CarefulBuilder14 wrote:I agree that it seems a bit odd for Amex to act the way they did. Whatever actions they were going to take, and whatever information they were going to request about your finances, they should have done all at once so you could respond efficiently.
Maybe they did two soft pulls - one that had enough activity (inquiries and new accounts) to make them uneasy (hence the CLDs and income/asset verification request), and one a day or two later that had more activity that made them decide to do a full FR?
What did the asset and income records you sent them consist of, if not a 4506-T or an actual return? Presumably a W-2 and a bank statement?
I'm not sure how reasonable it is for a credit card issuer to want checking/savings/brokerage records or to see a tax return. On one hand, you have really high CLs for your length of history. You have had credit for two months more than I have, and even after account closures have almost 4x the amount of credit I do. I can see how that would make an issuer uneasy, when I get comments on credit letters about having a few too many inquiries.
On the other hand, if I recall correctly, you never had very high credit limits on any of your Amex cards, so they didn't really have much at risk.
Amex at one point did give me my highest limits. My total exposure from them ended up being around $9k because I had that spread out to BCE, ED, Amex Hilton HHonors Surpass and the highest limit I ever had with them was 4.2k. I think I reached my peak when I tried a CLI on Delta a few months ago and got declined entirely unlike the first time I did so. I think they were helpful in helping me get higher limits with Chase and ilk. Even with all of that considered, I was well under their threshold where they could start FRing me like that.
What they had initially had me sent them was something where I could verify my income and assets and I could send bank statements and other things to prove my income and I complied with that. I sent in other documentation about the income I get from various sources and that sort of thing. Capital One did the same thing with me when I requested a CLI with them and they took no issue with how I was able to verify my income.
You've got an excellent point there about the overall credit I have. Closing the Amex cards really didn't hurt me too much in terms of affecting my total credit at all. I think I'll be able to make up for it when it comes time to request some CLIs on some of my existing cards thanks to the CSP, which I'm still thinking about moving out the rest of the Ritz Carlton card to so I can just have 3 Chase cards, one with a $11k limit that I'm using quite a lot for most of my spending now.
That's why I really want to focus much more on staying away from new applications and cards, etc. With not posting over at MyFico as much anymore and getting away from that site, I think that goal will be a lot easier for me to meet and manage and hopefully I can avoid more AA in the future. It's been a great learning experience ever since I started to build my credit. Lots of trial and error and mistakes made along the way, but the lessons learned are just as important to me and I definitely need to follow through for the next several months on that.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)