AMEX Financial Review Question

[Anonymous]

So I have been a Platinum AMEX member for 11 years and recently got Business Gold Rewards Card for a business I started in November.  I had one period of hospitalization from Nov15-May16 during which the Platinum card was charged off.  I paid in full the moment I was back on my feet (June16, I think?) and, given my history of completely on time and not small monthly payments, they gave the card back and then, as I said, they approved the Business Gold Rewards card in November.

On 2/28 I got a request for my IRS filings for a financial review.  My credit is 731, I've had zero late or missed payments (since the hospitalization period and before) and no abnormally high or low levels of utilization. I explained that given the timing of the request, they would be getting income information for a year of which I spent a good majority in the hospital and which doesn't accurately reflect my income levels.  They asked for my expected filing amount this year, which I provided and is significantly higher, and told me that it should be no problem, just that not cooperating would cause cancellation of the accounts.  I faxed over the authorization for trasmission of my IRS filings the next morning, confirmed receipt and offered to provide any extra information (bank accounts, investment accounts, etc.) they'd like and they said they didn't need anything else.

I called today to follow up as I hadn't heard anything (my case rep failed to notify me know that she'd be on vacation 3/1-3/10) and received a call back notifying me that my accounts had been cancelled due to 2016's income not matching what was put on my application for my Platinum card.  I pointed out that I applied for the Platinum card in 2007.  The rep quickly changed course and said that it was because it didn't match what I put for the app on the Gold Card in November.  I pointed out that the application asked for my current income, which I gave and that they are basing this decision off my income from 2 years ago which was heavily effected by a period of hospitalization.  I think I used the analogy that this is like trying to project sales for this upcoming quarter and asking for numbers from 18 months ago.  She took notes on the account, but said that a supervisor would have to call me back.  So that's where we are at.

I've made a conscious effort to be thoroughly kind and helpful on the phone, but I am so very frustrated.  And now I have no idea what to do.

Questions:

1.  Any advice for this call with the supervisor?  Anyone have any success reversing one of these decisions?

2.  I have 300k+ membership points.  The rep in the financial review dept told me that I'd have 30 days from cancellation to transfer them.  The rep in membership rewards told me that they are wiped within 48 hours after cancellation.  Does anyone have any experience with that part?

3.  Any other helpful information or avenues of success in these matters?

Thank you.

[bourgogne]

sucks.  I would transfer all your points out stat

edit:  again sorry but you are at a stage that you dont want to mess around.  air france would be my choice, nice trip to, well anywhere

https://thepointsguy.com/guide/american-express-membership-rewards-transfer-times/

[Anonymous]

Much appreciated.  I split them between Delta and FlyingBlue.

This whole thing situation is absurd to the point of seeming farsical.  I don't even care at this point if the supervisor saves my cards when I speak to him tomorrow (he won't); I just want someone to give me a reason why this happened.

[Shadowfactor]

I would try to talk with the supervisor.

If that doesn’t work and you want to try to keep the accounts. I would prepare a letter for the Amex EO office and provide proof of income, hospital stays, bank statements showing higher income.

Unfortunately no one here will be able to give you the exact reason. The only member here that may be able to shed some light is pooka89 as he worked for Amex, but even he would most likely be educated speculating as he doesn’t have access to your account notes/details.

My best guess is that Amex didn’t want to take the risk. You had an account charged off, some rep decided to be nice and reopen and approve a new card but someone higher in the food chain reviewed your accounts as part of a risk review and decided they didn’t like what they saw and probably used any reason to close the accounts.

[Anonymous]

That's the only thing I can figure as well.  But then why approve the Gold card in November with a credit limit that was basically limitless?  I didn't even need that level of limit.  I was sort of figuring that after this they'd just lower that limit and I wouldn't mind at all.  But alas.  Hopefully the conversation with him goes much better than with the rep.  We shall see what we shall see.

But let's say it doesn't.  Should I close the cards myself before AMEX does?  Would that be better for my credit?

[Shadowfactor]

For FICO scoring purposes, there is no difference between a creditor closing them or you closing them.

A manual review might have different results. It would be dependent on the individual who is conducting the manual review.

If the call with the supervisor doesn’t go well. You can appeal to the executive office and plead your case.

Good luck

[bourgogne]

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@Anonymouswrote:

Much appreciated.  I split them between Delta and FlyingBlue.

This whole thing situation is absurd to the point of seeming farsical.  I don't even care at this point if the supervisor saves my cards when I speak to him tomorrow (he won't); I just want someone to give me a reason why this happened.

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that is a really good split, thinking about it I am glad you did it that way.  I am af brainwashed, have to keep that in check.  so there are good things about amex and bad ones.  I am just going to say it, don't mean to offend anyone.  its a snap getting to the exec office and a fast call back b a chipper person in the us but overall i find them near worthless.  with nfcu, chase or us bank you can talk right to the source, no way with amex.  that is why I said transfer out, because I think you would have/will get stuck in a loop.  I hope I am wrong.  I have been listed as deceased - that's right, dead - for decades.  half of the time when I get a card from them it gets rejected, i have to contact the exec office and blah blah blah 1-2 months later I get an approval.  they cannot fix it .. its annoying.  dont mean to make this about me but there you have it.  if you need the exec office info or a contact ping me back.  love mostly sp's for cards, the 3x sp cli and decent subs + the mostly good chat but if something goes sideways its like returning last years blender at costco.

[NRB525]

OP, thanks for sharing your experience. Glad to hear you recovered from the health problems.

Hopefully the call works out. I would not recommend closing the card. If they close it, so be it, there is no scoring penalty from that. It just doesn’t matter who closed the card. I have had cards closed by lenders and closed some of the cards myself.

If the AMEX Platinum doesn’t last, the Chase CSR makes a decent substitute. There are always options.

Good luck!

[Anonymous]

I would say transfer your points and forget about AMEX. Conduct financial reviews right after the application is submitted if you're so worried about if someone accurately put their correct income on the form. It's not worth jumping through hoops just to keep them. 

[longtimelurker]

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@Anonymouswrote:

I would say transfer your points and forget about AMEX. Conduct financial reviews right after the application is submitted if you're so worried about if someone accurately put their correct income on the form. It's not worth jumping through hoops just to keep them. 

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Close to my thoughts.   I guess it really comes down to how much you want/need particular Amex products (as compared to feeling bad/cheated/angry whatever at this change).     If the functionality can be easily replaced, I wouldn't bother with any more calls, you have transferred your MRs and just move on.

If the products are important, then obviously keep on trying, but it can be hard.   You are almost certainly not going to get a "real" reason: issuers don't want you to know exactly what triggers action, and they don't want to get into a dialogue by giving reasons you can discuss.

But, obviously, you have to decide the gain/pain effort ratio for yourself...