American Express Complaint - American Express Canceled My Card Without Notice
BEVERLY HILLS, CALIFORNIA -- I have been a customer with AMEX for the past three years. I have always paid on time and never went over the credit limit. I have several other major credit cards and always pay them on time and in full every month.
I used my AMEX for monthly, automated payments and was surprised when a payment came back declined. The payment was declined on January 16,2009. I checked my mail that day and happened to find a letter from AMEX stating (which by the way was dated on January 13,2009) :
We are writing to inform you that, after a recent review, your American Express account listed above has been canceled.
The short length of time you have been on file with a consumer reporting agency, in relation to your overall credit profile.
Too many creditors have recently reviewed your credit report.
You have been past due on an American Express account in the last 12 months.
Your account was reviewed using a consumer credit scoring system that evaluated the information in your file at the consumer reporting agency named below. The information provided by the consumer reporting agency included the following factors from your credit report that affected our decision:
Too many accounts with balances
Too many inquiries last 12 months
Too many accounts recently opened
Length of time accounts have been established
Our cancellation of your account under these circumstances may result in negative reporting of this account to the consumer reporting agencies. Additionally, if you do not pay your account in a timely manner, your account may be referred to a collection agency.
Now you can imagine how upset I was. I called AMEX immediately and after spending about four hours on the phone with them, NO ONE could tell me why my account was cancelled. One reason they stated was that I had a past due amount which was never paid with AMEX, which clearly I didn't. I therefore panicked and thought I had been a victim of identity theft and asked to see if there were any other accounts open in my name. The representative established that there weren't and he also confirmed that I had no past due balance on my AMEX account...EVER. He also stated that my credit was excellent and that he would try reinstating my account, which of course was denied.
I quickly went and pulled up my Experian credit report, because the representative said that AMEX had obtained all this information through them. My credit was fine...I have a 728 credit score, no balances unpaid, no delinquencies, no NOTHING. AMEX also stated that they closed my account because I had opened too many recent accounts....which is funny because my AMEX Blue card was the last credit card I ever opened...which was approx three years ago.
This entire experience was completely unbelievable. First, they cancelled my credit card without notice, which resulted in unpaid accounts with other services I used auto pay for with my AMEX. Second, they LIED about the reasons they closed my account. Every time the representative came up with a new reason as to why they closed my account, and I gave him an explanation as to why that could not be possible, he himself had run out of things to say. Third, this may now possible affect my credit score?? WHY??? Fourth, they led me to believe that I had been a victim of identity theft and had me frantically ordering copies of my credit report all morning, which turned out that all was well...
Experian said I am a low risk factor for many lending institutions. My credit score is high, I have no delinquencies or unpaid accounts. I have not opened any recent accounts and I have not had any recent checks to my credit report. WHAT SYSTEM IS AMEX USING TO REVIEW PEOPLE'S CREDIT???
I advise anyone who has an AMEX card to close the account. They obviously don't care that you've paid it in full every month and on time, they don't care about your credit score or credit report...THEY DON'T CARE
I have received much better service my Bank of America Visa's than I ever had with this poor excuse for a company.