topic Re: Help Me Get an AMEX revolver! in Credit Cards

Help Me Get an AMEX revolver!

Anonymous — Mon, 16 May 2016 15:23:13 GMT

Hey Guys,

So after many years of ignoring my mediocre to poor credit (mostly due to a student loan default in 2008) I finally cleaned up my act (rehabbed loans and paid current ) and started rebuilding last June with my first Capital One card.

I've acquired a TON of cards over the last year. The list is as follows:

6/15 - Capital One Platinum - $3k SL - CLI'd to $5k - + $500 Credit Step CLI then PC'd to Venture one - Closed 5/16 - Combined into Venture #1

8/15 USAA World MC - $5k SL

8/15 - Amex Plat NPSL (w/100k bonus)

9/15 Chase Slate $5k SL - PC'd to Freedom Unlimited in 4/16

9/15 Cap One Quicksilver $5k SL

9/15 BOA Cash Rewards $3k SL

9/15 BOA Travel Rewards $3k SL

9/15 Amex PRG NPSL (w/50k Bonus)

10/15 Cap One Venture $20k SL

10/15 Barclays Arrival + 3.5k SL

10/15 - Added as AU to CSP $23.9k SL

11/15 Cap One Venture #2 $15k SL

11/15 Cap One Venture #3 $15k SL (same day back to back as Venture #2)

11/15 DCU Used auto Loan 23.9k @ 2.99%

11/15 DCU Visa $8500 SL

11/15 Stash Hotel Rewards Visa $8k SL

11/15 Chase Freedom $5.5k SL

12/15 - Added As AU to Amex PRG NPSL

12/15 - Added as AU to Amex MB revolver $10k SL

1/16 - Chase United Mileage Explorer $9k SL

3/16 - Amex Business Gold NPSL

3/16 - Chase INK Business $5k SL

5/16 Combined Cap One Venture One with Venture #1 - New Venture #1 SL - $25.5k

My scores have been up and down like a ping pong ball as things have reported etc.

Last I checked a couple weeks ago My TU was 702 EQ was 680 and EX 693

The have been ranging between 670 - 705 up and down depending on the month. TU seems to never drop below 690.

So I now have 3 NPSL amexes (and am an AU on one NPSL card and One revolver) but I want my own ED card. (Mostly as I plan to trim some of the fat out of my Amex Portfolio) - I'm prob going to drop the plat card and go for the business version. But I've applied for the ED card twice, and been denied both times. Yet they approved me for the business Gold card after that. I also got denied for a Delta Skymiles Card (after being emailed an enhanced bonus offer).

Is there a secret to the AMEX revolver? Fico Score? Inquiries? Something?

What gives?

Thanks in advance,

George

Re: Help Me Get an AMEX revolver!

creditguy — Mon, 16 May 2016 15:32:19 GMT

Beats me why you can't get a revolver. What's the reason they give you in the past when they denied you? Perhaps you have too much new credit and you should let those accounts age. What's your utilization looking like? Amex does not like high utilization if that's the case.

Re: Help Me Get an AMEX revolver!

Anonymous — Mon, 16 May 2016 15:41:01 GMT

Util is less than 5% Overall - ~ 5k a month on a total of 169k of available credit.

I do touch 30-50% on a couple of the smaller limit cards sometimes (barclays and freedom) however, I PIF monthly. I've never gotten a solid REASON from amex. - just a "declined" letter stating generic reasons. My AAoA is 2 years, 11 months. (my student loans date back to 2006-2008) and I was an AU on 2 cards of my mothers (even though I dont actually physically HAVE cards) one was opened in 2000 and one in 2011.

I have a couple negatives slated to drop off somewhat soon.

1st - A New Jersey Higher Education assistance tradeline - shown as Opened 11/2009. Basically they were the guarantee agency that bought my student loans when I defaulted. Between a wage garnishment and a final in full payment they are COMPLETELY paid off, however it shows as closed, Paid charge off. 7 years on that will be 11/2016

the 2nd Negative is a judgement for $700 or so dollars - 10/2009 for that one. It was paid in full back then, I disputed its presence. TU removed it, EX and EQ let it stay.

Those two should drop off by the end of the year.

Take care,

George

Re: Help Me Get an AMEX revolver!

Anonymous — Mon, 16 May 2016 16:06:12 GMT

Well if you already have an account I suppose you're not taking hard pulls. there are members here bang on the door every 3 to 4 weeks and finally get approved, even when their scores go down. persistence is key. if you are a long-time member you may want to just call and talk to someone directly and do the application over the phone next time. I agree getting the AMEX ED card will be an awesome combo with what you have going on.

Re: Help Me Get an AMEX revolver!

Closingracer99 — Mon, 16 May 2016 16:37:13 GMT

@Anonymous wrote:
Util is less than 5% Overall - ~ 5k a month on a total of 169k of available credit.

I do touch 30-50% on a couple of the smaller limit cards sometimes (barclays and freedom) however, I PIF monthly. I've never gotten a solid REASON from amex. - just a "declined" letter stating generic reasons. My AAoA is 2 years, 11 months. (my student loans date back to 2006-2008) and I was an AU on 2 cards of my mothers (even though I dont actually physically HAVE cards) one was opened in 2000 and one in 2011.

I have a couple negatives slated to drop off somewhat soon.

1st - A New Jersey Higher Education assistance tradeline - shown as Opened 11/2009. Basically they were the guarantee agency that bought my student loans when I defaulted. Between a wage garnishment and a final in full payment they are COMPLETELY paid off, however it shows as closed, Paid charge off. 7 years on that will be 11/2016

the 2nd Negative is a judgement for $700 or so dollars - 10/2009 for that one. It was paid in full back then, I disputed its presence. TU removed it, EX and EQ let it stay.

Those two should drop off by the end of the year.

Take care,

George

One problem is Amex is an EX puller so you should probably wait until it falls off IMHO. Even then you have a lot of credit already so I would cool off anyways.

Re: Help Me Get an AMEX revolver!

dragontears — Mon, 16 May 2016 19:09:44 GMT

@Anonymous wrote:
Util is less than 5% Overall - ~ 5k a month on a total of 169k of available credit.

I do touch 30-50% on a couple of the smaller limit cards sometimes (barclays and freedom) however, I PIF monthly. I've never gotten a solid REASON from amex. - just a "declined" letter stating generic reasons. My AAoA is 2 years, 11 months. (my student loans date back to 2006-2008) and I was an AU on 2 cards of my mothers (even though I dont actually physically HAVE cards) one was opened in 2000 and one in 2011.

I have a couple negatives slated to drop off somewhat soon.

1st - A New Jersey Higher Education assistance tradeline - shown as Opened 11/2009. Basically they were the guarantee agency that bought my student loans when I defaulted. Between a wage garnishment and a final in full payment they are COMPLETELY paid off, however it shows as closed, Paid charge off. 7 years on that will be 11/2016

the 2nd Negative is a judgement for $700 or so dollars - 10/2009 for that one. It was paid in full back then, I disputed its presence. TU removed it, EX and EQ let it stay.

Those two should drop off by the end of the year.

Take care,

George

without even knowing what the "generic" reasons are people can only take a shot in the dark as to why.

I would have to guess with the activity your profile has had in the last year, you are seen as risky and agressively seeking credit....

Re: Help Me Get an AMEX revolver!

Anonymous — Mon, 16 May 2016 19:20:22 GMT

Success!!!.. Kinda....

I decided what the heck let me try one more app for it (being that they are soft pulls anyway), and I was instantly approved for the ED card. But with a toy $1000 spending limit. But I'm in and I have a NO AF Amex revolver to park my MR points when I decide to trim the fat out of my Amex Portfolio. I guess next step is the 3x CLI at the 90 day mark.

Take care,

George

Re: Help Me Get an AMEX revolver!

creditguy — Mon, 16 May 2016 21:01:50 GMT

Congrats on your approval, hope the CLI works out so you really use this card, but nonetheless you've caught your white whale congrats again.

Re: Help Me Get an AMEX revolver!

taxi818 — Tue, 17 May 2016 00:06:12 GMT

Congrats. Well the 1k limit with Amex says it all. Its time to stop applying and let the inqs fall off and your scores will rise. It will take some time to get increase with that probationary limit that amex sets. Maybe even over a year. Don't get upset. Just use wash rinse, and repeat and it will grow eventually. We all say it and it is true. Credit is a Marathon not a sprint.

Take it easy. You have more than you know what to do with or enough to get into trouble. So now let it be. Good luck.

Re: Help Me Get an AMEX revolver!

Anonymous — Tue, 17 May 2016 12:35:09 GMT

I hear you... I think i'm kind of pushing the limits however two things amaze me.

1) When I had fewer new accts, inquiries etc etc AMEX flat denied me for a revolver - now they decide to give me one albeit with a toy $1k limit?

2) I logged into my AMEX acct, and just for the heck of it clicked on the "check spending power" link on my Platinum card. I entered 12k and it came back instantly approved. So they will let me spend 12k on a charge card without hesitaiton, but they only give me a $1k credit limit? Kind of frustrating... I did the math Since August of 2015 when I got my first AMEX charge card, I've spent (and paid) $16,822 with them, and have another $3k or so as current balances. (which obviously will be paid in full when the statement closes) I'm going to wait the 60 days and talk to the chat folks to see what I can do with a CLI.

Take care,

George

Re: Help Me Get an AMEX revolver!

takeshi74 — Tue, 17 May 2016 13:22:13 GMT

@Anonymous wrote:
Is there a secret to the AMEX revolver? Fico Score? Inquiries? Something?

We don't know the specifics of the underwriting criteria for any product for any creditor out there but all the usual stuff applies. It's never just about score or just about any one factor. One's entire credit profile always matters.

@Anonymous wrote:
I've acquired a TON of cards over the last year. The list is as follows:

That's not working in your favor. New accounts and credit seeking activity are seen as risk factors. How much of an impact these have can and does vary depending on credit profile.

@Anonymous wrote:
I have a couple negatives slated to drop off somewhat soon

Derogs don't help either. They tend to have a significant impact as long as they're on your reports.

@Anonymous wrote:
I've never gotten a solid REASON from amex. - just a "declined" letter stating generic reasons.

What are those reasons? They may not seem solid to you but sometimes the reasons require a bit of interpreting. You also need to consider that the reasons are also profile-specific, i.e. "X is a denial reason for your credit profile".

@Anonymous wrote:
But with a toy $1000 spending limit. But I'm in

Your profile and your income determine the limit you qualify for. Improve your profile and that limit will easily grow via the 3x CLI. Read the Guide if you have not already.

You don't need to be "in". Either you qualify or you don't. Being approved doesn't guarantee subsequent approvals or CLI's. At time of consideration your profile has to support such things. A creditor can certainly take adverse action incudling closing accounts if your credit profile ends up getting sufficiently worse.

@Anonymous wrote:
I guess next step is the 3x CLI at the 90 day mark.

Isn't this your first revolver? If so, 61 days. Make the request regardless but realize that what you qualify for will depend on your credit profile. You'll see bigger increases when the derogs fall off and your new accounts are no longer considered new.

@Anonymous wrote:
When I had fewer new accts, inquiries etc etc AMEX flat denied me for a revolver - now they decide to give me one albeit with a toy $1k limit?

You're putting too much into the approval. An approval is a low bar to clear. The low limit indicates that they have concerns with your credit profile.

@Anonymous wrote:
So they will let me spend 12k on a charge card without hesitaiton, but they only give me a $1k credit limit? Kind of frustrating...

Apples and oranges.

Building and rebuilding credit is a long, slow process. Get in the right headspace for it and understand how your reports look to creditors with a lot of new accounts, credit seeking activity, derogs, etc. Those are red flags to them and you need to work on understanding why if that doesn't make sense to you. Again, the limit wil grow as derogs fall off and new accounts age.

Re: Help Me Get an AMEX revolver!

Anonymous — Tue, 17 May 2016 14:24:26 GMT

@takeshi74 wrote:
@Anonymous wrote:
Is there a secret to the AMEX revolver? Fico Score? Inquiries? Something?
We don't know the specifics of the underwriting criteria for any product for any creditor out there but all the usual stuff applies. It's never just about score or just about any one factor. One's entire credit profile always matters.

@Anonymous wrote:
I've acquired a TON of cards over the last year. The list is as follows:
That's not working in your favor. New accounts and credit seeking activity are seen as risk factors. How much of an impact these have can and does vary depending on credit profile.

@Anonymous wrote:
I have a couple negatives slated to drop off somewhat soon
Derogs don't help either. They tend to have a significant impact as long as they're on your reports.

@Anonymous wrote:
I've never gotten a solid REASON from amex. - just a "declined" letter stating generic reasons.
What are those reasons? They may not seem solid to you but sometimes the reasons require a bit of interpreting. You also need to consider that the reasons are also profile-specific, i.e. "X is a denial reason for your credit profile".

@Anonymous wrote:
But with a toy $1000 spending limit. But I'm in
Your profile and your income determine the limit you qualify for. Improve your profile and that limit will easily grow via the 3x CLI. Read the Guide if you have not already.

You don't need to be "in". Either you qualify or you don't. Being approved doesn't guarantee subsequent approvals or CLI's. At time of consideration your profile has to support such things. A creditor can certainly take adverse action incudling closing accounts if your credit profile ends up getting sufficiently worse.

@Anonymous wrote:
I guess next step is the 3x CLI at the 90 day mark.
Isn't this your first revolver? If so, 61 days. Make the request regardless but realize that what you qualify for will depend on your credit profile. You'll see bigger increases when the derogs fall off and your new accounts are no longer considered new.

@Anonymous wrote:
When I had fewer new accts, inquiries etc etc AMEX flat denied me for a revolver - now they decide to give me one albeit with a toy $1k limit?

You're putting too much into the approval. An approval is a low bar to clear. The low limit indicates that they have concerns with your credit profile.

@Anonymous wrote:
So they will let me spend 12k on a charge card without hesitaiton, but they only give me a $1k credit limit? Kind of frustrating...
Apples and oranges.

Building and rebuilding credit is a long, slow process. Get in the right headspace for it and understand how your reports look to creditors with a lot of new accounts, credit seeking activity, derogs, etc. Those are red flags to them and you need to work on understanding why if that doesn't make sense to you. Again, the limit wil grow as derogs fall off and new accounts age.

I get what you're saying, and maybe I assumed I was further along than I am (aka beyond "rebuilding"). Amex has been the thorn in my side (regarding revolvers). I've gotten everything else I've wanted. Except for Citi, who I burned some 15 years ago and I think may have me blacklisted. (based on never getting a pre approval on their site - I havent actually Apped for a Citi card) The derogs are remnants of another time, and like I said will age off in the next 6 months. It's been a crazy ride this last decade or so. I came out of grad school with a Finance MBA, straight to a wall street firm, making 6 figures and driving a Porsche by the time I was 25. Then Lehman brothers happened, and I went from 6 figures to 600 bucks a week in the unemployment line. Straight from hero to zero. After about a year of not being able to find a decent job I decided to throw the dice and open up my own business (a pre-owned auto dealership with some limited financial support from my family). At first things were slow, and I almost lost everything they had given me as well. But I put my heart and soul into it, and I always loved cars. So slowly it started to gain traction, and now here I am, 8 years later with a thriving business. During those years of my credit being so bad that people would question my cash, I learned how to live within my means, had to pay cash for everything etc, and even with all this newfound credit, I'm still keeping the PIF mentality, bc I know first hand what happens when you try to live beyond your means and the house of cards comes crashing down.

I mean in the span of 11 months I went from having NOTHING in my name besides student loans that had been rehabbed and had around 6 months of positive payment history (after a 6 year old default) to around 165k in credit card limits, a 23k auto loan, and 3 NPSL Amexes I also have 28k of student debt that now has a year and a half of good payment history post rehab. Obviously I have the income to support all this. Taking a step back part of me sees this as kind of on the ridiculous side (that I could build up so quickly) but another part of me look at this as me just playing "catch up" and finally getting to the position I should have been in all along.

To me, the "low bar" of approval was apparently too high a bar and I was repeatedly denied for an Amex revolver prior to this. So if anything, this as you put it "low bar" approval shows things are moving in the right direction. I guess we are just looking at things from different sides of the same fence.

Take care,

George

Re: Help Me Get an AMEX revolver!

Namaste7 — Wed, 18 May 2016 01:10:56 GMT

George - Kudos for sharing your story (the good and the bad). In credit, very few things last forever. That said, you've accomplished a lot in your rebuild and other members are just trying to suggest it's time to stop the "seeking" process and focus on the credit maturity process. The last thing you want is some analyst taking a second look at your profile and coming to a different conclusion than you which results in you losing some or all of your accounts with the financial institution. No need to go in for that 61 day CLI; the button will be there in 6 months and 1 year from now.