American Express Horror stories: Fact or Fiction?

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MemberSince99
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Postby MemberSince99 » Sat Jun 02, 2012 6:37 pm

agp wrote:Amex has been good to me in the month I had it :D


Same here! I hope it continues for a long time to come.


Crashem
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Postby Crashem » Sat Jun 02, 2012 8:28 pm

Amex can be brutal sometimes. F/r isn't a big deal assuming you didn't lie. But it does stink when you suddenly can't use your card and it might take a week or two to resolve f/r. Other stories of Amex suddenly closing cards because on something they saw from soft pull that they didn't like.
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PlatinumAMEX94
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Postby PlatinumAMEX94 » Tue Jun 05, 2012 1:08 pm

I know of people who had a foreclosure, but kept current on their AmEx bills and it triggered a F/R. Unfortunately for the person, he had just lost his job but was trying desperately to not lose his AmEx. After the F/R and the foreclosure he was no longer a member.

There is usually something on a credit report OR public record that triggers a F/R. People who say "I have paid on time and never late on anything and then BAM a F/R came my way" are LYING. F/R doesn't happen when you are a good customer. It happens when something tragic has also happened. It might be maxing out all your credit cards in 30 days. It might being sent to collections for your medical bill you couldn't pay. Whatever it is, American Express has right to protect their assets.
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tinninches
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Postby tinninches » Tue Jun 05, 2012 10:16 pm

I received my first Amex in 2006 (Delta Skymiles Gold 25k deal) and was given a 1k CL. In 2008 they CLD me to $800 then $300 and then finally closed the account all together. This came as no surprise, as there was countless reports of longtime Amex card holders being CLD for no "apparent" reason. Amex was reporting that they were softing everyone and examining risk, and making adjustments, etc.

So to the OP, and his question, yes - they have closed people for no "apparent" reason. I only used the card to pay my vzw phone bill, and to them, that may have been too much risk. 1k CL and only charging $200/mo and PIF'ing.

I just received my 2nd Amex card today, after 6 years and hope to use it in such a fashion, they won't feel the need to close it.
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NYC_Dweller
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Postby NYC_Dweller » Tue Jun 05, 2012 10:23 pm

tinninches wrote:I received my first Amex in 2006 (Delta Skymiles Gold 25k deal) and was given a 1k CL. In 2008 they CLD me to $800 then $300 and then finally closed the account all together. This came as no surprise, as there was countless reports of longtime Amex card holders being CLD for no "apparent" reason. Amex was reporting that they were softing everyone and examining risk, and making adjustments, etc.

So to the OP, and his question, yes - they have closed people for no "apparent" reason. I only used the card to pay my vzw phone bill, and to them, that may have been too much risk. 1k CL and only charging $200/mo and PIF'ing.

I just received my 2nd Amex card today, after 6 years and hope to use it in such a fashion, they won't feel the need to close it.


your history may have been good with amex. how was your overall credit history? any major changes within your financial health such as increased debt or decreased income? i know that a lot of member for a CLD during 2008 due to the financial collapse.

tinninches
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Postby tinninches » Tue Jun 05, 2012 10:32 pm

NYC_Dweller wrote:your history may have been good with amex. how was your overall credit history? any major changes within your financial health such as increased debt or decreased income? i know that a lot of member for a CLD during 2008 due to the financial collapse.


Honestly. During that time frame, I was probably at my highest with regards to scores. No baddies or derogs or nada. No 30-60-90 days, nothing. The only major change my my loss of employment, but given my reports still report my current employer being my previous employer (the one I loss after being issued the Amex), I really can't say they detected a change in employment or pay. As far as debt goes.....

You know what, we may have just had a breakthrough. Although I can't confirm this, I guess it is entirely possible, they softed me and saw the repo added to my CRs. Again, I can't remember when exactly the first negative hit my CRs regarding the repo and when amex started to CLD and then ultimately close my card.
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NYC_Dweller
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Postby NYC_Dweller » Wed Jun 06, 2012 11:29 am

tinninches wrote:Honestly. During that time frame, I was probably at my highest with regards to scores. No baddies or derogs or nada. No 30-60-90 days, nothing. The only major change my my loss of employment, but given my reports still report my current employer being my previous employer (the one I loss after being issued the Amex), I really can't say they detected a change in employment or pay. As far as debt goes.....

You know what, we may have just had a breakthrough. Although I can't confirm this, I guess it is entirely possible, they softed me and saw the repo added to my CRs. Again, I can't remember when exactly the first negative hit my CRs regarding the repo and when amex started to CLD and then ultimately close my card.


i know a few people who became unemployed in 2008-2010 during the financial meltdown. it was a strange time here in nyc since you saw a lot of suits carrying office boxes filled with personal belongings with frowns on their faces. the people i know continued to use their amex platinum cards freely without any hiccups. i am assuming your card closure was caused by the repo.



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