topic Re: My Amex F/R update in General Credit Topics

My Amex F/R update

Anonymous — Mon, 13 Aug 2007 20:13:53 GMT

The day before my accounts were 'suspended' by Amex, I had requested a BT. I got an email from Amex that the transfer had been processed, so I called them to find out what was going on. I had expected that my accounts were closed, as I had requested. They were not. The csr told me they were waiting the 15 days for me to comply. I declined again. I was put on hold for a few minutes by a very pleasant csr (who by the way came back on the line at least twice to let me know she was still there and I hadn't been forgotten), and let me know my accounts had been released from the hold and I could use them again.

She said all newer accounts will be F/R'd.

Anyway, once I have the bt paid, I will be done with Amex.

Re: My Amex F/R update

sl — Mon, 13 Aug 2007 20:22:12 GMT

Sounds like AMEX is getting a lot of bad press with their F/R,. I bet IRS is getting tired of them as well.

Re: My Amex F/R update

future — Tue, 14 Aug 2007 04:21:21 GMT

So you denied the fr....Good for you, i might start seeing a following... did they lower your cl's

Re: My Amex F/R update

future — Tue, 14 Aug 2007 04:22:34 GMT

future wrote:
So you denied the fr....Good for you, i might start seeing a following... did they lower your cl's

yoou might start seeing a following

Re: My Amex F/R update

Anonymous — Tue, 14 Aug 2007 04:43:13 GMT

I think any AMEX customer with a credit limit $10,000 or below and utilization under 50% should cancel if they are FR'ed. There are too many other cards out there with CLs in that range that don't make customers jump through time-consuming hoops. AMEX is good, but they ain't all that.

Now if you have one of their Einsteinium Ultra Deluxe cards with a $25,000 CL and you've got a $19,812 balance, then I can understand why they might FR.

Re: My Amex F/R update

Anonymous — Tue, 14 Aug 2007 05:21:28 GMT

I agree. Having your account frozen without warning and having them demand private financial documents is bad enough. Problem is, even if you comply, there is no guarantee that you won't get hit with a second F/R or even a third. It's happening.......a lot.

I'm done with them. Amex just isn't worth it.

Re: My Amex F/R update

Anonymous — Tue, 14 Aug 2007 05:25:23 GMT

They did not lower my cl's. I think they're still expecting that I'll keep the accounts open beyond the payoff of the bt.

Re: My Amex F/R update

Anonymous — Tue, 14 Aug 2007 05:25:55 GMT

I'm not trying to highjack this thread, but if you submit to their requests, what would qualify as a failure, and what is the result? Do they simply cut your CL, or do they cancel your account altogether. I was honest with my application, but if there is going to be an issue, I'd just assume close the account myself rather than have them close it. Just sounds like more trouble than its worth, and had I done more research, I wouldn't have applied.

Re: My Amex F/R update

Anonymous — Tue, 14 Aug 2007 16:46:37 GMT

Well, they either cld you or close the account. They look at your income and your cr.

Message edited to say that Amex can either CLD you or close your account(s). They may choose to leave your account as is. Some people are able to get a CLI or APR reduction for their troubles. It all depends on your income and what your cr looks like during the F/R.

Also important to note that an F/R is not necessarily a one-time occurance. If their computer red flags your account, for whatever reason, you can be hit with multiple F/R's.

Message Edited by KDM on 08-14-2007 09:46 AM

Re: My Amex F/R update

Anonymous — Tue, 14 Aug 2007 16:03:54 GMT

stealth71 wrote:
I'm not trying to highjack this thread, but if you submit to their requests, what would qualify as a failure, and what is the result? Do they simply cut your CL, or do they cancel your account altogether. I was honest with my application, but if there is going to be an issue, I'd just assume close the account myself rather than have them close it. Just sounds like more trouble than its worth, and had I done more research, I wouldn't have applied.

stealth71.....I had an FR done back in July. When it was finally done, they DID NOT close my accounts and my credit limits stayed the same. Just FYI..................

Re: My Amex F/R update

Anonymous — Tue, 14 Aug 2007 23:17:41 GMT

Hey flygirl. I remember reading your posts about your joyous experience with Amex. Not really sure what to do at this point. Haven't even received the card yet. I'm thinking of not even activating it and just locking it in the safe.

Re: My Amex F/R update

Anonymous — Wed, 15 Aug 2007 00:32:18 GMT

I seriously thought about applying for Amex Blue card ,but with this F/R garbage going on

Amex just isn't worth the hassle :

1. Worry about the line of credit being frozen or decreased (In some situations ,this could be a disaster)

2. Does anyone really want attention drawn to them with the IRS getting these requests for your tax records lol .

3. There are many other CC's that won't hassle you like Amex is .

Re: My Amex F/R update

Anonymous — Wed, 15 Aug 2007 04:43:30 GMT

@Anonymous wrote:
I seriously thought about applying for Amex Blue card ,but with this F/R garbage going on
Amex just isn't worth the hassle :
1. Worry about the line of credit being frozen or decreased (In some situations ,this could be a disaster)
2. Does anyone really want attention drawn to them with the IRS getting these requests for your tax records lol .
3. There are many other CC's that won't hassle you like Amex is .

I was F/R'd the other day. I received a call at 11am on Wed saying I needed to call them. They told me that they needed my last 3 paystubs to verify income. The rep gave me a fax no. that I could send them to. She said it would probably take 4 or 5 business days. I faxed them my last 3 paystubs that afternoon. The next day I get a call from them saying everything is fine and that my 3 accounts are now available and no decrease in CL. About 24hrs that my accounts were not available.

I know that for some this is a big hassle, but for me, since everything is electronic for me, it took me all of 10 minutes to fax the information (pdf files using RightFax), and in less than 24hrs my accounts were available again.

I guess if you have other high limit cards, then it probably isnt worth the hassle to comply. However, one of my Amex cards is interest free for 6mos and the other is only 2.9% for the first year. It was worth my 10 min.

Peace

Re: My Amex F/R update

Anonymous — Wed, 15 Aug 2007 10:32:33 GMT

@Anonymous wrote:
@Anonymous wrote:
I seriously thought about applying for Amex Blue card ,but with this F/R garbage going on
Amex just isn't worth the hassle :
1. Worry about the line of credit being frozen or decreased (In some situations ,this could be a disaster)
2. Does anyone really want attention drawn to them with the IRS getting these requests for your tax records lol .
3. There are many other CC's that won't hassle you like Amex is .

I was F/R'd the other day. I received a call at 11am on Wed saying I needed to call them. They told me that they needed my last 3 paystubs to verify income. The rep gave me a fax no. that I could send them to. She said it would probably take 4 or 5 business days. I faxed them my last 3 paystubs that afternoon. The next day I get a call from them saying everything is fine and that my 3 accounts are now available and no decrease in CL. About 24hrs that my accounts were not available.

I know that for some this is a big hassle, but for me, since everything is electronic for me, it took me all of 10 minutes to fax the information (pdf files using RightFax), and in less than 24hrs my accounts were available again.

I guess if you have other high limit cards, then it probably isnt worth the hassle to comply. However, one of my Amex cards is interest free for 6mos and the other is only 2.9% for the first year. It was worth my 10 min.

Peace

Do you have an idea of what might have triggered the FR? Did you recently request for a CLI? Did you have a high balance that you couldn't pay down? Anything weird at all?

This is exactly how I want to handle the FR whenever I get one. I'm sure I will, but I'm not stressing over it. I hope they ask me for my pay stubs as well.