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FR

montana
Frequent Contributor

Re: FR

What kind of effect on your FICO and overall credit if you:
 
1. Cancel active card upon FR fairy comes knocking on yor door.
2. Cancel before you activated to just not bother with AMEX all together.
3. Let them cancel it if you don't comply with FR demand.
Message 21 of 39
Brammy
Moderator Emeritus

Re: FR



ilovepizza wrote:
Either way it is canceled in good standing even if they cancel it, right? I'm really surprised they actually cancel the cards since most other lenders just reduce the credit lines.

Message Edited by ilovepizza on 08-30-2007 10:28 AM

 
Amex is a little different from what I her.  They freeze your cards when you come up for FR.  IF you don't comply you get a nice 'canceled by creditor' in your comments which is bad.

Message 22 of 39
Brammy
Moderator Emeritus

Re: FR



fused111 wrote:
If Amex requests a FR from me I would agree, pass the review with flying colors then close all my accounts with them without warning.


 
Now THAT's a plan Fused!!!!!

Message 23 of 39
Brammy
Moderator Emeritus

Re: FR



montana wrote:
What kind of effect on your FICO and overall credit if you:
 
1. Cancel active card upon FR fairy comes knocking on yor door.
2. Cancel before you activated to just not bother with AMEX all together.
3. Let them cancel it if you don't comply with FR demand.


 
They will not allow you to cancl once F/R is requested.  Don't comply and get a nice little 'Canceled by creditor' on your report

Message 24 of 39
montana
Frequent Contributor

Re: FR

what if i just don't activate it? will it show on report still somehow?
Message 25 of 39
Brammy
Moderator Emeritus

Re: FR



montana wrote:
what if i just don't activate it? will it show on report still somehow?


 
It may be there already.  You may call to cancel it but why bother.  Amex is huge and they ahve been trying to get to all their custs.  May be a LONG time before they get to you.

Message 26 of 39
montana
Frequent Contributor

Re: FR

it's not there and I don't think it will show up if i don't activate it.
Message 27 of 39
laryn41
Frequent Contributor

Re: FR

As much as I want this card. I don't think that I am going to follow up and activate this card. 
Message 28 of 39
Brammy
Moderator Emeritus

Re: FR

Personally I would activate.  If F/R time came and you submitted docs and they decided to close you, as long as you were in good standing, there wouldn't really be any damage.  If you didn't want to do the F/R same thing.
 
It is a scary proscpet which is why I decided not to app for the card. Not that I can't prove my income, something just doesn't seem right about the whole thing when you have demonstrated the ability to handle the credit limit.
 
Mostly keep yor nose clean, don't app for too much new credit and whatever you do, don't hit the LUV button like you're playing slots
Message 29 of 39
SpecFile
Valued Contributor

Re: FR

Great advice Brammy!  I think everyone is getting a little ahead of themselves with the whole FR thing (myself included).  I'm not going to lose any sleep over it and when the time comes (if it comes) I will make a sensible decision. 
 
Message 30 of 39
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