I've been through a lot since my early 20's and after many years in "credit prison", this is how I deal with American express.
I burned Amex back in 2002.. luckily it was a small balance of about $4,000.00. As a result of the small default amount, I was able to get off of their blacklist without having to repay the old debt. My current situation today is much different than it was when I was only 20, so it's only natural that during my rebuild, there were many instances in which i've become extremely frustrated.
I own a business with revenues north of 7 figures and up until about 3 months ago, my highest unsecured credit card limit was $500.00. In addition to my Cap one QS 1, I had a discover secured card that would not graduate and 2 other secured cards.
<fast foward through the rest of this story to get back on topic>
I was approved for 3 Amex cards at the end of September.
Amex Business platinum (NPSL)
Personal Hhnor $2000.00
Everday $1000.00
This was my first experience with a charge card and although the card doesnt have a hard limit, the card would not let me go over a $2500.00 balance.. this limit was extremely insulting since my median purchase is well over this amount. After calling to express my frustrations with Amex, they gave me the opportunity to prepay on my account for larger purchases.. Which was even more insulting because I just "graduated" from secured cards.. and this seemed like a secured card on steroids..
Realizing as Ive seen in the forums, "Building credit is a marathon not a sprint".. I just prepaid on my charge card to make larger purchases. Now I can charge up to $8000.00. I use the charge card for the points anyhow and would never imagine using the card if I didnt have the money in the bank to pay for a purchase when I make it.
Please understand that any decision that they make on your account is based on im sure billions of individual data points and is nothing personal. Understanding this helps me keep a level head when dealing with them and my $2000.00 + $1000.00 credit limits.
Hang in there.. It'll be worth it in the end.
Last Inquiry 12/23/2022 Ally Bank Mortgage
People forget that just because you got back in with a lender, doesn't mean all is forgiven immediately. Especially with amex. Congrats on making headway. I got back in with them, but I'm still on their naughty list. Hopefully that changes soon, but I don't blame them after burning them for $11k that I never paid back.
Good job on keeping a level head and being in the minority of people who understand lenders do what they do because of financial/business reasons, not personal ones. Grats on getting back in and on your successful business as well.
@staticvoidmain wrote:Hmm..... Business Platinum, Blue Cash Everyday, Hilton Honors
Sounds familiar. Are you sure AMEX doesn't just have a personal vendetta against you?
@Anonymous wrote:
I dont think Amex holds a grudge once they let you back in. I burnt Amex for 56K and settled for 15K 9 years ago. They let me back in a couple of years ago and my CL is now $45K on my BCP.
But look how long it took? 