Amex shut downs

[SBR249]

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@tparks5961 wrote:

My statement date is the 8th of every months, So that's my spending for the month.

What you said does make sense... my income has grown considerably over the past two years. On my app I reported 1/3rd of my actual income since I haven't filed taxes for 2019 yet.  I can see this being a factor.

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Before you ask for a voluntary financial review, you can try to update your income with AmEx and see if that'll get those risk algorithms to back off. After you do that, if AmEx still has doubts, they could possibly ask for a financial review anyway. 

[K-in-Boston]

Do any of your business credit cards currently appear on your personal Experian credit report?  I ask because your personal cards all have very modest limits according to your signature, while all of the 5-digit ones are business cards.  If those are not visible to Amex, it's probably adding to the risk algorithm that you're running such high spending through their cards that are multiples of the remainder of your credit lines.  I would certainly update your income to reflect the true numbers as well.  If you're reporting $150k income but on track to spend $400k annually, it'll certainly give them pause, especially if you're new to them.  For a 4506-T request, Amex will only accept 2017 and 2018 tax transcripts (that will be 2018 and 2019 in August), but a in a full FR they will accept additional documentation, so it may be worth discussing with them the possibility of willfully doing that.  As they get to know you, these issues go away, and they're usually only seen with those who have blemished credit profiles or those that are doing a LOT right out of the gate with no prior relationship and/or other existing credit lines that show them that this is your norm.

[Creditaddict]

Are all you amex cards personal?

but you are running business?

Amex is really good these days on the business charge cards to issue you a "pay over time" limit right out of the gate and you are pretty much guaranteed to be able to spend to that limit with zero issue and gain more spending power quickly with use but as others have said charging $30+k on personal cards and having no other cards close to that kind of limit and amex not seeing your real income and assets, they are going to need a little foreplay first!!

I would suggest working on the charge card, not all your amex cards at the same time!

[adelphi_sky]

It could be Amex preparing for a recession. I recall them doing this in 2008 and 2009. People were having their cards closed even though they had excellent payment histories with Amex. It is still unfortunate that so many good customers are affected by Amex's perceived risk. Some of us fall within some bucket that triggers Amex to cut, slash, and close whether we've ever missed a payment or not or whether we have excellent credit or not. And the current economic turmoil is spooking a lot of banks. Expect more scrutiny. Especially if we head into a recession.

[Anonymous]

I think the biggest problem some people have with Amex, is that they think a NPSL automatically allows them to run higher charges through it right out of the gate. For some it's possible, but generall they have already had a good relationship with them. And their profile supports it.

Others barely get in with their low score/thin file and expect to run $10K charges, then get upset when it's declined or when Amex asks for it to be paid down. A charge card isn't a limitless alternative to CC's like some believe, that right has to be earned over time. And based on the personal cards in your sig, as well as where your score was when you likely apped for the cards. Amex just isn't comfortable with you file at this time.

[adelphi_sky]

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@Anonymous wrote:

I think the biggest problem some people have with Amex, is that they think a NPSL automatically allows them to run higher charges through it right out of the gate. For some it's possible, but generall they have already had a good relationship with them. And their profile supports it.

Others barely get in with their low score/thin file and expect to run $10K charges, then get upset when it's declined or when Amex asks for it to be paid down. A charge card isn't a limitless alternative to CC's like some believe, that right has to be earned over time. And based on the personal cards in your sig, as well as where your score was when you likely apped for the cards. Amex just isn't comfortable with you file at this time.

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I think their would be less confusion if AMEX, from the start, said, "Congrats! You're approved for our charge card. Here is your initial credit limit based on your profile." Instead of people walking up to a cash register and getting declined. Then having to call Amex to find out what's going on. AMex should just make people aware up front. Even when my limit was nixed, they sent an email AFTER my wife found out at the cash register. This is 2020. Amex can do better at communication. Set expectations up front. 

[Creditaddict]

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@adelphi_sky wrote:

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@Anonymous wrote:

I think the biggest problem some people have with Amex, is that they think a NPSL automatically allows them to run higher charges through it right out of the gate. For some it's possible, but generall they have already had a good relationship with them. And their profile supports it.

Others barely get in with their low score/thin file and expect to run $10K charges, then get upset when it's declined or when Amex asks for it to be paid down. A charge card isn't a limitless alternative to CC's like some believe, that right has to be earned over time. And based on the personal cards in your sig, as well as where your score was when you likely apped for the cards. Amex just isn't comfortable with you file at this time.

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I think their would be less confusion if AMEX, from the start, said, "Congrats! You're approved for our charge card. Here is your initial credit limit based on your profile." Instead of people walking up to a cash register and getting declined. Then having to call Amex to find out what's going on. AMex should just make people aware up front. Even when my limit was nixed, they sent an email AFTER my wife found out at the cash register. This is 2020. Amex can do better at communication. Set expectations up front. 

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With business they ask during activation your monthly spend needs and they will let you know if that fits within or not.

not sure why they don't do it with personal too but

[Anonymous]

I don't want to sound negative but spending thousands of your "new friend's" dollars as soon as they say you can. Would spook anyone.

Unless you don't have any other cards I would avoid spooking Amex and causing issues. Use other cards to put your spend on at least for 60 or 90 days.

Build up the trust. Their algorythms are there for a reason. They have been burned a lot.

Amex is constantly sueing celebs for millions of dollars. This isn't the best publicity for them.

I was new to Amex in Febuary and I want to avoid any situations that give them pause to think that I am not worth dealing with.

I spent 1.5 k on my first amex card in  week. They sent an email to ask for payment which I did right away.

[adelphi_sky]

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@Anonymous wrote:

I don't want to sound negative but spending thousands of your "new friend's" dollars as soon as they say you can. Would spook anyone.

Unless you don't have any other cards I would avoid spooking Amex and causing issues. Use other cards to put your spend on at least for 60 or 90 days.

Build up the trust. Their algorythms are there for a reason. They have been burned a lot.

Amex is constantly sueing celebs for millions of dollars. This isn't the best publicity for them.

I was new to Amex in Febuary and I want to avoid any situations that give them pause to think that I am not worth dealing with.

I spent 1.5 k on my first amex card in  week. They sent an email to ask for payment which I did right away.

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Should consumers, who have multiple credit options, be treating Amex like the hot-tempered relative by walking on eggs shells hoping not to upset him? That sounds like a dysfunctional relationship. I must say Chase has been rock steady with me so far. They don't touch my limits or anything. As long as I pay on time. With so many other things to worry about, we should have to put our Amex products on special credit watch just in case Amex changes the account paramters at any time. 

I like Amex. I have a long relationship with them. But they need to decide whether or not they are going to be consertive or liberal with their product line. I think what is catching most people off guard is that Amex Platinum /Gold has always been the product that offered "unlimited" spending. Now they are just throwing limits everywhere. And people are like, "Huh?"

[Creditaddict]

I think reality is those that have issues with Amex right in the beginning have no other credit that comes close to being able to handle what they are trying to do.

everyone just looses there mind over Amex because of "no-preset" and yes I think it would be nice if they gave you some sort of ceiling number to watch for, that limit will literally go up each time they ask for a payment.

put the Amex app on your phone, card declined, log in, pay, swipe again.... it's really not serious. Not many other banks will give you charging power seconds after a payment since they don't know if that payment is good for days!