topic Re: So bummed.. in Credit Card Applications

So bummed..

Anonymous — Tue, 24 Sep 2019 14:26:13 GMT

I applied for the Amex platinum card about 2 months ago. I got declined with a 754 Fico 8 score from the AMEX soft pull on 07-27-19. Reason was I only had my Gold card for 28 days. No credit history with AMEX. I also had a ulitlation rate of 22%

I plan to apply again on 10-10-19 which will be my 3rd month exact with Amex, my scores are at a solid 780 Fico 8 and a 0% utilation rate with perfect credit history. The soft pull on 09-27-19 should reflect this. I also have an invite for the 100,000 offer!!! But I want to wait untill 10-10-19 to apply wich will be exactly 3 months of having the AMEX gold card. So chances are better.

Update 09-24-19: I missed a car loan payment and i'm now at 32 days late!!!!!!!!!!!!!!!!! I'm on month 32 of 36 of this car lease. I paid this bill yestrday and it hasn't hit my credit with the 30 day yet. Not sure if it will or not. I paid August and September at once.

Now the question is. Should I even bother applying now for the platinum? Now am I wrong to think that if the soft pull is perfomed as usual on the 27th and the baddie isn't reported untill next week lets say then I can actually apply considering the soft pull has all the updated positve things on my credit from the 27th pull?????

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 14:57:57 GMT

Another question. Should I contact BMW financial now even thought the baddie hasnt been reproted to the credit bureaus?

Re: So bummed..

snickerpedia — Tue, 24 Sep 2019 15:15:48 GMT

Did you miss the payment due date by 2 days or do do you now owe 2 months paymentS? if you only missed by two days i would call them and let them know usually they will not report a baddie of two days late.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 15:17:07 GMT

1st of all you need to figure out the late payment issue for sure before you submit anything anywhere as it will potentially end up in a lender yanking your new card from you if it does report.

I would probably call them and explain the issue of missing the payment and double check to see if it will be reported or not. Since you have 4 payments left on the car... you can entice them into not reporting it if need be by paying it off if you have the cash on hand.

Another issue that could be in play besides the new account with Amex is Green/Gold/Platinum are all the same family and they might be a little skittish about another new account with them with an even higher AF w/o some history. The other issue is typically you can snag a Credit and Charge card close together but, there may be an internal policy restricting 2 of the same type within 30-90 days.

100K in MR's is nice but, for an ACV redemption it barely covers the $550 AF. Of course you can go the transfer route and boost it a bit that way but, penny for penny it's a hard sell.

It would also help to provide some more info about your complete credit profile to evaluate things a little more outside of Amex there might be something that's preventing the additional card approval.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 15:17:23 GMT

@snickerpedia wrote:
Did you miss the payment due date by 2 days or do do you now owe 2 months paymentS? if you only missed by two days i would call them and let them know usually they will not report a baddie of two days late.

They can't report a baddie that's 2 days late, it has to be 30+ before it can be reported late but yes it's important to figure out which scenario applies to the OP.

Re: So bummed..

CreditInspired — Tue, 24 Sep 2019 15:20:37 GMT

@Anonymous wrote:
I applied for the Amex platinum card about 2 months ago. I got declined with a 754 Fico 8 score from the AMEX soft pull on 07-27-19. Reason was I only had my Gold card for 28 days. No credit history with AMEX. I also had a ulitlation rate of 22%

I plan to apply again on 10-10-19 which will be my 3rd month exact with Amex, my scores are at a solid 780 Fico 8 and a 0% utilation rate with perfect credit history. The soft pull on 09-27-19 should reflect this. I also have an invite for the 100,000 offer!!! But I want to wait untill 10-10-19 to apply wich will be exactly 3 months of having the AMEX gold card. So chances are better.

Update 09-24-19: I missed a car loan payment and i'm now at 32 days late!!!!!!!!!!!!!!!!! I'm on month 32 of 36 of this car lease. I paid this bill yestrday and it hasn't hit my credit with the 30 day yet. Not sure if it will or not. I paid August and September at once.

Now the question is. Should I even bother applying now for the platinum? Now am I wrong to think that if the soft pull is perfomed as usual on the 27th and the baddie isn't reported untill next week lets say then I can actually apply considering the soft pull has all the updated positve things on my credit from the 27th pull?????

There is a possibility that if you are approved for the Platinum with a score of 780, and then if your score drops significantly during AmX SP review of your accounts, which they indeed do, your new AmX card can still be closed or CLD.

Re: So bummed..

randomguy1 — Tue, 24 Sep 2019 15:31:07 GMT

AMEX's policy is 2/90 and it is not supposed to include charge cards so you should be good on that front.

Please call BMWFS ASAP and get it resolved. Let them know you are enrolling in autopay (which you should have on anyways) and see if they will forgive you.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 16:04:08 GMT

I was 33 days late when I paid off August 21st and September 21 last night.. Payment was due on August 21st.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 16:07:44 GMT

Wow I didnt even think about that. What about my current Gold card which I use heavily and pay off every month. Can that be clsoed as well?

Re: So bummed..

randomguy1 — Tue, 24 Sep 2019 16:15:25 GMT

@Anonymous wrote:
Wow I didnt even think about that. What about my current Gold card which I use heavily and pay off every month. Can that be clsoed as well?

Almost all your bills should have an option for Autopay. You should be able to do it for all reoccuring bills. There is also an option on most banks to do it from their portal so you can manage everything in one place if that is what you want to do.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 16:15:58 GMT

Here is my credit profile. Fico 8

Experian 780

TransUnion 782

Equifax 760

I have 1 mortage at 4 years old

I have 2 car loans. 3 years old

3 unsecured loans

6 credit cards, Credit Limit is $40K and 0% utilization. Oldest credit card is 8 years old and newest is 3 months.

Amex Gold charge card

5 inquires in Experian in the past 2 years

3 inquires in each of Transunion and Equifax in the past 2 years, Most of the inquires are from CredCo for the house refianacing in the past 8 months

Never a missed payment

Income is gross $265,000 yearly not including bonuses

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 16:16:28 GMT

Just did it. Thanks.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 16:37:53 GMT

I'm curious. Could calling them trigger something and remind them to report me? Sounds dumb of me to say?

Re: So bummed..

FinStar — Tue, 24 Sep 2019 17:09:59 GMT

@Anonymous wrote:
I was 33 days late when I paid off August 21st and September 21 last night.. Payment was due on August 21st.

So, just for clarity, you made your July 21st payment on time, right? But, the payment which was due on August 21st was made last night (including the scheduled payment for Sept 21st)? It almost sounds like the July-August payment was 60+ days overdue unless I'm missing something.

Personally, as mentioned upthread, I would call BMWFS as soon as practical to get that late reporting situation sorted out.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 17:20:53 GMT

@Anonymous wrote:
Here is my credit profile. Fico 8
Experian 780 - primary for Amex to be looking at / once you have a card they SP at least once a month.... not the issue
TransUnion 782
Equifax 760

I have 1 mortage at 4 years old shouldn't be an issue
I have 2 car loans. 3 years old shouldn't be an issue
3 unsecured loans could be an issue since they're equiv. to CC's depending on amount / age / potential for pyramiding debt

6 credit cards, Credit Limit is $40K and 0% utilization. if you could list them individually that would help card/limit/balance/age
Oldest credit card is 8 years old and newest is 3 months. looks fine
Amex Gold charge card

5 inquires in Experian in the past 2 years
3 inquires in each of Transunion and Equifax in the past 2 years, Most of the inquires are from CredCo for the house refianacing in the past 8 months if these were in a short time span they get scored as 1 INQ and.... just wondering if there's a reason for the refi that didn't roll the CC debt/personal loans into it?

Never a missed payment

Income is gross $265,000 yearly not including bonuses obviously not an issue

Looking at the bigger picture though....

mortgage + 2 car payments + 3 personal loans + CC's = DTI burden?

There might be something to the payment amounts across the different items but, need more info to pain the picture. Conceivably you could be at 10% DTI or 60% depending on how the numbers total up.

Re: So bummed..

CreditInspired — Tue, 24 Sep 2019 17:38:53 GMT

@Anonymous wrote:
Just did it. Thanks.

I'm assuming this means you just setup billpay. If yes, I want to explain how autopay works because the last thing you need or want is a catastrophic situation. It is a MUST that the funds are available in your account when the bank goes to debit. Because bouncing a payment is worse than missing a payment!

And, yes, it has happened. Someone forgot billpay was setup, their payroll check was deposited a day later than usual, one forgets to transfer the funds in enough time to fund the account. Yep, there's a million and one reasons to ensure the money is there 2-3 days prior to the autopay due date.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 17:59:51 GMT

I always have funds to cover the autopay.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 18:12:30 GMT

Thanks for this feedback.

Credit & Charge Cards, no balance on any of the cards listed below.

Credit One Visa $2,000 CL 8 years old

Capital One $1,100 CL, 3 years & 2 months old

Citi Shop Your Way $5,800 CL, 2 years & 5 months old

Credit One Mastercard $1,000 CL 1 Year & 6 months old

Chase Sapphire Preffered $24,000 CL, 4 month old

Amex Gold, 3 months old

Apple Card $15,000 CL, 1 month old

An update, I called BMW and they said they already reported the 30 days late. I assume i'm going to drop down to the high 600's or low 700's.

My DTI is 33% currently, in the next 6 months it will be about 25%. I will be paying off all 3 loans.

"if these were in a short time span they get scored as 1 INQ and.... just wondering if there's a reason for the refi that didn't roll the CC debt/personal loans into it?" <<<<<<<What do you mean by this?

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 19:50:42 GMT

@Anonymous wrote:
Thanks for this feedback.
Credit & Charge Cards, no balance on any of the cards listed below.
Credit One Visa $2,000 CL 8 years old
Capital One $1,100 CL, 3 years & 2 months old
Citi Shop Your Way $5,800 CL, 2 years & 5 months old
Credit One Mastercard $1,000 CL 1 Year & 6 months old
Chase Sapphire Preffered $24,000 CL, 4 month old
Amex Gold, 3 months old
Apple Card $15,000 CL, 1 month old

An update, I called BMW and they said they already reported the 30 days late. I assume i'm going to drop down to the high 600's or low 700's.

My DTI is 33% currently, in the next 6 months it will be about 25%. I will be paying off all 3 loans.

"if these were in a short time span they get scored as 1 INQ and.... just wondering if there's a reason for the refi that didn't roll the CC debt/personal loans into it?" <<<<<<<What do you mean by this?

I meant if there was a refi consilidating things might have looked better on the new apps.... but, it looks like everything is PIF which is good... so, 3 new cards this year almost doubling your card count means it's time to garden for awhile to let things age a bit.

Just take some time to age things and the hit from the 30 day to lessen before chasing anything new. You could sneak new apps in but, there's a good chance of them either being significantly reduced in CL or yanked all together if they think you're having cash issues.

Keep an eye on your accounts for any sudden changes once the update occurs with the 30D reporting. There might be some CLD issues or temporary account freezes looking for POI due to the sudden score drop. Usually if you spot them and call them quickly you'll be able to restore the CL with an explaination of what happened. Everyone forgets a payment at some point. The key is to setup autopay for the min balance each month on any account you have a tendency to use. It will save you grief down the road. It's #2 on my list of new accounts to do right after getting online access / e-statements setup. Even in the rare instance I have to fill out a form and e-mail it over to the bank it's just that safety net to prevent issues.

Re: So bummed..

Anonymous — Tue, 24 Sep 2019 20:20:33 GMT

Thanks for the advice. I will wait it out. I’ll update you on my new score. I’m curious the type of hit I will get.