Consumer complaint received 2024-03-25 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY
State: CA

Complaint narrative:
I applied for an American Express Platinum Card and they did not approve my application reason being XXXX  score. Per American Express 10-K Annual Report it states on page 44, Our ability to assess creditworthiness may be impaired if the criteria or models we use to manage our credit risk become less predictive of future losses. And Although we make estimates to provide for credit losses in our outstanding portfolio of loans and receivables, these estimates may not be accurate. In addition, the information we use in managing our credit risk may be inaccurate or incomplete. Although we regularly review our credit exposure to specific clients and counterparties and to specific industries, countries and regions that we believe may present credit concerns, default risk may arise from events or circumstances that are difficult to foresee or detect, such as fraud. We may also fail to receive full information with respect to the credit risks of our customers. In addition, our ability to manage credit risk may be adversely affected by legal or regulatory changes. This means that going off of a XXXX  score can and most likely is inaccurate; and giving me an adverse action : a denial or cancellation of, an increase in any charge for, or a reduction or other adverse or unfavorable change in the terms of coverage or amount of, any insurance, existing or applied for, in connection with the underwriting of insurance ; per 15 USC 1681 ( k ) ( 1 ) ( b ) ( i ). There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer s right to privacy. Which American Express did not do by denying my credit. They violated Section 11 of the Securities Act because they sold my application and the underwriters gave me and adverse action over something they stated was not accurate. Also the Annual Report on page 81 goes into how they are securitizing our accounts and applications. As of XX/XX/XXXX, we maintained our committed, revolving, secured borrowing facility, with a maturity date of XX/XX/XXXX, that gives us the right to sell up to {$3.00} XXXX XXXX  XXXX XXXX XXXX XXXX notes from the American Express Issuance Trust II ( the Charge Trust together with the Lending Trust, the Trusts ). We also maintained our committed, revolving, secured borrowing facility, with a maturity date of XX/XX/XXXX, that gives us the right to sell up to {$2.00} XXXX face amount of eligible XXXX certificates from the XXXX XXXX. Here is another example of my security being sold and I am not getting all of the interest off of it and never credited my account from the dividend payment that they made off of my treasury coupon per the Electronic Funds Transfer Act. All of this is to prove that American Express has violated my public interest rights and security rights ; and needs to immediately reverse my denial and provide me with what is owed to me because I am the one who gave them the security to gain interest, and they have cut me out and not given me what is due.

Company response to consumer: Closed with explanation