CarefulBuilder14 wrote:*Eyes rolling*
Before joining this forum, I used to be somewhat impressed with high FICOs and old Amex member since dates. I've now encountered a few cases of...shall we say...Amex distorting its historical relationships with some customers.
I'm certainly not against putting a 'member since' date on each card - if a person has had at least one account open with Amex at every point in time since that date. It doesn't have to be the same card, so long as there was always one open. Diligent creditors can look at a report and see where there is backdating, so that isn't too bad from a fairness perspective. But questionable 'member since' dating cheapens the Amex brand when a bad history and blacklisting can be whitewashed into the appearance of 23 years of great history with only a year or two of timely payments.
If I ever work as a creditor, I am going to go over every report I see in detail - and not just assume an 800+ FICO means a clean past.
Otter, I'm glad your credit profile is improved but this is definitely a practice I personally find unfair to people with a clean credit history. I think Amex just hurts itself and its own reputation when it allows this.
Hey... I'm just playing the game- a game, I might add, I didn't start. No one asked me when I turned 18 years old if I wanted to have a file started with my name and I would be judged on my creditworthiness almost entirely by what was in that file. But I'm 40 something years old and I've learned how to play their game by their rules. I'm not even cheating- it's not like I'm asking for the old "pay-for-deletion"- I haven't had any baddies in more than seven years which means my record is clean. AND Amex backdating has been part of the rules... since before you were born. I've worked hard to improve my financial situation, including my credit. Getting back in with Amex was a huge part of getting there. I can understand why someone who is younger is upset about backdating, because it is a form of "age bias" and so I can see the unfairness.
Just think of me as the "Amex prodigal son". I was a member of the Amex family, I left for many years, and then I came home and was welcomed with open arms back into the family.
As for cheapening the Amex brand, I disagree. Backdating is unique to Amex, and if anything it only adds to the aura of the brand. If Amex's brand has been cheapened (something I posted about a while back), it's not by backdating- it's by lowering their credit standards (people on FICO bragging about getting one three years post bankruptcy) and allowing anybody issue cards on the Amex network(such as the Bluebird card). That
is what cheapens the Amex brand.
In my Wallet:
Sometimes in my Wallet:
- Amex PRG NPSL[3-14, bd 91]
- Sallie Mae MC $8000[1-14]
- Chase Freedom $4700[1-14]
- Discover It $2750[8-13]
- BoA UCF Alumni Cash Rewards $5000 [3-15]
- GM BuyPower WEMC $5000[9-14]
- Wells Fargo Propel 365 Amex $7000[4-14]
- Barclaycard Arrival WEMC $7000[3-14]
- BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450