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Amex round 2...They got my SPG card this week


Dena
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Well I think I am officially done with Amex..They slashed my Blue card last week and I just logged in and they slashed my starwood card to 1K over my balance My card went from 20K down to 9600...(How nice of them) I called of course, not expecting any resolution and I was met with the hostile CSR telling me about my EX credit report and how they will keep reducing my line as I pay it off bc of my EX report..I have a Tax lien (filed in 2002 and discharged) and a serious delinquency (BOA CO from 2003 long since paid off) Both of these events were there way before I got an Amex card in 2006 which I pointed out..I further went on a rant (merely to make myself feel better) and told the guy he should pass this info onto the high ups at Amex..I stated you know when you cut peoples limits down like you do you tank their credit scores which leads to ratejacking by other companies which in turn pushes people into bankruptcy and in the end Amex is simply screwing themselves bc alot of these accounts will become uncollectable and you have noone to blame but yourselves...I said have a nice day and hung up...Didnt help any but made me feel better...I am BT all my Amex balances and closing all my accounts..I will not ever deal with them again..They are pathetic at best...

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Dena.... ya just can't trust Amex.

 

Sorry about CLD #2.

 

 

Yup they really suck...I am not surprised by this..I expected it..My score is going to take a hit big time from this..I will likely be Ratejacked by citi and chase bc of this..Im sure of it

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Well I think I am officially done with Amex..They slashed my Blue card last week and I just logged in and they slashed my starwood card to 1K over my balance My card went from 20K down to 9600...(How nice of them) I called of course, not expecting any resolution and I was met with the hostile CSR telling me about my EX credit report and how they will keep reducing my line as I pay it off bc of my EX report..I have a Tax lien (filed in 2002 and discharged) and a serious delinquency (BOA CO from 2003 long since paid off) Both of these events were there way before I got an Amex card in 2006 which I pointed out..I further went on a rant (merely to make myself feel better) and told the guy he should pass this info onto the high ups at Amex..I stated you know when you cut peoples limits down like you do you tank their credit scores which leads to ratejacking by other companies which in turn pushes people into bankruptcy and in the end Amex is simply screwing themselves bc alot of these accounts will become uncollectable and you have noone to blame but yourselves...I said have a nice day and hung up...Didnt help any but made me feel better...I am BT all my Amex balances and closing all my accounts..I will not ever deal with them again..They are pathetic at best...

 

Classic cutting off your nose to spite your face mentality.

 

I honestly think though, that performing this measure is not just to ensure the victim won't charge up a lot again on said account. I think it is also a tactic to try and force them to quickly pay off the balance in order to keep their CRs (and therefore FICO scores) from tanking. But it actually could do the opposite if most creditors decided to do it at the same time to an individual. Something creditors don't seem to understand (more than likely don't care is more like it).

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aww Thanks guys...I am hoping it doesnt get much worse...At least when Juniper cut my limits I was able to call and speak to someone in their credit dept who put my lines back where they were...Amex you cannot reason with at all...I mean all this guy kept talking about was my EX credit report and I kept saying to this bozo why did you give me cards 2 years ago then? He had no response to that just told me to clean up my credit report...I mean is he kidding? I really wanted to cuss this guy out but I restrained myself...

 

 

I just wanted to add if you guys with an Amex have any derogs on your reports whether it predates the amex or not expect to get a CLD I think thats the criteria they are using...Anyone with no negatives I dont think has to worry all that much..altho this is just my theory...

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aww Thanks guys...I am hoping it doesnt get much worse...At least when Juniper cut my limits I was able to call and speak to someone in their credit dept who put my lines back where they were...Amex you cannot reason with at all...I mean all this guy kept talking about was my EX credit report and I kept saying to this bozo why did you give me cards 2 years ago then? He had no response to that just told me to clean up my credit report...I mean is he kidding? I really wanted to cuss this guy out but I restrained myself...

 

 

I just wanted to add if you guys with an Amex have any derogs on your reports whether it predates the amex or not expect to get a CLD I think thats the criteria they are using...Anyone with no negatives I dont think has to worry all that much..altho this is just my theory...

 

 

Sorry Dena. I had the same experience last night talking to an AMEX CSR. All she could talk about was my EX CR and how my score was too low and new accounts (just 1 new account btw). She told me there was nothing that could be done and no chance of reinstating my CL. I calmly said "well thanks anyways, I will never use AMEX again and my christmas wish is that you go bankrupt, goodbye."

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aww Thanks guys...I am hoping it doesnt get much worse...At least when Juniper cut my limits I was able to call and speak to someone in their credit dept who put my lines back where they were...Amex you cannot reason with at all...I mean all this guy kept talking about was my EX credit report and I kept saying to this bozo why did you give me cards 2 years ago then? He had no response to that just told me to clean up my credit report...I mean is he kidding? I really wanted to cuss this guy out but I restrained myself...

 

 

I just wanted to add if you guys with an Amex have any derogs on your reports whether it predates the amex or not expect to get a CLD I think thats the criteria they are using...Anyone with no negatives I dont think has to worry all that much..altho this is just my theory...

 

 

Sorry Dena. I had the same experience last night talking to an AMEX CSR. All she could talk about was my EX CR and how my score was too low and new accounts (just 1 new account btw). She told me there was nothing that could be done and no chance of reinstating my CL. I calmly said "well thanks anyways, I will never use AMEX again and my christmas wish is that you go bankrupt, goodbye."

 

 

LOL ....That is a good xmas wish...I honestly hope Amex goes bankrupt too..It would make me feel all warm and fuzzy inside...I find it strange bc when I used to call Amex their CSR's were top notch, always polite..always...The past 2 times I have called I have been met with hostility and rudeness and basically a we dont give two craps about you as a customer attitude..Something is going on there I dont know what but something is definitely up

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I'd be surprised if clear makes it to the end of the day, assuming its still open.

 

Amex hasn't reported my CLDs yet - i assume they will at the end of the month when they report. i made sure the balances were 0 before the statement cut so when they do update, it will be 0. That will hurt the scores less - unless amex supplies a big part of your available CL. (I only had 16K CL with amex.)

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I just wanted to add if you guys with an Amex have any derogs on your reports whether it predates the amex or not expect to get a CLD I think thats the criteria they are using...Anyone with no negatives I dont think has to worry all that much..altho this is just my theory...

 

 

And by ANY, you really do mean ANY... 2 lates almost 5 yrs old were sited as a reason. The accts both have perfect payment history since then.

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I'd be surprised if clear makes it to the end of the day, assuming its still open.

 

Amex hasn't reported my CLDs yet - i assume they will at the end of the month when they report. i made sure the balances were 0 before the statement cut so when they do update, it will be 0. That will hurt the scores less - unless amex supplies a big part of your available CL. (I only had 16K CL with amex.)

 

 

Yes I am sure my clear card will be next...Well I had 51K with AMex...so I already lost about 26K...and assuming I lose clear thats another 10 they will likely cut off I have a 3100 balance on there with a 15K limit so I expect they will drop it to 1000 above my balance...I will have lost 36K give or take by then...I am really going to get whacked big time...I may be knocked into the very low 600's bc of this and will prob lose all my accounts..I have high balances on other cards...Amex may very well be the reason I file for BK down the road...I hope it never comes to that but it very well could if citi and chase come after me....

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I'd be surprised if clear makes it to the end of the day, assuming its still open.

 

Amex hasn't reported my CLDs yet - i assume they will at the end of the month when they report. i made sure the balances were 0 before the statement cut so when they do update, it will be 0. That will hurt the scores less - unless amex supplies a big part of your available CL. (I only had 16K CL with amex.)

 

 

Yes I am sure my clear card will be next...Well I had 51K with AMex...so I already lost about 26K...and assuming I lose clear thats another 10 they will likely cut off I have a 3100 balance on there with a 15K limit so I expect they will drop it to 1000 above my balance...I will have lost 36K give or take by then...I am really going to get whacked big time...I may be knocked into the very low 600's bc of this and will prob lose all my accounts..I have high balances on other cards...Amex may very well be the reason I file for BK down the road...I hope it never comes to that but it very well could if citi and chase come after me....

 

Dena, sorry to hear about your continuing misfortune with Amex. I would expect more of the same with your Clear card.

 

You have back ups.

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Sorry to hear about it - welcome to the epidemic.

 

In my house, Amex helped a lot about 10 years ago -- now they're hurting us by killing our utilization ratios and chasing balances with decreasing limits.

 

Dena- there's some good news... Chase has stopped doing universal defaults. In fact, one of my cards that they ratejacked last year (and I swore I'd close every account with them over it!) was just reinstated to a LOWER rate than when they rate jacked it (a postcard telling me "in recognition of the excellent manner in which you have handled your accounts with us over the last twelve months, we're lowering your rate...") . And a 2.99% for life balance xfer offer. No CLDs... no rate jacks... holy crap, what happened to Chase, they're actually becoming a reliable lender again???

 

I'll also give some props to BOA - they haven't touched my accounts - large balances at low rates that I've been nervous about. Especially when I watch my IRA with them drop... and drop.... and drop.

 

When all this fun is over and the economy is on the upswing again, Chase and BOA are probably going to be the only cards I'll keep. Hell, they may be the only issuers left!!!

 

Hang in there folks... it will get better (but it may still get a little worse first).

-mj

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