AMEX increasing number of account reviews

[youngandcreditwrthy]

Amex has always done a lot of account reviews. Ive noticed that any time I get a hard pull on experian, they will also sp that day. They can also keep track of your score changes, growing debt etc. 

they may be taking more action due to the dynamic of the economy. 

I often will pay on the exact due date because I like to get the 5% interest on my liquid $$$ and got an email from cap one reminding me to pay, but nothing like a CLD.. just a reminder. 

That said, if it was me and I had the 4k to pay, I would do it. Amex tried to cut off my 24.5k BCE one time.. like completely CLOSE IT because I CHANGED ZIP CODES! hah.. I got the credit line reinstated, and its weird they never took AA on my other amex cards.

that said.. yeah at least youre getting a warning!

Good luck

P.S. I think once your score drops below 660 ish, they keep a heavier eye on you and will in general SP you more.. but if your score is that low, its likely youre running up a lotta debt or taking a lotta new accounts so its something they'd already do anyway. 

American Express was known a few years ago as being the credit card issuer with the lowest DQ rate of 1% or less (I think now it's higher as are all of them prob 2-3% but interest rates are higher and Im sure they're being compensated for the increase in DQ!)

[7774x]

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@Dadof31978 wrote:

how would you know that AMEX is increasing account reviews...you wouldn't.  if you got dropped to 600s you have debt issues/late payments anyway.  that's why you were targeted. 

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Look at the Amex numbers... Credit losses for 4th Q $1.44 billion   vs $1.03 billion  for year ago Quarter.. If you were in charge would you  tell managers to get  losses lower?.. then what would lower managers do? Increase  account reviews? Btw Amex stock made a 52 Year high after earnings report last week

[longtimelurker]

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@youngandcreditwrthy wrote:

. Amex tried to cut off my 24.5k BCE one time.. like completely CLOSE IT because I CHANGED ZIP CODES! hah.. 

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You say that as if it is an innocent act.  I don't know why a good upright person would want to change zip codes.  Mine was good enough for my father, and his father before him....   Sure, move house if you absolutely must, but a zip code..... the folk there will have strange ways....

[Berk]

When you consider how many Americans are living paycheck to paycheck and continuing to spend money on entertainment, travel, eating out, and other leisure activities coupled with increased credit card spend it is no wonder the banks are tightening up on their lending criteria. 

Just consider this quote from an article in Forbes:

Most respondents (83%) living paycheck to paycheck indicated feeling somewhat or very concerned about accumulating credit card debt compared to about 74% of those who have a budget surplus each month. Currently, only 35% of Americans living paycheck to paycheck pay their credit card bill in full each month, and balances aren’t insubstantial. About 31% of respondents living paycheck to paycheck expect to need six months to a year to pay off their existing debt while another 31% anticipate needing a year or more.

https://www.forbes.com/advisor/credit-cards/survey-living-paycheck-to-paycheck/

None of this is lost on banks.

[sjt]

I got an Account Review last week. I was notified on Sunday and called the number. The gentleman I spoke with was very nice. He sent me a link to upload the requested documents, which were 2 most recent pay stubs, last two months of bank statements, and any pertinent information that would be helpful. I spoke to them the following Friday and I was cleared. No changes.

I don't blame them for the review as I put a lot of business expenses on the card. Even though I paid them down there was a sizable balance at the time of the review.

[TRC_WA]

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@Berk wrote:

None of this is lost on banks.

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No account review here but I welcome it if it comes.  My current CC debt is tanking my score no doubt... but I also landed a new job in December.  I'm now bringing home in 50 hours on the new job what I brought home in 80 hours over 2 weeks on the old job.

Paystubs?  No problem.  It will all be paid off by summertime regardless.

[Horseshoez]

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@longtimelurker wrote:

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@youngandcreditwrthy wrote:

. Amex tried to cut off my 24.5k BCE one time.. like completely CLOSE IT because I CHANGED ZIP CODES! hah.. 

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You say that as if it is an innocent act.  I don't know why a good upright person would want to change zip codes.  Mine was good enough for my father, and his father before him....   Sure, move house if you absolutely must, but a zip code..... the folk there will have strange ways....

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One thing to keep in mind is, as town grow, they add/reallocate zip codes; one time I built a new home in the xxx75 zip code, which actually belonged to a larger town just to the south.  Once my town got large enough they updated my zip code to xxx77; yeah, it was a bit of a pain to get things all squared away, but at least they did deliver our mail with the old zip code for something like a year after the new zip code went active.

Then there's our current address; in 2021 we moved into a brand new townhome which had just received its Certificate of Occupancy the day before; our address number at the time was 6, and we went out and changed all of our accounts, driver's licenses, and whatever else to "6".  Then three months later the city decided our townhouses were all misnumbered and we had the "Great address swap", literally, we all walked across the parking lot and exchanged our address number with the unit directly opposite of us, so our address went from 6 to 5.  Now that was a serious pain in the hind parts, and to this day both my cable TV company and my electric provider insist I live at 6.