American Express Paying Dearly for all the SUB Prime Credit Accounts

[Anonymous]

It was only a matter of time before American Express paid for their lack of exclusivity. They are paying for every GREEN ,Gold Plat and Delta card they have approved in the last 3-4 years. This is exactly why people are are loosing CL instead of getting increases. The SUB prime time is officially over it cost 7000 people their jobs with Amex.

Amex will be again an exclusive brand that rewards financial responsibility. There is people in 700's not being approved for Green anymore. Look at Who gave me credit look at the newest posts. Amex is changing I'm sure they now regret every SUB prime they have approved.

What Do you guys Think?

[cadavis0609]

Sub prime? aren't their easiest approval cards still difficult to get?

[Anonymous]

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@cadavis0609 wrote:
Sub prime? aren't their easiest approval cards still difficult to get?

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Not the Delta card everyone and their momas got a approved for a Delta Card. The Green card is easy to get also. Once you get the Green you call CC and they will upgrade you to any collor card as long as you pay the AF. I'm sure thats over noe thou

[KingAdrock]

While Amex did loosen up their standards a bit, I don't think any of their products have been considered sub-prime. I think you're jumping the gun by saying Amex is going back to being exclusive. They're tightening their belt because things are bad, just like every other lender. They could and way very well just loosen it again when the ecomomy improves.

[Anonymous]

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@KingAdrock wrote:
While Amex did loosen up their standards a bit, I don't think any of their products have been considered sub-prime. I think you're jumping the gun by saying Amex is going back to being exclusive. They're tightening their belt because things are bad, just like every other lender. They could and way very well just loosen it again when the ecomomy improves.

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7000 people means tightening your belt? Are you serious this is very serious cutbacks. Look at Who Gave me Credit the approvals were unreal for Amex. I think the country as a whole finally figured out that Sub Prime was a BAD idea. I might of jumpped the gun a bit. When I mean go abck to normal I dont mean Bush/Sub Prime years I mean finacial reponsibility/Clinton years. This is the same way for credit driven industry. Struckly my opinion just want to get a good credit based discussion. The truth is nobodys knows but after this pounding in the market I'm sure Ultra Convervative reponsible lending will be in our future for a long time.

[fused]

ddd, can you please share the source (a link) of your info? Specifically, Amex's intention to cut 7000 jobs, thank you.

[marty56]

http://money.cnn.com/2008/10/30/news/companies/Amex_layoffs/index.htm?postversion=2008103013

[maestro]

There is a story on just about every financial web site.

Here you go ...

http://www.marketwatch.com/news/story/American-Express-cut-10-work/story.aspx?guid=%7BAF32DE3C%2D551...

[Anonymous]

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@fused wrote:
ddd, can you please share the source (a link) of your info? Specifically, Amex's intention to cut 7000 jobs, thank you.

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Were is this Not posted should be the question. I actually saw this on LCD of the elevator in the building were I work. It's litelary posted everywere in every major money website.

[fused]

Thank you Marty and Maestro.