I have an credit card account with American Express that was opened up several years ago while still married to my (now) ex-husband. During the divorce, I had to ask American Express to close the account because the ex kept trying to use it! After the divorce, I called them to try to change my payment due date by 5 days. I work for the state and we only get paid once a month - on the last working day each month. The payment with American Express, now that I was on a single income, was going to be due 5 days before I got paid. They refused. They said because I closed the account, they wouldn't be able to change the due date. I struggled with them - paying late - assessing a late fee until September of 2008. At that time, American Express made headlines for their tactic of changing customers minimum payments and interest rates in lieu of a shaky economy. Low and behold, I was one of the customers they did this to. My minimum payment went from $215 a month to $357 and my 9.9% interest went to a whopping 27.99%! I called them about this and was, again, told that they couldn't do anything to help me because the account was closed. I called them several more times and was told a different reason each time varying from "it was changed because you've always paid late," to "we are trying to get customers to manage their debt better." I went ahead and paid them my $215 because that was all I could afford. I've done that each month. But now, on my January statement, my minimum payment is now $505 (due to finance charges). My average finance charge each month is $284.09 - more than my payment each month! I am never going to get ahead on this. I called them today, again, and begged them to help me out. All they would offer me is their "Care Program." I looked online and can find nothing on it. I just want to know if it is ligitimate. Basically it works like this...you pay a set amount each month - for me it will be $230. For 6 months, all fees are dropped and interest is zero. Then for 7-12 months, interest is 9.99% Then after 12 months, the interest will go back to what it was (in my case 27.99%) and all fees come back. I'm wondering if it is worth the effort. I am concerned that in a years' time after this program ends, I will be right back where I was. I really can't see how this program will help me. I've exhausted other means to pay off this debt. I checked on re-financing my home and was told by most companies that because I haven't been in it a year, they cannot use my equity (I bought my home with about 4,000 dollars of equity in it at the purchase date). I won't be in the home a year till this June. I tried to get a loan and could only get one for $5,000.00. That's not even half of what I owe American Express. I'm afraid to get that loan and give it to American Express since they have given me no hope of lowering that ridiculous interest rate. I need some good advice. Can anyone help me?

DownUnder

Poor thing! all you can do is blame someone else for your lack of responsiblity! I quess your rambling on is the only way you can console yourself! those who blame others for their misfortunes have poor self worth!
I refuse to reply anymore to your posts because I will not lower myself to your standards . I feel sorry for you. you must have no life at all! such a pity .....................oh by the way I will request that the administrators
remove your rambling as this is a help desk not a counseling session! also where did you get the idea I worked for american express?! Thats a laugh!

dincher

LOL - I won

HUDMAN

How about this? I have never missed an AX payment - EVER! I've had an AX card for over 20 years. I have also never barrowed over my credit limit. And, I make more money now than I ever have in my entire life. But... AX still decided (in their best interest?) to reduce my credit line from $40,000 to $500 on one card, and reduce my credit line to just BELOW what I owe on another, creating an Over-The-Limit fee, and my beautiful 8.99% rate is now a 27.99% rate. Because of this, my credit score went down almost 100 points.

What did I do? I sent them the damn $1,500 and paid it off, but what I really want to do is try to figure out how much more it's going to cost me on new loans, because of my now lower credit score, and how much more money it will cost to get my score back to where it was, and sue AX for that amount.

I think it's funny... Those with bad credit will stop paying them, (AND I DON'T BLAME THEM!) and those with good credit will NEVER EVER EVER - I MEAN EVER use them again. How are they going to stay in business? Most businesses don't accept AX anyway - I wonder how much governmet bailout money they'll be looking for once they run off all their existing customers and are looking at their own credit problems... I hope I get to vote on that one...

gilmores33

Thanks for providing this valuable info. some people do appreciate it.

My wife has had perfect credit her entire life and has been using an AMEX to help her purchase inventory for an online retail shop she owns. Several months ago, she was hit with an unexpected invoice. She called AMEX immediately and explained that it was unexpected and asked if she could pay over time. They put her into the CARE program and she's been making automatic payments for several months.

Today, she received a letter from another creditor stating they were lowering her credit limit due to a collection status on her credit report. Low and behold, there it was... American Express collection. She called AMEX and explained that she would've never accepted the offer if she knew it would negatively affect her credit report. They told her there was nothing they could do about it.

Is this a common complaint? They said they read her a disclosure with this information. As I've said, she's never had so much as a late payment and now this is affecting her scores enough to hurt other creditor relations.

What do you suggest? Is it possible to get this off of her report?

thanks!
KC