Credit Cards

[kisbel65]

I just got a call from my manager from the new company I will be working for and she said I was declined for the AMEX corporate card. She said it was probably an old balance and that I should call them. I did call them and it was from an old AMEX from 1993 that I settled on and now they want to collect the balance of that settlement. I paid the amount and now they are going to run a credit check.

I am scared silly because it took me 5 months to get this job and now it could be taken away in minutes. What are my chances? Since this is a corporate card, do I have a chance. My scores are:

FICO: TU 555, EQ 540

FAKO: EX: 655

[74king]

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kisbel65 wrote:

I just got a call from my manager from the new company I will be working for and she said I was declined for the AMEX corporate card. She said it was probably an old balance and that I should call them. I did call them and it was from an old AMEX from 1993 that I settled on and now they want to collect the balance of that settlement. I paid the amount and now they are going to run a credit check.

I am scared silly because it took me 5 months to get this job and now it could be taken away in minutes. What are my chances? Since this is a corporate card, do I have a chance. My scores are:

FICO: TU 555, EQ 540

FAKO: EX: 655

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Well not to sound insensitive to your situation....but those FICO scores you have posted look kinda shabby,and Amex is known to pull your personal reports to have a looksee. to see if you have a decent paying history.

[kisbel65]

Not to sound too insensitive, but what's with the judgement? The reason people are on this board is to fix their credit. If you are perfect, then I would not bother to come here.

[llecs]

74King was just pointing out that your scores will have to be higher to get in with Amex. I don't know how there approvals work with the corp. card, but when we could pull our EX score, I was declined after apping with an EX FICO near 700.

[Ulan]

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llecs wrote:
74King was just pointing out that your scores will have to be higher to get in with Amex. I don't know how there approvals work with the corp. card, but when we could pull our EX score, I was declined after apping with an EX FICO near 700.

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Direct applications to Amex can even get declined with a 720 FICO score. With corporate cards they are much more lenient, so a mid 600 score should be fine. I'm not sure whether a score below 600 will be sufficient.

[74king]

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kisbel65 wrote:
Not to sound too insensitive, but what's with the judgement? The reason people are on this board is to fix their credit. If you are perfect, then I would not bother to come here.

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No judgement was made.....You statedlike you were surprised that they turned you down for the Corporate Card, well i have that very card. And they look in your personal history even though it reports as business.If you felt disrespected i apologize for my word. No disrespect was intended. I was making a point about the scores because no one with scores such as those would be approved for a coporate card because they look in your personal history.

[llecs]

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Ulan wrote:

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llecs wrote:
74King was just pointing out that your scores will have to be higher to get in with Amex. I don't know how there approvals work with the corp. card, but when we could pull our EX score, I was declined after apping with an EX FICO near 700.

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Direct applications to Amex can even get declined with a 720 FICO score. With corporate cards they are much more lenient, so a mid 600 score should be fine. I'm not sure whether a score below 600 will be sufficient.

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Thanks for the info. Good to know. I also meant to add that my denial was for a personal card.

OP, chances are they will pull EX. Maybe you could do some quick repair like calling in some GWs for any lates or faxing over some PFDs to get any baddie off.

[74king]

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llecs wrote:
74King was just pointing out that your scores will have to be higher to get in with Amex. I don't know how there approvals work with the corp. card, but when we could pull our EX score, I was declined after apping with an EX FICO near 700.

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Thank you Mod....no disrespect was intended.

[Ulan]

It's also really difficult to give any helpful advice in this situation. You cannot improve your score just now. That takes time. If the old defaulted Amex account is the problem, the Optima card would be the solution, but this also works on invitation only and - you probably guessed it - takes time (about a year).

[kisbel65]

Op here: thank you all for the info. I just pulled my TU (it had been two months) and it is 568...close, but not 600. I was surprised that I was not approved because I had a AMEX corporate card before with my previous employer and I was approved. I am so ashamed! I have been trying to fix credit for past 8 months. Wasted time with the wrong credit scores (FAKOs) I was in the low 500 range before. I can't believe this....I was laid off in dec 08 and have been trying to get a job and now this...