topic Re: American Express everyday card denied in Credit Card Applications

American Express everyday card denied

Anonymous — Wed, 11 Apr 2018 17:25:56 GMT

I recently applied for the everyday card and was denied due to the following reasons according to the automated message.

- Derogotory marks

-FiCO

-Length of credit history.

I recently applied for a PenFed platinum card last night and was approved for 10k instantly. My Fico at the time was 718, EQ 682, TU 640, and utilization is a 25%. Just to be a little more detailed, i refinanced my car in January. I've never been late on any payments, and my derogatory marks are at 0. I called in to have the application reconsidered, and was informed that i should hear back from someone in about 2 business days. Has anyone else encountered this with AMEX? I'm trying get a clear understanding on why i was denied. Any feedback would be helpful.

Thanks.

Re: American Express everyday card denied

Anonymous — Wed, 11 Apr 2018 17:52:15 GMT

You can go online to Amex Status Check Authentication and get a copy of the letter detailing the denial by entering your identifying info. I curious to know the exact reason(s) used for the denial.

Amex uses Experian FICO 8 scores to evaluate apps while PenFed used Equifax FICO 9. So they use totally different evaluation methods.

Re: American Express everyday card denied

Anonymous — Wed, 11 Apr 2018 17:54:28 GMT

I listed the reasons above. When i called in for a reconsider, the auto generated noticed changed to pending.

Re: American Express everyday card denied

Anonymous — Wed, 11 Apr 2018 18:00:40 GMT

I've never seen either of those two reasons appear on a denial letter; its usually more detailed than simply "FICO" or "Derogotory marks"<sp>. So it would be helpful to quote the actual document than to try to recall the reasons given in a phone call from memory.

@Anonymous wrote:
I listed the reasons above. When i called in for a reconsider, the auto generated noticed changed to pending.

Re: American Express everyday card denied

Anonymous — Wed, 11 Apr 2018 19:52:08 GMT

@Anonymous wrote:
I recently applied for the everyday card and was denied due to the following reasons according to the automated message.
- Derogotory marks
-FiCO
-Length of credit history.

I recently applied for a PenFed platinum card last night and was approved for 10k instantly. My Fico at the time was 718, EQ 682, TU 640, and utilization is a 25%. Just to be a little more detailed, i refinanced my car in January. I've never been late on any payments, and my derogatory marks are at 0. I called in to have the application reconsidered, and was informed that i should hear back from someone in about 2 business days. Has anyone else encountered this with AMEX? I'm trying get a clear understanding on why i was denied. Any feedback would be helpful.

Thanks.

If you have no derogatories on your credit report why are your scores so low? Amex only pulls Experian so you have a 718 on that? I guess you should provide more details about your profile.

Re: American Express everyday card denied

wingennis — Thu, 12 Apr 2018 00:09:45 GMT

Sometimes I wonder if the approval algorithms are effectively clerks throwing darts at a yes/no poster on the wall. I have been approved for 3 AMEX cards this year but PenFed says no, no, no. And there is no explaining Discover...

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 00:16:06 GMT

1. Inquiries impact credit scores. I just had a load fall off.
2. I don’t have much credit. Only account i currently have is student loans, which i started paying on about 8 months ago.
3. A car l, which was refinanced in January.
4. A 500 credit card that I’ve had for about 2 years, which is under 30% utilization.

My FICO is a 718 according to PenFed when i applies and got approved for 10k last night. My Experian is 654.

I’ve seen threads where people have got approved for Amex with lower scores.

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 00:17:27 GMT

Strange right? I called for further review after applying online today. Their UW guide lines for funny.

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 00:18:02 GMT

Also i closed on a house in Feb.

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 01:31:42 GMT

The FICO scoring model used by PenFed is the Equifax FICO Score 9. By comparison, American Express normally uses the Experian FICO Score 8 model. These are two entirely separate measures of your credit and they look at the various factors of your credit profile differently.

An Experian FICO 8 score of 654 would normally be a borderline approval for Amex with a $500 credit limit and their version of "credit steps." Something in your profile prevented Amex from approving.

@Anonymous wrote:
1. Inquiries impact credit scores. I just had a load fall off.
2. I don’t have much credit. Only account i currently have is student loans, which i started paying on about 8 months ago.
3. A car l, which was refinanced in January.
4. A 500 credit card that I’ve had for about 2 years, which is under 30% utilization.

My FICO is a 718 according to PenFed when i applies and got approved for 10k last night. My Experian is 654.

I’ve seen threads where people have got approved for Amex with lower scores.

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 03:38:51 GMT

Yea. That’s the obvious.

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 15:46:44 GMT

Just from looking at the info you provided it doesn't seem that you have much experience with revolving credit, i.e. one low limit card within the past two years. Perhaps that, along with your low EX score, raised a risk flag with AMEX. Are there a lot of inquiries on your report? Have you ran the balance up on that $500 card and then just made minimum payments? There is more than just the actual score that goes into approvals as well as denials.

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 16:02:58 GMT

If i had experience i wouldn’t be here first and foremost. The card they i do have with the $500 limit is rarely used. I see many others on these threads with less credit, or who are rebuilding their credit getting approved. I currently have about 3 inquires. 2 evidence are falling off in May and 1 in June.

Re: American Express everyday card denied

ChessChik47 — Thu, 12 Apr 2018 17:08:56 GMT

@Anonymous wrote:
If i had experience i wouldn’t be here first and foremost. The card they i do have with the $500 limit is rarely used. I see many others on these threads with less credit, or who are rebuilding their credit getting approved. I currently have about 3 inquires. 2 evidence are falling off in May and 1 in June.

I'm sure this may be frustrating for you, but the folks on here are just trying to get a better understanding of your profile to help answer your question. It seems to me that your score ranges from mid 600s to well over 710 and to most of us that's kinda strange. So that's why folks are asking more detailed questioned about your profile. As another poster stated, it's not just your scores that are considered when looking to approve someone for a credit card. You spoke about utilization in an earlier post (25%), then just now said the $500 card is rarely used...so are you saying that you have a balance that you're currently revolving? That may be bringing your score down. 3 inquiries is not a lot...which credit bureaus are those inquiries on? Something(s) is/are holding your scores down on at least two bureaus and it may help if you can figure out what that is.

Good luck to you! I hope when you hear back from AMEX they have some good news for you.

Re: American Express everyday card denied

Anonymous — Thu, 12 Apr 2018 18:16:29 GMT

@Anonymous wrote:
If i had experience i wouldn’t be here first and foremost. The card they i do have with the $500 limit is rarely used. I see many others on these threads with less credit, or who are rebuilding their credit getting approved. I currently have about 3 inquires. 2 evidence are falling off in May and 1 in June.

That's kind of my point. The revolving credit that you do have, by your own admition, get's very little usage. To various lenders this can be seen in a negative light. When a credit card company pulls your report they can see things such as highest balances and payment amounts. It's not always abut the score, these people can sometimes scrutinize an application that is marginal and hit the denial button based upon various things besides your actual score.

They may wonder why that card hasn't grown in the time you've had it or why you haven't gotten others as most tend to do. I know that all of this seems counter-productive and a lender might look at your credit and see that you haven't asked for nor used much credit and look favorably but the inverse seems to be true with them. They make their money in swipe fees and interest so maybe they're not seeing you as someone that would earn them any money in those areas.

Re: American Express everyday card denied

Anonymous — Fri, 13 Apr 2018 05:43:07 GMT

IMHO, listen to what Banks tell us...we may not like it but, from my experience, Amex serves as a good gauge of where we're at, credit-wise.

Re: American Express everyday card denied

HeavenOhio — Fri, 13 Apr 2018 18:56:20 GMT

FICO doesn't care of you're revolving a balance or paying it in full. It likes to see low balances with one card having a balance greater than zero, but it doesn't care how you get to that number.

Re: American Express everyday card denied

Anonymous — Sun, 08 Jul 2018 16:42:19 GMT

I agree that Amex is a good gauge of your credit.

eventhough my scores are decent TU 739, EX 685, EQ 699, Amex still does not give me any pre approved offers.

just gotta wait I guess

Re: American Express everyday card denied

Anonymous — Sun, 08 Jul 2018 19:24:46 GMT

Your scores are better than "decent." If you want an Amex card badly enough you can make a cold app.

What is the age of your oldest credit card?

@Anonymous wrote:
I agree that Amex is a good gauge of your credit.
eventhough my scores are decent TU 739, EX 685, EQ 699, Amex still does not give me any pre approved offers.
just gotta wait I guess

Re: American Express everyday card denied

Anonymous — Mon, 09 Jul 2018 00:31:13 GMT

My oldest credit card is from February 2018

not that old. Probably have to wait another 6 months