topic Re: help!!!!!! in Credit Cards

help!!!!!!

Anonymous — Thu, 23 Feb 2012 03:34:21 GMT

ive been denied by amex for the bcp card and was approved for a chase sapphire with a score of 765 ive tried calling but to no avail ive written a recon letter but i do not know where to send it please help

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 03:50:55 GMT

Is this the number you called? AmEx: 800-567-1083 (App Recon Requests)

Re: help!!!!!!

LS2982 — Thu, 23 Feb 2012 03:53:16 GMT

did you get a denial letter or the reasons online yet?

Re: help!!!!!!

bichonmom — Thu, 23 Feb 2012 04:24:53 GMT

From what I've read here, Amex only recons if your situation is different than the reasons why you were denied. It's more than just explaining why you have whatever it is they're not happy with. Your best bet is to rectify whatever reasons they gave you and reapply in the future.

Re: help!!!!!!

LS2982 — Thu, 23 Feb 2012 10:51:07 GMT

@bichonmom wrote:
From what I've read here, Amex only recons if your situation is different than the reasons why you were denied. It's more than just explaining why you have whatever it is they're not happy with. Your best bet is to rectify whatever reasons they gave you and reapply in the future.

Unfortunately, this is true.

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 13:05:40 GMT

@LS2982 wrote:
@bichonmom wrote:
From what I've read here, Amex only recons if your situation is different than the reasons why you were denied. It's more than just explaining why you have whatever it is they're not happy with. Your best bet is to rectify whatever reasons they gave you and reapply in the future.
+1

Unfortunately, this is true.

+1

That's what they told me when I tried to recon the BCE I applied for. Unless something was actually WRONG on the report, they said they won't do a recon.

Unfortunate, but since it's Amex, they do what they want.

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 17:47:37 GMT

they pulled two reports ex and eq but there only using ex with a score of 674 but my eq score is 763 all because of 1 neg account which is removed off all reports except EX which is ten years old so heres my letter to get a better understanding (ruff draft)

to whom it may concern

this letter is in regards to a recent application for the blue cash preferred from American Express card product

application reference number xxxxxxxxxxxxxx

this application was decline due to a number of factors,all related to one negative account which is 10 years old. I opened this credit card account when i was 18 years old mistaking a secured card for a prepaid card. since then I have become more knowledgeable and open numerous credit accounts which always remain in good standings. I'm never late and have no missed payments I'm asking you to reconsider your decision based on the following facts.

1:my household income is well over $100,000

2:my fiancée and I spend well over $1000 a month on gas groceries and etc.

3:I have not missed one payment or been late in 10 years.

I have heard from many sources that your card is the best Rewards card on the market today. and i believe im a responsible credit risk and deserve a chance with your card. i do not need a large credit limit and would be happy with a small credit line at first to prove to you that i am reliability and responsible. although I am not including my recent pay stubs I can send them to you if needed I look forward to your reconsideration in regards to Blue cash preferred Amex card.

Respectfully

Edited to remove a full name. Please don't post personal information - MarineVietVet, myFICO moderator

PS you showed an experian credit score of 674 and I have an equifax inquiry from Amex and that score is 763 enclose is my Equifax report

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 17:23:47 GMT

Edit your name out of that prior post.

Do you know the specific reasons they declined you? I'm afraid your letter doesn't tell them anything they don't already know, and therefore won't really work for Amex. As was previously stated, they only recon for incorrect information.

Re: help!!!!!!

bostonte — Thu, 23 Feb 2012 17:30:57 GMT

So you're claiming they denied you based on 10 year old lates?

Those wouldn't be on your report. They would have come off after 7 years.

Tell us the whole story, and I'm sure people will try and help. But what you've posted is clearly leaving something out.

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 19:38:56 GMT

Thanks to the editor) OK here's what they sent

Thank you for your recent application for Blue Cash PreferredSM . We do value your desire to establish a relationship with us. We regret that we are unable to approve your request.

Reason(s) for Our Decision

Our scoring of your credit and other relevant information (See below)

We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:

Your FICO? score (See below)

Account(s) not paid as agreed. (Experian)

In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)

Amount of credit available on accounts (Experian)

Information About Your FICO? Score

We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On February 21, 2012, your FICO score was 674. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

1 Serious delinquency.

2 Length of time accounts have been established.

3 Too few accounts currently paid as agreed.

4 Lack of recent installment loan information.

5 Too many inquiries in the last 12 months

1: is the old account

2:average account age 5.6 years

3:is the old account I have 8 active accounts right now

4:I have a home loan for two years I only buy cars

5: I have 2 besides this one amex (amex)10 months old (cap one) 10 months old

I open this neg account in 2003 I made the worst mistake of my life by paying it off in oct. 2009

My bank assures me that it will not be removed until oct. 2019 and chase sapphire preferred approved me right after 12k

Re: help!!!!!!

bichonmom — Thu, 23 Feb 2012 19:49:03 GMT

Bostonte is right: Any negative info would have fallen off of your CR after 7 years (or 7 years and a few months, max), except for a bankruptcy, which would fall off after 10 years.

If you have a negative item on your CR that is 10 years old, then you should dispute it and they'll remove it, since it's past the 7-year reporting period. Then you can recon w/Amex. Otherwise a recon will do you no good whatsoever.

ETA: The 7 year reporting period is from DATE OF FIRST DELINQUENCY, not when you paid it. AFAIK, paying the CA does not extend the reporting date. If the DOFD is past 7 years, then you should dispute to have it removed. You may be able to get some help in that area on the Rebuilding Thread.

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 20:20:46 GMT

ive never heard that but ill check on it ive been a credit student for two years but you guys have been my teachers so ill listen im call ex right now but i think your wrong because the account DELINQUENCY stops after they recieve payment and becomes paid,was a charge off which reset the age of activity and the neg info will show another ten years and ex said its a creditor discretion

but how should i critique my letter since you guys know everything about whats going on and where do i send it

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 20:12:57 GMT

@Anonymous wrote:
I open this neg account in 2003 I made the worst mistake of my life by paying it off in oct. 2009
My bank assures me that it will not be removed until oct. 2019 and chase sapphire preferred approved me right after 12k

This completely sounds like someone gave you some wrong information.

You really need to look into this.

When you say your bank, do you mean some "CSR" or someone in the credit department or a branch manager who was in a bad mood that day?

Who?

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 20:22:06 GMT

yea at the credit department

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 20:53:14 GMT

your right i didnt know just got off the phone with ex and they said its coming off in 3 months thank you its dq since 2005

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 21:05:50 GMT

what should i do

Re: help!!!!!!

Anonymous — Thu, 23 Feb 2012 21:13:09 GMT

Wait enough time for your report to clean up and then try applying again.

Re: help!!!!!!

Anonymous — Fri, 24 Feb 2012 08:21:04 GMT

thank you all

Re: help!!!!!!

GB44 — Fri, 24 Feb 2012 14:24:32 GMT

@Anonymous wrote:
Thanks to the editor) OK here's what they sent

Thank you for your recent application for Blue Cash PreferredSM .  We do value your desire to establish a relationship with us.  We regret that we are unable to approve your request.

Reason(s) for Our Decision

Our scoring of your credit and other relevant information  (See below)

We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report.  The following key factors contributed to our evaluation:

Your FICO? score (See below)
Account(s) not paid as agreed. (Experian)
In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)
Amount of credit available on accounts (Experian)

Information About Your FICO? Score
We obtained your FICO score from Experian and used it in making our credit decision.  Your FICO score is a number that reflects the information in your credit report.  Your FICO score can change, depending on how the information in your credit report changes.  On February 21, 2012, your FICO score was 674.  The FICO score ranges from 300 to 850.  The following are the key factors that contributed to your FICO score:

1 Serious delinquency.
2 Length of time accounts have been established.
3 Too few accounts currently paid as agreed.
4 Lack of recent installment loan information.
5 Too many inquiries in the last 12 months
1: is the old account
2:average account age 5.6 years
3:is the old account I have 8 active accounts right now
4:I have a home loan for two years I only buy cars
5: I have 2 besides this one amex (amex)10 months old (cap one) 10 months old
I open this neg account in 2003 I made the worst mistake of my life by paying it off in oct. 2009
My bank assures me that it will not be removed until oct. 2019 and chase sapphire preferred approved me right after 12k

Not sure if it's covered but you should probably look into resolving the highlight above before reapplying in 3 months.

Re: help!!!!!!

Open123 — Fri, 24 Feb 2012 16:06:12 GMT

@GB44 wrote:

Your FICO? score (See below)
Account(s) not paid as agreed. (Experian)
In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)
Amount of credit available on accounts (Experian)

Either they feel your balances are too high, or you don't charge enough.

I've seen many declines or low CLs with high scores because AmEx felt the person didn't spend enough to fit their "spend-centric" model. I'm not sure as to why they would reference a 10 year old account, but I suspect that isn't the main reason, unless it was an unpaid debt owed to them.

Regarding recons, for my firm, I never allow for reconsiderations, unless there was a tangible error on our part. There are a couple of reasons for this.

One, if I allowed a successful reason other than error, now I must consider EVERYONE who reqeusts a recon otherwise face litigation for discriminatory practice.

Secondly, if an employee makes a correct decision (even if I disgaree with his/her judgement) I will never undermine his authority simply by people who were persistent enough in asking for an override. Unless there was an error, I want my employees to know that if they make a judgement decision, it will not be overturned regardless of how many complaints or requests for "supervisors."

I suspect AmEx adopts the above corporate culture and philosophy.