Have AmEx developed some new theory that anyone who monitors their own credit has a good chance of having an X% higher score than those who don't, and will also know only to ask for more credit when their scores are (perhaps artificially) inflated, and therefore blah blah blah? ie, if you check your credit regularly, you are BAD!!?? As in, trying to pull the wool over their eyes, or something...??
Watchmann wrote:I've been an AMEX cardmember since 1980, and currently have 3 cards with them. After all these years of never missing a payment I count 55 softs by AMEX over the last 3 years. They don't discriminate based on length of relationship, or your history with them. It doesn't bother me as I don't need further CLI's from them. But cut them some slack, you are asking them to provide you unsecured credit. They have every right to check up to make sure you are a good credit risk. Too many young 'uns here expect high credit lines with skimpy, or sketchy, credit history. Having many inquiries on your report raises a flag, it makes lenders wonder why you are seeking so much credit. History shows that hyper activity in looking for credit is very often a precursor to financial difficulties.Start small, charge often, and PIF, but let the AMEX account age a bit before you charge in wanting further CLI's. Six months or a year is not nearly enough with AMEX to make them comfortable with you. You can't rush time.
I requested a CLI from Amex today and was declined. Amex says that there have been too many requests for credit within the last six months.
I HAVEN"T APPLIED FOR ANY CREDIT SINCE DECEMBER.I spoke with a rep in the CLI dept of Amex and she indicates that SOFT inquiries are counted and have impacted their decision.How can this be? I am monitoring my own credit report (I use TrueCredit) and pull weekly? Have I caused myself harm?
I don't think people here are talking about 'seeking so much credit' - they are talking about monitoring their own credit. THAT kind of inquiry. Plus the kind of inquiry that isn't initiated by them at all - either in the seeking of new credit or the checking of their own credit scores, but in the scouring of credit files for suitable new customers by 'certain' (*cough* Capital One! *cough*) CCCs.
We all know that 'many inquiries' of the 'seeking new credit' kind looks bad, just as we know that you've been an AmEx customer since 1908 or thereabouts. But the OP was told that despite not actually having any hard pulls on their file from having applied for any new credit in the last six months, they have too many inquiries in the last six months. What kind of inquiries is AmEx referring to, then? If AmEx thinks the OP is being an impertinent 'young'un' in daring to ask for a CLI without having been a customer since 1908 or thereabouts, then they should just say 'no, you shouldn't ask for CLIs too soon', or similar... not complain about inquiries that either don't exist or are a worrying sign of their finding something new to penalize customers for. (Daring to check their own credit - imagine, the sheer audacity of it!)
Message Edited by fevmlo on 07-29-2008 08:42 PM1908 lol..............lol