Author Topic: Amex F/R Master Thread (Read 1850710 times)

Side incomer · « **Reply #620 on:** October 16, 2011, 01:11:46 AM »

I didn't follow this whole thread. But I'm wondering if someone is on a negative with MR, and his accounts get closed after FR, will he still have to pay the 2.5 per point, since he didn't pay back?

elikay · « **Reply #621 on:** October 16, 2011, 01:18:15 AM »

If his income is 20 and he wrote 30 I'd consider that exagerating (its a 50% increase!)

Avid Reader · « **Reply #622 on:** October 16, 2011, 04:53:25 AM »

The point here is that if you have around 20k (not really a magic number..) of provable documented income, and the 'rest' is not on paper, AMEX will usually except that if you can explain away the rest. They might wanna see your bank statements etc. At max they'll cut your credit lines low. But they most likely won't shut the accounts. [No guarantees obviously, just talking from peoples experiences posted here]

Nitantnel · « **Reply #623 on:** October 16, 2011, 08:23:47 AM »

Quote from: Avid Reader on October 16, 2011, 04:53:25 AM

The point here is that if you have around 20k (not really a magic number..) of provable documented income, and the 'rest' is not on paper, AMEX will usually except that if you can explain away the rest. They might wanna see your bank statements etc. At max they'll cut your credit lines low. But they most likely won't shut the accounts. [No guarantees obviously, just talking from peoples experiences posted here]

Accept

Avid Reader · « **Reply #624 on:** October 16, 2011, 11:54:04 AM »

Quote from: Nitantnel on October 16, 2011, 08:23:47 AM

Accept

I stand corrected.

lybbtthl · « **Reply #625 on:** October 19, 2011, 03:15:50 AM »

I know this is probably addressed somewhere in this forum but going through 38 pages is too much.

I have a personal amex with a $2k limit since july this year and a $3k business card for just over a month now. My whole credit history is very limited (only since Nov 2009) and I just got a call today that I'm being FR'ed. Being that I have no income to show and I'm a bochur in Yeshiva, I don't think I'll pass a FR so I plan on cancelling my cards before they do (unless there is a better option?!), the question is how long do I have? I didn't even speak properly with anyone yet, I told them I'm too busy now I'll have to call back. Also do you need to pay everything up before you try and cancel? or if you cancel while owing, they'll just send you some sort of bill? What if there are just pending charges?

another question, I plan on applying for some other credit cards, should I apply before I cancel the amex's so my CR shows up more accounts? or should i do it after I already cancel and they'll see I had an account but now I cancelled it; what has a better chance of me getting approved?

PlatinumGuy · « **Reply #626 on:** October 19, 2011, 04:37:40 AM »

first pay off the bills so your utilization goes down, then apply for new cards before you cancel the amex

Avid Reader · « **Reply #627 on:** October 19, 2011, 07:28:14 AM »

Quote from: PlatinumGuy on October 19, 2011, 04:37:40 AM

first pay off the bills so your utilization goes down, then apply for new cards before you cancel the amex

+1
If you still carry a balance after the cards are closed, it will show up as 100% utilization, which is not good.

lybbtthl · « **Reply #628 on:** October 19, 2011, 12:30:36 PM »

Quote from: PlatinumGuy on October 19, 2011, 04:37:40 AM

first pay off the bills so your utilization goes down, then apply for new cards before you cancel the amex

how long will the lower utilization take to show up on my credit report? don't cc companies report to the credit bureaus like once a month?!
or can a credit card application get real time access directly to my current accounts even from other banks?

lybbtthl · « **Reply #629 on:** October 19, 2011, 03:21:54 PM »

I just got off the phone with the FR dept. and the rep told me to send in 3 months of bank statements (since I told her I'm a student and didn't file taxes she said statements would have to do) from the account I use to pay the bill with. I asked her what happens next she told me either nothing or the limits may be reduced I asked her if there is a chance I will be shut down, she said no. Is she telling the truth? What if my statements don't support my alleged income of $50,000? Is it better I preemptively shut down my accounts? I want to keep my accounts even if they reduce the limit, but on the other hand I don't want them shutting me down. What do I do?

elikay · « **Reply #630 on:** October 19, 2011, 03:27:45 PM »

Quote from: lybbtthl on October 19, 2011, 03:21:54 PM

I just got off the phone with the FR dept. and the rep told me to send in 3 months of bank statements (since I told her I'm a student and didn't file taxes she said statements would have to do) from the account I use to pay the bill with. I asked her what happens next she told me either nothing or the limits may be reduced I asked her if there is a chance I will be shut down, she said no. Is she telling the truth? What if my statements don't support my alleged income of $50,000? Is it better I preemptively shut down my accounts? I want to keep my accounts even if they reduce the limit, but on the other hand I don't want them shutting me down. What do I do?

Wait and see, they probably will not shut you down IF you hae any income to prove (or $$ in the bank).

lybbtthl · « **Reply #631 on:** October 23, 2011, 12:46:54 AM »

Quote from: elikay on October 19, 2011, 03:27:45 PM

Wait and see, they probably will not shut you down IF you hae any income to prove (or $$ in the bank).

My average account balance (in the account I payed the bill from) for the last 3 months, is about $500.
The highest balance it hit is about $2100.

What do you think I should do? (considering I only have a $5K combined limit)

elikay · « **Reply #632 on:** October 23, 2011, 02:03:13 AM »

I don't know... hopefully someone else can chime in.

moshe80 · « **Reply #633 on:** October 31, 2011, 12:02:28 PM »

hi i got a request from american express for my wife card that i need to fill out souch a 4506t the promlem is that she does not have any income on her name now and if i dont fill it out they will close the account ? any help please

also whats the reason they asking for this ?

bubbles · « **Reply #634 on:** October 31, 2011, 12:04:37 PM »

try posting in this thread

AsherO · « **Reply #635 on:** October 31, 2011, 12:10:32 PM »

Quote from: moshe80 on October 31, 2011, 12:02:28 PM

hi i got a request from american express for my wife card that i need to fill out souch a 4506t the promlem is that she does not have any income on her name now and if i dont fill it out they will close the account ? any help please

also whats the reason they asking for this ?

If you've filed jointly and you have income, methinks she'll be fine. You should also ask about bank statements (if you have ones with decent balances/cashflow), they sometimes accept that.

It's hard to know what triggered it in your place, a lot of different triggers for this have been reported.

P.s. You should use a browser with spell-check, your spelling is appalling.

Side incomer · « **Reply #636 on:** October 31, 2011, 02:26:15 PM »

This has bean well discussed. I was just FR'd together with my wife, same income, about the same amount / types of spending on the cards, I survived, she didn't. I called them up to ask, what's the difference, she told me that on my wife's card there is quite a few airline charges for different people, and that's called extending the credit from Amex to other people, so they couldn't keep her. So people be aware.

myb821 · « **Reply #637 on:** October 31, 2011, 02:37:16 PM »

How do they know who the airline charges were for

AJK · « **Reply #638 on:** October 31, 2011, 02:39:26 PM »

Quote from: myb821 on October 31, 2011, 02:37:16 PM

How do they know who the airline charges were for

Go look at your online statement and you'll figure it out real quick.

yaakov s · « **Reply #639 on:** October 31, 2011, 02:47:51 PM »

Quote from: AJK on October 31, 2011, 02:39:26 PM

Go look at your online statement and you'll figure it out real quick.

I think he means who the airline charges were for, oneself vs others

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Author Topic: Amex F/R Master Thread (Read 1850710 times)