03-25-2012 07:10 AM
This is a repost from a message I posted in the Credit Cards section. Hopefully a moderator will close the other one because this is about business CC.
I just applied earlier today online for AMEX Plum business card. I have a peculiar situation in that I am the president of a corporation and am trying to get this card for its trade term benefits. I was denied.
Reason(s) for Our Decision
Our scoring of your credit and other relevant information (See below)
Amount of credit available on accounts (Experian)
Number of trades (Experian)
Insufficient time in business
High utilization of credit lines or insufficient utilization information (Experian)
The following are the key factors that contributed to your FICO score:
Length of time accounts have been established.
Proportion of loan balances to loan amounts is too high.
Length of time revolving accounts have been established.
Too many consumer finance company accounts.
Too many inquiries in the last 12 months
I only have one credit card (since June 2011), which has a 4000 limit, PIF every month after the cycle, I used to carry a ~7% balance while I had 0 APR. I have a closed lease car account with Toyota that was paid on time for 3 years. I have one student loan that doesn't require payments or charge interest until 2013 (2,000). My FICO score pulled from Amex from Experian was 736.
I know I can dispute that the business is established and stable, making over 30k revenue a month. I would like to know what "Proportion of loan balances to loan amounts is too high" means, which I think refers to the fact that I haven't paid anything on my 2k student loans. Also what "High utilization of credit lines or insufficient utilization information (Experian)" means. This card would help our business secure better discounts with suppliers a lot. Do you have any advice and suggestions of things I should mention? I don't understand what kind of information I should give to the new accounts agent: How the card will help us? How the business is stable? or just how my loans aren't due at all?
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