08-10-2012 12:11 AM - edited 08-20-2012 02:45 PM
UPDATE as of 8/20/12- approved a week afer I requested a manual review. CL $2K.
Last week I applied for the Amex Zync & was approved w/ Npsl. Immediatly after I applied for the BCP but was denied (only 1 hp btw.) Just got my denial letter in the mail today & was wondering if I have a shot at recon.
Experian fico is 763 according to the letter.
Letter states reason for decision as "our scoring of your credit and other relevant information"
The following key factors contributed to our evaluation:
1) too many recent credit checks (exp). only 3 & most recent one was for housing/rental screening, other 2 r 10 months old
2) amt of credit avail on accts (exp). according to CR $9,250 or 57% of overall credit avail
3) number of trades (exp). ???????
4) high util of credit lines or insuff util info (exp) according to cr overall util is 43%, & 46% & 43% on my 2 indiv c/c's
We obtained ur fico score from exp & used it in making our credit decision. Score is a 763, key factors contrib to score:
1) lack of recent rev acct info
2) lack of recent installment loan info
3) too many inqu in the last 13 months
I really want the BCP & only apped for the Zync bc I was pretty sure I'd get approved. Anyhow this is what my cr looks like-
I only have 2 indiv. Credit cards & the rest of my file includes 5 open AU accts in good standing & 3 closed AU accts in good standing which artificially inflates my AAoA to 12+ yrs. Also a $57 unpaid collection from the public library but it seems no one is really giving an weight to it. Citi card 4 months old showing 4 months of positive history,$13,200 CL, 43% util according to the CR but I made a big payment after the statement cut so actual util is 35%. Chase card is brand new but shows 1 month of pos payment history even though my 1st statement cut a couple of days before the report was pulled. Chase CL is $3,100, reporting balance is 46%. I didn't even receive my first statement at the time I applied for the BCP so this isn't a balance that has carried over from month to month, it's just the amt I charged during my first billing cycle.
I had the brains to log into my citi acct the day I applied for the BCP & saved my acct info which showed that my current balance on that date was $1,000 less than what was reported on the CR. Will Amex recon take that into consideration? I know 35% util is still high but it's less than 43%. also overall util is 37% instead of 43%. My 2 main pts of contention are that a) the citi card balance at the time of my app was $1000 less than stated b) chase was a brand new acct & balance/util at time of app shouldn't hurt against me since my 1st statement just cut. What do you guys think?
Also, I know that the reaons listed in the letter are usually listed in order of importance/weight. The first reason is too many credit checks! 3 Credit checks is really their top reason for denying me?! Or are they counting SP's/ all the times I checked for "my offers" on the Amex site? What do they mean by number of trades? Not enough accts?
I was a little surprised that there was no mention of my revolving acct history being too short & that my score was a whopping 763. Accoring to "credit monitor" it's a 694 & I was under the impression that they give you real fico scores.
Wondering if I would've been approved for a diff. Amex revolver considering my score is a 763 & there aren't any baddies on my acct. I know scores aren't everything & that my 2 cc accts r pretty new but Citi & Chase are somewhat picky & they approved me w/ respectable CL's. Why won't Amex approve me w/ small limit like $1,000?
08-10-2012 12:35 AM
Ideally only report 7 percent or less before apping. When I app'd for BCE my util was 23 percent when denied so for sure get util lower. Not enough trade lines you have 2 CC's but no loans or store cards. Don't worry about the amex denial to much they don't evaluate the same as other lenders. Use the Zinc for a while then app again for the revolver and it will help alot. Good luck
08-10-2012 07:00 AM
I had util in the 20%'s when I got my BCE. I also had my zinc for 10 to 11 months. I know for sure Amex loves to see a relationship with them for the most part before revolver. Not everyone, but most cases. I got approved for $8,000 my other highest limit at time was $5,000. 61 days later $19,500. I know its because I had the Zync, then canceled it when got the PRG charge a month before. So don't be upset it didn't cost you another HP or anything so its like a free-bee. You scores are also way higher then mine. I had a 710 when I got BCE. So hold tight use zync and in 8 months or so try again. The good thing is that it will always be a SP until you are approved so no worries.