topic Re: frustrated with amex and chase in Credit Card Applications

frustrated with amex and chase

stickbowbuilder — Wed, 06 May 2015 23:31:42 GMT

getting and building credit is frustrating lol. according to this site and the three credit agencies I'm running 689 eq, 738 tu and 689 according to the amex denial letter the fico score on april 30th was 691. reasons were, too few accounts paid as agreed. length of time your accounts have been established. no information about installment loans on my report (they were paid on time, in full back in 06 and 08 and show that on the report). length of time my revolving accounts have been established and finally too many inquiries in the past 12 months. what is frustrating is on Equifax I have 24 months of on time, never late payments on a 1000.00 credit line with low %. I have watched my scores climb from low low 600 to what they are now and I KNOW I need to let the new credit soak, n

but grrrrr!. no baddies, 7300.00 in total credit line with under 3% util and 10 inquiries. will amex and chase EVER pop open for me??????

Re: frustrated with amex and chase

jamesdwi — Thu, 07 May 2015 00:30:37 GMT

Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

Re: frustrated with amex and chase

Anonymous — Thu, 07 May 2015 00:54:39 GMT

What creditor said that, Amex or chase?

Re: frustrated with amex and chase

taxi818 — Thu, 07 May 2015 01:07:11 GMT

@jamesdwi wrote:
Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

That is far from the truth. in fact amex looks at overall profile. not just your fico score as they have their own internal scoring.

Case in point. countless people here at my fico got their first revolver with amex. from 650 and up. me included. got mine with a 661 ex fico. but the report was virtually clean. 1 collection 5 years old paid in full .was only 200 total. cable bill. 0 missed payments ever. in 5 years. 0 lates. low util with lots of inquiries. got a 10k limit too. so that is not the case most of the time with amex. it is something on your report they don't like. such as C.O. unpaid colleciton or lates. those are the things that will do you in. not your fico score. which is good.

Re: frustrated with amex and chase

Anonymous — Thu, 07 May 2015 02:25:24 GMT

With Amex and Chase it takes time. You just have to keep trying. They look at your over credit portfolio, income etc... Hang in there..

Re: frustrated with amex and chase

stickbowbuilder — Thu, 07 May 2015 03:35:02 GMT

i have zero bad marks, no lates or derogs, and credit for 9.6 years with an average age of 3 years. An annual income of 50k with 6 to 7 years in my job. when I was 18 through 23 I destroyed my credit. but long since cleaned it all off my report. in 2006 and 2008 I took small loans from my bank, paid all on time and in full. then last year took an interest in my credit. i was in the low, very low 600 range with one delinquent mark from a medical bill. i paid it off and negotiated to have it taken off the reports, it was taken off the reports and all three agencies. i got a secured wf card, a Kay's card and three gas cards. have watched scores jump, but with the reasons I got for denials and a frank talk on a recon, it is looking like I'm just too new to recent credit. in 6 months I most likely will get em.... just frustrated I seem to have the score but not the time lol... thanks for all the advice! I'll get there!!

Re: frustrated with amex and chase

Anonymous — Thu, 07 May 2015 03:52:06 GMT

@stickbowbuilder wrote:
i have zero bad marks, no lates or derogs, and credit for 9.6 years with an average age of 3 years. An annual income of 50k with 6 to 7 years in my job. when I was 18 through 23 I destroyed my credit. but long since cleaned it all off my report. in 2006 and 2008 I took small loans from my bank, paid all on time and in full. then last year took an interest in my credit. i was in the low, very low 600 range with one delinquent mark from a medical bill. i paid it off and negotiated to have it taken off the reports, it was taken off the reports and all three agencies. i got a secured wf card, a Kay's card and three gas cards. have watched scores jump, but with the reasons I got for denials and a frank talk on a recon, it is looking like I'm just too new to recent credit. in 6 months I most likely will get em.... just frustrated I seem to have the score but not the time lol... thanks for all the advice! I'll get there!!

Good job on working on it. Give it 6 months and that is enough time for your score to bounce and maybe get into Amex and Chase.

Re: frustrated with amex and chase

Anonymous — Thu, 07 May 2015 04:36:15 GMT

@jamesdwi wrote:
Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

False. Look at my scores and cards.

Re: frustrated with amex and chase

Anonymous — Thu, 07 May 2015 04:59:05 GMT

@Anonymous wrote:
@jamesdwi wrote:
Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

False. Look at my scores and cards.

Now now.... Your experience does not necessarily prove jamedwi's point wrong, necessarily. Chase does "like" upper 600 scores. If they liked you with lower scores, I can only assume they would have liked you even more if your scores had been even higher. Jamesdwi did not make a blanket statement that no one with scores below 690 can be approved. There would be plenty of counterexamples to this: you, many other members, and even me for that matter. But Chase, being a prime lender, does prefer scores that are approaching the prime level - so jamesdwi's statement is certainly not categorically false.

Re: frustrated with amex and chase

Momof5 — Thu, 07 May 2015 16:03:07 GMT

@jamesdwi wrote:
Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

I just got declined for Chase Amazon. No lates in 2.5 years, FICOs they pulled: EQ 703 and EX 729. I have 1 major CC that has no lates and is 12 years old. Util is 27% (so a bit high). I had 5 inqs on EQ and 2 on EX (one of which is 24 months and 5 days old). I think Chase is a YMMV situation.

Re: frustrated with amex and chase

TRC_WA — Thu, 07 May 2015 17:24:07 GMT

@taxi818 wrote:
@jamesdwi wrote:
Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

That is far from the truth. in fact amex looks at overall profile. not just your fico score as they have their own internal scoring.
Case in point. countless people here at my fico got their first revolver with amex. from 650 and up. me included. got mine with a 661 ex fico. but the report was virtually clean. 1 collection 5 years old paid in full .was only 200 total. cable bill. 0 missed payments ever. in 5 years. 0 lates. low util with lots of inquiries. got a 10k limit too. so that is not the case most of the time with amex. it is something on your report they don't like. such as C.O. unpaid colleciton or lates. those are the things that will do you in. not your fico score. which is good.

I got a $5k AmEx Delta in December 2014... no previous AmEx relationship... 5 1/2 years out of a BK13 filing with a 680 EX score and no INQs in the previous year.

Re: frustrated with amex and chase

Anonymous — Thu, 07 May 2015 18:03:55 GMT

@jamesdwi wrote:
Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

With Chase it really depends on the card, and it also helps if you bank with them. I got Chase Freedom after having a bank account and with a 600-625 score on EX and TU (they double pulled). Chase Sapphire Preferred isn't even doable unless you're above 680. Even better if you're above 700. CSP and Amex like to compete with each other on balances. From what I understand if you're CSP is a certain limit, Amex will more than likely try to match or beat that limit on a revolver. I'll put that to the test later.

Re: frustrated with amex and chase

tonyjones — Thu, 07 May 2015 19:53:49 GMT

It's interesting how totally different credit profiles AMEX/Chase approves for. OP has no derog but it seems like very thin profile.

I app'd for Chase/AMEX two weeks ago and got approved for all three cards (ED,BCE, Slate).

I had 6 derogs still reporting but I had 9 accounts reporting in good standing, along with an auto loan and student loans.

Re: frustrated with amex and chase

TRC_WA — Thu, 07 May 2015 20:39:25 GMT

@tonyjones wrote:
It's interesting how totally different credit profiles AMEX/Chase approves for. OP has no derog but it seems like very thin profile.

Yep... as I said in my previous post I got a $5k AmEx revolver... but Chase won't approve me for anything despite no previous relationship with them either. I even called to recon and requested a $500 Freedom just to "get in the door" and they still said no despite the fact I have multiple $5-10k bank cards and no derogs since filing Ch 13 over 6 years ago.

It's fine... Chase will be throwing cards at me in another 6 months when everything falls off my reports.

Re: frustrated with amex and chase

roniram — Thu, 07 May 2015 21:33:13 GMT

Definitely true. I have no lates, no derogs, AAOA of 3.1, and although I got approved for AMEX Platinum, AMEX BCE and Chase Freedom, there is some internal scoring that is limting the amount they are willing to approve me for, witch was only a $1,000 CL on each, and unsuccessful recon for an increase on both. Even though I think I have decent scores, and income. So, you never know how some of these prime lenders are going to determine how they will look at your credit potential - especially when you are trying to get your foot in the doore.

Re: frustrated with amex and chase

takeshi74 — Fri, 08 May 2015 12:18:44 GMT

@stickbowbuilder wrote:
will amex and chase EVER pop open for me??????

Probably -- just not with your credit in its current shape. It takes time to rebuild.

Being cited for inquiries is generally a sign that there are other concerns with your credit.

@stickbowbuilder wrote:
then last year took an interest in my credit. i was in the low, very low 600 range with one delinquent mark from a medical bill. i paid it off and negotiated to have it taken off the reports, it was taken off the reports and all three agencies. i got a secured wf card, a Kay's card and three gas cards. have watched scores jump, but with the reasons I got for denials and a frank talk on a recon, it is looking like I'm just too new to recent credit. in 6 months I most likely will get em.... just frustrated I seem to have the score but not the time lol...

That is a lot of new accounts in one year for your credit profile. Keep in mind that, as stated above, it's never just about score.

@Anonymous wrote:
CSP and Amex like to compete with each other on balances.

Even if you mean limits creditors do not simply match limits. Limits are determined based on what one's credit and income qualify for against a given creditor's criteria.

@tonyjones wrote:
It's interesting how totally different credit profiles AMEX/Chase approves for.

Underwriting criteria can and do vary among all the creditors -- not just AmEx and Chase.

Re: frustrated with amex and chase

TheGardner — Fri, 08 May 2015 13:43:08 GMT

OP you have no derogatory marks at all?

Not sure what is going on with the information you provided but with a clean report with low utilization and 3 years AAoA your scores should be higher. Have you viewed your c report lately?

Unrelated to the above question as they won't hurt that bad, how many inquiries do you have?

Re: frustrated with amex and chase

Nocturnal — Fri, 08 May 2015 18:25:43 GMT

The way I got into Amex was to not have any inqs for at least a year. Then I had probably at the time 20% total util. I have no late payments or collections on record or bk. I applied in December and was surprised to get approved. Prior to that I have been trying for a while now, several years and never able to get an Amex card.

Re: frustrated with amex and chase

stickbowbuilder — Fri, 08 May 2015 20:33:46 GMT

that is correct, zero derogs, low util. however.... up until about two months ago I paid cash for everything. used credit twice in my life. so right now I have a short creditg history and inquiries with a Kay's card (4000.00), three gas cards (500.00, 500.00, and 800.00). a secured wells Fargo card (500.00) and lastly a cap one quicksilver (300.00). my util is 2%. I have around 6 to 8 inq depending on which report your looking at and credit scores from eqiufax of 678/700/688 taken yesterday. amex reported 691. so, I think it is a matter of paying off the balances as I use the cards and in six months I'll have some history.

Re: frustrated with amex and chase

TURNERHOOVER — Fri, 08 May 2015 20:59:51 GMT

@taxi818 wrote:
@jamesdwi wrote:
Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver.

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card.

work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably less than 9% and only one card reporting a balance.

That is far from the truth. in fact amex looks at overall profile. not just your fico score as they have their own internal scoring.
Case in point. countless people here at my fico got their first revolver with amex. from 650 and up. me included. got mine with a 661 ex fico. but the report was virtually clean. 1 collection 5 years old paid in full .was only 200 total. cable bill. 0 missed payments ever. in 5 years. 0 lates. low util with lots of inquiries.o got a 10k limit too. so that is not the case most of the time with amex. it is something on your report they don't like. such as C.O. unpaid colleciton or lates. those are the things that will do you in. not your fico score. which is good.

True, recieved my first Amex with a 661 EX score two collections and one CO.