are frozen

2) You are asked for a 4506-T

The first can happen for fraud alerts, the second for CLIs, but together = FR!

Re: Called âmex to move some credit and got a financial review

score_building — Sun, 18 May 2014 02:34:20 GMT

@Revelate wrote:
@score_building wrote:
An account with no AF should generally be kept open for at least 24 months so it is no longer considered 'new' prior to closure.

OP sounds like an F/R Jr.
As far as this forum goes, if they don't ask for 4506-T's, it's not a Financial Review and it doesn't matter what CSR XYZ calls it . Maybe we need to update our terminology... this isn't even a half monty FR from the sounds of it, FR Jr. as you state, maybe?

I've never worried about it when a lender wants to play 20 questions with me, I'd be concerned if Amex ever asks for my own tax transcripts: not that I have anything to hide, but because for the life of me I can't see how my pattern of behavior would trigger that.

sorta sounds like an impromtu account review

seeing that it was probably too soon to start trying to move CLs

to a fresh approval, may've just invited a bit more scrutiny.