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akindofmagic
Posts: 56
Registered: ‎08-14-2007
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Amex just turned me down... FLAT!

So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part.  I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

 

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report.  Coincidentally, when Chase closed my Wamu account they also cited experian.  I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed.  I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

 

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

 

760 tu

776 exp

 

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Amex just turned me down... FLAT!


akindofmagic wrote:

So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part.  I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

 

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report.  Coincidentally, when Chase closed my Wamu account they also cited experian.  I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed.  I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

 

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

 

760 tu

776 exp

 


Call to get them do a manual review of your credit report.  My Experian report was pulled too.  I was initially declined.  I told the CSR my FICO scores are excellent.  I was approve for $2k two days later.  I didn't have any baddies myself, so I didn't see why I got declined. 

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: Amex just turned me down... FLAT!


akindofmagic wrote:

So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part.  I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

 

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report.  Coincidentally, when Chase closed my Wamu account they also cited experian.  I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed.  I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

 

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

 

760 tu

776 exp

 


What kind of balances did you have before paying them down?  How high was your historical utilization.  AMEX is one of those creditors who analyzes your PAST balances and utilization, not just current.  If you historical balances show consistently that you had high utilization use, then they often will DECLINE on that historical data.  It would require paying them down and then keeping them there so that you show a pattern and history of acceptable balances and utilization.

 

However, if your previous and historical balances were not very high, then of course, this isn't the problem.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
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Regular Contributor
CHARGE_IT
Posts: 193
Registered: ‎07-13-2008
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Re: Amex just turned me down... FLAT!

[ Edited ]

 

Tx is correct, however even if your balances weren't so high, the across the board payoff would most likely cause a YELLOW flag.

The wording of their response means you are going to be approved, if not now, within six months. They are literally telling you that you have met all but one criteria.

 

Use your cards and pif every month to show them that your big payoff was not a sign of negative pullback.

 

CI


txjohn wrote:

akindofmagic wrote:

So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part.  I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

 

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report.  Coincidentally, when Chase closed my Wamu account they also cited experian.  I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed.  I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

 

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

 

760 tu

776 exp

 


What kind of balances did you have before paying them down?  How high was your historical utilization.  AMEX is one of those creditors who analyzes your PAST balances and utilization, not just current.  If you historical balances show consistently that you had high utilization use, then they often will DECLINE on that historical data.  It would require paying them down and then keeping them there so that you show a pattern and history of acceptable balances and utilization.

 

However, if your previous and historical balances were not very high, then of course, this isn't the problem.

 

 


 

Message Edited by CHARGE_IT on 09-01-2009 12:19 PM
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Amex just turned me down... FLAT!

who do not meet our basic requirements at one time may qualify later on

 

 

AMEX state that message to anyone who get declined. 

 

 

 

New Contributor
akindofmagic
Posts: 56
Registered: ‎08-14-2007
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Re: Amex just turned me down... FLAT!


txjohn wrote:

What kind of balances did you have before paying them down?  How high was your historical utilization.  AMEX is one of those creditors who analyzes your PAST balances and utilization, not just current.  If you historical balances show consistently that you had high utilization use, then they often will DECLINE on that historical data.  It would require paying them down and then keeping them there so that you show a pattern and history of acceptable balances and utilization.

 

However, if your previous and historical balances were not very high, then of course, this isn't the problem.

 

 


Discover was $900 (cl of $4700), Home Depot was down to $134 from $500.00 (cl of $3,000), I paid it off because an item I purchased last summer was about to kick in with finance charges.  I got rate jacked on Chase so I paid it down by $1200 (cl of $8500) and I also paid down Bank of America by $1,000 to bring me under 9% util. (cl $10,000).

 

Why do these companies give you credit if they don't want you to use it?

Regular Contributor
Credit-Wise
Posts: 240
Registered: ‎08-08-2009
0

Re: Amex just turned me down... FLAT!

Akindofmagic  OK so here is my input!

 

AMEX is schizophrenic I am not sure what they look at.   I would say call them for a review. 

 

I had a gold card in  1997  handled it well and  closed it in 2001.   When I applied not too long ago in may I was approved  for Gold Plus rewards.

 

Unfortunate for me my Experian score was 701.   with two (2) charge off BoA from 2005  and Chase form 2005.

 listed paid in full collections for each charge off and a  only 2 opened Major CC at that time.  and that did not include my 30 day late credit union visa from 2003.   Thank god things changed ...graduated college and became fiscally responsible

 

I see on the board that everyone thinks they are difficult  to get  but that was not my experience. 

 

I then after educating myself from the fico forum   got my card reaged sucessfully to reflect 1997.  I have recieved my new card with member sincne 1997 on it

 

I have not pulled any new scores in a while so I am planning on givining it a few months then i will check to see how my score has changed.

 

SO CALL THEM AND  IF THEY SAY NO  REAPPLY IN 3 MONTHS

 

Good Luck !

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
0

Re: Amex just turned me down... FLAT!

I applied July 09 and got decline.  Applied again August 8 and got approved after manual reviewing.  I don't think the OP has to wait more than a month to reapply to get approve, if whatever it was that kept the OP from getting approved is corrected.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Amex just turned me down... FLAT!


akindofmagic wrote:

...I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected....

760 tu

776 exp

 



Did the new balances show on the EX report? Is it possible that the report they pulled showed the old balances, which then updated before you pulled?

And where did you get your scores, especially your Experian score? Unless you've apped a mortgage or belong to PSECU, that's probably a FAKO.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
akindofmagic
Posts: 56
Registered: ‎08-14-2007
0

Re: Amex just turned me down... FLAT!


haulingthescoreup wrote:

akindofmagic wrote:

...I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected....

760 tu

 

776 exp

 



Did the new balances show on the EX report? Is it possible that the report they pulled showed the old balances, which then updated before you pulled?

And where did you get your scores, especially your Experian score? Unless you've apped a mortgage or belong to PSECU, that's probably a FAKO.

 

The 776 is for equifax - not experian, typo on my part.  I obtained a new credit report from experiandirect.com but did not purchase the "vantage" score they were offering to sell me as I only trust FICOs.

 

The new balances were reflected on the EX report.


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