topic Re: Denied for Amex personal and approved for business. in Business Credit

Denied for Amex personal and approved for business.

FISHintheTank — Tue, 05 Jul 2022 13:56:08 GMT

I applied for a personal Amex Delta Reserve around 2am on July 3rd. Went into pending and received an email. Denied because of relationship with Amex are too new. Many lenders have looked at your credit reports. My Fico 8 was 690-710 across the board at the time. Was thinking of going to sleep and wait for the inquiry alert from Experian and MyFICO. 5 minutes later wife called from Disney World asking if I was sleeping. I told her yes *** Mod Cut - Not here please ***. Hung up and login to Amex website in 2-3 minutes I submitted the Delta Reserve business application. This time it went straight to linking your bank account for verification. I'd logged into my personal account which I made weekly checks deposits just to pay bills on. I was approved for 8k. I know it's not much for a business credit line, but I'm happy with that for now. I started building my credit back from a low 500 in 2020. Still have a few collections and a repo back in 2017 on credit reports. Didn't want to mess with it just yet because I don't want my scores to drop. I'm currently disputing and tried Pay to Delete with them. I made around 200k. But I put down annual income of 160k.

I have Amex Platinum about a month and a half old. Claims the bonus already.

Amex Amazon Business Prime 5k limits less than a month old.

I don't know how I was approved for the business version instead of the personal. I still didn't see any inquiries from the two apps. Anyone have any ideas why? Should I stop apps for personal credit cards for now? And how long should I wait for the next apps? My wife and I have a joint account from a credit union and we deposit every week into it. Should I ask them for a credit card with a good credit limit to built on? And, any doubt that they would approved me with such a credit profiles? I'm hoping to turn my credit profile around as much as possible. Thanks in advance for your feedback.

Re: Denied for Amex personal and approved for business.

babygirl1256 — Mon, 04 Jul 2022 14:43:02 GMT

Congrats on your Amex Delta Reserve business credit card approval.

Re: Denied for Amex personal and approved for business.

cashorcharge — Mon, 04 Jul 2022 17:59:11 GMT

WooHoo!! Congratulations on your Amex Approval!!👏🏼🍾🥂

Considering you were just denied for the personal, I would give it some time to build up some history on that new biz account. You will eventually be able to apply for another card, potentially without a HP and build up that way. Yes, you can apply again now but I would temper expectations and give it 90 days. If you manage your account well, you'll begin to receive notifications on ways to "expand your membership" and those will help you in the future.

Re: Denied for Amex personal and approved for business.

FISHintheTank — Mon, 04 Jul 2022 18:18:41 GMT

I was rushing too much on my credit repair journey right now. I think the same way as you said. I'm trying to get all those collections accounts off my reports. I'll be in the garden for at least a year before thinking of apps for anything else. Thank you for answering. I really appreciate all the feedback.

Re: Denied for Amex personal and approved for business.

pizzadude — Tue, 05 Jul 2022 14:06:44 GMT

Congrats on the Delta Reserve AMEX approval ! You likely bumped against AMEX's underwriting guidelines for personal accounts in terms of the time period. As suggested above, with more time you'll be in a better position for personal approvals.

Also I've edited your post above for language, please keep it G-rated here - thanks !

Re: Denied for Amex personal and approved for business.

FISHintheTank — Tue, 05 Jul 2022 16:13:18 GMT

I didn't realize there's a different underwriting guidelines for personal and business cards. That could be an answer for the denial. I do apologize for the language. I've read and learned a lots from this forums. Thank you so much for everyone's contributions.

Re: Denied for Amex personal and approved for business.

SouthJamaica — Tue, 05 Jul 2022 16:52:47 GMT

@FISHintheTank wrote:
I applied for a personal Amex Delta Reserve around 2am on July 3rd. Went into pending and received an email. Denied because of relationship with Amex are too new. Many lenders have looked at your credit reports. My Fico 8 was 690-710 across the board at the time. Was thinking of going to sleep and wait for the inquiry alert from Experian and MyFICO. 5 minutes later wife called from Disney World asking if I was sleeping. I told her yes *** Mod Cut - Not here please ***. Hung up and login to Amex website in 2-3 minutes I submitted the Delta Reserve business application. This time it went straight to linking your bank account for verification. I'd logged into my personal account which I made weekly checks deposits just to pay bills on. I was approved for 8k. I know it's not much for a business credit line, but I'm happy with that for now. I started building my credit back from a low 500 in 2020. Still have a few collections and a repo back in 2017 on credit reports. Didn't want to mess with it just yet because I don't want my scores to drop. I'm currently disputing and tried Pay to Delete with them. I made around 200k. But I put down annual income of 160k.

I have Amex Platinum about a month and a half old. Claims the bonus already.

Amex Amazon Business Prime 5k limits less than a month old.

I don't know how I was approved for the business version instead of the personal. I still didn't see any inquiries from the two apps. Anyone have any ideas why? Should I stop apps for personal credit cards for now? And how long should I wait for the next apps? My wife and I have a joint account from a credit union and we deposit every week into it. Should I ask them for a credit card with a good credit limit to built on? And, any doubt that they would approved me with such a credit profiles? I'm hoping to turn my credit profile around as much as possible. Thanks in advance for your feedback.

1. You're probably not going to hear of any hard pulls, because Amex usually does not do a hard pull if you already have an account with them.

2. I would only be guessing that your business profile is more attractive. Perhaps your business credit score is higher.

3. I wouldn't necessarily hold off on applying for new personal credit, although you might want to wait until your FICO 8's and 9's are safely over 700.

4. Yes I think you should look into the credit union and see what kinds of cards they have. But here again you might want to wait until you're safely over 700. One possible problem with some credit unions is that they pull older score models, typically the mortgage scores. You should find out what bureau and score model they pull.

Re: Denied for Amex personal and approved for business.

FISHintheTank — Tue, 05 Jul 2022 17:32:06 GMT

I totally agreed with your takes. I never loan or have any credit on my business profile. This is the first business application. As for the credit union that i banked with, they only pull Experian when my wife applied for a construction loan. They also told us that before applying. I'd tried looking into their credit cards, they only have one. I fill out all the info and they even ask how much i want for the credit line. I read the side notes saying that a personal banking underwriter will contact after submitting the application. I didn't want to look bad when they're asking about all the collections that I currently have. But I think it's better to wait until i'm safely over the 700 numbers and resolving all those collections. Thank you so much for your input.