Need More Proof AMEX is tighting their standards?

champ02 · ‎12-20-2008

http://www.ajc.com/news/content/business/stories//2008/12/21/creditcards_1221.html?cxntlid=homepage_...

I have not been touched as of yet, but I wonder when they will get around to me? I only have a $2000 CL on my Blue which I have had for 1 year with no CLIs'. Thank God I have never used my card at Walmart!

Starting Score: TU 501 7/2006, EQ 475 7/2006, EX 499 7/2006
Current Score: TU 709 12/2011, EQ 677, EX ???
Goal Score: All above 700

Anonymous · ‎12-20-2008

I will never get an AMEX, unless its from BofA. This business practice is way beyond stupid.. If they aren't doing well and they want to CLD/Close accounts, thats great. But the way they are doing it is just ignorant.

Anonymous · ‎12-20-2008

6 Months after getting my AMEX Blue I hit the luv botton and was declined for a CLI. I recieved the letter a week later and the reason was they didn't like where I was shopping. They didn't like that I purchased a tv off of the HSN even though I pif before the due date.

Message Edited by l9ikjam on 12-20-2008 11:06 PM

Anonymous · ‎12-21-2008

It would be hysterical if a card came out that gave bonus points for purchases at Walmart, fast food joints, Countryside mortgage closing costs, and in red light districts. Maybe the Diner's Club can errode some of AMEX's old business.

jmbfl · ‎12-21-2008

The interesting aspect of this is that AMEX is CLD'ing their cardholders for shopping at the very places that they have deemed worthy of accepting their card. The FTC has already cited this practice in a complaint filed against another CC operation. I wonder how AMEX gets away with it. What's wrong with this picture?

Mark_in_Pasadena · ‎12-21-2008

@champ02 wrote:
http://www.ajc.com/news/content/business/stories//2008/12/21/creditcards_1221.html?cxntlid=homepage_...

I have not been touched as of yet, but I wonder when they will get around to me? I only have a $2000 CL on my Blue which I have had for 1 year with no CLIs'. Thank God I have never used my card at Walmart!

It's a combination of shopping at Walmart and other factors. Factors such as having a loan from a subprime lender, or from one of the ALT-A lenders which are about to collapse in the coming year. People with ALT-A and Option ARM loans will have their interest rates adjusting from a teaser 4% to 13% in the coming 2 years.

If you have a loan from a mortgage company that especializes in one of these products, have more than 40% utilization on your credit cards, and shop at Walmart, then that would paint a picture of high risk to me.

heirophant · ‎12-21-2008

I don't understand wy AMEX would punish us for shopping at some place that saves us money - money that could be used to pay AMEX. Just seems unreal. I shop at Walmart because they have the most fair prices on a lot of items. It just makes sense to me... AMEX can do what they want to my accounts with them. I never even use my Blue anymore since they slashed my limit and I charge at Walmart all the time with my Green. They didn't give me this bogus reason in the letter, though. They gave me a bogus reason that there were new collections accounts on my report even though there are less than when I got approved. I am going to shop at Walmart because I choose to shop there. No company is going to dictate to me.

Anonymous · ‎12-22-2008

AMEX is actually just patriotic, they give AA for accounts that are purchasing goods not coded as made in the USA.

I kid I kid

Geordi · ‎12-22-2008

Sorry if this offends anyone, but this is just business and yes it isn't fair.

Companies have been laying off people by the hundreds, if not thousands, for years. Many of those that have been laid off were great employees: never late; hard working; trustworthy; etc. However, they were laid off nonetheless. Credit card issuers such as American Express are no different.

Whether or not you agree with the bailout of financial institutions, lenders are in big trouble and everyone, both responsible borrowers and irresponsible borrowers are being affected.

Message Edited by Geordi on 12-22-2008 10:47 AM

Anonymous · ‎12-22-2008

@Geordi wrote:
Sorry if this offends anyone, but this is just business and yes it isn't fair.

Companies have been laying off people by the hundreds, if not thousands, for years. Many of those that have been laid off were great employees: never late; hard working; trustworthy; etc. However, they were laid off nonetheless. Credit card issuers such as American Express are no different.

Whether or not you agree with the bailout of financial institutions, lenders are in big trouble and everyone, both responsible borrowers and irresponsible borrowers are being affected.
Message Edited by Geordi on 12-22-2008 10:47 AM

Would it be ok then if your company laid you off because they found out you do your shopping at walmart? People that shop at walmart tend to be lazy workers and be less productive. Do you think that is fair? legal? moral?

I am not upset that Amex is CLD, closing accounts left and right. I am upset by the way they are profiling their customers, I now have 0 respect for Amex.