Consumer complaint received 2024-12-11 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: PA

Complaint narrative:
I submitted my application for an American Express Gold Card, Reference : XXXX, originally submitted on XX/XX/year>. My application was initially denied with the explanation : " Due to the freeze you placed on your credit file, we can not obtain the necessary information to process your application. '' Upon receiving this denial, I promptly unfroze my credit file. Following this, American Express conducted a credit check and pull on my credit file, resulting in a hard inquiry. Despite this, I have not received an updated adverse notice letter or a valid explanation for the decision made after accessing my credit. 
I have also explicitly demanded the return of the application, along with the voiding of the associated negotiable instrument if the application should not be honored on XX/XX/year>. American Express has not given an updated adverse notice, nor have they returned the application which strongly suggests that American Express has accepted and treated the application as a negotiable instrument or asset with value, without fulfilling their obligations to extend credit or provide adequate consideration. Additionally I sent a letter to XXXX XXXX XXXX and many others essentially stating the same as the prior letter, respectfully request a detailed explanation of the specific reasons for this denial, as required by the Equal Credit Opportunity Act ( ECOA ), which mandates that creditors provide applicants with clear reasons for adverse credit decisions, and giving them notice of their duties as per their SEC filings. Securitization of Receivables : American Express organization 's practices demonstrate that accounts and receivables are actively securitized and treated as valuable assets. For instance : American Express, as the Servicer, manages funds on behalf of certificateholders, establishing accounts such as the " Principal Funding Account, '' which are held by XXXX XXXX XXXX XXXX XXXX XXXX  as Trustee for securitization purposes. 
" Eligible Accounts '' include credit or charge accounts or lines of credit maintained by account owners and transferred for the benefit of certificateholders under strict criteria.

" Eligible Receivables '' created under such accounts are governed by legal and regulatory standards, emphasizing their classification as assets with inherent value.

American Express has failed to respond and is violating many laws and I believe this constitutes discrimination as well. I respectfully request a detailed explanation of the specific reasons for this denial, as required by the Equal Credit Opportunity Act ( ECOA ), which mandates that creditors provide applicants with clear reasons for adverse credit decisions. I also request that you reconsider the application. The denial not only appears to disregard the value I provided but also constitutes a failure to acknowledge the consideration extended. The signed and endorsed application, including my personal information, is a security under the law, which they are bound to recognize. As noted under 3-303 of the Uniform Commercial Code ( VALUE AND CONSIDERATION ), value is established when something of legal significance is given. By denying the application without lawful justification, American Express may be violating its obligations under both the ECOA, Federal Reserve Act, and the Securities Exchange Act. As per the Federal Reserve Act Section 16.1 : Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are hereby authorized. And The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 10A, 10B, 13, or 13A of this Act, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers ' acceptances purchased under the provisions of said section 14, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof, or assets that Federal Reserve banks may purchase or hold under section 14 of this Act or any other asset of a Federal reserve bank. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. I feel robbed of my rights and have not been heard justly as I have not been provided remedy or resolve to such injury.

Company response to consumer: Closed with explanation