topic Re: AMEX too many accounts in Credit Card Applications

AMEX too many accounts

Joseph_NC — Sat, 24 Sep 2022 00:59:50 GMT

I was denied on an AMEX blue cash Everyday card for too many accounts. I tried calling them to reconsider, but they are no help and are unable to provide me any information other than I have too many new accounts.

My credit profile isn't super old, but I don't get the "too many new accounts". I have a 788 FICO through transunion. (1% utilization rate, 100% on time payments, 5 total accounts, and an average credit age of 1 year, 7 months) Only one of my accounts is not a credit card, which is a car loan. My car loan began 6/20. My credit cards go as follows, 9/2019, 3/2021, 11/2021, and 4/2022. I believe that puts me at 3/24 or 1/6.

The total credit limit between all 4 cards is $22,500. My car loan was $30k, paid down to $21k. My income is ballpark $70k. Any advice to get approved in the future?

Re: AMEX too many accounts

ZackAttack — Sat, 24 Sep 2022 02:00:27 GMT

Other than you are looking on the wrong bureau. Amex is known to HP experian.

I suggest taking a look what Experian report has for you.

Re: AMEX too many accounts

Joseph_NC — Sat, 24 Sep 2022 02:10:48 GMT

The only difference between the two is that experian reports a 777 credit score. I don't see anything else that would cause this issue.

Re: AMEX too many accounts

PointsBonus — Sat, 24 Sep 2022 02:54:55 GMT

@Joseph_NC If it was me, I would try for one of there Charge cards , Green or Gold depending on what attracts you, this might help you get in the door. But now I think not 💯 you might have to wait 31 days.

Re: AMEX too many accounts

SouthJamaica — Sat, 24 Sep 2022 04:17:59 GMT

@Joseph_NC wrote:
I was denied on an AMEX blue cash Everyday card for too many accounts. I tried calling them to reconsider, but they are no help and are unable to provide me any information other than I have too many new accounts.

My credit profile isn't super old, but I don't get the "too many new accounts". I have a 788 FICO through transunion. (1% utilization rate, 100% on time payments, 5 total accounts, and an average credit age of 1 year, 7 months) Only one of my accounts is not a credit card, which is a car loan. My car loan began 6/20. My credit cards go as follows, 9/2019, 3/2021, 11/2021, and 4/2022. I believe that puts me at 3/24 or 1/6.

The total credit limit between all 4 cards is $22,500. My car loan was $30k, paid down to $21k. My income is ballpark $70k. Any advice to get approved in the future?

Doesn't sound like too many accounts to me.

Re: AMEX too many accounts

OmarGB9 — Sat, 24 Sep 2022 04:58:18 GMT

I suppose maybe just waiting another 3-6 months might help. Also their core cards are known to have tougher UW than their charge cards.

Re: AMEX too many accounts

CaptinVantage — Sat, 24 Sep 2022 12:55:40 GMT

I recently successfully reconned with Amex for the green card by writing a letter to the address on the denial letter. My denial was for inquiries. So I explained why I felt I had a lot inquiries which was not a lie and highlighted my score and utl % and also explained I was trying to build a relationship with them both personally and business soon. 3 weeks later got an approval email. Ymmv but worth a try. You may wind up with a small sl. Luckily my green card is npsl for now.

Re: AMEX too many accounts

Beefy1212 — Sat, 24 Sep 2022 21:56:30 GMT

@CaptinVantage wrote:
I recently successfully reconned with Amex for the green card by writing a letter to the address on the denial letter. My denial was for inquiries. So I explained why I felt I had a lot inquiries which was not a lie and highlighted my score and utl % and also explained I was trying to build a relationship with them both personally and business soon. 3 weeks later got an approval email. Ymmv but worth a try. You may wind up with a small sl. Luckily my green card is npsl for now.

I didn't have to write a letter and got the BCP in month 9 of my credit build by that point I had 5 credit cards and an auto loan with 20+ inquires ( mostly from the loan ). The reason code given is not always the reason for the action I did end up with a 1k limit though. Now I put 4k on that 1k card in 61 days and they rejected me for a CLI reason given was too many inquiries. I suspect many times what is a crazy yes or no comes down to what is going on at the bank and not what is going on with you.

Re: AMEX too many accounts

SuperFlyEDSguy — Sun, 25 Sep 2022 09:21:46 GMT

Absolutely true! In my experience anyways.

When I tried to "Prequal" for my first AMEX card, they offered me the three core charge cards. As the Gold made the most sense for me, I applied and was quickly approved. There's been days when I have checked my "Spending Power" and it's easily pushing an $18K or $19K test transaction! Yet my "Pay Over Time" is capped at $1,750! So, being overzealous after getting approved for the Gold, I tried my luck on the BCP, and was outright denied!

I waited a month or two and tried my luck on the AMEX Delta SkyMiles Gold Card, and though I was instantly approved, it was only for $1K! I also cannot get a CLI because of my 5.5 year old BK7! I've seen people say that they get auto-CLIs even with a BK, however you'll have to wait until year 6 to successfully request a CLI! It's crazy as I've been a pretty good customer too, as in actually using their products and quickly pay them down!

As underwriting for their core charge cards is more-or-less identical according to many people, one has to think that their credit card underwriting is far more stringint! The only reason I could think why is because it would be more of a risk to carry a balance out instead of paying it off monthly. Even with "Pay Over Time," the charge cards are far more structured thereby greatly reducing the overall risk involved, e,g. lates, defaulting, etc. The yearly fees are also far higher on the charge cards making them more tangible, and one would not want to lose their money or personal connection to a product valued between $150 and $695!

Just a couple of thoughts as someone who works for AMEX would definitively know.

Re: AMEX too many accounts

Guyatthebeach — Sun, 25 Sep 2022 20:11:28 GMT

Joseph_NC,

Amex doesn't use the 5/24 rule per say like Chase does. Given the number of new accounts, I personally would wait 6 months to a year before applying for another AmEx credit card. If you just want something branded with AmEx, look at the Bloomingdale's AmEx, the Macy's AmEx, or NFCU's AmEx.

Guyatthebeach

Re: AMEX too many accounts

SuperFlyEDSguy — Wed, 05 Oct 2022 02:48:55 GMT

@Joseph_NC @Guyatthebeach I love my NFCU More Rewards AMEX and would strongly encourage anyone eligible to just get one! There's no annual fee; APR is between 11.90% and 18.00%; 3x on supermarkets, gas & transit, and restaurants; and 1x on everything else! They're also great about CLIs! You won't come close to finding an AMEX offering such things with no annual fee anywhere else! The closest first-party AMEX cards are going to run you $95/year (and up) and not have all these features! Seriously, can't recommend it enough!!!

Re: AMEX too many accounts

M_Smart007 — Wed, 05 Oct 2022 03:25:10 GMT

@SuperFlyEDSguy wrote:
@Joseph_NC @Guyatthebeach I love my NFCU More Rewards AMEX and would strongly encourage anyone eligible to just get one! There's no annual fee; APR is between 11.90% and 18.00%; 3x on supermarkets, gas & transit, and restaurants; and 1x on everything else! They're also great about CLIs! You won't come close to finding an AMEX offering such things with no annual fee anywhere else! The closest first-party AMEX cards are going to run you $95/year (and up) and not have all these features! Seriously, can't recommend it enough!!!

Having held The Navy MoreRewards a couple of different times, Yep great card.

This was a strong card also, I still hold it. (now closed to new applicants)

Re: AMEX too many accounts

SuperFlyEDSguy — Wed, 05 Oct 2022 07:56:55 GMT

@M_Smart007 wrote:
@SuperFlyEDSguy wrote:
@Joseph_NC @Guyatthebeach I love my NFCU More Rewards AMEX and would strongly encourage anyone eligible to just get one! There's no annual fee; APR is between 11.90% and 18.00%; 3x on supermarkets, gas & transit, and restaurants; and 1x on everything else! They're also great about CLIs! You won't come close to finding an AMEX offering such things with no annual fee anywhere else! The closest first-party AMEX cards are going to run you $95/year (and up) and not have all these features! Seriously, can't recommend it enough!!!
Having held The Navy MoreRewards a couple of different times, Yep great card.
This was a strong card also, I still hold it. (now closed to new applicants)

Wow! 😮 Yes! Another solid card backed by AMEX! I would say that the More Rewards is pretty close to the Gold Card when it really comes down to hard value. I have both, but tend to stick with the Gold Card more since it's a better tool to control spending as I know it'll need to be paid off fairly quickly. The thing is once we factor in the 0.6 to get the dollar amount for the rewards, the More Rewards kills it as 3x vs 2.4x and with no annual fee it's is quite nice!

I'd have to say that I'm sorta an AMEX "fanboy" considering I also have the AMEX Delta SkyMiles Gold Card and the Bread 2% Cashback AMEX. I'm considering upgrading my SkyMiles to the Platinum to get the free companion certificate each year and the TSA PreCheck as they will no doubt make up the difference! Eventually, I'd like the BCP, but want to wait a while before trying my luck again as I have [waaayyy] too many HPs at the moment, and a couple items that could be cleaned up and come off my reports with a bit of diligence on my end! Finally, a hotel card would probably even out my AMEX portfolio nicely! 😆

As for NFCU, I reeeaaally want the Flagship Card, but the only card eligible to PC would have a rate increase making it ineligible. 😢 So, I have like two months before I could request my next CLI on my cashRewards and that'll take it well over the $5K requirement, so I'll just PC it then!

Re: AMEX too many accounts

babygirl1256 — Wed, 05 Oct 2022 08:53:32 GMT

@Joseph_NC . . . Gosh, not too many accounts to be but sometimes Amex's Customer Service can seem as if you're hitting your head against a wall . . . both on the phone and chat sessions!!!