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Mommy

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  1. my guess is that ameriprise decided to effectively contract out to barclays the boarding of new accounts. Mostly likely ameriprise set some basic requirements. Rather than build their own acquisition team (which is very expensive from scratch) they are relying on Barclays to provide the IT and decisioning process. the account, once boarded, is transferred to Ameriprise Bank which provides CSRs and the card REPORTS to the CRAs as Ameriprise Bank NOT as Barclays. Why not just use American Express since Ameriprise is basically the same company?
  2. It doesn't and never would scorewise, it might only matter if your reports are under manual scrutiny or if you’re very picky. I'd rather have paid/closed never late loans showing high credit limits personally.
  3. That is correct you can retain your BT rate as long as no promotion turn off events occur such as: late pay returned payment exceed credit limit <impossible if closed> Closed accounts are factored differently by FICO, in a manner similar to a signature visa card that does not report limits. And with good reason, as explained you cannot factor any amount into nothing or zero $0.00 a closed account does not get a credit limit assessment so instead of looking like your card is maxed out, <because they lowered your limit so close to the existing balance> it simply goes into your over all utilization instead of a per card max out scenario which as mentioned before can seriously bring down your score. My closed BofA still reports a CL as I think all of my others do also. that number has no more meaning than a high balance notation with regards to a closed account and factoring I don't know if I agree with you on this one. I agree about the part you have stated on CB (and I have too) that closed accounts with a balance do not appear to FICO maxed out, but that is only with cards that still report CLs (as most do). It obviously has some meaning to you and me and an underwriter during manual review. I think we're on the same page.
  4. That is correct you can retain your BT rate as long as no promotion turn off events occur such as: late pay returned payment exceed credit limit <impossible if closed> Closed accounts are factored differently by FICO, in a manner similar to a signature visa card that does not report limits. And with good reason, as explained you cannot factor any amount into nothing or zero $0.00 a closed account does not get a credit limit assessment so instead of looking like your card is maxed out, <because they lowered your limit so close to the existing balance> it simply goes into your over all utilization instead of a per card max out scenario which as mentioned before can seriously bring down your score. This is the second time you've mentioned this. I'm pretty sure it goes against common knowledge around here, but I think you might just be right. for instance I think I'm getting more of a UT ding now (around 60%, aprox half my cards with a balance) then I was getting at the start of repair (CO's with a balance, very few positive accts, UT over 100%) I'd like to see more on the subject. I know it’s right, i wouldn't mention it otherwise. Now as far as closing accounts i would never, ever recommend anyone to close an account, in fact i suggest the opposite to allow accounts to remain open for age and over all utilization purposes, in the case of American Express chasing peoples credit lines down with balances the closed account is the lesser of the evils for the facts explained already. They can keep a person’s credit appearing to be maxed out for the entire time it takes to pay the balance off, they do their AR's every 2 weeks or month and as you pay the card down they lower the limit within several hundred dollars of balance, they keep good people trapped with this nonsense, whether they know they are doing or not is another story, this is the result of their behavior, i wish more people were aware of how this worked. A single card close to limit <with in a few hundred dollars> can seriously bring down your scores, even if you have millions in available credit.
  5. That is correct you can retain your BT rate as long as no promotion turn off events occur such as: late pay returned payment exceed credit limit <impossible if closed> Closed accounts are factored differently by FICO, in a manner similar to a signature visa card that does not report limits. And with good reason, as explained you cannot factor any amount into nothing or zero $0.00 a closed account does not get a credit limit assessment so instead of looking like your card is maxed out, <because they lowered your limit so close to the existing balance> it simply goes into your over all utilization instead of a per card max out scenario which as mentioned before can seriously bring down your score. My closed BofA still reports a CL as I think all of my others do also. that number has no more meaning than a high balance notation with regards to a closed account and factoring
  6. That is correct you can retain your BT rate as long as no promotion turn off events occur such as: late pay returned payment exceed credit limit <impossible if closed> Closed accounts are factored differently by FICO, in a manner similar to a signature visa card that does not report limits. And with good reason, as explained you cannot factor any amount into nothing or zero $0.00 a closed account does not get a credit limit assessment so instead of looking like your card is maxed out, <because they lowered your limit so close to the existing balance> it simply goes into your over all utilization instead of a per card max out scenario which as mentioned before can seriously bring down your score.
  7. American General is a finance complany not limited or specific to furniture and their rates are quite steep from personal experience. <just a heads up>
  8. OP for what its worth, don't feel too bad, Amex does this left and right to all sorts of people usually with out rhyme nor reason. <i'm sure you know that> The cost of doing business with American Express is its a crap shoot as to something like this occuring.
  9. Be careful they just might continue to chase that credit limit down as you pay it off, one card maxed out <like they've forced upon you> can seriously bring down your score. If its closed on the other hand its factored differenly, its the equiv of a card that doesnn't report a limit, you cannot factor any amount into nothing available. Give it some thought, how would you like to eventually end up with an account you'll likely close with a $3500 limit or $500 limit and a high balance of 18K, personally i don't think many who truly understand this would.
  10. salamanders. All of them. What do they know? After all, the president makes his returns public. Careful friend, some of the newbies may not realize your being sarcastic. Could this perhaps be an innuendo directed at something said earlier?
  11. No doubt very unbelievable. with all due respect, i'd have to actually see the letter to make sure it wasn't a glitch or confusion, and even then i'd be wondering. I think Citi might ask for check stubs for a loan <maybe even a credit card> or tax returns if your self employed, i'd like to think they would never in a million years adopt the American Express "mark of the beast" mentality. As much as we'd like to think that, I wouldn't find it too surprising given the credit chaos. True, I hate to think so, i'm going to stick to hoping its a fluke, <because that would be quite an extra headache to say the least> i've also heard of BOA doing this type of thing occasionally so we might be a bit presumptuous when we look at the both sides of it. Time will tell.
  12. Not only that but you get the 3% fee with no cap, these 'gold option' revolving consolidation accounts are glorified credit cards with out the plastic.

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