Amex LOC members

Discussion in 'Credit Talk' started by Momof3, Oct 26, 2001.

  1. Momof3

    Momof3 Well-Known Member

    I know this has been discussed previously and I have searched but would like an update from all who currently have the lines.

    Do any that had more than one LOC still have multiple ones?? I recall Leo stating the reps said only one account, I recall another member receiving a phone call stating only one line. But I recall others still having more than one line.

    My reasoning of course, I referred my friend and she got instant approval for LOC and she went ahead and did it a second time, approved again. I told her I wasn't 100% positive but I told her she could only have one line.

    So what is the final consensus on this??

    Thanks
     
  2. jen

    jen Well-Known Member

    I still have both lines showing on the website. I haven't tried to use the 2nd one though. I am also waiting to hear what some of the others have gone through. Were you able to combine the lines?
     
  3. tommyy

    tommyy Well-Known Member

    Jen, how difficult is it to get the amex loc? What CRA was pulled and do you know what the minimum score is?
    Thanks!
     
  4. leo728

    leo728 Well-Known Member

    they only allow you to have one loc, and no you cannot combine them. All that will do is alert them that you have multiple accounts , which they will close at a blink of an eye.
     
  5. GEORGE

    GEORGE Well-Known Member

    HOW CAN YOU KNOW IF THEY WILL LET YOU USE THE SECOND ACCOUNT???

    If you use it as a BALANCE TRANSFER, you will pay a very HEAVY PRICE if it BOUNCES...$29.00-$35.00 plus your interest rate can double or tipple.

    I think the only way to find out is ask your bank "WHAT HAPPENS IF I DEPOSIT A CHECK INTO MY CHECKING OR SAVINGS ACCOUNT AND IT BOUNCES"...they may not charge you...BUT YOU CAN'T EVEN THINK ABOUT USING THE MONEY UNTIL YOU ARE SURE IT WON'T BOUNCE!!!
     
  6. jen

    jen Well-Known Member

    George, I don't know one way or the other. I certainly wasn't planning to use it to pay a bill or anything important until I found out. Has anyone used more than 1 line successfully yet?
     
  7. jen

    jen Well-Known Member

    Tommyy- They pull a soft inquiry on experian. I think I was around 660 fico when I applied.
     
  8. tommyy

    tommyy Well-Known Member

    thanks Jen. I'm new to this so I have a question regarding FICO. Is FICO a formula that is used with all 3 CRAs? Can the FICO score be different w/ each CRA since the reports look a little different, some better than others?

    Thanks!
     
  9. jen

    jen Well-Known Member

    Scores will vary on each report as the bureaus all have different ways to calculate score. Also because often times the 3 reports will have different info on you. For example a late payment might show up on Equifax but not on Transunion or Experian. You can buy your score from www.equifax.com and www.experian.com online and they will also break down the factors affecting your score. (I don't think Transunion offers scores online yet). This would probably give you more of an understanding than I can. Scoring has been discussed here quite extensively also so you might want to search for FICO threads. :)
     
  10. jsever

    jsever Well-Known Member

    Someone got off the subject here. However, I have one LOC with AMEX and when inquiring, either on their web page or on the phone, I distinctly remember a selection "apply for a second LOC." If they have that for an option, you must be able to carry more than one.
     
  11. the other

    the other Well-Known Member

    Based on their menu options online and on the automated phone system, it sounds like you can have more than one LOC. But you can't!

    I applied and was approved for 6! I received all 6 welcome packets and checks for all. I tried to ACH from one to pay one of my credit cards and it was declined. Of course this caused a $29 fee from the credit card company. I called and spoke to a rep who told me I can't ACH from the account, but I could write a check.

    So I did that. I wrote a check from the account. Although this time, not to a credit card company. The check bounced. Then I noticed that all but 1 of the accounts was removed from my list of accounts in the online access. A couple of days later, I received a letter that I could only have one account and the other accounts were closed. Keep in mind that I have had the accounts since August and early September, and they closed the accounts fairly late in October. All of the accounts were at a minimum 1 month old before they were closed.

    I am waiting for a letter from the company I wrote the check to informing me that it bounced. Then I plan to raise holy hell with Amex. You can't close the account after you have sent out the checks and then refuse to honor checks that were written before you notified the customer that you are closing the account. If I wasn't supposed to have the account, I should not have been sent checks. If Amex was going to close the accounts they should have notified me ASAP, not a month later, so that I didn't have bounced checks.

    As you can tell I am quite upset. I am the type of person who never bounces a check, and I am quite embarrased that two companies now think I bounce checks. I can understand the ACH thing, but after the ACH thing, the Amex rep told me I could write a check, and that check bounced too. She saw that I had more than one account, and she didn't tell me anything about them being closed, or only being allowed to have one.

    I am not happy with Amex right now!
     
  12. Katco

    Katco Well-Known Member

    ALSO. . You can only pay your account thru the mail or you have to open a checking acct with them to transfer funds.
     
  13. leo728

    leo728 Well-Known Member

    I have a citibank checking account and have been able to use citibanks online payment feature to setup a electronic transfer.

    It took only 5 days for them to credit my loc.
     
  14. jsever

    jsever Well-Known Member

    I've would have been hopping mad if they bounced a check from me. Most of us here have been repairing our credit, and then walk into this kind of situation. I have one LOC with Amex but I haven't received any checks yet. When I do, I'll be afraid to use it. I hate to close it though. Did you note your account numbers? Were they all different? Did you notice which account you wrote the check on?
     
  15. leo728

    leo728 Well-Known Member

    I don't think you will have a problem jsever. You have only one account.
     
  16. the other

    the other Well-Known Member

    Yes, All the account numbers were different, and I do know which account number I wrote the check from. I am livid about the whole way Amex handled the situation.
     
  17. jsever

    jsever Well-Known Member

    Leo - I think you pointed me in the LOC direction. Thanks. I had recently got the BLUE card from Amex and was surprised enough to get that. Apparently here in the Northeast no one has seen these cards yet. I've only used it twice in restaurants, and both times the waitress raved about it and had to show it to others! My brother was with me both times and wanted to know what the big deal was about.
     
  18. leo728

    leo728 Well-Known Member

    No thanks needed, but don't come knocking on my door if amex ask you for verification before you can use the loc ;) ( they are whacky lately)

    I just got the blue for business yesterday, I wonder if it looks the same as the personal one.

    It's silverish ( dunno what color exactly ) with a blue hologram in the middle and on the left side there is a smart chip. Then on the back the magnetic swipe is silver with www.americanexpress.com printed all over it.
     
  19. GEORGE

    GEORGE Well-Known Member

    IT IS "PRETTY" OR GREAT LOOKING...IT IS LIKE NO OTHER CARD...
     
  20. jsever

    jsever Well-Known Member

    BLUE - The ladies seem to like it George, or maybe it was me - but I doubt it.

    leo - I like your idea of hiding 8000 of debt. I thought about that to. I wonder if all LOCs got the same interest rate. If I write a check, I think I'll write it to myself.
     

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