Author Topic: Amex F/R Master Thread (Read 1876898 times)

David Smith · « **Reply #5800 on:** November 25, 2015, 11:26:11 PM »

Quote from: Marko Rubio on November 25, 2015, 11:24:03 PM

in other words this only works if its 2 apps from same bank?

It only works if the two pulls look like they can be from the same card.

Marko Rubio · « **Reply #5801 on:** November 25, 2015, 11:29:05 PM »

Quote from: David Smith on November 25, 2015, 11:26:11 PM

It only works if the two pulls look like they can be from the same card.

ty

David Smith · « **Reply #5802 on:** November 25, 2015, 11:30:14 PM »

This whole conversation should be removed from this thread and put in the 3bm thread or something. This has nothing to do with Amex FR.

Yehuda25 · « **Reply #5803 on:** November 25, 2015, 11:34:35 PM »

Quote from: David Smith on November 25, 2015, 11:30:14 PM

This whole conversation should be removed from this thread and put in the 3bm thread or something. This has nothing to do with Amex FR.

+1

yochiek93 · « **Reply #5804 on:** November 25, 2015, 11:35:04 PM »

Quote from: David Smith on November 25, 2015, 11:30:14 PM

This whole conversation should be removed from this thread and put in the 3bm thread or something. This has nothing to do with Amex FR.

Agree

Yehuda25 · « **Reply #5805 on:** November 25, 2015, 11:46:38 PM »

Quote from: yochiek93 on November 25, 2015, 10:51:24 PM

True but anything is possible

Definitely.

Here is the one big "kasha" according to me. Take a look at the following scenario below (mashal

)

Lets say "jacob" signs up for an amex. Now considering he is a student, he puts his parents income in the "household income" for the cc app. Based on that number, amex approves him. (better yet, jacob even puts in the "estimated spend" that he will spend $2500 a month, his spend requirement for his bonus is $5k, and he sticks to that estimated spend)

Fast forward 2 months, Jacob has just completed the spend on his brand new card, and he gets fr/d. Now he tells the rep they truth, he is a student - doesn't really have an income, and he had put in his household income in the app.

Now let's pause for a second to look at the legal side of things. CC companies don't have to take household income into consideration, but they are ALLOWED TO if they wish.

Now back to our story

- FR rep lets call her KIM

(no jokes half the FR team is named kim

) tells jacob she is closing his accounts down because he does not have a tax return, and a personal tax return is the only documentation they will accept. Jacob argues that he is not required to file a tax return, but to no avail.

Now, lets analyze what happened here. American Express basically approved Jacob based upon his stated household income, income they choose to take into consideration (they did not have to, but chose to). And no other factors have changed since he signed up. He has not let his account go past due, his credit report has remained spotless.

I would say this may be considered some sort of "violation" or some kind of "predatory" lending. The reason being that Amex has approved jacob based upon his original and correct info, and now with no factors having changed are basically "changing their minds". Now for those that are going to chime in "amex says in the t&c's that they can close your account at their discretion", this is not "predatory lending" nevertheless I can not imagine the CFPB taking such a complaint likely. (Or maybe some kind of class action lawsuit)

/End rant

David Smith · « **Reply #5806 on:** November 25, 2015, 11:54:35 PM »

Quote from: Yehuda25 on November 25, 2015, 11:46:38 PM

Definitely.

Now let's pause for a second to look at the legal side of things. CC companies don't have to take household income into consideration, but they are ALLOWED TO if they wish.

/End rant

In the box for income when you fill out the application, it says you may include any household income you have access to if you are over 21. Being as they explicitly told him to report that as income, i don't see how they have the option not to count that now. (The argument that they will make is that you haven't provided proof that you have access to this income, and they deem that a financial risk. Whether or not giving you the option to claim unprovable income, and then shutting you down for not proving it, would be considered predatory in a court of law is beyond my league.)

yochiek93 · « **Reply #5807 on:** November 25, 2015, 11:56:08 PM »

Quote from: Yehuda25 on November 25, 2015, 11:46:38 PM

Definitely.
/End rant

I agree

Yehuda25 · « **Reply #5808 on:** November 26, 2015, 12:09:00 AM »

Quote from: David Smith on November 25, 2015, 11:54:35 PM

In the box for income when you fill out the application, it says you may include any household income you have access to if you are over 21. Being as they explicitly told him to report that as income, i don't see how they have the option not to count that now. (The argument that they will make is that you haven't provided proof that you have access to this income, and they deem that a financial risk. Whether or not giving you the option to claim unprovable income, and then shutting you down for not proving it, would be considered predatory in a court of law is beyond my league.)

their argument is not over whether you have to acces to that income. its about them doing things how they want.

David Smith · « **Reply #5809 on:** November 26, 2015, 12:11:08 AM »

Quote from: Yehuda25 on November 26, 2015, 12:09:00 AM

their argument is not over whether you have to acces to that income. its about them doing things how they want.

Whose argument are you talking about? I'm conjecturing what amex will say in their own defense should it come down to it.

pixi · « **Reply #5810 on:** November 26, 2015, 12:12:42 AM »

Quote from: Yehuda25 on November 25, 2015, 11:46:38 PM

Now back to our story - FR rep lets call her KIM (no jokes half the FR team is named kim )

AFAIK Kim is a good rep

Yehuda25 · « **Reply #5811 on:** November 26, 2015, 12:55:12 AM »

Quote from: pixi on November 26, 2015, 12:12:42 AM

AFAIK Kim is a good rep

there is way more than 1 of them...

D93 · « **Reply #5812 on:** November 26, 2015, 02:15:00 AM »

Quote from: Yehuda25 on November 25, 2015, 10:12:09 PM

Is it possible to exceed the imposed fr limits?

Yes

Quote from: rivkao on November 25, 2015, 10:12:55 PM

no

-1

Yehuda25 · « **Reply #5813 on:** November 26, 2015, 02:36:48 AM »

Quote from: D93 on November 26, 2015, 02:15:00 AM

Yes

-1

+1

Just did it on 3 different cards. Very interesting that it is allowed. I wonder if that's why when I called regular CS my call was silently routed to FR becuase I had just gone over the limit.

Its by definition a charge card, maybe that is why the limits dont work.

D93 · « **Reply #5814 on:** November 26, 2015, 02:42:26 AM »

Quote from: Yehuda25 on November 26, 2015, 02:36:48 AM

+1

Just did it on 3 different cards. Very interesting that it is allowed. I wonder if that's why when I called regular CS my call was silently routed to FR becuase I had just gone over the limit.

Its by definition a charge card, maybe that is why the limits dont work.

I've gone $1500 over, but then it stopped and I got an email saying I've reached my spending limit.

cashasap · « **Reply #5815 on:** November 26, 2015, 08:42:43 AM »

Just read the wiki sorry that I didn't go thru 388 pages quick question if I'm still able to log in to my account after receiving the fr email that I must call within 30 days does that mean it's a mini fr?

cashasap · « **Reply #5816 on:** November 26, 2015, 08:44:30 AM »

I opened the biz plat and spent 12k on second day I had it 😕

yakrot · « **Reply #5817 on:** November 26, 2015, 08:44:42 AM »

Sounds more likely,but could be if you don't call it will turn into a full blown f/r. Just call them up and deal with it

yochiek93 · « **Reply #5818 on:** November 26, 2015, 08:45:35 AM »

Quote from: gimmeallyourcashasap on November 26, 2015, 08:44:30 AM

I opened the biz plat and spent 12k on second day I had it 😕

That's like asking for one

cashasap · « **Reply #5819 on:** November 26, 2015, 08:46:16 AM »

Ye Ikk noob mistake

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Author Topic: Amex F/R Master Thread (Read 1876898 times)