American Express is paying some of its members $300 to close their accounts. Amex has been know to cater to wealthy clients expanded their base to people outside of this sphere. The plan has backfired and they are losing millions. American Express is looking to manage credit risk based on customers credit scores and credit profiles. Accounts must be closed by the end of March.
Credit Card companies are cutting credit lines
Just like their competition Capital One, Chase, Discover and Citibank, American Express is selectively cutting credit limits to customers and not going after as many new clients. Keep an eye on your mailbox, that credit card in your walled may be finding a new home in the garbage can.
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Posted in Consumer Information
Credit card companies are hurting your credit score with the new rules that are coming out. Across the board credit card companies are cutting credit lines, lowering credit spending limits and closing credit card accounts. Well this may seem benign to some it is actually hurting your credit score. When your credit card is closed, all of your credit history goes with it. Continue Reading »
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Posted in General Debt Articles
Can you go to jail if you do not pay your credit card bill? No, If you stop paying your credit cards, your life will become a lot more difficult. The first thing that will happen is that your credit score will drop like a rock. A few late payments can drop your fico score as much as 200 points. Your credit card company is going to raise your interest rates and start tacking on late fees.
When Will Creditors Starting Calling Me If I Get Behind On My Bills? Continue Reading »
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Posted in General Debt Articles
If you are considering transferring your credit card balance to a new low rate 0% APR card you may want to reconsider. Transferring your balances often can hurt your credit score. You may only want to do it maybe once a year.
Should I Leave My Old Credit Card Open If I Do A Balance Transfer? Continue Reading »
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Posted in Credit Restoration Articles
What happens to my fico score if I cancel my credit card? canceling a credit card does not eliminate your responsibility to repay the debt. What it can potentially do is to lower your credit score. A percentage of your credit score is determined by your credit history. When you cancel a credit card, your credit history goes with it. Canceling a bunch of credit cards and moving the debt to another credit card will hurt your credit score in most cases. Continue Reading »
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Posted in Credit Card Articles
