American Express Business Management Account

Posted on Sunday, February 24th, 2008 at 3:58pm CST by 03c4c2c4

Company: American Express Business Management Account

Category: Other

I have been a customer of American Express For over 35

years. Starting with my first job out of college to owning my own CPA

practice for over 25 years I have NEVER been late on any payment or charge.

I received a letter from American Express dated February 6, 2008 stating

that because of information a company called Experian had reported to them,

American Express, that I had past due accounts, serious delinquency, and

balances to credit limits and revolving accounts that are too high in their

opinion. American Express then wrote, that because of this, my credit limit

had been lowered to $1,000.00 and my cash advance limit was lowered to

$200.00. This compares with my American Express statement dated February 4,

2008, two days before, that had a credit limit of $20,000 and a cash advance

limit of $5,100. I had a credit balance on my February statement of $29.24.

I called Experian, the credit reporting agency that American Express

contracts with, and of course, was not able to talk to a human. All the

reporting agencies options were to request a credit report and review the

history and if anything was incorrect to notify the reporting agencies.

Experian said they would mail me a credit report within two weeks of my

request. Of course, in the mean time I was without enough available credit.

My wife and I are full time RV'ers and I can spend $300.00 for a tank of

fuel, so a $1,000 line does not go very far. We have other charge cards with

higher limits, VISA, Master Card, and Discovery Card that we will now have

to use due to this action taken by American Express. I did call American

Express and spoke to someone in their credit department and got nowhere. It

was almost like the employee was blaming us because their credit reporting

agency, Experian, is "very accurate" and if their report shows these

discrepancies it is our responsibility to correct them. This is the

treatment that American Express gives a 35 year customer. I also should

state that my wife and I are retired, have zero, none, nada debt of any type

and are very distressed by the treatment we received from American Express.

_______________________________________________________________________

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2 Comments

091dadfd, 2008-05-14, 12:15PM CDT

Hers another story about american Express. Sorry to this that it not only happens to consumers but bussiness accounts as well.

This is just another case of the consumer who plays prey to the big credit card company, and then you have no recourse against them.

After being a customer for more than 8 years with American Express, and with the exception of having 2 payments slightly more then 30 days late in the past year, and I paying the account off in full, I receieved a notice from them stating that after review of my account, they had decided to close it. When I called customer service, they informed me of the 2 late payments, and said it was their standard practice. I also apoke to their collections department, who was unable to help me, because my account was never referred to them for collections.

Then they tried to tell me that it wont be reflected negatively on my credit report, but I guess they are not living in the real world. Because the bottom line, it gets reported to the agencies as closed by them.

i just figured I would let everyone know, because I guess as consumers, and with the way the economy is right now, ANY of us poor working slobs, struggling to make ends meet may be placed in this position.

Definetly not the way to do bussiness, and when they can treat someone like this, it just makes you wonder what else this company is willing to do.ers, but bussiness accounts as well.

7acdbcc0, 2011-07-06, 09:25AM CDT

I've had very similar experience. I was also a 32 year plus member and had $20, 00 credit dropped to $3800. I use the card a lot. My interest rates sored over minimal issues (One payment a year ago was 2 days late.) I've dropped all credit cards and now use only debit cards. This "credit score" thing is a scam by corporate america to increase income.

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