Why is a FR so bad?

[HiLine]

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@mxp114 wrote:

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@Revelate wrote:

I'll also point out mxp is one of the customers that every lender wants to have.  It's perfectly reasonable that he has less of a tolerance for hassle out of any creditor than I would as an example; he has near infinite options, where I was willing to beg and scrape to get my Zync even.  

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Maybe that's what it is. There was a time when I was semi-prepared for FR. I really enjoyed the benefits of membership and thought if FR came up, I would comply. However as of now, I prefer other lenders and products that I would rather just close and not deal with the hassle. I will always have an AmEx branded card either way.

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I think Amex doesn't perform a FR twice on the same person, so if you pass the first one, you're good. Can someone please confirm or refute this?

[jake619]

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@mxp114 wrote:

How in the world did you reach such a broad conclusion based on a simple post where all I said is I would just close out rather than comply? ?_? I don't need them simply means, as I stated I hardly use the card. Actually closing out, PIF is a very responsible thing choice. FR isn't mandatory, you are free to close out. It's not like I said, I would close and never pay. And no it's not like taking my ball and going home, it's more like being told that if I wanted to play on this court, I had to wear blue shorts and well I decided I could wear my red shorts on another court lol

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I suppose you have more options than most and packing it in with AMEX is one of those.  It just read (to me) like an "I'll show them" statement, that's all.  I would be concerned that declining an FR could have lingering effects with future business.

[GoldenloveNY]

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@HiLine wrote:

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@mxp114 wrote:

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@Revelate wrote:

I'll also point out mxp is one of the customers that every lender wants to have.  It's perfectly reasonable that he has less of a tolerance for hassle out of any creditor than I would as an example; he has near infinite options, where I was willing to beg and scrape to get my Zync even.  

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Maybe that's what it is. There was a time when I was semi-prepared for FR. I really enjoyed the benefits of membership and thought if FR came up, I would comply. However as of now, I prefer other lenders and products that I would rather just close and not deal with the hassle. I will always have an AmEx branded card either way.

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I think Amex doesn't perform a FR twice on the same person, so if you pass the first one, you're good. Can someone please confirm or refute this?

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I have met a few who said they been FR more than once in their lifetime. 

[mxp114]

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@jake619 wrote:

I suppose you have more options than most and packing it in with AMEX is one of those.  It just read (to me) like an "I'll show them" statement, that's all.  I would be concerned that declining an FR could have lingering effects with future business.

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The options are available to all creditworthy individuals, so many cards out there it isn't like you have to comply. You misread my post and no concerns there. If you decline FR, it simply becomes a condition of membership in the future. I think they flag your SSN for automatic FR however some have reported success bypassing this. AmEx will always welcome you back.

[Walt_K]

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@GoldenloveNY wrote:

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@HiLine wrote:

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@mxp114 wrote:

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@Revelate wrote:

I'll also point out mxp is one of the customers that every lender wants to have.  It's perfectly reasonable that he has less of a tolerance for hassle out of any creditor than I would as an example; he has near infinite options, where I was willing to beg and scrape to get my Zync even.  

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Maybe that's what it is. There was a time when I was semi-prepared for FR. I really enjoyed the benefits of membership and thought if FR came up, I would comply. However as of now, I prefer other lenders and products that I would rather just close and not deal with the hassle. I will always have an AmEx branded card either way.

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I think Amex doesn't perform a FR twice on the same person, so if you pass the first one, you're good. Can someone please confirm or refute this?

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I have met a few who said they been FR more than once in their lifetime. 

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+1.  Haven't met them personally, but there have been a couple threads of people that had to submit to FR multiple times. 

[HiLine]

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@Walt_K wrote:

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@GoldenloveNY wrote:

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@HiLine wrote:

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@mxp114 wrote:

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@Revelate wrote:

I'll also point out mxp is one of the customers that every lender wants to have.  It's perfectly reasonable that he has less of a tolerance for hassle out of any creditor than I would as an example; he has near infinite options, where I was willing to beg and scrape to get my Zync even.  

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Maybe that's what it is. There was a time when I was semi-prepared for FR. I really enjoyed the benefits of membership and thought if FR came up, I would comply. However as of now, I prefer other lenders and products that I would rather just close and not deal with the hassle. I will always have an AmEx branded card either way.

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I think Amex doesn't perform a FR twice on the same person, so if you pass the first one, you're good. Can someone please confirm or refute this?

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I have met a few who said they been FR more than once in their lifetime. 

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+1.  Haven't met them personally, but there have been a couple threads of people that had to submit to FR multiple times. 

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Hmm. What a hassle.

Anyway, can someone please help me answer the question below?

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@HiLine wrote:

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@jake619 wrote:

Why?  To tech AMEX a lesson?  They don't need you either.  I think the more responsible thing to do if an FR really agitates you to no end would be to just stop using their card(s).  That way you keep the TL open and they get no merchant fees from your usage.  Closing it seems a bit immature, kind of like taking your ball and going home.

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I've been wondering about this ever since I started frequenting this board: why do people think Amex doesn't need them as customers? Doesn't Amex make money off customers? What makes them different from Visa, Mastercard, and Discover in this regard? What am I missing here? Perhaps you can give me some insight? I'm totally serious.

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[bs6054]

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@mxp114 wrote:

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@jake619 wrote:

I suppose you have more options than most and packing it in with AMEX is one of those.  It just read (to me) like an "I'll show them" statement, that's all.  I would be concerned that declining an FR could have lingering effects with future business.

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The options are available to all creditworthy individuals, so many cards out there it isn't like you have to comply. You misread my post and no concerns there. If you decline FR, it simply becomes a condition of membership in the future. I think they flag your SSN for automatic FR however some have reported success bypassing this. AmEx will always welcome you back.

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Yes.  As I alluded to earlier, Amex seems to be like the iPhone in the public mind.  In both cases: it has some good features, and for certain people it may well be the best choice out there, but for many,  there are equally good or often superior alternatives.

[navigatethis12]

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@HiLine wrote:

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I think Amex doesn't perform a FR twice on the same person, so if you pass the first one, you're good. Can someone please confirm or refute this?

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I spoke with two people during the one they put me through and both said they may look into doing again in six months. I asked why and they said they have the right to do it every month if they want to. I have not touched the card since then and I charged up the business card to the max and am keeping the balance until the zero interest runs out. If they want to close it then oh well, but that kind of rudeness is not what I expect from a company. They do have a good thing with 3% on groceries, but Citi gives 5% so American Express is useless except for the 5% off at Federal Express.

[cashnocredit]

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@navigatethis12 wrote:

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@HiLine wrote:

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I think Amex doesn't perform a FR twice on the same person, so if you pass the first one, you're good. Can someone please confirm or refute this?

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I spoke with two people during the one they put me through and both said they may look into doing again in six months. I asked why and they said they have the right to do it every month if they want to. I have not touched the card since then and I charged up the business card to the max and am keeping the balance until the zero interest runs out. If they want to close it then oh well, but that kind of rudeness is not what I expect from a company. They do have a good thing with 3% on groceries, but Citi gives 5% so American Express is useless except for the 5% off at Federal Express.

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Most FRs are IRS transcript requests so I don't see what they would gain doing one every month or even every 6 months. Seems like an indirect way of saying they don't want you as a customer.

[bluesnowman]

Look, just be honest on your apps, and it should not be a problem. AMEX has millions of cardholders and enough money that losing a few customers here and there don't make any difference to them. But like another poster said, I would rather have it that they would verify before giving me a card rather then after, and after I charge something. I mean if you have been a good customer for years and all of a sudden they FR you (especially with the limited time frame that they give you.) you have hardly a chance of walking away unscathed. Just be honest, don't overspend and don't go nuts with the spending power you have and I'm sure it'll be unlikely you will ever be FR'ed.