BCE DECLINE! Have a few questions...

[enharu]

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@zeusta20 wrote:

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@CredittotheMax wrote:

I think the denial reason is too many inquires. Usually Amex pulls EX, but I recommend you let those inquires aged for at least 6 months. Also, I don't think your income is the problem because I got approved and I barely make 10k a year as a fulltime student.

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I'm starting to think that its the inq's too...But I did just get a car in May, so three of those inq's are all from rate shopping...which I thought wouldn't have that much of effect on you because its for an auto loan.

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its not supposed to be counted separately, but from my experiences, American Express and Chase regarded my 5 inquiries due to auto loan as separate inquiries. 

I was declined by Amex back in March because of that.

It seems that only during a manual review, a underwriter might consider it as 1 inquiry for rate shopping. The automated system rarely does so because most lenders do not label the reason for the inquiry.

[zeusta20]

Ohhhhh. Okay. That makes sense. I'm just going to call on monday since the department is closed for the weekend. I'll ask the CSR if it was a HP or SP. Hopefully it was a SP. Thats the only reason why I apped. I'm good on HP's for now...

[zeusta20]

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@enharu wrote:

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@zeusta20 wrote:

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@CredittotheMax wrote:

I think the denial reason is too many inquires. Usually Amex pulls EX, but I recommend you let those inquires aged for at least 6 months. Also, I don't think your income is the problem because I got approved and I barely make 10k a year as a fulltime student.

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I'm starting to think that its the inq's too...But I did just get a car in May, so three of those inq's are all from rate shopping...which I thought wouldn't have that much of effect on you because its for an auto loan.

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its not supposed to be counted separately, but from my experiences, American Express and Chase regarded my 5 inquiries due to auto loan as separate inquiries. 

I was declined by Amex back in March because of that.

It seems that only during a manual review, a underwriter might consider it as 1 inquiry for rate shopping. The automated system rarely does so because most lenders do not label the reason for the inquiry.

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Gosh...I wish they did! Is it possible for Amex to recon??? Or do they normally just stick to what the first decision was?

[djc1puno]

i don't have amex or have tried to apply for one...yet...but i don't see any hurt in asking for a recon specially if you can find out why they denied your app in the first place...if it's the inq, then you can explain your auto loan inquiries and maybe that manual review will help your app...gl

[09Lexie]

Recon with Amex means the cr they pulled was incorrect. They will request an updated cr to be faxed over. Whether of not they'll accept the inq's were due to auto shopping and therefore count as one - is worth a try.

Good luck!

[enharu]

It's hard to reach an actual analyst / underwriter at Amex, so your best chance is to wait for the letter, and then appeal via physical mail. Seems to be the best way to do it.

It can go both ways. Because the inquiries were not labelled as auto, they do not have to regard it as inquiries due to rate shopping.

[CredittotheMax]

if thats the case, I would call in any recon because sometime these application never get review by a person. So, certain things like too many inquires would trigger a denial and the computer can't tell the difference from car shopping and regular inquires.

[knoregs]

Good luck!

~kn

[zeusta20]

Hmmm...Well i'm going to find out what the deal is tmrw. Hopefully its due to too many inq's. I was so happy when I got my foot in the door with amex when I got my charge card, now it seems like its an even bigger obstacle to get a revolver through them! We'll see what happens... :-/

[negg]

I feel ya, I'm in the same boat with Amex. They truly hate me for some reason I can not explain. 690 + fico AAoA 1yr 10months, 8% utl when i applied back on the first of may.
I was denied for high utl....lmao if 8% is too high for Amex. Last year there excuse was my account where to new. W/E

Very very aggravating. GL with your credit endeavors.