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HERE IS THE REASON THEY SAY THEY DECLINED ME
Amount of credit available on accounts (Experian)
High utilization of credit lines or insufficient utilization information (Experian)
In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)
Ratio of the highest account balance to the sum of the balances on all accounts (Experian)
HAVE ONE CAPITAL ONE CARD AND MY STUDENT LOANS WHICH IM STILL IN SCHOOL. SO I DOTN HAVE TO PAY THEM YET.
FICO SCORE IS A 725!!! AS OF 6/30/2011
CAN ANYONE TELL ME WHATS GOING ON?
You have a short AAoA is what I've gathered.
What is your util %?
You need another major CC before apping for Amex.
What CC from Amex did you apped for?
First, a high FICO score does NOT mean a guarantee approval. FICO score only plays a small part of your approval.
What AMEX is essentially saying is that you have too much debt (low amount of credit available and high utilization) right now. AMEX felt that you have a greater chance to default therefore they denied issuing a credit card to you. Bring your debt down (pay off your credit card and student loan) and you'll have a better chance with them.
Recon. Have them to focus on all your positive tradelines. Although you know AMEX uses its own internal scores, tell them you have worked extremely hard to get your FICO scores up before applying for credit with them.
I just had a successful recon with Amex, but it looks like our denials were for different reasons. AFAIK, 10 years ago a Cap One and student loans would get you an Amex ( I was getting gold card pre-approvals when I was still in high school in the late 90s) but now, no way. Amex has been looking for ANY reason to close accounts since the recession started, and they're only just now starting to lighten up a bit on their underwriting. You could try a recon, but if you're still in school and don't have steady income or your income is relatively small (which it probably is for a college student) I'd just wait. If you still feel you were declined by mistake, write a short letter explaining why, and send in proof of income, a recent credit report (last couple of weeks) that you pulled, and hope for the best. And, be patient. My recon took about 3 weeks.
I just got approved for a barclay for $3800. applied for the card just moments ago and got a 1250 CL then called the number and got it bumped up to $3800. Do you think if i call american express and tell them ive been workign hard to get my fico score up? Should I give that a try?
You can definitely try.
Not unless you're happy with a $1,250 cl with Barclay. Barclay will go N-U-T-S if you immediately apply for more credit with another ccc after recently applying with them. Ask anyone here.
I just immediately tried and it worked. Why are Barclay people so nice and willing to raise you credit right after they gave you a CL. I just told them that I want to purchase a more expensive apple computer and they immediately raised it
@ccoaston wrote:I just immediately tried and it worked. Why are Barclay people so nice and willing to raise you credit right after they gave you a CL. I just told them that I want to purchase a more expensive apple computer and they immediately raised it
It worked with AMEX? Congrats!