Again, not sure if you are busting my balls or not but You do realize I never said I request CLI's every day right? Also, the electricity part of what @Seatac said was 1 small part of many good points.
I said that capital 1 allows you to request every day, and there was 1 example where I knew I was due for a CLi, but I didn't remember the exact day. So I was denied on the first day, and approved the next day.
that happened once cause I knew I was due for one.
What do you mean? You do realize it's a legitimate question right?
Most company's allow you to request whenever. Amex makes you wait. I was curious why. I don't see why your attitude is necessary. If you are that upset about someone asking a question why are you here?
@USMCOne wrote:Its one of the many reasons Amex has one of the lowest if not the lowest default rates in the industry, one of the most loyal set of customers one can have, about if not the most profitable lender out there...they are very discerning. Also they represent a tiny fraction of the market but out gun nearly all of them. They are really not losing anything judging by all their financials and quarterly earnings. In less then 90 days most likely you will apply again.
As to why who knows its their way. They dont really have to devulge that. Also claiming that rappers etc are boosting them to be number one you would be most incorrect. 80% of all credit card profit comes from 20% of credit card users. How is that obtained not by carrying a balance which profit from is easily wiped out by one person defaulting. Kinda like Health Care...gotta have 9 paying in to cover 1 persons medical expenses. Same thing with them. They are making gobs of money on transaction fees. Most Amex users constantly are paying off their balances and recharging things. You charge 3k but leave a balance your only generating profit for them once with the hope you pay your balance and them making some money over the long haul...and many people's profit can be wiped out by one default. Someone who charges via a variety of transactions makes them far more money then the balance carrier.
AmEx makes almost all their money from swipe fees paid by merchants. They don't want you to carry a balance and they don't make a ton off of interest charges. This is a distinctly differnent buisness model than say Capital One (among others). This distinction also reveals a lot about who gets approved and what credit profile they look for and how they dish out credit increases. Capital One is stingy because they want to minimize their risk/exposure to default while at the same time approving customers who are more risky with their spending (aka, they carry balances on their cards). AmEx wants to see you NOT carry a balance while still swiping that card. 90 days gives them a chance to see if your spending behaviour changes. Also, life events like income and houseing changes don't happen that frequently, so quarterly checkups are probably a good timeframe to check for these things. Some lenders only let you update every 6 months, so 90 days seems pretty fair to me.
@creditrizz wrote:These Cblow threads. They shall continue in perpetuity until death, like romances in nicholas sparks novels.
Just better written.
