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Regular Contributor
VegasKyle
Posts: 184
Registered: ‎02-12-2010
0

AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?

So I had some credit misuse/mismanagement problems in my early 20's.  I found this forum 3 years ago and decided the only that was really going to rehab my credit was time.  I paid everything I could and let some of the older collections just fall off.  I got to the point late last year that I didn't have anything bad on my credit reports, only a closed capital one account that was still showing on my Experian report and may be helping due to the AAOA.  I was to the point that Experian didn't have a score at all for me because of no history

 

I've banked with Wellsfargo for the past 3-4 years and on a whim decided to apply for one of their credit cards( Feb 1st).  Somewhat to my surprise I was approved and they gave me a $1500 credit limit.  I thought I would test the waters and apply for an AMEX Green charge card.  I was declined and the reason stated on the denial letter was:

 

"We have been unable to obtain your consumer credit bureau score from the agency (ies) identified below."

"No undisputed tradelines exist with a status date or a balance within the last 6 months.  (Experian)"

 

I decided to sign up for Experian's credit monitoring service or whatever they call it.nnI got an "alert" from them and logged into my account and viewed the report.  The WF credit card was reporting and now they had a "Fako" credit score of 765 listed for me.  I was shocked it was so high, I know its not a real FICO score but it considering the last Fako score was from 8/2012 and was 587 it was certainly good news. 

 

I called up AMEX, gave them the reference number from the denial and told them of my changed circumstances.  The CS rep encouraged me to reapply for the green charge card and after calling my bank to verify my address I was approved.  Exciting!  I then looked through the forums for some info on other cards to apply for and picked HSBC (because they pull experian) and the WalMart Discover card (good rep and ability to get fico scores).  Well I was denied for both.

 

I then thought since AMEX had approved me for a charge card maybe I should apply for a credit card too.  I called CS (side note, as someone who has worked extensively in CS and Sales, their people are good!) and asked about the possibility of applying for the Gold Delta SkyMiles card.  The rep said that having just been approved for a Charge card the same day would not be a determent and could only help my chances.  Approved! The credit limit is only $1000 but the CS rep said after 60 days if I was in good standing I should receive an CLI, and the low starting limit was mostly due to being a new customer and a short history with revolving credit.  

 

All in all I am extremely happy but I find it strange that I would have no problem with AMEX and get instantly denied by everyone else.  Granted I only applied for 2 additional cards but I was still surprised.  I've herd AMEX uses their own criteria to evaluate credit worthiness, could it be I just happen to look good to them and nobody else? 


Starting Score: EQ 599, TU 577
Current Score: EQ 703 9/20/14(HI 741 on 5/13), TU 690 10/1/14 (HI 751 on 5/13), EX 700 10/1/14
Goal Score: 750+


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Regular Contributor
VegasKyle
Posts: 184
Registered: ‎02-12-2010
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Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?

Follow up question.

 

Should I apply for more cards now before the Hard Inquiries post or will that hurt my chances at a 3x CLI on the Amex CC 61 days from now?

 

I'd like to get another credit card to help my utilization stay low.   


Starting Score: EQ 599, TU 577
Current Score: EQ 703 9/20/14(HI 741 on 5/13), TU 690 10/1/14 (HI 751 on 5/13), EX 700 10/1/14
Goal Score: 750+


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Regular Contributor
luckelle
Posts: 168
Registered: ‎12-05-2007
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Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?

From what ive read with other amex card holders you should wait for the increase then apply for other cards. A bird in the hand beats two in the bushes. lol

Starting Score: 5/2012 TU 595, EQ 565, EX fako 547
Current Score:as of 9/2012, TU 626,Walmart 612, EQ 600, EX fako 623
Goal Score: 640 by dec 2013
BofA Au 13000, Amazon 600, Capt1 300, Walmart 150
When all else fails pay it!


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Senior Contributor
myjourney
Posts: 26,602
Registered: ‎02-07-2013
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Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?

Congratulations

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Frequent Contributor
mnavas
Posts: 408
Registered: ‎02-04-2013
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Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?


VegasKyle wrote:

Follow up question.

 

Should I apply for more cards now before the Hard Inquiries post or will that hurt my chances at a 3x CLI on the Amex CC 61 days from now?

 

I'd like to get another credit card to help my utilization stay low.   


Hard Inquiries will show up in your report (s) inmediatelly as soon as you hit the "submit" bottom in an instant desicion application As for your new accounts, they will appear in your reports in 1 or 2 months

Super Contributor
enharu
Posts: 6,972
Registered: ‎02-27-2013
0

Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?

congrats!!!!!!!!!!!!!

I am so excited for you (and me) haha.


I plan to apply for Amex sometime this week whenever Bloomingdales decide to update :smileyvery-happy:

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
thom02099
Posts: 1,326
Registered: ‎08-30-2011
0

Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?


VegasKyle wrote:

So I had some credit misuse/mismanagement problems in my early 20's.  I found this forum 3 years ago and decided the only that was really going to rehab my credit was time.  I paid everything I could and let some of the older collections just fall off.  I got to the point late last year that I didn't have anything bad on my credit reports, only a closed capital one account that was still showing on my Experian report and may be helping due to the AAOA.  I was to the point that Experian didn't have a score at all for me because of no history

 

I've banked with Wellsfargo for the past 3-4 years and on a whim decided to apply for one of their credit cards( Feb 1st).  Somewhat to my surprise I was approved and they gave me a $1500 credit limit.  I thought I would test the waters and apply for an AMEX Green charge card.  I was declined and the reason stated on the denial letter was:

 

"We have been unable to obtain your consumer credit bureau score from the agency (ies) identified below."

"No undisputed tradelines exist with a status date or a balance within the last 6 months.  (Experian)"

 

I decided to sign up for Experian's credit monitoring service or whatever they call it.nnI got an "alert" from them and logged into my account and viewed the report.  The WF credit card was reporting and now they had a "Fako" credit score of 765 listed for me.  I was shocked it was so high, I know its not a real FICO score but it considering the last Fako score was from 8/2012 and was 587 it was certainly good news. 

 

I called up AMEX, gave them the reference number from the denial and told them of my changed circumstances.  The CS rep encouraged me to reapply for the green charge card and after calling my bank to verify my address I was approved.  Exciting!  I then looked through the forums for some info on other cards to apply for and picked HSBC (because they pull experian) and the WalMart Discover card (good rep and ability to get fico scores).  Well I was denied for both.

 

I then thought since AMEX had approved me for a charge card maybe I should apply for a credit card too.  I called CS (side note, as someone who has worked extensively in CS and Sales, their people are good!) and asked about the possibility of applying for the Gold Delta SkyMiles card.  The rep said that having just been approved for a Charge card the same day would not be a determent and could only help my chances.  Approved! The credit limit is only $1000 but the CS rep said after 60 days if I was in good standing I should receive an CLI, and the low starting limit was mostly due to being a new customer and a short history with revolving credit.  

 

All in all I am extremely happy but I find it strange that I would have no problem with AMEX and get instantly denied by everyone else.  Granted I only applied for 2 additional cards but I was still surprised.  I've herd AMEX uses their own criteria to evaluate credit worthiness, could it be I just happen to look good to them and nobody else? 



First, CONGRATS on your success with AMEX!  Two cards from them is a good thing! :smileywink:

 

Second, based on your signature and the Fico Challenge, it probably would be wise for you to pull your reports from here and get your ACTUAL Fico scores for TU and EQ.  Yes, TU here is TU98, an older version, but you'll have a baseline for knowing where you are.  AND this could be a clue as to why you got declines from the other card issuers, when you go in to the content of the reports.  Your "credit misuse/mismanagement problems in my early 20s" statement may also be problematic, in that there are things on the TU and EQ reports that might be hindering your recovery. 

 

You mentioned that you bank at Wells Fargo.  One thing you might also try is to go to them, see if they can SP your EX report (if that's the CRA that they use where you are), and if so, get your true EX report.  My CU will do that for me (they pull EX), so WF may be able to help you get a true EX Fico. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Valued Contributor
thom02099
Posts: 1,326
Registered: ‎08-30-2011
0

Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?


VegasKyle wrote:

Follow up question.

 

Should I apply for more cards now before the Hard Inquiries post or will that hurt my chances at a 3x CLI on the Amex CC 61 days from now?

 

I'd like to get another credit card to help my utilization stay low.   


The HP are there already.  And depending on what the total picture is with your EX report, that 3x CLI may not be a given. 

Other card issuers, depending on which ones you are interested in, may or may not pull EX.  Don't forget TU and EQ.  Get those scores before you consider additional applications.  Know the big picture of where you are with all 3 CRA. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Regular Contributor
VegasKyle
Posts: 184
Registered: ‎02-12-2010
0

Re: AMEX loves me(2 cards in one day) but nobody else seems to. Strange or not?

[ Edited ]

 thom02099 wrote:


VegasKyle wrote:

snip....



First, CONGRATS on your success with AMEX!  Two cards from them is a good thing! :smileywink:

 

Second, based on your signature and the Fico Challenge, it probably would be wise for you to pull your reports from here and get your ACTUAL Fico scores for TU and EQ.  Yes, TU here is TU98, an older version, but you'll have a baseline for knowing where you are.  AND this could be a clue as to why you got declines from the other card issuers, when you go in to the content of the reports.  Your "credit misuse/mismanagement problems in my early 20s" statement may also be problematic, in that there are things on the TU and EQ reports that might be hindering your recovery. 

 

You mentioned that you bank at Wells Fargo.  One thing you might also try is to go to them, see if they can SP your EX report (if that's the CRA that they use where you are), and if so, get your true EX report.  My CU will do that for me (they pull EX), so WF may be able to help you get a true EX Fico. 


I'm going to pull my reports now.  The only reason I zeroed in on Experian is because that was the only thing listed on my initial denial from AMEX. I'll also go into Wells Fargo and see if they can pull my Experian report like you suggested.  I know for a fact they HP from Experian when I applied for their card.


Starting Score: EQ 599, TU 577
Current Score: EQ 703 9/20/14(HI 741 on 5/13), TU 690 10/1/14 (HI 751 on 5/13), EX 700 10/1/14
Goal Score: 750+


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