topic Re: The AMEX Financial Review Thread in Credit Cards

The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 16:48:44 GMT

The topic of AMEX financial reviews (FR) is getting a lot of attention on this and other forums, so I figured I'd make a sticky. If AMEX is making like a space alien and probing you there, this thread is for you. Post your experiences--good and bad--with the AMEX FR.

Re: The AMEX Financial Review Thread

SpecFile — Thu, 30 Aug 2007 16:52:11 GMT

Great idea! Can't wait to discuss this.

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 17:13:26 GMT

Twice in a single month, as well documented on the thread I started. The second time they "graciously" decided to let it go since I had just gone through a 5 week FR 2 weeks earlier....in which I had sent my bank statements, tax returns, check stubs and a vile of blood. Kidding on the last one, but wouldn't surprise me. Amex is kinda horrible. I had never made a late payment and my balances were under 50%. Even worse, they kept flagging me for "security" reasons (this is BESIDES the FR's) and I kept having to prove I was really me. After all, anyone can be running around with my tax returns, check stubs and bank statements, right?

After all of that, my cards are clear. BUT...I went to buy an airline ticket for just a few hundred $$ a few weeks ago and was denied, despite having plenty of available credit. I had to call for an approval. Amex apparently babysits anything I try to purchase over a certain dollar amount. I stopped using the cards, frankly. Trying to decide if they are worth keeping. I have other cards. I'm not 11. I shouldn't need to ask permission to use my credit, especially considering I've never done anything on my accounts to indicate irresponsibility.

Re: The AMEX Financial Review Thread

SpecFile — Thu, 30 Aug 2007 17:25:18 GMT

Very well said. The thing that stinks about all of this is what happens when you're on vacation or better yet out of the country and AMEX pulls this crap and leaves you stranded somewhere between a rock and a hard place.

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 17:37:22 GMT

This reminds me of the movie "A night at the Roxbury" with the crew from SNL from the 80's. The guy in the movie had to call his CSR at his credit card company to approve available funds for every purchase before using his credit card. lol.

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 17:54:48 GMT

This is where AMEX customers need to tell AMEX that their product has a serious reliability problem. Just like a person wouldn't go off-roading in the Mojave Desert in a vehicle prone to engine failures, why should people trust a credit card that is disabled without warning for no apparent reason?

I would recommend anyone in this position tell AMEX to either fix the reliability issue, or to lose a customer as you go with a competitor's card which is reliable.

Re: The AMEX Financial Review Thread

SpecFile — Thu, 30 Aug 2007 17:57:49 GMT

I dig that! ^^^^^^^^^^^^^^^^^^^^^

Message Edited by SpecFile on 08-30-2007 12:57 PM

Re: The AMEX Financial Review Thread

MidnightVoice — Thu, 30 Aug 2007 17:59:01 GMT

Apart from the FR - I have been traveling with a colleague in the wilds of Oregon, and a lot of small businesses won't take AMEX - too expensive and too slow paying.

Re: The AMEX Financial Review Thread

fused — Thu, 30 Aug 2007 18:25:00 GMT

Darn avatar won't show!

Message Edited by fused111 on 08-30-2007 08:25 AM

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 18:17:35 GMT

What kind of effect on your FICO and overall credit if you:

1. Cancel active card upon FR fairy comes knocking on yor door.

2. Cancel before you activated to just not bother with AMEX all together.

3. Let them cancel it if you don't comply with FR demand.

Re: The AMEX Financial Review Thread

oneloveforall_2000 — Thu, 30 Aug 2007 18:24:22 GMT

I just got approved with them not to long ago for 5500k should i cancel?

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 18:30:58 GMT

@Anonymous wrote:
What kind of effect on your FICO and overall credit if you:
1. Cancel active card upon FR fairy comes knocking on yor door.
2. Cancel before you activated to just not bother with AMEX all together.
3. Let them cancel it if you don't comply with FR demand.

1. In my estimation this is the best option if you decide to ditch the cards. Then your accounts will basically just show as closed, paid, assuming you pay off balances or at least continue to pay on time.

2. Sure, you can do that. But the folks weighing in on this subject with stories of FR already have Amex cards. Amex seems to leave some people alone completely, so I wouldn't make a blanket statement that everyone should ditch Amex. The have some strange, arbitrary process for messing with people. I think they have a gigantic dart board with account numbers.

3. Bad option. Your file will show "Account closed by credit grantor." Looks bad on your file since the reason is not given. Better off with option 1.

Message Edited by devhip on 08-30-2007 11:30 AM

Re: The AMEX Financial Review Thread

fused — Thu, 30 Aug 2007 18:48:22 GMT

@Anonymous wrote:

@Anonymous wrote:

What kind of effect on your FICO and overall credit if you:

1. Cancel active card upon FR fairy comes knocking on yor door.

2. Cancel before you activated to just not bother with AMEX all together.

3. Let them cancel it if you don't comply with FR demand.

1. In my estimation this is the best option if you decide to ditch the cards. Then your accounts will basically just show as closed, paid, assuming you pay off balances or at least continue to pay on time.

2. Sure, you can do that. But the folks weighing in on this subject with stories of FR already have Amex cards. Amex seems to leave some people alone completely, so I wouldn't make a blanket statement that everyone should ditch Amex. The have some strange, arbitrary process for messing with people. I think they have a gigantic dart board with account numbers.

3. Bad option. Your file will show "Account closed by credit grantor." Looks bad on your file since the reason is not given. Better off with option 1.

Message Edited by devhip on 08-30-2007 11:30 AM

3.) According to FICO scoring, it doesn't matter who closed the account or how it's notated. It's not going to prevent someone from getting approved for credit cards as long as the closed account has no baddies and a $0 balance. The only negative I see might be on a manual review and a lender having questions.

Re: The AMEX Financial Review Thread

SpecFile — Thu, 30 Aug 2007 18:50:48 GMT

Thanks for explaining that fused. I was wondering about that myself.

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 19:07:21 GMT

Hello!

I've opened three new Amex cards since June, and at the beginning of this month (August), Amex thought it would be a nice idea to conduct a F/R of my accounts. I found this out as I had gone online to check my balance and stuff like I usually do, and saw red flags everywhere. Like a good girl, I called them and tried to remain as calm as I could, despite the fact that my heart was hammering like crazy. They had not contacted me by phone or mail as they said, but that didn't matter to me. I couldn't believe I got subjected to a F/R. I read about the dreaded Amex F/R so many times, and thought to myself, " They couldn't possibly do that to me!" But they did. And I'm almost positive the reason I got the F/R is because I had requested a CLI on my Starwoods card the day before (I had gotten a CLI on another card the previous week).

The lady I spoke to on the phone was very friendly and helpful. She told me that there was no specific trigger I pulled that resulted in the F/R, and told me exactly what I had to do. I didn't get the "light" version of the review, either (meaning, they didn't want just pay stubs...they wanted to pull my tax records from last year. I told her that my HHI might be different than that of my application because of a pay raise I received earlier this year, and she told me to write that on my fax cover, along with any other considerations. She told me exactly where to print out the form, which sections of the form to fill out & how to fill it out, where to fax it in and everything. She told me that it would take them 24-48 hours to receive and process the fax. So I faxed it in, along with my cover sheet, the very same afternoon. I called exactly 36 hours later and asked them if they had received my fax, and they said they did, but that it was unclear, and asked that I refax it. So I did five minutes later. I called again in 36 hours, and they received my fax, and told me that it would take between 3-7 days to process. The other lady I spoke to was very friendly also.

Exactly 5 days later, they called me at work, thanked my for my cooperation and lifted the freeze on my accounts. I passed!

The rest is history.

Re: The AMEX Financial Review Thread

SpecFile — Thu, 30 Aug 2007 19:18:48 GMT

The online application asks for HHI so I included my DW in the equation. Now if they try to verify my HHI then they will see what I contribute to the HHI not what my DW does.

Legally, can they ask for my DW's financials since she is not associated with the card?

How can they really verify without having the entire HH send in their returns?

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 19:51:02 GMT

I would be asking AMEX how they planned to compensate me for my time. After all, most CCCs and banks would charge a research fee (often as high as $50 an hour!) to go prospecting into my account history and dig up a lot of information and fax copies and whatnot. Why is the time of a paying customer any less valuable?

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 19:52:46 GMT

I just read on another board that Lexus asked a credit card applicant for a copy of the deed to their home. And you all thought AMEX was bad!!!

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 19:54:22 GMT

@oneloveforall_2000 wrote:
I just got approved with them not to long ago for 5500k should i cancel?

What you'll need to do is keep your balance low enough that you can PIF anytime. Then, if they hit you with an FR, call in and tell them that for that reason you wish to PIF and close your account on the spot.

Kind of defeats the purpose of having a high CL....except for FICO scoring, of course.

Re: The AMEX Financial Review Thread

Anonymous — Thu, 30 Aug 2007 21:33:50 GMT

I read other posts that they don't allow you to cancel if hit by FR. Either comply or be cancelled by AMEX with all the " cancelled by creditor " on your credit report.