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For OP and your friend...
He should close the AMEX accounts. All of them. He's obviously not mature enough to handle that kind of credit right now. Many of us can relate to that...been there/done that/won the T-Shirt !
Walk away from AMEX. He's 22. In 20 years, he will only be 42. Hopefully by then he'll have learned how to manage credit better, and can reconsider AMEX at that time.
@Jmdurbz wrote:The 100k was given to him.
And for your information the 2012 Tax form shows 11k. So this should be interesting
Wow...... So young, and boy is this going to be a life long regret when he grows up. I would say his AMEX cards are the least of his worries. He makes 11K a year. If he works to 65 he is on place to make roughly 450K pre tax. He just blew 8% of his lifetime net worth on junk. (maybe nice junk, but junk) Ofcourse he will gain more income, but the 100K should keep pace if wisely invested.
He needs out of the plat card now. He does not justify the 450 a year in annual fee. AMEX is doing this guy a favor. The annual fee is 5% of his annual inncome alone!!!
He needs to take a financial planner NOW!!!!
lol I make 14K post tax. It covers necessities and about 15 x 12 = 156 a year in spending money. lol. No way I'd even want a 30K credit limit O.O
Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013) Starting total revolving credit: $0 | Current total revolving credit: $1600.00 Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013 | Mechanically Sound Car | Fifth Third $300 U.S. Bank Harley Davidson $300 Capital One Platinum $500 2nd Capital One Platinum $500 |
@FinStar wrote:
Anyone that I know who's visited Australia has had nothing but the best experience.
It would be a great place if it were not full of Australians
(take that with a pinch of salt. Aussies and Poms love insulting each other)
@MidnightVoice wrote:
@FinStar wrote:Anyone that I know who's visited Australia has had nothing but the best experience.It would be a great place if it were not full of Australians
(take that with a pinch of salt. Aussies and Poms love insulting each other)
Oh goodness. Time to stay out of it.
*grabs popcorn and watches from the sidelines*
Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013) Starting total revolving credit: $0 | Current total revolving credit: $1600.00 Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013 | Mechanically Sound Car | Fifth Third $300 U.S. Bank Harley Davidson $300 Capital One Platinum $500 2nd Capital One Platinum $500 |
@MidnightVoice wrote:
@FinStar wrote:Anyone that I know who's visited Australia has had nothing but the best experience.It would be a great place if it were not full of Australians
(take that with a pinch of salt. Aussies and Poms love insulting each other)
Well that's definitely true.
If I wanted to hear another whinging Pom, I'd head down to the shops. I came here to get away from you people!
@CreditScholar wrote:
@MidnightVoice wrote:
@FinStar wrote:Anyone that I know who's visited Australia has had nothing but the best experience.It would be a great place if it were not full of Australians
(take that with a pinch of salt. Aussies and Poms love insulting each other)
Well that's definitely true.
If I wanted to hear another whinging Pom, I'd head down to the shops. I came here to get away from you people!
Now this I've actually have heard about. Aussies are cool folks...so what's with the Pommies complaining about how awful Australia was/is?
Sorry Lexie...derailed again....LOL
If he has 100K in his account, what I would do, is offer a cash or bank guarantee to Amex and pay off the outstanding. I wouldn't risk losing an Amex
UPDATE.
they didn't change anything but made his NPSL cards more strict.