Amex Charge Card Prestige is OVER

[Anonymous]

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CREDIT4BIZ wrote:

ddd, my ex score is 652 and the collections show as paid but im currently disputing them now waiting on results now i did have a collection on eq with amex from 01 thats due to fall off next month in march what do think thanks again

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The Amex collection is not goof they usually have a very good memoy. 652 is an aweosme score for AMEX dont worry about the score. How many collections do you have on EX? I would not wait for the AMEX collection to drop I'm sure they have it on their internal records. It will not make a difference anymore they can see it either way. Is it fully paid?

[CREDIT4BIZ]

concorduser, thanks i love this forum

[Anonymous]

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CREDIT4BIZ wrote:

cheddar, the last was nov 05 and the amex is unpaid but if i pay wont it stay on my report longer?

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Forget it if you did not pay AMEX they will NEVER forget it sorry but thats just the way thee are. Look into their card were you can pay off balances. It's a subprime card were they atach what you owe them and you can pay them off and have an AMEX. After some time you can apply for their regualr stuff.

[Anonymous]

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ddd wrote:

The one time prestigious GOLD and PLAT Amex are just a joke now. They give them to ANYBODY you need to  have a serious derogs or a BK for them to deny you. Any one with 630 plus can get ANY card they want. Once you get approved for GREEN you have to be invited to NOTHING. You call them and tell them you want to move up to GOLD or PLAT and they will move you up.

The one  time super exclusive card is given out like water now. If anyone is planning on applying for any LEVEL my suggestion is go for GREEN. As soon as you're approved call them and tell them you want either GOLD or PLAT.

There is no prestige or charge qualifications, that's is over. I remember 10-15 years ago when my parents had them. They had a green for 3 years pushing around 50K each before they got invited to GOLD. It was huge deal, they had to push like 75K-85K before they got invited to PLAT.

Now if you have a 640 plus with no serious derog or BK or prior bad AMEX history the GREEN is yours. After that you can simply call CS and aske to be upgraded to GOLD or PLAT. You pay you're annual fee and the card is yours.

I WANT TO START A FORUM WIDE DISCUSSION ON THIS. Keep in mind this is just what I think, I want to hear what everyone else thinks?     

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This has been discussed many times.  Some here say they have moved into the near-subprime market, but have gotten cold feet about it, resulting in all the F/Rs and CLDs you hear about lately.

Others say they moved into that market just to make a quick buck and then get out fast.

In any case, I wouldn't be surprised if they reconsider this strategy and go back to their old ways soon.  They wrote off a ton of money in uncollectable loans this last quarter, just like all their competitors.  In thier case, though, their losses were tempered by the fact that they also have a significant number of big-spending, longstanding, low-risk cardholders.  They seem the type of company that may eventually decide the risk in this market is just too great for them.

They've made a ton of money over the decades by catering to low-risk big spenders.  I don't understand why they messed with a business model that was working so well for so long.

[Anonymous]

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concorduser wrote:

Hi ddd, that is a long story. My EX scores are around 669, last time I looked. I have Platinum and Optima. When I apped for Delta they wanted a letter from a banker/atty/broker/accountant. I sent them a letter from broker. They ask me to prove the broker is a broker. I gave up. I am going to wait few more months and then app for it or get a blue.  I had fun dealing with Amex for months about it.

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WOW were they asking you to prove income? Why did they need a letter form you're broker ?I have Blue, Plat Delta, Plat Charge and Corporate Green never had a problem. When I got them I had you're score. I have heard it's allot easier to get charge over credit. Delta is notorious for approvals even with CL's as little as 1300. I'm surprised

[Anonymous]

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CREDIT4BIZ wrote:

cheddar, the last was nov 05 and the amex is unpaid but if i pay wont it stay on my report longer?

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No.  Paying a CA does not reset the time period that determines when it will fall off.

It may temporarily hurt your score to repay it, since FICO will penalize you for having recent activity on a CA account.

Honestly, sorry to say it, if you have an unpaid CA that came from Amex, I wouldn't waste the inquiry on an app.  I would predict instant decline.  (This will also be true after it ages off your CR.  They never forget.)

[Anonymous]

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This has been discussed many times.  Some here say they have moved into the near-subprime market, but have gotten cold feet about it, resulting in all the F/Rs and CLDs you hear about lately.

Others say they moved into that market just to make a quick buck and then get out fast.

In any case, I wouldn't be surprised if they reconsider this strategy and go back to their old ways soon.  They wrote off a ton of money in uncollectable loans this last quarter, just like all their competitors.  In thier case, though, their losses were tempered by the fact that they also have a significant number of big-spending, longstanding, low-risk cardholders.  They seem the type of company that may eventually decide the risk in this market is just too great for them.

They've made a ton of money over the decades by catering to low-risk big spenders.  I don't understand why they messed with a business model that was working so well for so long.

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cheddar great Post!!!!

I hope they move back to Prime CC company and they deserve to loose money for moving into the SUB prime market. I pushed 43k on my GOLD last year. This is year I'm 17K in two months and some one with a 630 gets approved for a PLAT it's ridicoulous. Not that I'm mad it just doecent make sence.

Like you said they will change their model when all the PLAT's they apporved move 1-10k a yeat and they spend a ton of money in collections the next 10 years. My parents were so discusted they

canceled both cards. They both use the Chairman Cards form Citi. When they canceled 3 managers called to speak with them. They were 30 plus years customers pushing about 150k betwween botth of them. i'm sure it hurt them to loose that revenue.

I still like the rewards programs with Amex. my parents dont care becuse they Million Mile Medallion lifetime status with Delta so they are strictly skymiles. I like to move my miles around.

Again GOOD Post

[Anonymous]

Actually, I think their charge cards -almost across the line (green and gold)- are more "sub-prime-ish" than their credit cards. The OP is right, it is much easier to get a green or gold card than it use to be. However, their credit cards still have really high requirements (at least their "prime" credit cards - the blue and clear ones).

Back when I was 19 I applied for both the Gold Preferred Rewards and the Blue card. I got approved in seconds for the Gold card w/ out a question...I got turned down in seconds for the Blue card. I applied for both cards on the same day, and I actually applied for the Blue card first.

So in the end, I think their charge cards are easier to come by than their prime credit cards (maybe becuase you pay an AF of charge cards or maybe they realize "presitge" will only get you so far in today's "age of credit card rewards" - cash back and great mileage counts for more.

[Anonymous]

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pjriverap wrote:

Actually, I think their charge cards -almost across the line (green and gold)- are more "sub-prime-ish" than their credit cards. The OP is right, it is much easier to get a green or gold card than it use to be. However, their credit cards still have really high requirements (at least their "prime" credit cards - the blue and clear ones).

Back when I was 19 I applied for both the Gold Preferred Rewards and the Blue card. I got approved in seconds for the Gold card w/ out a question...I got turned down in seconds for the Blue card. I applied for both cards on the same day, and I actually applied for the Blue card first.

So in the end, I think their charge cards are easier to come by than their prime credit cards (maybe becuase you pay an AF of charge cards or maybe they realize "presitge" will only get you so far in today's "age of credit card rewards" - cash back and great mileage counts for more.

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To start of with there was no way you would have gotten approved at 18 for an AMEX Gold Card 10-15 years ago. This is exactly what I'm tlaking about, I mean how much can you charge at 18 unless you're Bill Gates dauther? I'm not tlaking about you I'm talking about any normal AMERICAN 18 year old.

Great Milage accounts? Are you serious you actually think there is a better Milage account than the Charge Cards on American Express Rewards? I peronally dont think so. Unless the the CREDIT CARD is atached to an Airline Frecuent Flyer program the majority of credit card rewards programs are worthless compared to AMEX rewards program. I mean what other program can use you're miles ANYWERE. I dont give a care about ptrestige I LOVE the rewards program.

I dont agree about the Credit CARDS being prime they pass out the Delta Gold like water. It's completley know on this forum that is the eaasiest card to get with AMEX. Look at some other threads super easy to get.

I dont have experince with Cashback Cards except for the Discover More Card I have. I love reaward I can shift around to my convinience on a 1:1 ratio,. Chase and City Rewards are ridicoulous when

 it comes to trading miles for Travel.

"New age of Credit  cards" You men New Age of Credit Card Debt. American average CC debt it $8000 totally sick. Charge Cards help you budget and plan accridingly knowing you have to pay at the end of the month. If more people use the "old charge card" instead of the "New Age credit card" maybe we wouldnt be a nation riddled in debt.

Message Edited by ddd on 02-04-2008 10:49 AM

Message Edited by ddd on 02-04-2008 10:56 AM

[Anonymous]

ddd, would you mind sharing why you care so much?

Why does it bother you that more people are eligible for Amex cards these days?   I truly believe that there is more to people's "creditworthiness" than their FICO scores.  There are a number of reasons why a person could have a 630 score.  Doesn't neccesarily make them a bum.

Do you have a problem with Amex's standards, or a problem with the fact that you feel that you have lost a certain degree of perceived prestige? 

I think the implied "loss of prestige" has more to do with being a competitor in the credit game.  Bottom line is a credit card is still a credit card.  And most people have no idea what benefits or implied prestige come with the cards in their wallets. 

Pay CASH.  That would definitely set you aside from everybody else.