Amex Loc

RM,

your apr should have been in an e-mail to you.

Did you get the pending e-mail?

 

Don't give up on the AMEX LOC! Two month ago I applied on-line and rec'd the same generic message that I was pending for a prime + 5.99 APR. I called 3 days later to find out I was denied. I wrote to the reconsideration dept. soon after only to find out I was denied a second time. No one called, I called them to find out both times I was denied. This was in mid-November. Today I receive this thick Membership Banking envelope. I opened it up and the cover letter congratulates me on being a new customer, etc. I look up top and see a CL for $7,000 at a total apr of 7.99% ..2.99% plus prime.I couldn't believe it so I called 1-888-356-1006. They verified everything and stated my checks were sent this past Wednesday and I should receive them in 7-10-days.
During the app. process they originally pulled a soft EX inq, and during reconsideration a hard EX.I have 23 good accounts (10 open) and 1 paid judgement from 5/2001 for a $500 med bill.Originally they stated this judgement was the main reason for denial?? Nothing has changed on my report except a few monthly updates on normal bills like Mortgage and car payments. FICO score for EQ is 656.
Merry Christmas and thanks for all the wonderful advice. I hope I can take the knowledge you all have given me and help others !!

 

George, I get that, too.

Tommy,

Is the address to the reconsideration dept. on the denial letter or - if not - how did you get the address to the LOC reconsideration dept. and can you post it here if you have it handy?

Thanks,

 

Don't ask for reconsiderations! These would get you HARD INQs. Better just re-apply in a month - this would only put a soft INQ.

I've kept applying each month until I was approved.


Saar

 

SAAR, do you or anyone else know if Amex LOC does periodic A/R's of your bureaus like CITI bank?
Marci- I will check my records and see if I still have the fax #, I never mailed them anything.
Thanks

 

I agree with Saar. Just wait another month reapply if not try again the next month. It is soft and when you reapply they just update the soft inquiry to the current time you reapplied.

 

Saar, thanks, I'll keep that in mind.

Tommy, thanks, I'll still consider it if you'll provide the fax number.

My Experian has two paid collections 6 years old, no inquiries in the past 9 months, and only 3 inquiries in the past 2 years. My credit expert score is 661-663. I think I can afford (and it may do me good scorewise, who knows) one hard inquiry. If I'm still denied after that one - I'll just apply once a month as Saar recommended.

But I may not ask for a reconsideration... I'll think it over...

 

Marci,
I did some checking on old threads, I'm almost certain this is the reconsideration fax # to AMEX LOC..1-866-844-2778.

BTW..about 10 days ago I sent 2 credit removal Inquiry letters (obtained from sample letters on Credit Mania). One went to Amex Centurian Bank to remove the hard inq for reconsideration and one to remove a hard INQ for the GM plat. card.I figured no credit given try to get rid of INQ. I don't know if this means anything but both approved me this week after originally denying me. In addition, I rec'd an update from Experian today stating that my disputed Amex Centurian INQ from 11/09/2001 "remains". I thought AMEX never responds to disputed inq's and there always removed?? I've read this many times on this board.
Any input or comments??

 

Thanks, Tommy!

 

Boden11,

I see in another thread that you are very young. I thought so-that explains your rational for using a margin account as a source of credit. You are making a mistake that generations of traders before you have made and sadly, generations to follow you will probably make as well.
A professional uses a margin account for leverage plain and simple. Not as a substitute for shortterm credit needs. The reason is risk avoidance. Professionals adhere to the concept of the "outlier trade". That is, there will be a time that regardless of how carefully you have picked a stock or stocks, for whatever reason, the deal will blow up. It may be 1 time in 30 or 1 time in 40 but rest assured, it will happen. The longer you sit on a stock that is margined just because the interest rate is lower than a credit card, the longer you give the outlier trade a chance to get you.
There is nothing wrong with margin if you use it for the right reson. Leverage with proper risk control. Using margin in place of a credit card will eventually lead to disaster. The thing you don't seem to realize is, the minute you borrow money from a brokerage firm, you are speculating you are not investing. Good luck!

 

Personally I use my margin account for stocks. Doing alright with it, nothing spectacular...pretty much breakeven on a couple high yielding oil and emerging market funds. However it helps diversify my portfolio some and up the yield for the whole thing without assuming much risk. I don't use it as a credit card, tho I would if I needed to get a hold of a large chunk of cash in a hurry..Compare the options--cash advance on a cc? don't think so, liquidate my equities? major tax headache and commissions, only other option would be to go to first bank of mom&pop. Because I've got a diversified enough portfolio such that I would have to get very highly leveraged before a margin call. (I think most places only require like 35% equity if you hold a diversified portfolio which is definied as like no 1 position is > xx % of the gross $ amount. But it is a very reasonable alternative to a bank LOC as it costs much less. As long as you don't abuse it, a margin account can substitute fine for an LOC.

 

I'm on the wagon, but took the plunge to apply for the LOC since it is supposed to be a soft inquiry. I was approved for prime + 2.99. It was definately a soft inquiry on Experian. Hopefully I won't have some of the problems that Saar & Momof3 had.

George, stay positive, you will be approved. There's sunshine comin' thru them dark clouds. LOL

 

Gee, I wonder if I should apply for the Amex LOC considering my situation...

 

What do you have to lose superadman? It is a soft inquiry. If you get it, great. If not, your report will not be affected. That is why I applied. I say go for it. Good luck!!

 

I applied yesterday, called the number posted in this thread and found out I had been approved for an LOC of $7000! Not bad, I might use it to pay down one of my CC's. Do I receive a credit/debit card with this program or just checks?? Also, will this open up a possibility for an AMEX credit card??

 

bump.............had to bump my own post. Sorry

 

just checks