topic Re: AMEX Green Denied in Credit Cards

AMEX Green Denied

Goose7 — Sun, 17 Mar 2013 14:16:04 GMT

I recently applied for the AMEX Green card and was instantly denied. I got the letter in the mail yesterday and I am now going to post as to the reasons why. If anyone could help decipher what it says that would be a great help. Any help on what to do to improve my chances will be appreciated.

Length of time accounts have been established (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)
High Utilization of credit lines or insufficient utilization information (Experian)
Amount of credit available on accounts (Experian)

FICO score pulled on March 11 = 709 (¿Assuming Experian?)

Re: AMEX Green Denied

LS2982 — Sun, 17 Mar 2013 14:22:41 GMT

Not sure what your asking it seems pretty straight forward.

-your cards have not been opened for a long period of time
-you dont pay enough on your balances monthly for their liking
-your using too much of your credit
-you dont have enough credit left on accounts to their liking

Is all of this true? Also that is an EX FICO.

Re: AMEX Green Denied

Jayb5635 — Sun, 17 Mar 2013 14:22:53 GMT

I would say first off give us an idea of your portfolio. What cards do you have, length of history owning those cards, any loans, how much you owe on everything, your payment history, do you pay less than full balance, income, etc.

Re: AMEX Green Denied

Open123 — Sun, 17 Mar 2013 14:44:16 GMT

@LS2982 wrote:
Not sure what your asking it seems pretty straight forward.

-your cards have not been opened for a long period of time
-you dont pay enough on your balances monthly for their liking
-your using too much of your credit
-you dont have enough credit left on accounts to their liking

Is all of this true? Also that is an EX FICO.

Amex prefers to see usage and amounts paid on balances beyond a certain minimum threshold before approval. For instance, even if you had low utilization, but only use and pay $10 per month, they still may decline for not using and paying cards enough.

Re: AMEX Green Denied

Goose7 — Sun, 17 Mar 2013 16:46:52 GMT

Inquiries
Chase 09/13/11
Sprint 10/22/11

Wells Fargo 04/06/12

Best Buy 07/03/12

Cards                       Date Opened     Limit
WF Secured     04/08/12         $300
Macy's         08/01/12               $1000

Balances (At time of application)
Macy's - $0

WF - $207

As far as paying off my balances quickly, I am guilty of paying the minimum payment for months on end, but that was before I discovered this website. Now I PIF before the payment date...But I guess the damage had been done.

Re: AMEX Green Denied

Revelate — Sun, 17 Mar 2013 16:53:06 GMT

@Goose7 wrote:

Inquiries
Chase           09/13/11
Sprint     10/22/11
Wells Fargo    04/06/12
Best Buy        07/03/12

Cards                       Date Opened     Limit
WF Secured     04/08/12         $300
Macy's         08/01/12               $1000

Balances (At time of application)
Macy's - $0
WF - $207

As far as paying off my balances quickly, I am guilty of paying the minimum payment for months on end, but that was before I discovered this website. Now I PIF before the payment date...But I guess the damage had been done.

Most of us wouldn't have found this forum if we hadn't made mistakes previously. Also this is emminently recoverable, try again in six months if the card still interests you. From anecdotal experience I was floating a balance through April-May, and then was approved in October for a charge card last year.

Amex likes two things: big spenders, and people paying in full (at least for their charge card products, which you applied for).

At least on EX the payments are reported. I wouldn't ever spend more than I could comfortably afford chasing any bonus or individual card; however, now that you mention it, it's probably factors into their decision, and likely one of the reasons I got my fairly absurd Amex approvals: I spend enough, and pay in big chunks.

I'm sorry the application didn't work out for you, but I appreciate the mental prod in getting me to look at it a little differently.

Re: AMEX Green Denied

Goose7 — Sun, 17 Mar 2013 17:00:12 GMT

I wish I could spend more but that $300 limit doesn't really leave me a lot of leverage..without getting really high utilization. The good thing is that my WF turns one year in April. I'm going to give WF a call and see if they will raise my limit to at least $1000.
As far as that goes I don't think I'll be applying for an AMEX card anymore at least until they start sending me offers, I'll look around for other cards. Chase Freedom is also alluring...

Re: AMEX Green Denied

Anonymous — Sun, 17 Mar 2013 17:26:53 GMT

I got one last thursday.

I have 10 months of credit being used. Prior to that NO credit at all. I had 2 capital one secured cards. To help me build. I am sorry you got instantly denied. I hope you try again soon.

Re: AMEX Green Denied

dodgerslv — Sun, 17 Mar 2013 19:39:47 GMT

@Goose7 wrote:
I wish I could spend more but that $300 limit doesn't really leave me a lot of leverage..without getting really high utilization. The good thing is that my WF turns one year in April. I'm going to give WF a call and see if they will raise my limit to at least $1000.
As far as that goes I don't think I'll be applying for an AMEX card anymore at least until they start sending me offers, I'll look around for other cards. Chase Freedom is also alluring...

Sorry to hear about your denial. Just a little informantion on the WF secured one as i have one also. Unless they give you an auto CLI on your card the only way to raise your limit is if you add more funds to the card. The good thing about that is you can add money as many times as you would like without affecting your credit. I started with 300 limit also and just kept adding funds to it and now its at 4000. Hopefully your cards graduate next month but if it doesnt just keep adding funds and making large payments on it. Good luck!

Re: AMEX Green Denied

TyLey — Sun, 17 Mar 2013 22:49:24 GMT

AMEX is pretty funny. They approve my brother the first time he applied. He's younger than me and gets paid less. They denied me 2x and I had a great score. The last time their excuse was too many inquires which I only had 2 then when I called to recon they said my score was at 630 which wasn''t true because I got the Chase Sapphire with the lowest interest rate the same time I applied for that card. Some of us get denied while others get are approved with little to no credit. It happens.You can try to get your credit limits increased if you can or just give it a couple of months.

Re: AMEX Green Denied

WarJar101 — Mon, 18 Mar 2013 07:28:52 GMT

That's crazy, sorry to here about the denial. In 6 months time, you'll get it with no dergos and lates. I only had 7 months of credit history, and got approved for the PRG and Delta Skymiles Gold card with several INQs on EX, a couple of 'em recent. I was borderline though, because they triple pulled me, and gave me the default limit of 2k. Idk how or why, but I guess YMMV. Don't give up on AMEX though, they'll help in the ascension.

Re: AMEX Green Denied

LS2982 — Mon, 18 Mar 2013 11:39:25 GMT

I agree give it some time and work on your denial reasons AMEX will come around to you it took me awhile myself to get in.

Re: AMEX Green Denied

Anonymous — Mon, 18 Mar 2013 12:07:28 GMT

@Goose7 wrote:
I recently applied for the AMEX Green card and was instantly denied. I got the letter in the mail yesterday and I am now going to post as to the reasons why. If anyone could help decipher what it says that would be a great help. Any help on what to do to improve my chances will be appreciated.

Length of time accounts have been established (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)
High Utilization of credit lines or insufficient utilization information (Experian)
Amount of credit available on accounts (Experian)

FICO score pulled on March 11 = 709 (¿Assuming Experian?)

you could try to recon it, if you really want the card. you already took a HP, worst case scenario is you gonna get another HP. so you have to determine if it's worth it.

But i would recommend you just wait.

The BIGGEST "problem" amex has with you right now is the length of your credit history. I read your other thread that your AAoA is just 9 months. They might find it very low, especially since you have 2 cards that are <1 year old.

As for the 2nd, if you used little and therefore paid little (since you can only pay for what you actually charge), you can argue that with recon. However if you had carried a large balance and only paid minimum balance, I would recommend you just hold off on any apps. Owing credit card debts is getting out of hand in this country and this is not a habit you want to cultivate. Pay your debt down if you haven't, and test run yourself for a few months on how you are managing your finances. Wait until you are able to keep your finances in check, then apply for a new card. It is better off to fix this problem early while you only owe a few hundred in debt, than to panic for help when you are in 5-6 digits debt (look around this forums, it does happen).

as for the 3rd, you either maxed out ur card or they just need more info, which time will provide.

as for the 4th, try to get Wells Fargo to unsecure your card first. Then after 60-90days, ask them to increase your CL. As long as you do not have the college or secured version, you should get CLI pretty easily and frequently.

Best of luck!

Overall I think you stand a very high chance. Just give it time and you might even be able to go straight for their revolvers.

Re: AMEX Green Denied

swpopham — Mon, 18 Mar 2013 12:13:27 GMT

his file is to thin for the normal approval criteria. IMO

a previous poster wrote about being approved for the chase sapphire at the lowest interest rate. Arnt they all the same interest rate???

Re: AMEX Green Denied

Anonymous — Mon, 18 Mar 2013 12:14:49 GMT

@swpopham wrote:

a previous poster wrote about being approved for the chase sapphire at the lowest interest rate. Arnt they all the same interest rate???

that was what i was thinking.

I have a friend that got approved for CSP as her first card. Then again, her bank balance most likely did the magic.