MP80

Yeah, $5K burned isn't a significant amount. AmEx will not hold a grudge for long; they'll probably welcome you back in about ten years.

I received this email a few days ago and have missed an important part of it. Thank you for pointing out the highlighted section in the text.

I believe some people, even after 40 years, still yearn to be accepted again. From the moment you were born, the American Express brand has been ingrained in your mind; you've seen that iconic green personal card since you were a child. No other card has influenced your life as profoundly as "this card." When it comes to credit cards, American Express always comes to the forefront, just as when discussing baseball, you can't ignore Babe Ruth's importance and its close affiliation to baseball history.

Based on anecdotal data, the more you owe on your American Express card, the harder it is for them to reinstate your membership. Every time you apply for a credit card, your entire credit history with American Express is reviewed. If you owe more than $20,000, that's enough to keep you out of credit card approval for at least 20 years or more. Furthermore, since you burned American Express under Chapter 7 bankruptcy protection rather than deregistering, American Express may not accept your payments. You might try applying for a credit card every 3 to 6 months; sometimes, people get lucky and get approved.

810 (+8) 1 account reports a balance only; this boost is 8 points instead of 4 accounts reporting an 8-point takeaway.

Hello, Kat Yes, you'll face this predicament if your total credit limit with a single card issuer reaches or exceeds $30,000. Therefore, diversifying your investments across at least 5 to 6 card issuers, rather than putting all your eggs in one basket, can prevent your credit limit from being reduced or even your account from being closed. Lenders are generally cautious, relying heavily on artificial intelligence and algorithms; this is ubiquitous, and each lender has the right to determine which customers are considered high-risk to impose restrictions on their risk exposure or to cessation from lending. As for other institutions, I'm more concerned about Chase than Capital One, at least for now, because Capital One informs customers in advance, allowing them to adjust credit limits based on their spending patterns and opt out of credit account reviews. I currently have two credit cards (Venture and Discover It) with a total credit limit of $65,400. If you pay off all your balances in full, you don't need to worry. No, you don't need to ask them to lower your credit limit, even though an annual income of $35,000 is slightly lower than the $77,000 credit limit offered by Capital One. Remember, Capital One doesn't care about how much you make or your reported income; they only care if you make your payments on time, and they are more generous and forgiving than most banks.

If you aspire to achieve your goals, work hard and put in the effort, you are very likely to rise to the level of a Credit Pimp or Ultra Pimp Supreme Status.

AmEx did not grandfather the old annual fee for the Delta SkyMiles Platinum card; instead, they implemented a fee increase to $350 (up $100) for existing cardholders upon their first renewal on or after May 1, 2024. Here are key details regarding the annual fee change: - Effective Date: Renewal on or after May 1, 2024, saw the increase to $350. - No Long-Term Grandfathering: The old rate was not maintained for existing users. - New Benefits: The annual fee increases coincided certificate and enhanced statement credit.

I just received my offer today for the American Express/Delta Skymiles Platinum Card ($350 annual fee). It's a bit strange that American Express is pushing its high-fee credit cards so aggressively every week. Last week, they were promoting the Gold and Platinum cards, and also added checking accounts, savings accounts, personal loans, and business credit lines. I received a $100,000 business credit line from Wells Fargo and a $40,000 personal loan from Discover Bank. I think deregulation will loosen up allow large banks to lend as much as they used to, further fueling the credit bubble.

All my credit union ACH transfers require a freeze period of about two days. PenFed has been doing a much better job of offering auto and personal loans since last year. However, their most objectionable move was changing the cash advance limit from 100% to 20% of the credit limit. Naval Federal Credit Union canceled the ability to top up Go prepaid cards using its Naval Federal Credit Card, which is disastrous for many who cannot access the maximum credit limit ($80,000) for free cash advances.

I can tell you that you really enjoy flying Delta, especially with family. If you're considering applying for the American Express Delta Reserve credit card, the annual fee is $650, but you get a 125,000-point sign-up bonus if you don't mind, and you can cancel it next year. I'm mentioning it because I received this offer yesterday myself.

The already approved Chase Sapphire Reserve credit card has always been there, but I've never considered applying. If I had applied, my credit limit would be around $35,000, plus a 125,000 sign-up bonus (with a $5,000 mandatory spending ), which, of course, would be canceled next year.

Let me be clear, cut to the bone, and be blunt: those top-tier credit cards with high annual fees are indeed feasible and attractive in the first year, as they include enticing sign-up bonuses equivalent to $1,000 in cash. However, by the anniversary, you will anticipate receiving no compensation of any sort to offset your hefty annual fee, so the unambiguous outcome is clear, and the consequences are obvious. The only way to offset the $800 annual fee is through travel and vacation spending, including accommodation and transportation—airfare, cruises, hotel resorts, and car rentals. With business credit cards, you'll receive more rebates on everyday inventory purchases, which will help offset the annual fee.

Sure, you'll definitely have to pay more, as the annual fee will increase; it's designed to incentivize you to use coupons you have no interest in. Large banks give you tons of travel points when you book hotels and flights, but not for everyday credit card spending. So paying $400 to $800 a year for one or two occasional trips is absurd and doesn't justify such a hefty annual fee. On the other hand, you can't earn those travel points by buying groceries and everyday expenses. I think the American Express Platinum Card and the Chase Sapphire Reserve Card are the dumbest credit cards to pay annual fees for, but of course, this is just my personal opinion.

Different cultures and financial planning are closely intertwined with applying for a mortgage; people need shelter, and that's the connection. Those with large families, for example, three to five siblings, often view a mortgage as a cornerstone for maintaining family unity. This cultural phenomenon is prevalent in Eastern countries, including Northeast and Southeast Asia, where people typically live in extended families with a patriarchal or matriarchal elder as the head of the household. Some people apply for mortgages for future financial planning purposes, viewing real estate as an investment that will appreciate, allowing them to buy and resell for profit. Since the late 1970s, the demand for buying homes in the Bay Area has been disastrous for ordinary people paying monthly rent, and people are now realizing the negative consequences of this phenomenon, the rent hike! I witnessed firsthand my boss using all the business revenue to pay off mortgages—not just one or two, but five or even more. Some of our employees were paying off mortgages with their meager salaries, struggling financially, and ultimately being exploited by their employer. Even our manager suffered the same fate (salaries NSF). Later, we got smarter and started cashing our paychecks at the bank that issued them before depositing the money into our own bank accounts. But many times, when we went to cash the checks, there was simply no money in the account. This practice of employers withholding wages was widespread in the Bay Area during the 1980s and 90s, until some people had enough and filed complaints with the U.S. Department of Labor. Years later, retribution finally caught up with this unscrupulous employer; he was sued, convicted, and imprisoned. His obsession with acquiring mortgages and paying off multiple mortgages each month, driven by his belief that the real estate market would skyrocket uncontrollably and that his properties would soon double in value, ultimately led to his downfall and involvement in other crimes.