Amex F/R Master Thread

[ydf]

$800 isn't a very large purchase.

thanks for your help (always!)

[maxie m]

Even if I survive my fr what are my chances of getting approved for new cards?

[tzifanya54]

Even if I survive my fr what are my chances of getting approved for new cards?

In that case your chances are just as good as before the fr.

[TimT]

Even if I survive my fr what are my chances of getting approved for new cards?

You should be good to go, no ?

[maxie m]

You should be good to go, no ?

I hope so I have no previous experience , I have a tax return of 13-14k so I guess it's fine

[mmm740]

Would they accept a tax return from 2013?

[sammy n]

Would they accept a tax return from 2013?

I just tried that for DW and it was a no go. They said they need to see from 2014.

[maxie m]

In that case your chances are just as good as before the fr.

even if cl is slashed?

[tzifanya54]

even if cl is slashed?

Yes, besides for the general impact that would have on your overall credit score.

[TimT]

even if cl is slashed?

Yes

[maxie m]

Yes, besides for the general impact that would have on your overall credit score.

Yes

thanks, credit score should climb back up though, no?

[tzifanya54]

thanks, credit score should climb back up though, no?

Yes

[maxie m]

Yes

great, thanks

[leaf]

even if cl is slashed?

Is the FR on business account or personal? If they institute a credit limit on charge card, then it still should not show up on credit report.  If they lower credit card limits, then it may have some minimal effect.  Closing your American Express accounts will have the harshest effect on credit line bc it will be down to zero for Amex.  BTW, I don't believe there is any difference to credit score between closing down proactively and failing FR and thus getting shut down.  Might be more beneficial for future relationship with Amex, but the reports are mixed. 

[maxie m]

Is the FR on business account or personal? If they institute a credit limit on charge card, then it still should not show up on credit report.  If they lower credit card limits, then it may have some minimal effect.  Closing your American Express accounts will have the harshest effect on credit line bc it will be down to zero for Amex.  BTW, I don't believe there is any difference to credit score between closing down proactively and failing FR and thus getting shut down.  Might be more beneficial for future relationship with Amex, but the reports are mixed.

it started with business but spread to the rest

[TimT]

it started with business but spread to the rest

They didn't request anything for the business ?

[maxie m]

They didn't request anything for the business ?

nope,just personal tax returns

[leaf]

it started with business but spread to the rest

Sounds typical.  Is the business real? Didn't look up thread now... If they are only asking for personal taxes and you make some money on books, good chance you will pass. But they will likely slash credit lines (unless they are small to begin with).  And impose credit limit on charge cards. 

[maxie m]

Sounds typical.  Is the business real? Didn't look up thread now... If they are only asking for personal taxes and you make some money on books, good chance you will pass. But they will likely slash credit lines (unless they are small to begin with).  And impose credit limit on charge cards.

I'm expecting the latter to happen

[ydf]

Is the FR on business account or personal? If they institute a credit limit on charge card, then it still should not show up on credit report.  If they lower credit card limits, then it may have some minimal effect.  Closing your American Express accounts will have the harshest effect on credit line bc it will be down to zero for Amex.  BTW, I don't believe there is any difference to credit score between closing down proactively and failing FR and thus getting shut down.  Might be more beneficial for future relationship with Amex, but the reports are mixed.

wrong dan is saying clearly on DDMS (I dont have the link if someone can help me find it? ) that its a big difference if they shut you or if you close it yourself, if they shut you it will say on credit report closed by issuer which is not the best thing....