Mountain View, California
6 comments

December 31st, 2010 at 16:22

Boycot American Express

I was a 13 year member / customer of American Express. With A credit score off 800 and decided to open a Import furniture company. American Express did a great job offering me 5 accounts with credit of 150k with low aprs and continued to market me and offer more account. I pay all my debts on time and importing counted on American Express for my container purchases.

This is what American Express can do for you

They will offer you loads of great deals, but watch out here is what they did to me.

2 years agog they told me my Gold account ad earned 40k + earned spendatures, then when economy took a turn they quickly lowered it to 22k and said your fico score changed, it hadnt changed until they did this to all 5 account I had with them maxing out my cards making it appear as I was debtited out.

November 2010 they called me before my cut off date asking for a payment, I stated my cut off date was next week and that no payment was due. They contiinued to beg to set up a payment, I said why are you calling I always paid my debts on time, I paid 65k off in debts this year, she replied oh yes and 25 k off on your account s with us, you are a excellent customer fo 13 years, then said can we set up your next payment. I said no, I will pay it as I always do, the day before my statement date tehy emailed me a letter saying,

So there are no surprises when using your account we lowered your limit on your gold card t0 1500.00 stay in your limit oor you will be embarassed at checkout.

I called a supervisor aginwas told my fico score changed, (i ran a crdit report and no changes EXCELLENT CREDIT). Then said if you give us 3 years business taxes maybe we will give you a little bit back, I closed all acount told her she was damageing my acsh flow for my company and importing and it was all or none, meaning work this out or it would cause me into default,she replied your fico score created this …I have my credit report printed and its excellent.

I had a container departure leaving indonesia and needed it, I had to use the money I would have paid them to get my goods to save my business, I in turn incorporated my business, homesteaded my home to protect me from them. I sent them the Sease & desist letter as I was advised to do so. I sent them a letter to do debt consolidation and immediately they sent me to collections. I now had to do the same thing to their collections whol are very rude. All this at the holidays, I have survived with my company through all the hurdes of the economy and they have made it to almost close my company due to my cash flow. Next on my list is Chase. I am starting my New Year off with the theory "support small Business" never bank or einvest in large companies , minimize doing any sort of business with corporations if there is a company local you can do business with do so.

If anyone has any ideas or success stores, please email me on my next step with American Express.

By the way the points they give you, they truely dont give you, MERCHANTS PAY POINTS WHEN YOU USE YOUR CARD AT THEIR BUSINESS. Lets all pay cash and Take these companies down once and for all.

AMERICAN EXPRESS NEEDS TO BE CLOSED!

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Anonymous
#287094

Yep after 35 years with them they start changing the rules and that lowered my fico.

AMEX Capital Line of Credit ~~gone they eliminated the program and post the account as cancelled not by them but on MY credit report. They called this AM woke me up and asked for payment, thinking I must have missed something ( oh no I have reminders on my PDA, Emails from them,etc,etc.)I jumped out of bed and ran to my computer ~~~not due yet.

I pay online and have seldom been late (with 4 accounts over 35 years) but now it's time to say goodbye.

LorrieHale
#263529

I wish I had read these before I decided on American Express card. I will be getting rid of my AE card, too. I agree with you recommendations to shop local and invest with smaller companies that value my membership.

Anonymous
#235531

OMG, they did teh same to me, they are pathetic and need to be taken down, what *** they are! Picking on good customer !

Anonymous
#234860

Wow, it is a epidemic, I my credit got ripped to shreds from American Express. Loose them THEY ARE EVIL

Anonymous
#231579

I just got a thing in the mail from Amex. I'm qualified for a fancy card made of shiny cardboard!

But even though they offered to waive the $127 yearly fee for the first year, I had to turn them down.

((I have a visa that's free except for interest!)) I also used to work for a store that wouldn't accept Amex because it was difficult for the store to get money from them. Bad business, all around.

Anonymous
#230565

Amex did the same to me, but with my personal line of credit. They cut my available balance in half, without notice, which then lowered my credit score because my balance to available ratio was now higher.

So, then to add insult to injury, they raised my interest rate! I had been a customer for 8 years and NEVER (not even once) had a late payment, and used the card often. My reward for this? A lower credit score!

The original author is 100% correct. Use CASH. Bank with a local bank.

Shop locally as well - use your money to support local businesses. This will improve your community in many ways.

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