topic Re: American Express .....Unforgiving in Credit Cards

American Express .....Unforgiving

IceKill — Wed, 01 Aug 2012 01:13:43 GMT

I had a BK in 2004. Since then I've steadily rebuilt my credit, 5 years ago I pulled off a car loan at 24% - this January I went to a dealership pre-approved at 2.7%.

In the intervening years, I've paid off a mortgage, bought another house, paid off 2 cars and have never had a late payment.

I have the following cards/lines all are under 20% utilization (most at 0%) and all are paid in full each month.

Chase Freedom $10,000

Chase Sapphire Preferred $5,000 (I moved 5K of the CL to Freedom because of the Chase Essentials Program)

Credit Union Visa $10,000

Priceline Barclays $2,500

Citi Thank You Preferred $5,000

Texaco/Shell/Conoco $1,000 each

Walmart $5,000

I have an income of $100k plus and I was denied AmEx after 2x reconsideration efforts. ---- Seriously??? The only possible issue there is is the bankruptcy, isn't 8 years ago long enough?

Re: American Express .....Unforgiving

HenryJumbo — Wed, 01 Aug 2012 01:18:29 GMT

Sounds like you're black listed.

Re: American Express .....Unforgiving

bettercreditguy1 — Wed, 01 Aug 2012 01:17:58 GMT

Did you owe them money at or during the BK?

Re: American Express .....Unforgiving

trumpet-205 — Wed, 01 Aug 2012 01:18:29 GMT

Did you include AMEX into the bankruptcy? If you did then you are blacklisted.

Re: American Express .....Unforgiving

IceKill — Wed, 01 Aug 2012 01:27:07 GMT

I have never had an American Express card so no they were not included in the 2004 BK.

Re: American Express .....Unforgiving

Jazzzy — Wed, 01 Aug 2012 01:32:04 GMT

@IceKill wrote:
I had a BK in 2004. Since then I've steadily rebuilt my credit, 5 years ago I pulled off a car loan at 24% - this January I went to a dealership pre-approved at 2.7%.
In the intervening years, I've paid off a mortgage, bought another house, paid off 2 cars and have never had a late payment.

I have the following cards/lines all are under 20% utilization (most at 0%) and all are paid in full each month.

Chase Freedom $10,000
Chase Sapphire Preferred $5,000 (I moved 5K of the CL to Freedom because of the Chase Essentials Program)
Credit Union Visa $10,000
Priceline Barclays $2,500
Citi Thank You Preferred $5,000
Texaco/Shell/Conoco $1,000 each
Walmart $5,000

I have an income of $100k plus and I was denied AmEx after 2x reconsideration efforts. ---- Seriously??? The only possible issue there is is the bankruptcy, isn't 8 years ago long enough?

What have they given you for reasons in your denial letters?

Re: American Express .....Unforgiving

iMacDrew — Wed, 01 Aug 2012 01:39:14 GMT

well if youre not blacklisted, then it probably is the BK... did they tell you youre Ex Fico score?

Re: American Express .....Unforgiving

IceKill — Wed, 01 Aug 2012 01:40:23 GMT

You have bankruptcy records reflected in a report obtained from Teletrack Consumer Reporting Agency.

Your FICO score (see below - below it says 731)

Length of time accounts have been established (Experian)

Too few credit card accounts on which, in our estimation, you have paid a majority of the balance in recent months (Experian)

As for the last point, as I mentioned all but my Freedom card are at 0 balance and Freedom I literally charge up about $1,500 and pay off about once a week.

Re: American Express .....Unforgiving

Repo-ed — Wed, 01 Aug 2012 01:43:02 GMT

@IceKill wrote:
You have bankruptcy records reflected in a report obtained from Teletrack Consumer Reporting Agency.
Your FICO score (see below - below it says 731)
Length of time accounts have been established (Experian)
Too few credit card accounts on which, in our estimation, you have paid a majority of the balance in recent months (Experian)

As for the last point, as I mentioned all but my Freedom card are at 0 balance and Freedom I literally charge up about $1,500 and pay off about once a week.

Boom.

There's 20 threads on here at a minimum about Amex and how they will simply not approve post-BK.

Re: American Express .....Unforgiving

Anonymous — Wed, 01 Aug 2012 01:45:32 GMT

Wait until 2014.. by then the bk should fall off from your CR.

Re: American Express .....Unforgiving

iMacDrew — Wed, 01 Aug 2012 01:46:37 GMT

@Repo-ed wrote:
@IceKill wrote:
You have bankruptcy records reflected in a report obtained from Teletrack Consumer Reporting Agency.
Your FICO score (see below - below it says 731)
Length of time accounts have been established (Experian)
Too few credit card accounts on which, in our estimation, you have paid a majority of the balance in recent months (Experian)

As for the last point, as I mentioned all but my Freedom card are at 0 balance and Freedom I literally charge up about $1,500 and pay off about once a week.

Boom.

There's 20 threads on here at a minimum about Amex and how they will simply not approve post-BK.

well try again in a year, and if no then do it once the BK is off, is there a certain card or reason why you chose Amex?

Re: American Express .....Unforgiving

IceKill — Wed, 01 Aug 2012 01:47:19 GMT

Boom.

There's 20 threads on here at a minimum about Amex and how they will simply not approve post-BK.

There about 20 more that talk of people getting approved for Amex after 6+ years of perfect history. I have to conclude that they 1] they are sticklers on the BK and 2] they are perhaps seeing the $1500 ish balance on my Freedom card as never being paid when in fact it's paid and charged again about once a week.

I wonder if it's worth trying again with a zero balance on everything - I can probably figure out the statement date for Chase and make sure it's paid off on that date. Does AmEx have a minimum re-application period?

Re: American Express .....Unforgiving

iMacDrew — Wed, 01 Aug 2012 01:48:53 GMT

30 days

Re: American Express .....Unforgiving

IceKill — Wed, 01 Aug 2012 01:49:48 GMT

well try again in a year, and if no then do it once the BK is off, is there a certain card or reason why you chose Amex?

Oh dear - well good question, no there is no reason at all that I need an AmEx card and other than Costco I probably would never use it. As sappy as it seems my only reason for wanting one is 1] my Dad had one and 2] because I can't seem to get one!

Re: American Express .....Unforgiving

iMacDrew — Wed, 01 Aug 2012 01:54:18 GMT

@IceKill wrote:
well try again in a year, and if no then do it once the BK is off, is there a certain card or reason why you chose Amex?

Oh dear - well good question, no there is no reason at all that I need an AmEx card and other than Costco I probably would never use it. As sappy as it seems my only reason for wanting one is 1] my Dad had one and 2] because I can't seem to get one!

right i understand, I wanted it because rewards and I think it looks good on my credit report... but the minimum is 30 days, you can try to pay off your freedom, and if that still doesnt work then i think youd probably have to wait that 2 years.. but in the mean time whats your CL on your cards... maybe you can try to raise those especially if they pull soft....

well i just checked they are pretty high, maybe you can ask for a CLI on the barclaycard and the citi.

Re: American Express .....Unforgiving

Repo-ed — Wed, 01 Aug 2012 01:53:36 GMT

@IceKill wrote:
Boom.

There's 20 threads on here at a minimum about Amex and how they will simply not approve post-BK.
There about 20 more that talk of people getting approved for Amex after 6+ years of perfect history. I have to conclude that they 1] they are sticklers on the BK and 2] they are perhaps seeing the $1500 ish balance on my Freedom card as never being paid when in fact it's paid and charged again about once a week.

I wonder if it's worth trying again with a zero balance on everything - I can probably figure out the statement date for Chase and make sure it's paid off on that date. Does AmEx have a minimum re-application period?

No. I don't say this to be mean. I just wish that there was a huge sticky for those post-BK about having a 99.99% chance of a decline, when app'ing Amex.

Re: American Express .....Unforgiving

trumpet-205 — Wed, 01 Aug 2012 01:57:43 GMT

@IceKill wrote:
You have bankruptcy records reflected in a report obtained from Teletrack Consumer Reporting Agency.

There you go. AMEX does not like to see negative info on Teletrack.

Re: American Express .....Unforgiving

IceKill — Wed, 01 Aug 2012 01:58:16 GMT

Chase Freedom $10,000

Chase Sapphire Preferred $5,000 (I moved 5K of the CL to Freedom because of the Chase Essentials Program)

Credit Union Visa $10,000

Priceline Barclays $2,500

Citi Thank You Preferred $5,000

Texaco/Shell/Conoco $1,000 each

Walmart $5,000

Amazon Store Card $2,500

Bill me Later via PayPal $5,000

.... That's $48,000 in available revolving of which I use an average of $1,500 a week and max $2,000 before paying it off - I haven't paid interest on a card in 6 years. I think I'll probably just say what the heck and try again December 2014 when the BK falls off .... I really don't get their policy aren't a couple of Visa Signature cards harder to qualify for than a plain jane AmEx?

Thanks for the input.

Re: American Express .....Unforgiving

iMacDrew — Wed, 01 Aug 2012 02:00:49 GMT

Well depends on what card you applied for... what did you?

Re: American Express .....Unforgiving

trumpet-205 — Wed, 01 Aug 2012 02:02:45 GMT

AMEX cares a lot about Teletrack, more so that a collection on Teletrack = automatic denial even when your major CR is perfect.

You have to do something about this Teletrack.