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Retry Amex?

Regular Contributor

Retry Amex?

Long story short... Tried in January. Declined - because I had an Oasis/Optima card (Had it for 7 years, perfect payment history)

Cancelled the optima and asked for a recon. 

 

Recon declined, Letter has these reasons:

FICO 651 too low - ( Fixed, Both my Fico scores from MyFico are 706 and 723 )

Derogatory Public Record - It's now gone from all reports, Dropped at the end of Feb. 

Proportion of revolving balances to credit limits too high. - I only had the optima which was at 40%, but PIF and cancelled. 

   I have since gotten a Buckle 0/500 - Marrick Bank 0/700 - Cap1 128/1000 and Discover 218/5000 - Utilization way down. 

Unfortuneately these are all new accounts ( since January, around the same time )

 

Last thing they said on the letter was:

Lack of recent installment loan information

 

What's that, I have no installment loans... I don't need one, my vehicle is paid for, and I rent. 

 

I'm looking for a Hilton Honors AMEX for vacation this summer. Plus to backdata 7 years to help my AAOA.

I'd like to get it as soon as possible mainly because I want to get into the garden long term, Not this summer, but next summer will be planning on buying a house, and want a year free of inq. 

 

Nervous about jumping on it, I really want the AAOA from backdating

Maybe i'll just bite, If declined, I'll try a Chase Freedom then off to the garden for a long haul. 

Message 1 of 13
12 REPLIES
Mega Contributor

Re: Retry Amex?

They may decline for recent inqs/accounts but I think you have a decent shot at it.



EQ FICO 548 3/3/16
Message 2 of 13
Moderator Emerita
Message 3 of 13
New Contributor

Re: Retry Amex?

Straight answer LS =+1

Citi Bank X2/ 29k-USAA Amex/Mastercard 24k-PP Mastercard 20k_
WMDiscover 20k-PenFed X2/15k
Current Fico/EQ-765
Garden Time Day- 10
Remaining Days-170
Message 4 of 13
Valued Contributor

Re: Retry Amex?

You should have waited a few months after the baddies fell off. If I was you, I will wait 6 months before I apply again.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 5 of 13
Regular Contributor

Re: Retry Amex?


vish1 wrote:

You should have waited a few months after the baddies fell off. If I was you, I will wait 6 months before I apply again.


I agree. I thought the judgement had fallen off. I jumped too soon and cancelled the Optima. Ended up apping for the others so I wasn't completely cardless. Then realized I had over a month to go. Got excited apping for the first time since the divorce. Smiley Happy 

 

Message 6 of 13
Frequent Contributor

Re: Retry Amex?

I honestly do not think another try would hurt you. Now that some time has passed, your accounts are reflecting appropriately and you don't owe Amex any money. And yes, if all else fails, try for that Chase card if you have two inquiries to burn. In my experience with Chase, they've always pulled EQ and EX or in the case of my newest card with them, my Chase Marriott, they've pulled EQ and TU because EX is frozen.

 

Here's what you should worry about though if you do apply and get approved for that Amex card...Will the limit be sufficient and will the APR terms be favorable? Because even though I got approved earlier this month for a BCE after the apply/denied, apply/denied drama, I still wound up with a low limit, high APR BCE and Chase on the other hand gave me a $5k limit to start, two free nights, and 30k points after the first $1k spent. Not to say that's what's going to happen with a Freedom card, but maybe you want to try Chase first????


Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three


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Message 7 of 13
Regular Contributor

Re: Retry Amex?

I think I'm going to wait until the first of the month, Gives everything a change to report again. I just paid on everything to bring utilization down to nothing. 

I'll try the AMEX then, then possibly a Freedom (Depending on AMEX outcome), and see what happens. 

No matter the result, immediately after, I'm going to the garden for a good while... 

 

Crap, if not for backdating, and losing 7 years, I'd almost just say heck with it. 

 

Thanks!

Message 8 of 13
Regular Contributor

Re: Retry Amex?


Sweets8E wrote:

I honestly do not think another try would hurt you. Now that some time has passed, your accounts are reflecting appropriately and you don't owe Amex any money. And yes, if all else fails, try for that Chase card if you have two inquiries to burn. In my experience with Chase, they've always pulled EQ and EX or in the case of my newest card with them, my Chase Marriott, they've pulled EQ and TU because EX is frozen.

 

Here's what you should worry about though if you do apply and get approved for that Amex card...Will the limit be sufficient and will the APR terms be favorable? Because even though I got approved earlier this month for a BCE after the apply/denied, apply/denied drama, I still wound up with a low limit, high APR BCE and Chase on the other hand gave me a $5k limit to start, two free nights, and 30k points after the first $1k spent. Not to say that's what's going to happen with a Freedom card, but maybe you want to try Chase first????


Sorry, I missed your reply when I replied earlier. 

 

The APR doesn't matter to me, I pay in full multiple times per month, and plan to continue. I would like to have at least 2K limit so my utilization stays down, and maybe I can just pay monthy. ( I get paid monthly, so that would make things easier. )

 

The AMEX I'm mainly going for the AAOA with backdating to boost the score when I decide to get a home, or maybe a new car after gardening.

The Chase will just be some butter on my bread. 

 

I believe chase is for forgiving for Inq. I currently have 4 on EQ and EX and 5 on TU. ( Minus one if they see the stupid double pulls from AMEX and count them as one )

 

When I first applied for AMEX they did a HP on all three, then when I recon, they did another HP three days later on all three. The INQs is why I decided on AMEX first. 

 

But you make some good points... I need to think about if I want to go for the aaoa or the perks of the freedom first, then hope for the second. 

 

Thanks!

Message 9 of 13
Valued Contributor

Re: Retry Amex?

Try again, if declined wait 6 months.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 10 of 13