topic Re: AMEX Sucks in Credit Cards

AMEX Sucks

Anonymous — Wed, 25 Apr 2012 00:52:24 GMT

I saw quite a few "denied" posts around the internet for American Express cards, and I wanted to add my story. I don't know exactly why they're turning so many worthy people away, but I'd strongly recommend looking somewhere else.

I checked my credit score and all 3 credit reports exactly 9 days ago:

FICO (Equifax) = 791

Current credit cards = 3

Credit utilization = 38% (I put most of my expenses on one card & pay it all off every month)

Open installment accounts = 1, $10 balance

Closed installment accounts = 5, all paid on time

Last delinquent account = Nov. 2006 (30 days late)

Oldest account = 10 years, 8 months

Average account age = 7 years

Inquiries affecting credit score = 0

Years at current job = 2.5

Years at current address = 11

I was recently declined for a Blue Cash Preferred card, and I'm waiting for my letter in the mail. I'm very interested in finding out why my application was denied.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 00:55:12 GMT

P.S. The only reason I was even interested in this card was because of the rewards points (I planned on using this exclusively for gas & grocery shopping). I'm open to suggestions if anyone has any recommendations.

Re: AMEX Sucks

pizzadude — Wed, 25 Apr 2012 00:56:03 GMT

Have you checked your Experian report recently ? AMEX usually pulls EX, although sometimes they pull the others for revolving cards.

Also you can check your application status on~line and see your denial letter.

Re: AMEX Sucks

injustifiiable — Wed, 25 Apr 2012 00:57:16 GMT

@Anonymous wrote:
I saw quite a few "denied" posts around the internet for American Express cards, and I wanted to add my story. I don't know exactly why they're turning so many worthy people away, but I'd strongly recommend looking somewhere else.

I checked my credit score and all 3 credit reports exactly 9 days ago:
FICO (Equifax) = 791
Current credit cards = 3
Credit utilization = 38% (I put most of my expenses on one card & pay it all off every month)
Open installment accounts = 1, $10 balance
Closed installment accounts = 5, all paid on time
Last delinquent account = Nov. 2006 (30 days late)
Oldest account = 10 years, 8 months
Average account age = 7 years
Inquiries affecting credit score = 0
Years at current job = 2.5
Years at current address = 11

I was recently declined for a Blue Cash Preferred card, and I'm waiting for my letter in the mail. I'm very interested in finding out why my application was denied.

One of the things that stuck out quickly for me was the high utilization. They say it should be under 30%...

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 01:01:32 GMT

@pizzadude wrote:

Have you checked your Experian report recently ? AMEX usually pulls EX, although sometimes they pull the others for revolving cards.

Also you can check your application status on~line and see your denial letter.

Not my Experian score, but I did check the report. It has the same stuff as the other two reports.

Re: AMEX Sucks

adavis425 — Wed, 25 Apr 2012 01:05:47 GMT

@Anonymous wrote:
P.S. The only reason I was even interested in this card was because of the rewards points (I planned on using this exclusively for gas & grocery shopping). I'm open to suggestions if anyone has any recommendations.

I agree completely!! I also apped for the BCP and was denied...twice! I apped with about 3% util and have been a good (no lates or derogs of any sort and pushing plenty money through, even college tuition) AMEX customer for 11 years and still no approval. My recommendation is to go for the CSP. I did and SD'd my gold card.

Re: AMEX Sucks

android01 — Wed, 25 Apr 2012 01:05:10 GMT

In any case, I'd call AMEX for a reconsideration. A computer likely made the denial decision. Talking to a person can override the computers decision if they do a manual review of your report. Why waste an inquiry without at least trying?

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 01:05:37 GMT

injustifiiable wrote:

One of the things that stuck out quickly for me was the high utilization. They say it should be under 30%...

The utilization is 1% now. I pay the entire card off once a month, and did that yesterday.

In retrospect, I probably should've waited longer before I applied. I couldn't find any info on why it was declined online ("Application not found") & the customer service person told me to wait for a letter.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 01:14:47 GMT

adavis425 wrote:

I agree completely!! I also apped for the BCP and was denied...twice! I apped with about 3% util and have been a good (no lates or derogs of any sort and pushing plenty money through, even college tuition) AMEX customer for 11 years and still no approval. My recommendation is to go for the CSP. I did and SD'd my gold card.

That's pretty awful. I don't know why any financial company would turn away an existing good customer.

I already have a Chase Freedom (1.2% on everything, plus the rotating 5%), which seems better for me, since I don't travel much.

P.S. Man, you guys are fast. And pretty nice too, which is very refreshing on the internet.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 01:17:13 GMT

@android01 wrote:
In any case, I'd call AMEX for a reconsideration. A computer likely made the denial decision. Talking to a person can override the computers decision if they do a manual review of your report. Why waste an inquiry without at least trying?

That's a good idea. As soon as I get the letter, I'll give them a call. I'll also stop using my current cards until then. Maybe the utilization will update on my report(s) by that time.

Re: AMEX Sucks

injustifiiable — Wed, 25 Apr 2012 01:25:10 GMT

Heck, I'd even call the backdoor number now...they should be able to tell you what's up.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 01:25:41 GMT

I'd definitely try for a recon.

I'm really interested in what they'd have to say. Your late is from 6 years ago but your score seems rock solid, so it's not like there is a smoking gun as to why you were denied... other than maybe utilization. I'd definitely be interested in hearing what they had to say.

And worst case scenario, I'd be looking at the CSP. That card is beastly.

Re: AMEX Sucks

jdogi — Wed, 25 Apr 2012 01:39:25 GMT

@injustifiiable wrote:
Heck, I'd even call the backdoor number now...they should be able to tell you what's up.

I agree 100%, if I had those credentials and was denied, I would be be on the phone until I received an acceptable explanation. I understand that they can lend to whomever they choose, but I, like some others suspect that this is a computer anomaly. When you talk to someone in on their recon # who realizes that there was a glitch in their system, make sure that they thank you for helping them find it. ;-)

The only reason that I can think of that you would be denied is little/no income or blacklisted due to a prior AMEX relationship gone south.

Good luck and let us know how it goes.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 01:39:53 GMT

Yes, agreed, I'd be calling right now.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 03:42:33 GMT

subscribing due to the fact that the op has one heck of a credit profile and there is little to no reason why it shouldve been denied. the util is maybe but what else? income? the lates from way back when? def worth going for a recon! op good luck

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 03:46:14 GMT

Thanks, guys! I re-checked my FICO score, and it went down almost 30 points because of the credit utilization. Apparently, the report takes a while to catch up with the actual account usage.

Anyway, I'll just wait for the letter (and my score to catch up again) before calling them. Either way, I'll let you guys know what happens.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 03:51:15 GMT

Also: my income is above average, and I have no bankruptcies or anything serious on my report. That single 30-day was the only delinquency on there.

I've never dealt with American Express before in any way, aside from a couple gift cards.

Re: AMEX Sucks

injustifiiable — Wed, 25 Apr 2012 03:50:24 GMT

The utilization has got to be the only thing, then. It's just too bizzare if there's anything else.

You should give them a call now...haha. No need to wait for the letter really...they can pull up the app and tell you the deal. They can then do manual review of CR.

Re: AMEX Sucks

cashnocredit — Wed, 25 Apr 2012 03:59:00 GMT

Amex is known to occasionally pull additional info from specialty CRAs, not just the big 3. But if they reject you because of that they will tell you what CRA they used.

Re: AMEX Sucks

Anonymous — Wed, 25 Apr 2012 05:00:56 GMT

criminal record?

I've been getting hot-to-app for BCP but after reading this thread I know I'm going to get dinged and will therefore pass