Amex Reconsideration

Uncle_Money · ‎08-05-2016

[Note to Moderators: I'm listing under this category because I had to personally guarantee this credit card]

Hey guys,

Maybe you can help shed some light on this. So last night I apped for the Amex Simply Cash Plus business card. I did this online and it wasn't instantly approved. I was surprised because my credit history is stellar. Got an email almost immediately thereafter to only find out I was denied. WHAT?! Denied with a near 800 credit score and 8 year history with Amex? I thought I was a guaranteed approval!

Not so fast I then found out. I read the electronic letter and the reason was due to a returned payment in the last 30 days. Long story short, that wasn't my fault, I immediately made another payment once I found out my original payment was returned and Amex assured me of no adverse action. Not my fault.

Here's a copy of the letter:

So I just called the new app department and asked for a recon. The rep told me it can take up to 10 days. I explained my reasons and she noted them with the recon. Has anyone had any recent luck with Amex recons and do you guys think the odds of a successful recon are high considering this was the only factor? I thought I would be able to talk directly to an underwriter but no such luck. Should I call back and speak to a supervisor?

If anyone has a backdoor # I can try, please let me know that too. Thanks guys.

Uncle Money

kdm31091 · ‎08-05-2016

@Uncle_Money wrote:
[Note to Moderators: I'm listing under this category because I had to personally guarantee this credit card]

Hey guys,

Maybe you can help shed some light on this. So last night I apped for the Amex Simply Cash Plus business card. I did this online and it wasn't instantly approved. I was surprised because my credit history is stellar. Got an email almost immediately thereafter to only find out I was denied. WHAT?! Denied with a near 800 credit score and 8 year history with Amex? I thought I was a guaranteed approval!

Not so fast I then found out. I read the electronic letter and the reason was due to a returned payment in the last 30 days. Long story short, that wasn't my fault, I immediately made another payment once I found out my original payment was returned and Amex assured me of no adverse action. Not my fault.

Here's a copy of the letter:

So I just called the new app department and asked for a recon. The rep told me it can take up to 10 days. I explained my reasons and she noted them with the recon. Has anyone had any recent luck with Amex recons and do you guys think the odds of a successful recon are high considering this was the only factor? I thought I would be able to talk directly to an underwriter but no such luck. Should I call back and speak to a supervisor?

If anyone has a backdoor # I can try, please let me know that too. Thanks guys.

Uncle Money

I wouldn't call back. They told you it will take up to 10 days, so leave it alone until you hear anything. If you call too many times, it will be noted, and you'll just end up appearing desparate which creditors don't like to see.

That said, Amex is really not big on recons or overturning decisions unless there is a true inaccuracy on your credit file. You said you had a returned payment. I don't see how a returned payment is not your fault -- either you typed an account in wrong, or you had NSF, etc. It's not the end of the world, but not sure how it could be attributed to anyone else.

So in short, I don't see huge chances here. Returned payments usually put you on a "bad list" with creditors for awhile, and the only cure is time and consistent payments.

Uncle_Money · ‎08-05-2016

Not my fault as in all the information I provided to the rep, including routing and acct # to make the payment was correct.

8 years and 1 return payment, which I immediately corrected so I doubt I'm on any "bad list."

We shall see what happens. I will report the results back.

UM

Anonymous · ‎08-05-2016

That is definitely unfortunate. I hope it works out for you. Keep us posted on the outcomr.

Uncle_Money · ‎08-05-2016

Thank you!

kdm31091 · ‎08-05-2016

@Uncle_Money wrote:
Not my fault as in all the information I provided to the rep, including routing and acct # to make the payment was correct.

8 years and 1 return payment, which I immediately corrected so I doubt I'm on any "bad list."

We shall see what happens. I will report the results back.

UM

Unfortunately, it really doesn't matter, because once a returned payment occurs, you are flagged in the system as having a returned payment. The computer doesn't really care who was at fault or how quickly it was fixed. There is, by and large, not a human sitting there writing this list on a notepad -- it's all a system. Returned payment = bad in the eyes of the creditor.

You are free to believe or not believe, and I'm not saying it will cause you issues forever, but in the short term, you are unlikely to have much luck with the creditor becuase of it.

Uncle_Money · ‎08-05-2016

Yes, I agree. A returned payment can't be a good thing. I'm not ignoring that factor. However, this is why I submitted a recon explaining my side of the story. Unless you ask, you don't receive. I asked, so let's see if I receive!

creativeZero7 · ‎08-05-2016

I don't have much experience with AMEX, but the more I hear, the less they impress me. I am an AU on an AMEX BCE and was considering a business card or personal from them, but I just don't enjoy seeing how they treat their customers. Eight years, multiple cards with them...you would think they would appreciate the business and overide their system for you on the first call. I hope it works out well and sorry that happened. Keep us posted!

Uncle_Money · ‎08-05-2016

Agreed! Well said creative!

Yes, I will post the outcome and thanks.

UM

takeshi74 · ‎08-05-2016

@Uncle_Money wrote:
Denied with a near 800 credit score and 8 year history with Amex?

It's never just about score. It's also not just about your history with a given creditor. You entire credit profile matters with any creditor.

In this case, your recent late also played a significant role.

Which score is that? What model? What CRA? Is that model & CRA the same as the one used by AmEx? Keep in mind that you don't have just one score. There are many scoring models used by creditors and for most models you have a score with each of the 3 major CRA's. Don't just rely on one score for all creditors out there. If you want to know where you stand score-wise with for a product then you need to know the model & CRA used in the decision and then go pull that specific score. You cannot use a score generated by one model to determine a score generated by a different model. Different models evaluate report data differently and can have different scoring ranges.

@Uncle_Money wrote:
Not my fault as in all the information I provided to the rep, including routing and acct # to make the payment was correct.

8 years and 1 return payment, which I immediately corrected so I doubt I'm on any "bad list."

It doesn't hurt to try. We're just telling you the general trend with AmEx. They generally don't recon unless there's an error on a report. I'm not sure how your specific situation would slot in any, in any case, you'd have to contact AmEx anyway to determine the answer to your question regardless of what we say. We're not AmEx.

"X years" really doesn't matter. Issues with payments are of signficant concern to creditors. I agree with you that a mistake on their part shouldn't be held against you but whether or not they will budge on policy is an entirely separate matter. Even if they don't, 30 days is a short timeframe.

@Uncle_Money wrote:
If anyone has a backdoor # I can try, please let me know that too.

There's a sticky with backdoor numbers. Don't overlook the stickies in each subforum as well as prior threads as resources.