American Express Informative - Sudden Cancellation 10/08
HOLIDAY, FLORIDA -- Way back in '97 I was sent an Optima Card with my name on it and a credit line amount posted on the welcome letter. I was rather stunned, since I was not eligible to hold employment at that time, due to recent immigration status. Nor do I remember even ever applying for such a card. Nonetheless, I welcomed the extra financial freedom, and over the years spent and repaid various amounts of money. My immigration status eventually allowed me to work in this country. My spending and credit status changed, for the positive (in my favor). Shortly after 9/11 I was laid of, as many others, and had to charge more than we had coming in. American Express continued my relationship...though my credit rating hit rock-bottom, even when I found myself unable to satisfy another creditor. I settled with the other creditor, and took another negative hit on my credit worthiness. Since then, I thought, I am back to rebuilding my credit. My credit rating improved. It took my a few years. But American Express stuck with me...We became good "friends" over the next few years, increased my credit line...(2004-2008)
Over the past 6 months, I had numerous credit inquiries, because I wanted to purchase a home. Well, yes...when going to get the best rate, and weighing your options, and deciding against one creditor and try another...I knew it'll influence my credit rating- BUT I had to risk it.
American Express did not like that, I think- because they decided to cancel my account, all the sudden- totally out of the blue(after 11 years of ups and downs, but always getting their money back and some more.)
When inquired about reinstatement, I was told their is a chance. Well, on Sunday, when the "credit department was not open, the representative told me: since you are within a 30 day request-reinstatement period-pay off your 600 dollar balance and it should not be a problem, but call back when the credit department is back open. during the week only. I was definitely declared a non-reinstatable member. Paying off my balance at once, will not change their minds. I was told to check my credit report. (which I did- and it has not changed for the last 6 months) Furthermore, I admit, my last minimum payment to Amex did not go through. Totally my fault. I reported my bankcard stolen- froze my account...had to wait for a new card. This is a minor thing in comparison to what "Amex and I" had been trough in the past. I failed to notify them. But even explaining the event, did not change their minds.
So, thanks to AMEX, I will again have another "negative" mark on my credit report.
Makes me wonder, with all the other bank stuff going on...is AMEX trying to get rid of all the "optima's"? They had been in trouble before...
I just wonder....