08-20-2012 08:14 PM
This would be my first Amex.
That's good news. After i start Amex I won't applying for anything in the forseeable future.
So if auto is lumped into one. I'll have 13 total. And two more fall off by year end
With amex charge cards they are not as inquiry sensitive. I have no knowledge in regards to their revolvers
I think Amex is inquiry sensitive w/ their revolvers- "too many recent credit checks" was the first readon listed on my denial letter fir the BCP & I only had 3. ( I did manage to get them approve thru manual review though.)
08-20-2012 08:17 PM
As others have said it does change from bank to bank. Some will be more concerned about new accounts though. I really have had no trouble with inquiries when talking to analysts. I just tell them the truth, I am trying to establish some more credit. I have never been turned down after that. All cards show zero balance so they can see that I am not in need of the credit.
Chase did not really seem phased by the inquiries; they did ask about them but I was approved and received increases so they are not too concerned about them.
Today Disover saw four from Chase in the past month, which were all business related. She accepted that as an answer and said good job with handling the cards well and I got an increase.
I got the Macys American Express card at the end of a January-February application spree. By then there should have been at least ten inquiries on Experian, I was approved with no delay.
I think if your report is in good standing that inquiries may not matter very much. If you have all cards reporting high balances then it would obviously be a huge concern.
08-20-2012 08:19 PM
Amex and every other issuer will always list "inquiries" in a rejection letter, even if you have only 2 or 3. With Amex, I just don't they factor inquiries much in their approval critera for any of their products.
US Bank, Citi, Discover and Chase seem to genuinely care about inquiries, but not Amex.
08-20-2012 09:32 PM
Thanks for the info guys.
From my personal experience, over the last four months (that's when I started apping for prime cards) I believe like what most of you said. AMEX seems to care very little about inquiries .. although their approval system is so secretive and strange that nobody can actually understand (they could deny someone with an 800ish score approve someone with a score in the 600's .. ).
Chase really just needs an explanation.. when I was approved for the Amazon card last week they told me the main reason for the decline initially was the excessive number of inquiries ( 11 on both EX and EQ). I told them the truth .. that I needed to establish credit with prime creditors and to close my 'junk' cards.
Also two weeks ago, I was approved for the Discover more card. However, they didn't seem to care about this issue. Their issue was short history.
08-21-2012 03:15 AM
I think it also depends the type of credit you are applying for. A family member of mine told me while purchasing their first home, the underwriter asked for a written explanation of her and her husband of the 7 diff inq they had on their reports this year prior to the home loan application.
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