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centurionholder: I believe what folks are trying to say is if, let's say for instance, I applied and got approved for an Amex card, and then turned around the next day and applied for another one (yes, I did this), then AT THAT TIME if Amex is concerned or a Red Flag is thrown up, ask for these documents BEFORE you grant them a second, third, fourth account. Verify the info by an accurate, competent and legal source BEFORE approving the application. It's real simple, and I don't think we would be reading about these Financial Reviews if this was done. What Amex is doing is not good customer service, and I will be very leary to pull one out of my wallet. I think you would be singing a different song and dance if you were on your honeymoon, pulled out your Amex to pay for the hotel and ya got declined due to a stupidazz F/R....especially if you had been a cardholder for about 15 years. True story...just read it!!
centurionholder wrote:Not necessarily:How can I do a financial review of your past finances without having them furnished by you, or by the companies, banks, or corporations you have given permission to supply me ??All a credit card company knows in the application process is what you tell them, and what is verified by an accurate, competent, and legal source. Remember, all the info you give on your credit application is subject to verification, at any time !!
hmmmm....I would not give "Joe Blow" my credit card and say go spend away and pay me later without first verifying his abilty to pay me back.........not 2 weeks after I loaned the card to him.
centurionholder wrote:If people don't lie about their income and say they are making 175,000 a year when they realy make 40,00 a year, YOU WILL NOT ( I don't see how you can), HAVE A PROBLEM. If you were approved based on the info you gave, and it turn out to be verified 100%, why should you have any problems. Just think...If you were giving someone a charge card and said "go spend", and pay me later, wouldn't you want to some verification of their income done? And another thing, a mortgage process is like getting a financial proctological exam, an AMEX FR is a breeze along the shore compared to this..
Yes, I have read on other credit forums that accounts have been permanently closed by the FR....which makes me think they probably were not honest on the application, or have racked up more debt than their income can handle!!!
Jamesus81801 wrote:But if you didn't have an established relationship with the company, even if only for a couple of weeks or months, would you hand over your income statements knowing that you could be turned down completely and they would still have that personal info and you gained nothing but in inquiry to your CR's.Correct me if I'm wrong but I haven't heard of the F/R resulting in cancellation of an account, just CLD's, so you have still gained from the situation by being approved for a new positive TL. And with time and good payment history your CL will increase and all will be well.They can approve you and then if you go off and charge all kinds of money, and they soon after decided to lower your CL, you should have an out readily available to pay off or move those charges so as not to be assesed any fees, or you have sorely missed the purpose of this entire forum.Just what I'm thinking, not directed at anyone inparticular if it seems to be
Message Edited by Jamesus81801 on 08-03-2007 08:43 AM
One of the problems is that when doing a FR they freeze the account without warning. That seems to me poor business practice in terms of customer relations.
weezie wrote:
This is a balancing test, it's a business decision, and it's irrational to take it personally. By accepting a credit card from Amex you are entering into a contractual relationship with them and the terms of that contract stipulate that they are allowed to do exactly what they're doing with these F/Rs. And it seems to be a process that can be as short as a couple of days but no longer than, what, two weeks at most?
A person really shouldn't be mad that they're being forced to adhere to the terms of legal agreement they'd promised to abide by in exchange for the credit card. Just my two cents. And I totally respect the fact that others disagree.