topic Re: Amex just turned me down... FLAT! in Credit Cards

Amex just turned me down... FLAT!

akindofmagic — Tue, 01 Sep 2009 16:13:27 GMT

So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part. I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report. Coincidentally, when Chase closed my Wamu account they also cited experian. I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed. I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

760 tu

776 exp

Re: Amex just turned me down... FLAT!

DI — Tue, 01 Sep 2009 16:20:34 GMT

@akindofmagic wrote:
So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part. I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report. Coincidentally, when Chase closed my Wamu account they also cited experian. I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed. I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

760 tu
776 exp

Call to get them do a manual review of your credit report. My Experian report was pulled too. I was initially declined. I told the CSR my FICO scores are excellent. I was approve for $2k two days later. I didn't have any baddies myself, so I didn't see why I got declined.

Re: Amex just turned me down... FLAT!

Anonymous — Tue, 01 Sep 2009 17:03:02 GMT

@akindofmagic wrote:
So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part. I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report. Coincidentally, when Chase closed my Wamu account they also cited experian. I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed. I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

760 tu
776 exp

What kind of balances did you have before paying them down? How high was your historical utilization. AMEX is one of those creditors who analyzes your PAST balances and utilization, not just current. If you historical balances show consistently that you had high utilization use, then they often will DECLINE on that historical data. It would require paying them down and then keeping them there so that you show a pattern and history of acceptable balances and utilization.

However, if your previous and historical balances were not very high, then of course, this isn't the problem.

Re: Amex just turned me down... FLAT!

CHARGE_IT — Tue, 01 Sep 2009 17:19:42 GMT

Tx is correct, however even if your balances weren't so high, the across the board payoff would most likely cause a YELLOW flag.

The wording of their response means you are going to be approved, if not now, within six months. They are literally telling you that you have met all but one criteria.

Use your cards and pif every month to show them that your big payoff was not a sign of negative pullback.

@Anonymous wrote:
@akindofmagic wrote:
So, I've paid down my balances to less than 9% (BOA, Chase Disney) and paid off Discover, Home Depot and the Chase (Wamu) account that was unceremoniously closed and then re-opened with a little prodding on my part. I have no baddies, charge offs, bk's, lates, or even hard inquiries. so I thought I'd try my hand at American Express.

I applied on line for Blue Cash and within 60 seconds received a rejection notice citing my experian credit report. Coincidentally, when Chase closed my Wamu account they also cited experian. I find it interesting that experian was accessed for both Chase and Amex when I was getting hosed. I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected.

Amex is one of the companies that was tripping over themselves trying to get me to open an account with them prior to the recent credit tightening and now they tell me that "it has been our experience that applicants who do not meet our basic requirements at one time may qualify later on...(bastards!)

760 tu
776 exp

What kind of balances did you have before paying them down? How high was your historical utilization. AMEX is one of those creditors who analyzes your PAST balances and utilization, not just current. If you historical balances show consistently that you had high utilization use, then they often will DECLINE on that historical data. It would require paying them down and then keeping them there so that you show a pattern and history of acceptable balances and utilization.

However, if your previous and historical balances were not very high, then of course, this isn't the problem.

Message Edited by CHARGE_IT on 09-01-2009 12:19 PM

Re: Amex just turned me down... FLAT!

DI — Tue, 01 Sep 2009 17:25:21 GMT

who do not meet our basic requirements at one time may qualify later on

AMEX state that message to anyone who get declined.

Re: Amex just turned me down... FLAT!

akindofmagic — Tue, 01 Sep 2009 17:57:33 GMT

@Anonymous wrote:
What kind of balances did you have before paying them down? How high was your historical utilization. AMEX is one of those creditors who analyzes your PAST balances and utilization, not just current. If you historical balances show consistently that you had high utilization use, then they often will DECLINE on that historical data. It would require paying them down and then keeping them there so that you show a pattern and history of acceptable balances and utilization.

However, if your previous and historical balances were not very high, then of course, this isn't the problem.

Discover was $900 (cl of $4700), Home Depot was down to $134 from $500.00 (cl of $3,000), I paid it off because an item I purchased last summer was about to kick in with finance charges. I got rate jacked on Chase so I paid it down by $1200 (cl of $8500) and I also paid down Bank of America by $1,000 to bring me under 9% util. (cl $10,000).

Why do these companies give you credit if they don't want you to use it?

Re: Amex just turned me down... FLAT!

Anonymous — Tue, 01 Sep 2009 19:47:07 GMT

Akindofmagic OK so here is my input!

AMEX is schizophrenic I am not sure what they look at. I would say call them for a review.

I had a gold card in 1997 handled it well and closed it in 2001. When I applied not too long ago in may I was approved for Gold Plus rewards.

Unfortunate for me my Experian score was 701. with two (2) charge off BoA from 2005 and Chase form 2005.

listed paid in full collections for each charge off and a only 2 opened Major CC at that time. and that did not include my 30 day late credit union visa from 2003. Thank god things changed ...graduated college and became fiscally responsible

I see on the board that everyone thinks they are difficult to get but that was not my experience.

I then after educating myself from the fico forum got my card reaged sucessfully to reflect 1997. I have recieved my new card with member sincne 1997 on it

I have not pulled any new scores in a while so I am planning on givining it a few months then i will check to see how my score has changed.

SO CALL THEM AND IF THEY SAY NO REAPPLY IN 3 MONTHS

Good Luck !

Re: Amex just turned me down... FLAT!

DI — Tue, 01 Sep 2009 20:51:35 GMT

I applied July 09 and got decline. Applied again August 8 and got approved after manual reviewing. I don't think the OP has to wait more than a month to reapply to get approve, if whatever it was that kept the OP from getting approved is corrected.

Re: Amex just turned me down... FLAT!

haulingthescoreup — Tue, 01 Sep 2009 23:06:28 GMT

akindofmagic wrote:

...I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected....

760 tu
776 exp

Did the new balances show on the EX report? Is it possible that the report they pulled showed the old balances, which then updated before you pulled?

And where did you get your scores, especially your Experian score? Unless you've apped a mortgage or belong to PSECU, that's probably a FAKO.

Re: Amex just turned me down... FLAT!

akindofmagic — Wed, 02 Sep 2009 14:19:14 GMT

@haulingthescoreup wrote:
@akindofmagic wrote:

...I again retreived an experian report (free, due to the fact that I was turned down for credit) and can find nothing on it that warrants my being rejected....

760 tu

776 exp

Did the new balances show on the EX report? Is it possible that the report they pulled showed the old balances, which then updated before you pulled?

And where did you get your scores, especially your Experian score? Unless you've apped a mortgage or belong to PSECU, that's probably a FAKO.

The 776 is for equifax - not experian, typo on my part. I obtained a new credit report from experiandirect.com but did not purchase the "vantage" score they were offering to sell me as I only trust FICOs.

The new balances were reflected on the EX report.

Re: Amex just turned me down... FLAT!

chopperacn — Wed, 02 Sep 2009 14:47:59 GMT

OP, Amex is very cranky these days.Very hard to predict what they want to see in a CR.one thing is for sure, they just dont go by scores and also having a prior relationship with them helps.

Re: Amex just turned me down... FLAT!

akindofmagic — Wed, 02 Sep 2009 15:31:01 GMT

@chopperacn wrote:
OP, Amex is very cranky these days.Very hard to predict what they want to see in a CR.one thing is for sure, they just dont go by scores and also having a prior relationship with them helps.

I was an AU on a gold card back in 1984 & 85 but that's about it for a prior relationship.

Re: Amex just turned me down... FLAT!

DI — Wed, 02 Sep 2009 15:52:22 GMT

@akindofmagic wrote:
@chopperacn wrote:
OP, Amex is very cranky these days.Very hard to predict what they want to see in a CR.one thing is for sure, they just dont go by scores and also having a prior relationship with them helps.

I was an AU on a gold card back in 1984 & 85 but that's about it for a prior relationship.

I didn't have any priro relationship with AMEX. When I apped I had no CC debt and 6 inquries. No baddies.