Amex Financial Review (Post Covid) Purgatory.

[Remedios]

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@tparks5961 wrote:

Hey dale, 

Ill be under 5/24 in October. If it wasn't for that fact, I would have applied for Chase business cards. 

After the work done over the past few months to get a decent limit, I'll have a few cards report this month to see how they react. Ill post UTI of around 35%.  I just need a break from paying this much attention to balances 8*)

I missed the statement date by 1 day on 3 cards last month so I had 3 cards report with a balance.. Dealing with them has been so exhausting.

I'm not sure if chase is any better.. Any thoughts?

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Everyone whacks, that's how risk mitigation works. 

I'm glad to hear your work situation has resolved, that must have been quite a relief. 

I wouldn't hold this against AmEx because you literally told them you couldn't pay and entered hardship program. I cannot think of a single lender who wouldn't pull back in that situation. 

If Amex cards work for you, continue using them. Once it's clear to them your financial troubles are over, it will get better. 

If another lender's rewards program would be better, explore those avenues, but stay aware that due to seasonal nature of your work, there could always be ups and downs, so be prepared.

I cannot think of a single lender whose UW standard is "Looks like they are in trouble, give them more money" 

Anyway, congrats on everything you've accomplished so far! 

[W261w261]

Aside from the complexities with Amex, I found your story inspirational.  I copied part of it and sent it to one of my kids, along with a note along the lines of: "here's a guy to look up to."

[tparks5961]

Oh yeah, trust me. The reason I still work with them is because I get it.. with my income going from what it was to essentially 0, they had to do what they did to protect themselves.

And the reason I posted the story was to hopefull help someone in the same situation. 

[cmm89]

Really interesting story--I was enthralled all the way through.

ETA:  Posted this too soon (probably a combo of buttons I hit), but wanted to echo Gdale's thoughts.  I also totally appreciate the fact that lenders must protect themselves.... but to mess with your limits so quickly & without adequate warning, I'd be tempted to move my business elsewhere. 

cmm89

[Remedios]

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@tparks5961 wrote:

Oh yeah, trust me. The reason I still work with them is because I get it.. with my income going from what it was to essentially 0, they had to do what they did to protect themselves.

And the reason I posted the story was to hopefull help someone in the same situation. 

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Yeah, just work on back up lender if your spending is mostly business related. 

Can't hurt 

[babygirl1256]

@tparks5961 So glad you were able to rebound so quickly -and- AmEx is starting to grant you CLIs. I fully understand because I too was opening my entertainment business in February 2020 when my state shut down 100% . . . then on March 10th our governor removed all mandates and opened the state back up 100% . . . now I'm scrambling to pick-up where I left off but it's a struggle. I’m looking to open a business account and business credit cards -plus- I’m looking for the "best" financial institution (deposit accounts and credit cards) for new start-up businesses. I'm grateful I didn't sign the 5-year lease in February 2020 but now I trying to find another physical location. Wishing you continued CLI growth with AmEx and double success with your business!!!

[Total80sKid]

Thank you for sharing your story with us.

I'm glad things are starting to look up for you.