Venting:.....

What a blow to small business owners everywhere - I assume you're only one of many who've had the rug pulled out from under them. Most likely it's the 'favorable status' accounts such as yours that get closed so they can limit their exposure to the deadbeat borrowers (whom they created in the first place.) So all this does is perpetuate the misery by limiting successful business operators and instead seeking government handouts so they can write off their self-generated losses. F'n amazing is all I can say.

So here's an idea of some payback - it's a stretch, but what else do you have to lose:

Go to the messge boards on Yahoo.com's finance page for Amex (ticker symbol = AXP). Setup a user ID and start posting critical comments and STRONG SELL suggestions; maybe you'll convince a few stockholders that their credit policy is directly contributing to the market ills and inability to enable small business to pull this country out of a RECESSION. What's that? Oh, I see... it will be big business like GM, Ford, and Chrysler that will pull us out of this mess... yeah right! They're already in line for their f'n handouts too!

Wanna choke this country to death? Put the squeeze on small business owners, that's how! HEY AMEX - THAT'S BRILLIANT!!! (with apologies to Guinness.)

 

Check this related thread (for those of you subscribed)
http://www.ferrarichat.com/forum/showthread.php?t=218672
Amex blows, I would never have one of their cards / accounts again.
BT

 

I hear your frustration Martin. Griff identified it--it is really BS that they drop a good customer to limit their losses with bad customers, which they created by giving them the loan in the first place. It is amazing that it would be ILLEGAL to deny credit to a deadbeat and yet legal to DENY credit to a good customer.

 

That sux that they decided to eliminate the LOC only AFTER you paid them. LOL.......... I wonder how many people would pay if they found out BEFORE it was paid???

This is no different than it ALWAYS has been - banks and other lending institutions ONLY want to lend to you when you don't NEED it.................

On the bright side of this whole credit mess, at least there's less junk mail credit offers in the mailbox every day!!!!!!!!

 

It started with the home equity lines being shut down, and then everything else along with it later.

I gave advice to a lot of people with any credit line starting 6 months ago - tap it to the max.

Sure enough, anyone paying down their credit lines saw them quickly reduced by the amount of open credit they created. Or if they paid them off in full, just like you saw, they shut the whole thing down.

Sux, but they're turning off the spigots everywhere. To be sure, they didn't randomly make the decision the day you paid it off. Everyone who paid it off magically gets that letter.

 

American Express has the worst customer service ever and the most expensive fees. I hate them with a passion and get an ulcer any time I have to contact the Mexicans they employ as customer "service".

Once, while traveling, they declined a charge on my Amex Corporate for under $20. Supposedly I had exceeded my "limit" based on my previous spending history. So I call and tell them I got Amex because they were supposed to have no preset limits. I could not understand the english that the mexican on the other end of the line was speaking. Luckily, I was able to switch to spanish, but a client who doesn't speak spanish would be in trouble. He went on to explain that they really *do* have a limit and asked me to call the next day to send my updated credit references and financial statements to increase the "limit".

Needless to say, had I known I needed to the equivalent of establishing a line of credit with them, I would have just used a Visa from the bank that holds my checking account and knows how much money is available. Also, had I known about their arbitrary "limit" I would have set up the credit line before heading out on a trip.

Then a week later they call me and ask if I want a corporate platinum card! Screw 'em.

 

Stop by your small local bank and get to know a couple of the VPs there. You may be surprised to find you can get a line of credit with them. Contact your SBA office or state small business office they may hook you up with a small local bank. I have good relations with my local bank and a credit union and they have money to lend if they know you.

 

I had my local bank VISA credit card number stolen and within six hours they had made over $3000 worth of purchases all over the country. They called my mobile phone to ask if I was making these charges and when I said no, they simply asked what my last legitimate charge was and the rest were eliminated within a few days. They called me one more time as part of their investigation and that was it.

BTW, it turns out a gas station attendant had stolen the number. The card reader in the dispenser was "broken" so you had to go in the store and leave your card with the attendant until you were done pumping gas. NEVER leave your card alone like that.

 

Martin, I may be following you to Argentina. Just bought a 2000 M5 down there and may get a 93 Vette down there soon.

I plan on going down in Feb and start looking at my country property to see where I will build my compound

Think I'm going w a water turbine to power everything since I am right on the river

 

Kind of surprised to see this, I've had the same Visa for at least 10 years. Couple years ago I got banged for about $6000. I had about 20 charges of around $300 each. They took them off with one phone call and even called me back to say they thought they had pinpointed the restaurant where my card had been cloned.

 

I have never had a problem with MC or Visa either. A couple bad charges were taken off with a simple phone call. MY sister has an Amex and had a dispute over a Tv, and Amex eventually sided with the merchant. I think they stink.
BT

 

The whole credit market is a mess ... a TOTAL mess .... they are confused and don't know what to do .. try calling and it gets worst ...
Oscar

 

Although small fries compared to you guys, my bussiness card was through AMEX. It had a 25k limit (of which I used maybe 2k tops) and paid the limit each month. Two months ago I was a few days late (my fault, first time, brain fart) on my payment, I think my balance was maybe 1k. I went to use my AMEX at a hotel and it is declined. The next day I called and they told me my limit had been 'reset' to 1k or whatever, it dropped that much. Keep in mind that in 2 years I never had a late payment nor (except for a month) had I ever let a balance carry. 25k to 1k!!!!

 

Don't worry Todd my limit is also around $25k with Visa. I used to spend about $8k per month, but I have managed to get the spending down to around $2-3k per month. Tough times! Are you planning on detailing some cars for Cavallino at my garage? Tom Yang sent me an email asking for your info. We are planning another "Steak out" but are unsure which night is the best for it.
BT

 

CASH IS KING AND IT WORKS FOR ME.
I CUT UP MY AMEX BLACK CARD 5 MONTHS AGO..........................PERIOD. I JUST USE VISA WHEN NECESSARY.
I LIKE TO KEEP IT SIMPLE.

 

I had the opposite happen with amex.....they sided with the customer, and denied ME, the merchant, and would not even hear my side of the story.

The customer cried/screamed/complained like a cry baby, and even though I made no such promises. amex said "tuff" to me........

 

I'm with Paulie........ CASH is KING.............

 

I have quite a few credit cards which I could charge a few hundred thousand on but I don't have a balance on any cards that go over 30 days. I am going to be pissed if they shut the cards down as I do use one of the cards every month but pay the balance off at the end of the month. I think it really depends on how bad the economy gets before the CC companies start shutting off V an MC cards. I do not have a AXP card because few places except AXP around here.

I think a lot of people are going to throw in the towel and before they do run up their CC's and that is what the cc companies are trying to prevent.

 

unbelievable. a true sign of the times.

just be happy it isn't happening to you on huge construction loans like it is to us developer folk. perhaps it has, as i know you were doing some RE stuff here and up north at one time.

banks blow. they created the issues, they are now amplifying the issues. truly bad. i am not to say so either.

WSJ just had a great article on this type of idiocracy.

 

unbelievable. a true sign of the times. this is happening all across the board.

WSJ just had a great article on this time of baloney a few days back.

 

True. Towel sales should be a growing business!

BT

 

see below

double post, sorry.