I applied for the AMEX Delta Card on Jan 29th and was denied.
I got the denial letter today and here are the reasons:
The number of credit accounts opened recently. What do they consider recently? I have opened 4 new accounts in the last 6 months and 8 in the last year, so this is obviously a valid reason. When will AMEX consider these accounts not new? 1 year or 2 years
Next reason says "Our assessment that you had one or more balance transfers recently. I transferred a balance in August of $1600 to my new US Bank card with 12 months 0%. That transfer is down to $600 so I'm not sure why they consider that to be a problem.
The last reason says sum of CC balances is high to the ratio of credit limits. This ratio only includes accounts opened in the last 6 months. It's interesting that they only looked at the Util on accounts opened in the last 6 months. I opened a Wells Fargo Home Projects visa in August to finance a new air conditioner. This is more like a installment account with a fixed rate of 9% and fixed payment but it reports as a revoving line because as part of the $9200 limit there is a Visa card with a $1000 limit. I have a balance of $7200 on that card, so my Util over the 4 cards opened I the last 6 months is around 50%. My total overall Util is at 34%, half of which is the Wells Card.
Im not not sure why that represents risky behavior as my income is $95000 and supports the new debt that I took on.
I know I jumped the gun out of anxiousness to get in with AMEX. I really have all the credit I need right now and Im not is rush to,get any new credit. I mostly wanted the AMEX for backdating to shore up AAoA as well as the sign up bonus. I will stay in the garden now till the end of the year and reasses my profile then to see if I can try again for an AMEX. My Util should be down to under 10% by then with only 1 balance reporting.
My EX score on AMEX app shows 654.
I was denied too. Just stay consistent and be patient
@IWOL wrote:I applied for the AMEX Delta Card on Jan 29th and was denied.
I got the denial letter today and here are the reasons:
The number of credit accounts opened recently. What do they consider recently? I have opened 4 new accounts in the last 6 months and 8 in the last year, so this is obviously a valid reason. When will AMEX consider these accounts not new? 1 year or 2 years
Next reason says "Our assessment that you had one or more balance transfers recently. I transferred a balance in August of $1600 to my new US Bank card with 12 months 0%. That transfer is down to $600 so I'm not sure why they consider that to be a problem.
The last reason says sum of CC balances is high to the ratio of credit limits. This ratio only includes accounts opened in the last 6 months. It's interesting that they only looked at the Util on accounts opened in the last 6 months. I opened a Wells Fargo Home Projects visa in August to finance a new air conditioner. This is more like a installment account with a fixed rate of 9% and fixed payment but it reports as a revoving line because as part of the $9200 limit there is a Visa card with a $1000 limit. I have a balance of $7200 on that card, so my Util over the 4 cards opened I the last 6 months is around 50%. My total overall Util is at 34%, half of which is the Wells Card.
Im not not sure why that represents risky behavior as my income is $95000 and supports the new debt that I took on.
I know I jumped the gun out of anxiousness to get in with AMEX. I really have all the credit I need right now and Im not is rush to,get any new credit. I mostly wanted the AMEX for backdating to shore up AAoA as well as the sign up bonus. I will stay in the garden now till the end of the year and reasses my profile then to see if I can try again for an AMEX. My Util should be down to under 10% by then with only 1 balance reporting.
My EX score on AMEX app shows 654.
I would say six months. I was denied for too many inqs/new accounts. Waited six months and got instant approvals. First round I picked up two cards. Second round (seven months later) I picked up three cards. Next round in another five months if I can keep myself in the garden will be for 2 to 3 new cards (one of which will be a biz card). I do not intend to app for more than three cards in any one six month cycle, but will try to limit it to two (some outrageous bonus offer may have me break this rule but otherwise I want to spread them out). On a side note I will not always apply right after six months (that's the minimum, but some cards will have special offers and I may wait for one of those offers to pop up before pulling the trigger, which may happen in July).
;
@peaceonearth wrote:
@IWOL wrote:I applied for the AMEX Delta Card on Jan 29th and was denied.
I got the denial letter today and here are the reasons:
The number of credit accounts opened recently. What do they consider recently? I have opened 4 new accounts in the last 6 months and 8 in the last year, so this is obviously a valid reason. When will AMEX consider these accounts not new? 1 year or 2 years
Next reason says "Our assessment that you had one or more balance transfers recently. I transferred a balance in August of $1600 to my new US Bank card with 12 months 0%. That transfer is down to $600 so I'm not sure why they consider that to be a problem.
The last reason says sum of CC balances is high to the ratio of credit limits. This ratio only includes accounts opened in the last 6 months. It's interesting that they only looked at the Util on accounts opened in the last 6 months. I opened a Wells Fargo Home Projects visa in August to finance a new air conditioner. This is more like a installment account with a fixed rate of 9% and fixed payment but it reports as a revoving line because as part of the $9200 limit there is a Visa card with a $1000 limit. I have a balance of $7200 on that card, so my Util over the 4 cards opened I the last 6 months is around 50%. My total overall Util is at 34%, half of which is the Wells Card.
Im not not sure why that represents risky behavior as my income is $95000 and supports the new debt that I took on.
I know I jumped the gun out of anxiousness to get in with AMEX. I really have all the credit I need right now and Im not is rush to,get any new credit. I mostly wanted the AMEX for backdating to shore up AAoA as well as the sign up bonus. I will stay in the garden now till the end of the year and reasses my profile then to see if I can try again for an AMEX. My Util should be down to under 10% by then with only 1 balance reporting.
My EX score on AMEX app shows 654.
Your income is $95,000.00 it is a pretty good money, why balance transfer of $1600.00? pay it off. I think lenders look at this way too..
+1.
Reasonable question of where's the money going if not to pay off the debt? They may be able to determine balance transfer, and they could back-in to 0% based on the payment information on one's report, but doesn't mean they're going to like it unfortunately.
Is a bit awkward as certainly over the last year if I had a 0% debt I would've left it hanging and done something else with the money (could've picked non-penny stocks on a Ouija board last year been in the money) but lenders in general and likely Amex in particular would rather have their debt repaid ASAP.
