Hello All AMEX IS THE DEVIL

[Anonymous]

First time posting, but have read the forums for years. So I got home checked my email and saw an alert to pay AMEX, I have 3 Cards, BlueSky, Gold Charge, and Platinum Delta. Well I logged on and ALL CARDS CANCELED!!!!!! I had an 11.88 balance on my Gold PIF everymonth I am so LIVID. How is this going to affect my FICO, I am so disgusted with AMEX, the "account manager" was of no help and said sorry have to wait to apply in 3 months. I have been with them for 3 years, EQ 787 TU 777 EX FAKO 757.....NO LATES, no baddies, Paid my mortgage down from 300k to 100k after 1 month closing using some investment money. So ya, i only have my Discover More card now, only a year old with 8k limit....Should I apply for any cards??? I have no INQs on EX, EQ, and 1 on TU (discover in Jan)....Ahhh so mad!

Oh BTW...all amex have Zero balances, Discover is 331.44 but gonna pay like always 5 days before statement cuts. The only card I thought about applying for was the Nationwide or StateFarm as I have homeowners insurance with N and Car with Statefarm.....My AAoA is 5 years oldest TL 19 years...UTL 2%

[michaels88369]

I know exactly how you feel! I tried to use my Zync card today and it got declined. I called the number on the back and they cancelled it out of the blue. They said my credit report has changed since opening the card. My uti has went up by 7%.. WTF.... They will not re-open my card until I pay the balance off(which I was going to do before statement) then call back to "see" if they will reinstate it. Im beyond pissed with Amex right now too. Im about to say just screw them if they want to treat new( 3 week old card) cardholders like this. Any suggestions?

[Anonymous]

I have had nothing Change in at all aside from my Mortgage owed being cut by 75%, which last I heard paying debt is good! 3 years down the drain, I have been surfing on the web, I havent applied for a card aside from Discover in Jan. in 2 years. I already am considering a Citi/SmithBarney Card....Nationwide/StateFarm....Barclays Gcnomomy Card....and OfficeMax Visa Signature (shop often for my company) But very undecided I know I can get approved for any card, I just dont want to waste lowering my AAoA and INQ on a substandard AMEX-like card. I want a stable non-pms creditor, which again nothing bad is in my report and I am psychotic about my credit! Hopefully someone will chime in with suggestions, I also am worried about what the closure by grantor will do to my FICOs and how bad an impact the oldest OPEN cards will be since they are now closed, Thank god my old Chase, BOFA cards from the 90s with 30k limits are still reporting. Bad day....just want one more good credit card for a backup, Love discover but still need a 2nd card. 

[Anonymous]

Any time a creditor takes adverse action against your account they have to send you an EEOC letter with the specific reasons why the AA was taken.  What specifically did they give you as the reason(s) why your accounts were nuked?

[Anonymous]

They didnt send a letter, but over the phone couldnt understand the rep, but something to the effect that the Discover card reported i didnt PIF! STUPID I KNOW! 

[Anonymous]

So when should I get the letter? I hate them I used to be such a Fan, any suggestions on new card? is my fico going to dive?

[Anonymous]

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@Anonymous wrote:

So when should I get the letter? I hate them I used to be such a Fan, any suggestions on new card? is my fico going to dive?

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I forgot exactly what the time requirements are, but something like it must be sent within 5 days of the AA.

I'm not sure about your FICO score.  Does this effect your overall utility?

[Creditaddict]

I'm sorry but I didn't see a reason why your accounts were closed? it's one thing for amex to decrease limits but to cancel 3 cards sounds major.

[score_building]

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@Anonymous wrote:

They didnt send a letter, but over the phone couldnt understand the rep, but something to the effect that the Discover card reported i didnt PIF! STUPID I KNOW! 

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Seems implausible that a rep would site a specific reason (they cannot know if you PIF Discover, just because a balance reports is not a reliable indication of PIF, you may have PIF before the due date and still have a balance report)

Not part of SOP for an issuer to site an illegal action like universal default to substantiate closure.  Perhaps the letter will provide better feed back.

In any case, sorry to hear it.

If you ever choose to rejoin amex you can retain the age of the earliest acct you opened with them.  

[Cory]

WoW!

Someone's card was cancelled after only three weeks? My goodness. I am terrified now. I think to avoid something happening to me like this, I will consider cancelling my Zync Card in advance and make AMEX job easier for them.