topic Re: How to get AMEX? in Credit Cards

How to get AMEX?

Anonymous — Tue, 12 Nov 2013 20:19:30 GMT

I've recently applied for two seperate AMEX cards..both instant decline..why is it so hard to get one? I really want it for the insurance and warranty benefits.

I have many other great cards already and all have always been in perfect standing. Some are 5 figure CL. and my proven salary is 6 figures +.My score is not very high but all my credit is perfect and has been.

also two of these are joint ..rest are single owner no signers.

chase SW rewards

chase IHG rewards

barclaycard

best buy

chase slate

discoverIT

capital One

partners FCU

logix FCU

citi

GE careCredit

chase SW rewards

jareds

Ge amazon store

GE walmart

Re: How to get AMEX?

09Lexie — Tue, 12 Nov 2013 20:27:50 GMT

What were the reasons for decline?
FICO scores?
Util?
Baddies?
AAOA?
Inq's?

Re: How to get AMEX?

Anonymous — Tue, 12 Nov 2013 20:52:24 GMT

I havent received the letter yet. I called recon and they said i must wait for letter. For my goals that is my last card i want. I have had many loans and current is BMW again with .09%. I have had 7 car and boat loans in the past 6 years all perfect. Short because i pay them off early but paid on time non the less.

Only thing is a collection from 6 yrs ago for $300 that i am waiting for it to fall off. It should be gone any month now.

Re: How to get AMEX?

myjourney — Tue, 12 Nov 2013 20:55:10 GMT

Lexie has a good question what's your UTL?

Re: How to get AMEX?

espnjunkie — Tue, 12 Nov 2013 20:55:13 GMT

Utilization can kill your score. If you are using higher than 50% of your available credit it will raise a red flag to lenders on the application.

Read the letter and proceed from there

Re: How to get AMEX?

Anonymous — Tue, 12 Nov 2013 21:21:23 GMT

Like others have said, wait for the letter, and them decide what to do from there on.

Re: How to get AMEX?

Meltdownblitz — Tue, 12 Nov 2013 22:02:45 GMT

Try checking the AMEX Card app status website, (guess website doesn't work, search google for the website) It should tell you why you were declined, then post back here.

Re: How to get AMEX?

traveler2005 — Wed, 13 Nov 2013 02:54:24 GMT

Is your collection paid?

Re: How to get AMEX?

Anonymous — Wed, 13 Nov 2013 23:23:06 GMT

no its for $600 and 6 yrs old.. ive read any collection older than two years old if you pay it past that it does not increase your score..

Re: How to get AMEX?

09Lexie — Wed, 13 Nov 2013 23:32:53 GMT

It may not increase your score but a collection account paid or unpaid is still a derog. Double check the date it should drop off, looks like you might have a better chance after it's deleted.

Re: How to get AMEX?

Credit-hoarder — Wed, 13 Nov 2013 23:41:25 GMT

A paid collection might not change your score but it does look more favorable to lenders esp. during a manual review-and IMO it offers a little more peace of mind also. I can't get in with AMEX either mostly b/c of past (all paid) derogs, but have been able to score some other good accounts.

Re: How to get AMEX?

cjc343 — Thu, 14 Nov 2013 21:38:36 GMT

@Credit-hoarder wrote:
A paid collection might not change your score but it does look more favorable to lenders esp. during a manual review.

An unpaid collection that's 6 years old will fall off in one year~~, paying that collection now will reset the clock and it's on your reports for 7 more years.~~

In the long run, paying this collection is a bad idea because it means that:

~~1. It will have a negative impact for 6 years more than not paying.~~

2. It will change it from an old negative unpaid to a new negative paid. As a new negative, it will have a higher weight than it does currently.

Sure it'd look better to have it paid than unpaid, but when you're 6 years in already, you're better off waiting one more year and having it fall off before applying for credit than spending the next 7 years explaining to EOs that your paid collection isn't as bad as it looks.

E: per comments below, I've got some things mixed up and a payment should not reset the clock for when it will fall off your report.

Re: How to get AMEX?

RyVision — Thu, 14 Nov 2013 00:45:21 GMT

@cjc343 wrote:
@Credit-hoarder wrote:
A paid collection might not change your score but it does look more favorable to lenders esp. during a manual review.
An unpaid collection that's 6 years old will fall off in one year, paying that collection now will reset the clock and it's on your reports for 7 more years.

In the long run, paying this collection is a bad idea because it means that:
1. It will have a negative impact for 6 years more than not paying.
2. It will change it from an old negative unpaid to a new negative paid. As a new negative, it will have a higher weight than it does currently.

Sure it'd look better to have it paid than unpaid, but when you're 6 years in already, you're better off waiting one more year and having it fall off before applying for credit than spending the next 7 years explaining to EOs that your paid collection isn't as bad as it looks.

I have to agree with that. Unless the creditor (collection agency, or whoever) would be willing to do a PFD (Pay For Delete) in writing, I'd advise to let it expire unpaid. Is it totally ethical? Well, not really... Are they.. no not really lol. Has the original creditor already written it off on taxes? Yes. So in a sense, we've all paid on it and my 2\100000 cents says let it expire unpaid since it's been this long already.

Re: How to get AMEX?

fixingitohio — Thu, 14 Nov 2013 02:32:05 GMT

The date of first delinquency from which you never recovered is the date that governs when it falls off your credit report. "Resetting the clock" by paying an old open collection is not correct.

Re: How to get AMEX?

Anonymous — Thu, 14 Nov 2013 02:35:39 GMT

@fixingitohio wrote:
The date of first delinquency from which you never recovered is the date that governs when it falls off your credit report. "Resetting the clock" by paying an old open collection is not correct.

It DOES reset the date of last activity - and that could impact the credit score until it deletes based in on the date of 1st del.

Re: How to get AMEX?

Uppingmyscore — Thu, 14 Nov 2013 02:41:13 GMT

Agree it will reset the date, but it doesn't look good having an unpaid debt on your report while seeking new debt. I'll recommend waiting until the debt (charge office/collection) is removed from your report.

Re: How to get AMEX?

fixingitohio — Thu, 14 Nov 2013 20:52:09 GMT

@Anonymous wrote:
@fixingitohio wrote:
The date of first delinquency from which you never recovered is the date that governs when it falls off your credit report. "Resetting the clock" by paying an old open collection is not correct.
It DOES reset the date of last activity - and that could impact the credit score until it deletes based in on the date of 1st del.

True. The clock I was referring to resetting was the CRTP clock. No matter when you pay it, it can only REPORT out to 7 years + 180 days from DOFD, which is governed by the OC, not by the CA if one is involved, on the version that most people and creditors see.

However, letting it "expire" from the "normal" reports we see doesn't extinguish the debt. If you're going for a mortgage or a high paying job, they MAY order a full file copy of your credit report which has everything on it, in which case they would see it. Unpaid debt never goes away, it just becomes a little more difficult to find.

For the OP, there is a LOT of info on this over in the Rebuilding forum.

Re: How to get AMEX?

DaBears — Thu, 14 Nov 2013 21:00:50 GMT

@cjc343 wrote:
@Credit-hoarder wrote:
A paid collection might not change your score but it does look more favorable to lenders esp. during a manual review.
An unpaid collection that's 6 years old will fall off in one year, paying that collection now will reset the clock and it's on your reports for 7 more years.

In the long run, paying this collection is a bad idea because it means that:
1. It will have a negative impact for 6 years more than not paying.
2. It will change it from an old negative unpaid to a new negative paid. As a new negative, it will have a higher weight than it does currently.

Sure it'd look better to have it paid than unpaid, but when you're 6 years in already, you're better off waiting one more year and having it fall off before applying for credit than spending the next 7 years explaining to EOs that your paid collection isn't as bad as it looks.

That would be incorrect. Nothing can restart the DoFD. Paying a collection will not reset the CRTP. If the collection is factored into your util % then you could get some sort of increase in score.