My husband closed his Amex Zync just over a month ago after being declined for another Amex product. His Experian score is around 730, no baddies, he does have 2 cards at 80% utilization, everything else at $0, for a total utilization of around 15%. Does have a new car loan and a few new accounts from app spree.
So, app or wait? Any ones that are easier to get than others? Never received a decline letter, so have no idea what the decline reason was last time other than perhaps the Zync card.
Would be very important to know the decline reason. It's not likely they declined because he has other cards (unless they were over util at the time). Many people here, including me, have multiple AMEX products. Can you call and find out reason for denial? This should be your guide on whether or not to take the HP.
We never received the decline reason from Amex, but, since we had the old Zync we thought that could be the reason. Closed the Zync over a month ago, to see if that fixed the issue. We don't really have anything else we plan to app for, so went ahead and app'd again and this time an instant decline.
Hopefully this time they send us the letter!
I guess it doesn't really matter, we used the Zync for over two years without issue. But apparently there's something Amex doesn't like. I'm not going to worry about it. He's got more cards than he needs anyways. Chase keeps offering CSP to him, so maybe in 6 months we'll get that instead. He already has Freedom and Slate. He has the Arrival World Mastercard from Barclay, the Ventureone Visa Sig from Cap One. But on the other side of the spectrum he's had a Discover card for 2 years with a $1000 limit and no CLI available online. So, go figure.
Had him call and get the reasons from the original app a month ago.. Reasons were too many inquiries, at the time he had just the car loan inquiries. Too high loan balance to original loan amount (new car loan). Too many new accounts, at the time, just the new car loan.
In other words, Amex really doesn't like new car loans.. lol
@JenniferinFL wrote:Had him call and get the reasons from the original app a month ago.. Reasons were too many inquiries, at the time he had just the car loan inquiries. Too high loan balance to original loan amount (new car loan). Too many new accounts, at the time, just the new car loan.
In other words, Amex really doesn't like new car loans.. lol
OK, I see ... don't think they dislike car loans ... it's the inquiries in conjuction with the new car loan. They can tell if you're shopping for a car in a 30-day window so if these were the only inquiries, it might be worth a recon to plead your case.