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SultanofDeals
- New Member
rated:
posted: Jun. 23, 2009 @ 1:02p 
i love you fatwallet for having every thread i need. I have also recently come under FR. I purchased an engagement ring and had to increase my spending limit. The increased my spending limit Friday, and i bought the ring on Saturday. I used my AMEX blue Cash Back card because it gives me back 1.25% purchases. I get a call within 15 mins of walking out of tiffany's saying I am under financial review. I am sending in the fax now. I'll let you know how it turns out. What is odd to me is that in order to get my credit line increased, i had to show three years worth of my income tax forms and that was approved, and in essence, they are making me give them the same tax form, just from the IRS. I mean I guess it isn't a big deal to me, and I def have enough money to cover the transaction, and make a significant amount of money each year. The Customer service agent was a prick on the phone when he called me though, which I'm pissed about. I asked him what was the reason for the call, how do i verify that he is really with AMEX and not a scammer. However, after reading this forum, I realize now that this is probably really AMEX haha. (albeit would be a clever scam to call people pretending to do Financial Reviews). I will keep everyone posted. I want to get my Cash Back on my card!! |
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davef139
- Senior Member - 2K
rated:
posted: Jun. 23, 2009 @ 1:46p
SUCKISSTAPLES said:000Spike said:Hello everybody, looks like i get to join in the financial review fun!
So last week, due to approx $25k in US mint $1 coin purchases, my AMEX account was locked.
AMEX hilton Honers $1000 CL (100% utilization every month. Auto-debited. Pisses me off they gave me $1000 CL when i spend $10k/month on my plat)
.
MarcSL said:I have a Business Plat with AMEX. Anyway over the last month i have ordered about $30,000 on the AMEX. So my last order with the mint got declined so i called AMEX and they said im under financial review becuase of my spending habits
Both of the above posters engaged in high risk activity (greatly changed spending habits, purchase of currency). Changing your spending habits is not a good idea with AMEX
It is interesting that we havent seen many FR reports lately...either AMEX has scared everyone from using their cards, or already FRed everyone else that was risky Not only that I wonder if he will get a visit from the secret service, 30k seems like a decent amount enough for them to send a agent out just to see whats up. |
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newlin99
- Senior Member
rated:
posted: Jun. 23, 2009 @ 7:08p
I'm not trying to be over-simplistic, but... send them the IRS form and be done with it. There's nothing to be scared about. If they look at the IRS form and don't like what they see, then they'll cancel you. It's not like you'll go to jail. |
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hejustlaughs
- Senior Member - 1K
rated:
posted: Jul. 9, 2009 @ 12:24p
newlin99 said:I'm not trying to be over-simplistic, but...
send them the IRS form and be done with it.
There's nothing to be scared about.
If they look at the IRS form and don't like what they see, then they'll cancel you. It's not like you'll go to jail. It's not about simply sending in a form but the fact that AMEX feels they have the right to dwelve deeper into everyone's financial life even though some customers like me pay in full each and every month. I got FRed on one of my AMEX cards last month. The only reason I'm willing to put up with the whole thing is AMEX is one of my oldest tradelines (3 years) and I'm relatively young (22 years old) so I'd rather keep my oldest tradeline open at the moment. The funny part is the card started with a $2k credit line, got upped slowly to $7k, after the FR they decided they've extended me too much credit (Keep in mind I pay in full and have never carried a balance) and lowered my credit line back to $2k. |
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WalStMonky
- Happy Member
rated:
posted: Jul. 9, 2009 @ 1:56p
I think the cuts in credit lines have more to do with the money AMEX has available to lend than with people's ability to pay and history of payment. They used to be able to bundle these things up and securitize them which they can't do anymore. Yes, they probably picked the more marginal account holders to cut, but there is little rhyme or reason to their decisions. Example is my wife and I. They cut my credit lines but left hers untouched. We had very comparable credit reports and reported the same HHI for both of us. She actually has the 1st mortgage in her name, and I have the HELOC in mine. 1st is about 150k higher than the HELOC and the rate on the HELOC is is less than 1/2 the first so 'her' mortgage payment is much higher. Go figure. Oh, our accounts were unused for all intents and purposes. Our AMEX cash rewards card was our daily spender until they started playing these FR games at which time we switched to Citi AMEX. |
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robertw477
- Senior Member - 1K
rated:
posted: Aug. 21, 2009 @ 8:34p
Starwood AMEX is one of my top AMEX products. I think the value per the points is a great deal. You can easily get airline tix also with the program. Used them to go to premiere of Angels and Demons in Rome. I heard about the FHR here over the years but never got one. I have very big lines on starwood personal and business. Got my first FHR this week. A word to warn others. If you ignore them they will freeze or close your accounts and your points will be taken. They can be restated but you might as well be cooperate if you are protecting many points like me. Sent in all the paperwork and under the current business environment I thought they might trim a line, who knows. They gave me an extra 20K credit on my spg biz card. I have spent several million with them over the years. I have to be in their top tier of customers. The bottom line is if they trimmed a line I would charge less with them. Rob |
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SUCKISSTAPLES
- Charter Member
rated:
posted: Aug. 22, 2009 @ 6:28a
can you share any details about the line sizes and the income you showed them? |
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jlgrandam
- Addicted Member
rated:
posted: Aug. 22, 2009 @ 10:05a
robertw477 said:Starwood AMEX is one of my top AMEX products. I think the value per the points is a great deal. You can easily get airline tix also with the program. Used them to go to premiere of Angels and Demons in Rome.
I heard about the FHR here over the years but never got one. I have very big lines on starwood personal and business. Got my first FHR this week. A word to warn others. If you ignore them they will freeze or close your accounts and your points will be taken. They can be restated but you might as well be cooperate if you are protecting many points like me. Sent in all the paperwork and under the current business environment I thought they might trim a line, who knows. They gave me an extra 20K credit on my spg biz card. I have spent several million with them over the years. I have to be in their top tier of customers. The bottom line is if they trimmed a line I would charge less with them.
Rob I always though the starpoints were fairly well protected once AMEX awards them to you. They go into your SPG account which is separate from your AMEX account (unlike membership rewards points). Are you saying that AMEX can claw back starpoints once they have been awarded into your SPG account? |
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ifyouhavetoask
- Senior Member - 1K
rated:
posted: Aug. 22, 2009 @ 10:25a
WalStMonky said:I think the cuts in credit lines have more to do with the money AMEX has available to lend than with people's ability to pay and history of payment. They used to be able to bundle these things up and securitize them which they can't do anymore. I think you are correct. I also think that if we could peer into AMEX's accounts, we would see an enormous # of people maxing out their cards over the past year... either out of need to make up for income shortfalls, or because they are planning a bust-out. Bad CC debt has got to be nearly worthless on the secondary market right now. |
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delzy
- Senior Member - 3K
rated:
posted: Aug. 22, 2009 @ 10:30a
robertw477 said:Starwood AMEX is one of my top AMEX products. I think the value per the points is a great deal. You can easily get airline tix also with the program. Used them to go to premiere of Angels and Demons in Rome.
I heard about the FHR here over the years but never got one. I have very big lines on starwood personal and business. Got my first FHR this week. A word to warn others. If you ignore them they will freeze or close your accounts and your points will be taken. They can be restated but you might as well be cooperate if you are protecting many points like me. Sent in all the paperwork and under the current business environment I thought they might trim a line, who knows. They gave me an extra 20K credit on my spg biz card. I have spent several million with them over the years. I have to be in their top tier of customers. The bottom line is if they trimmed a line I would charge less with them.
RobPerhaps AMEX is worried that they will be negatively impacted WRT some type of further bailouts when they have shrunk lines, jacked rates and now come hat in hand for more from Uncle Ben and Cousin Timmy. I'm sort of expecting to hear reports of expanded lines for least risk customers. No FR here....yet. |
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chrisatspfld
- Member
rated:
posted: Sep. 13, 2009 @ 9:30p
American Express decreased my line of credit on a Blue Cash card from $48,800 to $1000! This great scheme of earning income (in part, not overall) from creditors has ended for me. |
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clear2close
- Member
rated:
posted: Sep. 13, 2009 @ 9:34p
Same her 49k to $1100. In the same letter they also raised my rate from 7.25% to 17.25%. I did however cash out 60k on Merrill lynch card at 1.9%
those funds should be plenty for investing/credit gaming needs  |
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duna
- Senior Member
rated:
posted: Nov. 4, 2009 @ 4:43p
Sultan---What was the result for you? SultanofDeals said:i love you fatwallet for having every thread i need. I have also recently come under FR. I purchased an engagement ring and had to increase my spending limit. The increased my spending limit Friday, and i bought the ring on Saturday. I used my AMEX blue Cash Back card because it gives me back 1.25% purchases. I get a call within 15 mins of walking out of tiffany's saying I am under financial review. I am sending in the fax now. I'll let you know how it turns out. What is odd to me is that in order to get my credit line increased, i had to show three years worth of my income tax forms and that was approved, and in essence, they are making me give them the same tax form, just from the IRS. I mean I guess it isn't a big deal to me, and I def have enough money to cover the transaction, and make a significant amount of money each year. The Customer service agent was a prick on the phone when he called me though, which I'm pissed about. I asked him what was the reason for the call, how do i verify that he is really with AMEX and not a scammer. However, after reading this forum, I realize now that this is probably really AMEX haha. (albeit would be a clever scam to call people pretending to do Financial Reviews). I will keep everyone posted. I want to get my Cash Back on my card!! |
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