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Recent Posts Tagged With 'american express'
Credit Card Delinquency Getting Better And Worse
As always different sources try to spin the same stories as good and bad. According to Transunion the delinquency has improved. They base that on the data they collect (which they don’t do very accurately). Just pull up your credit report...
Credit card charge offs falling while delinquency rising. Right!
I have worked in collections for 20 years and though I don’t have internal reports to look at to determine why this is happening while unemployment has risen consistently for the last few quarters the answer is quite simple. Credit card compan...
Why did my credit card rate go up?
You have good to perfect credit, a high FICO score, and you haven’t made any late payments to any creditor. Why the surprise when you open your statement and your credit card company gives you an unwanted gift in the form of higher rates, hig...
FICO on Credit Card Limit Reductions (It’s Not You, It’s Me)
It’s funny that most credit card companies have been mailing out cancellation notices or credit limit reduction letters explaining a change on your credit report has occurred that has caused them to take that action against you. What they don...
American Express “Financial Review” update
I thought I would blog about this since I have been getting requests of what this means. Some people thought maybe there is someone trying to open up another account or something devious. The good news is that is not the reason. “So why wou...
Credit card defaults on the rise
It’s funny how the news media continue to report the economy is better, and yet all the other information coming out is bad. A good indicator of how people are doing is the rate of delinquency on credit cards. Right now they are at extremel...
More credit card limit reductions and cancellations on the way
This isn’t new information to those already affected by it, but as the economy continues with higher unemployment and ever increasing foreclosures, more consumers will become the new profiled customer to be cut off. We have new laws tha...
Another loyal American Express customer betrayed.
I probably have a dozen Amex posts on my blog since February 2008 and have many comments from people who have experienced the same things. Even to this day, I get comments and what usually triggers it is the overnight without warning credit limit re...
Class action lawsuit against bank for credit limit reductions
This is the first article where I have seen a class action lawsuit against a major bank for reducing credit limits on home equity lines. I think this is a bit different in the credit card limit reductions in that most of these home equity loans hav...
Bank credit card bailouts, delinquency rates, and bankruptcy (consumer credit card bailouts).
First of all there are conflicting reports on credit card delinquency rates. I would expect in a good economy, the delinquency would improve and of course in a bad economy the delinquency rate would get worse. The consumer bailout also known as b...
Many cardholders at AmEx, B of A., Citigroup, J.P. Morgan Chase, and HSBC had their active cards canceled before they received notice.
OK, I just read this today on the Wall Street Journal but if you read my American Express blog post with many comments on them with similar experiences, then you know this has been going on for some time. This stuff happened to me in February 2008....
Obama Credit Card Bailouts and Negotiations
I recently got a comment from a reader that inspired me to write this post. This is what Denise wrote in my previous post on the credit card bailout. I am ill and have not been working for past 2 yrs. We have been struggling with credit debt ...
How many times will we bail out the same insolvent companies?
So the plan so far has been bail out the insolvent companies, keep them afloat so they can pay CEOs off with tax payer’s money, for one quarter cook the books so they reflect a profit, only to have them post even bigger losses next quarter (s...
Credit cards, charge offs, and bailouts
The credit card companies started to cut credit limits, increase rates, and cancelling cards. Along the way, they started raising the minimum monthly payments from 2.5 to 5%. The result of course is higher rates of charge offs and credit card com...
What does personal credit card write offs/ charge offs mean to the economy?
The numbers have not improved even though many analysts and experts have predicted the recession has ended or is about to end. My guess is when the personal credit and charge card write offs increase that means people are living off credit cards ti...
Amex credit card class action lawsuit
Over a year ago, I posted about my personal American Express credit card experience where my credit limit or credit line was drastically reduced overnight. I have received many comments on that post. I am still getting comments and as more people...
221 American Express credit line reduction comments
I blogged about my personal American Express credit limit reduction over a year ago and that has probably been the most visited post I have. Basically after someone does a google or yahoo search by typing in key words like: american express reducin...
When will the credit card bailout begin?
Many people think there will be a credit card bailout that will help them out. Unfortunately, like all the bailouts we have seen are set up not to help the American people but the greedy companies. These companies are insolvent and should be allo...
