Denied Amex PRG Recon!

[buildingcreditfromnothing]

Hi everyone,

I am very frustrated that I was declined for the PRG, even after a recon. The reasons stated were vague such as: "too few accounts" and "too few accounts paid as agreed". This isn't true since all accounts are Paid as Agreed, and the only negative remarks are four 30 day lates from an auto loan that I co-signed on and two 30 days from an auto loan that my finance guy forgot to pay. Anyways, my Experian is 685, which I thought was adequate, even though it is much lower than my Equifax (730) and TransUnion (782). What should I do?

[enharu]

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@buildingcreditfromnothing wrote:

Hi everyone,

I am very frustrated that I was declined for the PRG, even after a recon. The reasons stated were vague such as: "too few accounts" and "too few accounts paid as agreed". This isn't true since all accounts are Paid as Agreed, and the only negative remarks are four 30 day lates from an auto loan that I co-signed on and two 30 days from an auto loan that my finance guy forgot to pay. Anyways, my Experian is 685, which I thought was adequate, even though it is much lower than my Equifax (730) and TransUnion (782). What should I do?

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just keep your current accounts in good standing and let the derogs age.

when your accounts have late notations on them, it means that they were not paid as agreed at some point in time.

[buildingcreditfromnothing]

I guess you're right about the late payment thing. Should I wait it out a few months and then reapply? I've heard stories about people getting an AmEx charge card with limited history (like myself), but I guess it must not be the case for me. Any thoughts about the Delta Gold?

[newUser0]

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@buildingcreditfromnothing wrote:

Hi everyone,

I am very frustrated that I was declined for the PRG, even after a recon. The reasons stated were vague such as: "too few accounts" and "too few accounts paid as agreed". This isn't true since all accounts are Paid as Agreed, and the only negative remarks are four 30 day lates from an auto loan that I co-signed on and two 30 days from an auto loan that my finance guy forgot to pay. Anyways, my Experian is 685, which I thought was adequate, even though it is much lower than my Equifax (730) and TransUnion (782). What should I do?

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Amex is very pick first time. Then on, your history with them matters most and helps you a lot.

Wait for atleast 6 months, get some other cards like Chase Freedom (If you don't have one) and they start with Delta Card and then you can easily get PRG

[myjourney]

When were the lates?

And start GW's as this may help since you're a co-signer and not necessarily the borrower. In some cases they have been removed from a co-signers CR's 

[buildingcreditfromnothing]

The lates were with Honda Financial on an auto loan that I cosigned for my father-in-law. The lates were in 2007 and 2008, and were not sequential, just scattered. My other lates are from 2010 with my credit union (my financial guy that pays my bills forgot about this). Equifax is reporting one 30 day late, Experian two, and TransUnion is reporting none, making it my best report. I tried for the Chase Freedom and was declined due to limited history, but will probably try again in a few months since I'm pre-qualified. 

[enharu]

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@buildingcreditfromnothing wrote:

I guess you're right about the late payment thing. Should I wait it out a few months and then reapply? I've heard stories about people getting an AmEx charge card with limited history (like myself), but I guess it must not be the case for me. Any thoughts about the Delta Gold?

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what cards and loans do you have currently?

like myjourney said, try writing goodwill letters to those creditors. hopefully they'll remove the lates on your CR. That will help you tremendously. Otherwise, just let time do its work and let it age.

how old are those lates?

Lenders are sometimes more lenient towards people with thin files than bad files. However those lates that you have on your CR are doing you a big disservice. Best to just wait a few months to a couple years before trying again, depending on how recent those late notations are. 

Out of Amex's entire offerings, the charge cards are typically the easiest products to get approved for. I doubt you will be approved for the Delta card or any other revolver right now.

[myjourney]

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@buildingcreditfromnothing wrote:

The lates were with Honda Financial on an auto loan that I cosigned for my father-in-law. The lates were in 2007 and 2008, and were not sequential, just scattered. My other lates are from 2010 with my credit union (my financial guy that pays my bills forgot about this). Equifax is reporting one 30 day late, Experian two, and TransUnion is reporting none, making it my best report. I tried for the Chase Freedom and was declined due to limited history, but will probably try again in a few months since I'm pre-qualified. 

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IMHO before applying for any more CC's work on your files (CR's) 

You may have good results and not only would you see the removal but a scoring bump as well increasing your chances of approvals.

Are the loans paid off now? If so even better chance of success

[myjourney]

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@enharu wrote:

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@buildingcreditfromnothing wrote:

I guess you're right about the late payment thing. Should I wait it out a few months and then reapply? I've heard stories about people getting an AmEx charge card with limited history (like myself), but I guess it must not be the case for me. Any thoughts about the Delta Gold?

---

what cards and loans do you have currently?

like myjourney said, try writing goodwill letters to those creditors. hopefully they'll remove the lates on your CR. That will help you tremendously. Otherwise, just let time do its work and let it age.

how old are those lates?

Lenders are sometimes more lenient towards people with thin files than bad files. However those lates that you have on your CR are doing you a big disservice. Best to just wait a few months to a couple years before trying again, depending on how recent those late notations are. 

Out of Amex's entire offerings, the charge cards are typically the easiest products to get approved for. I doubt you will be approved for the Delta card or any other revolver right now.

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+1 IMHO you would waste a HP 

[buildingcreditfromnothing]

To answer everybody's questions: The lates are from 2007 and 2008. Yes, both loans were paid in full far before the term ended. The Honda Loan I paid off immediately after I found out he wasn't current with payments (original loan was for $25000 and I paid $14000 in cash after he went delinquent four times). I have tried numerous times with GW letters and all failed. They refuse to delete late payments, or the entire account altogether. The other loan was also paid in full within the 6 months it was opened. I have gotten a few cards after having no credit for most of my life (other than a BOA account from 1993 that I closed):

BOA Secured:$300

Macy's: $400

Shell: $300

Capital One: $300

Discover It: $2500

Possibly US Bank Platinum

I think I would have a better chance of getting an Amex if my accounts age a bit before reapplying. What do you guys suggest?