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Amex denial letter question???

Frequent Contributor

Amex denial letter question???

So I got my denial letter from Amex today it listed

 

 Reason for our decision= FICO score (610)

 Key factors that contributed to your fico score= Collection and lack of revolving account information

 

My question is would I have been approved with a higher score? Or do I have to get rid of a the "key factors" as well?

 


Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
Current Score: TU04 774, EQ5.0 761/ EXv2 783
New goal 800
Cap1 QS $17k, Chase Southwest- $15k, Discover IT - $40k
Message 1 of 13
12 REPLIES
Established Contributor

Re: Amex denial letter question???


mmmlive1999 wrote:

So I got my denial letter from Amex today it listed

 

 Reason for our decision= FICO score (610)

 Key factors that contributed to your fico score= Collection and lack of revolving account information

 

My question is would I have been approved with a higher score? Or do I have to get rid of a the "key factors" as well?

 


I don't think so. IMO, you'd have to fix both issues. I've read of AMEX approvals with mid to high 600 scores, but derogs seem to always be a deal breaker.

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


Message 2 of 13
Valued Contributor

Re: Amex denial letter question???

Well let's be honest here. The two are very related. Your score is low because of your collection, so if you fix that and establish revolving accounts, your score will improve. Now, will that alone ensure you get an Amex?  Maybe, but probably not. It is certainly a start, though. 

 

Have you looked into secured cards to establish revolving history?


In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 3 of 13
Frequent Contributor

Re: Amex denial letter question???


SnackTrader wrote:

Well let's be honest here. The two are very related. Your score is low because of your collection, so if you fix that and establish revolving accounts, your score will improve. Now, will that alone ensure you get an Amex?  Maybe, but probably not. It is certainly a start, though. 

 

Have you looked into secured cards to establish revolving history?


Snack Trader,

 

I see what you are saying and that is why I needed to clear it up. I have just opened an unsecured Cap1 and the store cards in my siggy this month. So I know with them reporting my scores will increase over time.

 

The CA is not willing to remove that TL( though paid in full and I tried GW,disputes blah blah blah) it will not fall off for 2 more years. So I was wondering if I could still get an Amex next year with that lingering in the shadows of my report.

Thanks!


Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
Current Score: TU04 774, EQ5.0 761/ EXv2 783
New goal 800
Cap1 QS $17k, Chase Southwest- $15k, Discover IT - $40k
Message 4 of 13
Senior Contributor

Re: Amex denial letter question???

I had one paid CO from like 08 for $280 when I got my BCE!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 5 of 13
Frequent Contributor

Re: Amex denial letter question???


youngandcreditwrthy wrote:
I had one paid CO from like 08 for $280 when I got my BCE!

Good to know!!! That gives me hopeSmiley Happy


Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
Current Score: TU04 774, EQ5.0 761/ EXv2 783
New goal 800
Cap1 QS $17k, Chase Southwest- $15k, Discover IT - $40k
Message 6 of 13
Valued Contributor

Re: Amex denial letter question???

I had an unpaid CO that was 6 years old when I was approved for my Zync then a year later my BCE. Now its fallen off.

But my scores were higher than yours around 680. So I would garden and be patient. Only time will heal your scores

Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 7 of 13
Valued Contributor

Re: Amex denial letter question???


mmmlive1999 wrote:

SnackTrader wrote:

Well let's be honest here. The two are very related. Your score is low because of your collection, so if you fix that and establish revolving accounts, your score will improve. Now, will that alone ensure you get an Amex?  Maybe, but probably not. It is certainly a start, though. 

 

Have you looked into secured cards to establish revolving history?


Snack Trader,

 

I see what you are saying and that is why I needed to clear it up. I have just opened an unsecured Cap1 and the store cards in my siggy this month. So I know with them reporting my scores will increase over time.

 

The CA is not willing to remove that TL( though paid in full and I tried GW,disputes blah blah blah) it will not fall off for 2 more years. So I was wondering if I could still get an Amex next year with that lingering in the shadows of my report.

Thanks!


Is having an AMEX that important to you that you can't wait for two years? I would wait until your credit cleared up so you can get the AMEX you want free and clear of anything negative on your reports.  

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 8 of 13
Frequent Contributor

Re: Amex denial letter question???


android01 wrote:

mmmlive1999 wrote:

SnackTrader wrote:

Well let's be honest here. The two are very related. Your score is low because of your collection, so if you fix that and establish revolving accounts, your score will improve. Now, will that alone ensure you get an Amex?  Maybe, but probably not. It is certainly a start, though. 

 

Have you looked into secured cards to establish revolving history?


Snack Trader,

 

I see what you are saying and that is why I needed to clear it up. I have just opened an unsecured Cap1 and the store cards in my siggy this month. So I know with them reporting my scores will increase over time.

 

The CA is not willing to remove that TL( though paid in full and I tried GW,disputes blah blah blah) it will not fall off for 2 more years. So I was wondering if I could still get an Amex next year with that lingering in the shadows of my report.

Thanks!


Is having an AMEX that important to you that you can't wait for two years? I would wait until your credit cleared up so you can get the AMEX you want free and clear of anything negative on your reports.  


Well since you put it that way,I had to stop and think.... I have gone my whole life without one, what's 2 more years? LOL

Before I joined the boards( 2mos ago) I could have cared less,but now that I have joined the game of scores I want to rush everything. Probably should relax a littleSmiley Embarassed


Starting Score: 6/6/12: TU 585/EQ 472/ EX 561
Current Score: TU04 774, EQ5.0 761/ EXv2 783
New goal 800
Cap1 QS $17k, Chase Southwest- $15k, Discover IT - $40k
Message 9 of 13
Valued Contributor

Re: Amex denial letter question???


mmmlive1999 wrote:

android01 wrote:

mmmlive1999 wrote:

SnackTrader wrote:

Well let's be honest here. The two are very related. Your score is low because of your collection, so if you fix that and establish revolving accounts, your score will improve. Now, will that alone ensure you get an Amex?  Maybe, but probably not. It is certainly a start, though. 

 

Have you looked into secured cards to establish revolving history?


Snack Trader,

 

I see what you are saying and that is why I needed to clear it up. I have just opened an unsecured Cap1 and the store cards in my siggy this month. So I know with them reporting my scores will increase over time.

 

The CA is not willing to remove that TL( though paid in full and I tried GW,disputes blah blah blah) it will not fall off for 2 more years. So I was wondering if I could still get an Amex next year with that lingering in the shadows of my report.

Thanks!


Is having an AMEX that important to you that you can't wait for two years? I would wait until your credit cleared up so you can get the AMEX you want free and clear of anything negative on your reports.  


Well since you put it that way,I had to stop and think.... I have gone my whole life without one, what's 2 more years? LOL

Before I joined the boards( 2mos ago) I could have cared less,but now that I have joined the game of scores I want to rush everything. Probably should relax a littleSmiley Embarassed


If your in no hurry - IN REALITY - then I applaud your decision to think about waiting.  The credit game is a long term deal.  Instant gratification only comes from application approvals that could or could not benefit you long term, and considering the years it takes to build a thick file and let past indiscretions fall off, most of the time, doing nothing to stir the pot is the best course of action - which can be REALLY hard to do.  Especially when reading these forums.  Smiley Happy  

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 10 of 13