AMEX FR Explained

[Anonymous]

Revike wrote:

I don't know that you can "game" Amex like Cap1

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Distinction with a difference. I didn't say AMEX can be gamed in the same manner as AMEX--although with AMEX charge cards they can.

AMEX can be gamed in that they will offer up CLIs more generously than a lot of lenders. If you're in the know, you can get a higher CL than a similarly qualified person.

If you're in the know, you can also be aware of FRs and seek to avoid them. Don't press the LUV button excessively, keep your combined AMEX CL to about 1/3 your stated income, and if hit with an FR listen to the wisdom of Kenny Rogers. Know when to hold 'em, fold 'em, walk away, and run.

AMEX can be gamed. Cap 1 can be gamed. Even FICO scoring can be gamed, and Fair Isaac will help by advising you about util and the merits of 1-9 percent.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Good thread...I now know to avoid doing business with AmEx.

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Dude,

Gotta think outside the box. Just as Cap 1 can get gamed, so too can AMEX.

Don't get mad. Get even.

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Oh, it's not a question of getting mad, or even. I just don't need that hassle, so I'll deal with companies that aren't going to toss a financial version of the Spanish Inquisition at me on a whim.

[fused]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Good thread...I now know to avoid doing business with AmEx.

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Dude,

Gotta think outside the box. Just as Cap 1 can get gamed, so too can AMEX.

Don't get mad. Get even.

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Oh, it's not a question of getting mad, or even. I just don't need that hassle, so I'll deal with companies that aren't going to toss a financial version of the Spanish Inquisition at me on a whim.

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You should be winning post of the day everyday. TNWM!  I could not agree with you more!

[Anonymous]

The original poster...well a mod even, rather suggested if you cannot meet a F/R then you lied on the initial application.  In my opinion this type of speculation isn't necessary, and in many cases, probably inaccurate.

You can make 200K per year one  year, and the next year make 50K...incomes change, especially in the small business world.  In fact, the 50K may be no big deal if its followed up by a 300K year the next. 

I have never once in my life remembered to report to my credit card companies when I made extra money, and I'm hardly going to fault someone, or be faulted myself if I forget to report a reduction in income either.....in fact it isn't forgetting since there is absolutlely no agreement or requirement to do so.

Still if I were in an off year, I would fear a F/R and I wouldn't want it either...it may only limit my options further in a year where I was rebuilding.

Message Edited by Robert2004 on 06-11-2007 05:01 PM

[Anonymous]

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Robert2004 wrote:

The original poster...well a mod even, rather suggested if you cannot meet a F/R then you lied on the initial application.  In my opinion this type of speculation isn't necessary, and in many cases, probably inaccurate.

You can make 200K per year one  year, and the next year make 50K...incomes change, especially in the small business world.  In fact, the 50K may be no big deal if its followed up by a 300K year the next. 

I have never once in my life remembered to report to my credit card companies when I made extra money, and I'm hardly going to fault someone, or be faulted myself if I forget to report a reduction in income either.....in fact it isn't forgetting since there is absolutlely no agreement or requirement to do so.

Still if I were in an off year, I would fear a F/R and I wouldn't want it either...it may only limit my options further in a year where I was rebuilding.

Message Edited by Robert2004 on 06-11-2007 05:01 PM

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or if you did poor the previous year and are doing well this year - from my understanding, when they do a F/R, they will only accept your prior years tax information from the IRS directly. So, if you did that 50k last year and are already clearing say 100k this year. They wouldn't accept any "pay stubs" and they'd only see that income from last year.

[Anonymous]

Better still to avoid the hassle and not deal with AMEX in the first place.

[Anonymous]

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Robert2004 wrote:

The original poster...well a mod even, rather suggested if you cannot meet a F/R then you lied on the initial application.  In my opinion this type of speculation isn't necessary, and in many cases, probably inaccurate.

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Welcome to MyFico Forums!

[MattH]

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@Anonymous wrote:

sounds like they "underestimated" your income.

I asked my brother about this (he has a corporate platinum and a personal clear) and he actually has never heard of "Financial Review". He has held some form of AMEX card for nearly 25 years, so I am surprised he was never FR'd. Then again, he has never missed a payment on his personal cards, and his corporate card is paid by his company.

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I learned the term "Financial Review" from this forum, I got Amex Green in 1982 and have never been asked to provide them with any financial information, nor have I ever failed to pay what I owe. I forget when I switched to the Amex Gold in my wallet now, they keep trying to persuade me to get Amex Platinum. I could easily afford the increased annual fee of Platinum but most of the benefits seem designed for frequent travelers and I don't travel frequently enough.

They do pull my Experian history every month, not the other two which is OK by me since Experian is usually my highest (826 last time I pulled it from myfico), my other two are always between 780 and 800. So they know my %utilization is always low, and that I've not been on any application sprees. In the past six years I've applied for credit four times, once to buy our condo, once when we refinanced when mortgage rates dropped, once to replace our air conditioner, and once to buy a car. My newest card account, Discover, dates from 1994. The mortgage refi was purely to lower rates, no cash out.

Message Edited by MattH on 06-14-2008 08:59 PM

[haulingthescoreup]

Goodness, Matt, where'd you find this one? The post before yours is 1 year + 3 days old!

It's sort of a fun history lesson in seeing how we were all trying to figure this out. I don't know that we're a lot closer to an answer, either. I shouldn't even say "we", because I wasn't even active on the forums when this was going. It's fun reading fused's posts in his pre-mod days!

[rubaty]

My acct was frozen for a FR earlier this year and all I had to do is proved proof that it was me that opened the acct.  They told me that they were concerned by the amount of new credit I had compiled in the last 6 month ($75K).  I have CLEAR and the only thing I now run through it is my CreditSecure payment.