topic Re: American Express Cash Magnet denied and very confused. in Credit Card Applications

American Express Cash Magnet denied and very confused.

Anonymous — Tue, 21 Apr 2020 17:35:34 GMT

Hello,

My Experian and Transunion FICO Score hover around 740 at the moment. I have like 5% utilization and I pay off everything every month. But yet AMEX Denied me for the cash magnet card for these reasons

No recent record of bank or retail revolving accounts (Experian)- Uhhh ok

The amount of outstanding account balances compared to their respective credit limit(s) or original loan amount(s) is too high (Experian)- I have 5% utilization what the hell 1400 out of a 25k limit

Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)- I have 3 inquiries over a year

Our evaluation of the accounts on your credit report based on the number, type, length of time opened, and credit risk level. (Experian)- Lets see ive had one card open for 3 years and 3 utilites reporting for a while so **bleep**.

I need ideas can anyone give me any advice on whats happening.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Tue, 21 Apr 2020 19:03:58 GMT

Without more info, it's hard to speculate beyond that they just aren't comfortable with your profile.

What other cards do you have? Loans? How old are they? Any derogatory marks?

Re: American Express Cash Magnet denied and very confused.

Anonymous — Tue, 21 Apr 2020 19:17:51 GMT

I have no loans at the moment

I have 2 accounts. 1 from Jp Morgan Chase 5% utilization and one from Discover 5% utlilization. The Chase has been open for 3 years, Discover for one. No Derogotory marks, 3-4 inquiries on it. I have made full payments every single month

Re: American Express Cash Magnet denied and very confused.

TheFIGuy — Tue, 21 Apr 2020 19:41:53 GMT

@Anonymous Would recommend pulling your EX reports directly from EX and also pulling your annualfreecreditreport(dot)com now that it's weekly until April 21, 2021.

Sounds like something isn't right on your EX file.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Tue, 21 Apr 2020 19:58:52 GMT

I do have it direct with experian so its odd

Re: American Express Cash Magnet denied and very confused.

TheFIGuy — Tue, 21 Apr 2020 21:56:46 GMT

@Anonymous wrote:
I do have it direct with experian so its odd

The AMEX Decline letter has your EX FICO 8 Score, does it match the EX FICO 8 Score shown online at EX?
Did you pull the annualcreditreport(dot)com reports and match what EX is showing online for your account?

At the end of the day, I would give AMEX reconsideration or New Accounts—(Both numbers can be found on this forum) a call and see if anything was transposed during the application process. Usually, AMEX is really good about detecting stuff like that but stuff happens. When I applied for my CS AMEX Platinum card I transposed the address and AMEX put my application "in-progress" I was baffled. Called in bewildered and turns out I swapped two digits of my address during the application process and AMEX flagged it as fraud and somebody attempting to open an account in my name. Quick verification and card was approved with overnight shipping and 20k extra points for the inconvenience I caused.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Tue, 21 Apr 2020 22:26:34 GMT

No my score doesnt seem to match

Re: American Express Cash Magnet denied and very confused.

TheFIGuy — Wed, 22 Apr 2020 02:49:11 GMT

@Anonymous wrote:
No my score doesnt seem to match

After writing the reply I realized that your EX FICO 8 and your AMEX EX FICO 8 score won't match exactly as AMEX performed an (HP) on your report. This "should" YEMV have dropped your score by a marginal amount but nothing to scream about. But, I would go off my recommendations in my earlier reply. Something isn't matching up.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Wed, 22 Apr 2020 20:57:00 GMT

Got a call from executive office amex isn't doing any reconsiderations at this time

Re: American Express Cash Magnet denied and very confused.

Anonymous — Wed, 22 Apr 2020 23:29:29 GMT

Don't waste your time. Exact same scenario on my end with the same reasons. Called and was told by the associate AMEX tightened their belt due to COVID-19 and are denying apps below 750EX. I am at 727EX so had no amo to fight.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Wed, 22 Apr 2020 23:34:30 GMT

@TheFIGuy wrote:
@Anonymous Would recommend pulling your EX reports directly from EX and also pulling your annualfreecreditreport(dot)com now that it's weekly until April 21, 2021.

Sounds like something isn't right on your EX file.

What would be the point of doing that? A credit report and a credit score are not the same thing. The credit reports available from annualfreecreditreport.com do not include a credit score.

Re: American Express Cash Magnet denied and very confused.

TheFIGuy — Wed, 22 Apr 2020 23:40:06 GMT

@Anonymous wrote:
@TheFIGuy wrote:
@Anonymous Would recommend pulling your EX reports directly from EX and also pulling your annualfreecreditreport(dot)com now that it's weekly until April 21, 2021.

Sounds like something isn't right on your EX file.
What would be the point of doing that? A credit report and a credit score are not the same thing. The credit reports available from annualfreecreditreport.com do not include a credit score.

OP's first point was regarding no revolving accounts. Trusting but verifying EX and AFCR.com reconcile and have the same accounts. Wasn't for scoring purposes and more account reconciling purposes. Making sure there is no Delta.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Thu, 23 Apr 2020 00:07:25 GMT

@TheFIGuy wrote:
@Anonymous wrote:
@TheFIGuy wrote:
@Anonymous Would recommend pulling your EX reports directly from EX and also pulling your annualfreecreditreport(dot)com now that it's weekly until April 21, 2021.

Sounds like something isn't right on your EX file.
What would be the point of doing that? A credit report and a credit score are not the same thing. The credit reports available from annualfreecreditreport.com do not include a credit score.
OP's first point was regarding no revolving accounts. Trusting but verifying EX and AFCR.com reconcile and have the same accounts. Wasn't for scoring purposes and more account reconciling purposes. Making sure there is no Delta.

Point taken, but the "No recent record of bank or retail revolving accounts" reason code is not referring to not having revolving accounts. Instead, the credit reporting agency is saying that they have no recent record of revolving account payments or that there is no record that the OP's revolving accounts were used recently. And if, as the OP states, his accounts are paid down to zero every month, then there wouldn't be a payment history recorded by the credit bureau.

Another way of saying it is "we have no record that you're using the credit you currently have so why should we extend additional credit to you?"

Re: American Express Cash Magnet denied and very confused.

TheFIGuy — Thu, 23 Apr 2020 01:54:08 GMT

@Anonymous That's why I should leave the "Heavy Lifting" to you! Good points thank you!

Re: American Express Cash Magnet denied and very confused.

Anonymous — Thu, 23 Apr 2020 02:16:50 GMT

Yeah I cant get approved for anything else its odd

Re: American Express Cash Magnet denied and very confused.

kilroy8 — Thu, 23 Apr 2020 02:30:14 GMT

@Anonymous wrote:
Don't waste your time. Exact same scenario on my end with the same reasons. Called and was told by the associate AMEX tightened their belt due to COVID-19 and are denying apps below 750EX. I am at 727EX so had no amo to fight.

750 EX???

Meet the new AmEx, same as the old AmEx ...

Re: American Express Cash Magnet denied and very confused.

SweetCreditObsession — Thu, 23 Apr 2020 07:17:48 GMT

That's an EXCELLENT data point. Thanks for sharing.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Sat, 25 Apr 2020 03:31:48 GMT

@kilroy8 wrote:
@Anonymous wrote:
Don't waste your time. Exact same scenario on my end with the same reasons. Called and was told by the associate AMEX tightened their belt due to COVID-19 and are denying apps below 750EX. I am at 727EX so had no amo to fight.
750 EX???

Meet the new AmEx, same as the old AmEx ...

What's the reasoning behind 750? considering 740 to 799 puts you in the "very good" range. Does the range not matter? What does the extra 10 points tell them?

Re: American Express Cash Magnet denied and very confused.

ZackAttack — Sat, 25 Apr 2020 04:07:00 GMT

@Anonymous wrote:
@kilroy8 wrote:
@Anonymous wrote:
Don't waste your time. Exact same scenario on my end with the same reasons. Called and was told by the associate AMEX tightened their belt due to COVID-19 and are denying apps below 750EX. I am at 727EX so had no amo to fight.
750 EX???

Meet the new AmEx, same as the old AmEx ...
What's the reasoning behind 750? considering 740 to 799 puts you in the "very good" range. Does the range not matter? What does the extra 10 points tell them?

The range I think only helps with getting loans because the APR is either a var or a fix rate and depending on the range can have the lowest or have a higher interest APR. Otherwise, if Amex said 750 for a score, then that is what they want at the moment.

Re: American Express Cash Magnet denied and very confused.

Anonymous — Sat, 25 Apr 2020 04:09:27 GMT

@ZackAttack wrote:
@Anonymous wrote:
@kilroy8 wrote:
@Anonymous wrote:
Don't waste your time. Exact same scenario on my end with the same reasons. Called and was told by the associate AMEX tightened their belt due to COVID-19 and are denying apps below 750EX. I am at 727EX so had no amo to fight.
750 EX???

Meet the new AmEx, same as the old AmEx ...
What's the reasoning behind 750? considering 740 to 799 puts you in the "very good" range. Does the range not matter? What does the extra 10 points tell them?
The range I think only helps with getting loans because the APR is either a var or a fix rate and depending on the range can have the lowest or have a higher interest APR. Otherwise, if Amex said 750 for a score, then that is what they want at the moment.

I've always thought of them as someone who always required that for any of their cards. It's not until I joined these forms late last year that I realized they were handing out all sorts of stuff around 650 - 680 ranges with 720 being very comfortable for even something like the Platinum.