AMEX BCP Denial - Excellent relationship with AMEX, $245k income

[Anonymous]

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@randomguy1 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

@Anonymous Sorry about your denial. Based on the provided info it appears that you have a lot of new accounts which could have brought down your AAoA (average age of accounts) to levels that Amex is not comfortable with.

It's also possible that recent inquires or a combination of these factors played a role in the decision.

I would still suggest attempting to recon as you have nothing to lose. Worst case if denied, you can wait 6 months or so to allow your accounts to age before apping again (accounts are considered young when they are under 2 years). 

Also it is well known that Amex "may not" perform a hard pull if you already have a credit line with them (expect a hard pull, but chances are that it will be a soft pull instead).

Good luck!

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Thank you for this post! I figured I would be considered 'young' until the 1 year mark. This helps me make ska more informed decision for the next app. 

Will closing one of my newer cards that I don't use help me or hurt me? A lot of my trade lines are under my business and my personal file has been pretty thin. I've got two Chase business cards with 3+ years of excellent history but I'm not sure that helps my personal credit at all. One Ink Business Unlimited ($41.5k CL) and another Ink Business Preferred ($65k CL) that are both always PIF. 

I recently started applying for personal cards because my loan officer said I needed to improve my personal credit before applying for mortgage later this year. 

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Your business cards do not help your personal credit file.

I would not apply for more personal cards within 6-12 months of your mortgage application. It all is dependent on your profile.  Other than your lates, what is dragging your score down? Have you read about the AZEO method?

Paying down your $5000 balance on your $6500 SL Discover card will help. If this is your only card with a balance, I would pay it down to below 8.9% (roughly $578).

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The Discover is my only card with a balance because of the 0% deal. I am paying off the Amex today ($29k) before my statement hits and will pay off the Discover ($5k) next week. I didn't think that $5k would impact me so much. 

I was wondering if I close one of the newer cards that I don't use if it would help or hurt my AAoA. 

[dragontears]

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@Anonymous wrote:

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@randomguy1 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

@Anonymous Sorry about your denial. Based on the provided info it appears that you have a lot of new accounts which could have brought down your AAoA (average age of accounts) to levels that Amex is not comfortable with.

It's also possible that recent inquires or a combination of these factors played a role in the decision.

I would still suggest attempting to recon as you have nothing to lose. Worst case if denied, you can wait 6 months or so to allow your accounts to age before apping again (accounts are considered young when they are under 2 years). 

Also it is well known that Amex "may not" perform a hard pull if you already have a credit line with them (expect a hard pull, but chances are that it will be a soft pull instead).

Good luck!

---

Thank you for this post! I figured I would be considered 'young' until the 1 year mark. This helps me make ska more informed decision for the next app. 

Will closing one of my newer cards that I don't use help me or hurt me? A lot of my trade lines are under my business and my personal file has been pretty thin. I've got two Chase business cards with 3+ years of excellent history but I'm not sure that helps my personal credit at all. One Ink Business Unlimited ($41.5k CL) and another Ink Business Preferred ($65k CL) that are both always PIF. 

I recently started applying for personal cards because my loan officer said I needed to improve my personal credit before applying for mortgage later this year. 

---

Your business cards do not help your personal credit file.

I would not apply for more personal cards within 6-12 months of your mortgage application. It all is dependent on your profile.  Other than your lates, what is dragging your score down? Have you read about the AZEO method?

Paying down your $5000 balance on your $6500 SL Discover card will help. If this is your only card with a balance, I would pay it down to below 8.9% (roughly $578).

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The Discover is my only card with a balance because of the 0% deal. I am paying off the Amex today ($29k) before my statement hits and will pay off the Discover ($5k) next week. I didn't think that $5k would impact me so much. 

I was wondering if I close one of the newer cards that I don't use if it would help or hurt my AAoA. 

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Closing cards will not affect your AAOA unless you get the account completely removed from your reports. 

[randomguy1]

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@Anonymous wrote:

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@randomguy1 wrote:

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@Anonymous wrote:

---

@Anonymous wrote:

@Anonymous Sorry about your denial. Based on the provided info it appears that you have a lot of new accounts which could have brought down your AAoA (average age of accounts) to levels that Amex is not comfortable with.

It's also possible that recent inquires or a combination of these factors played a role in the decision.

I would still suggest attempting to recon as you have nothing to lose. Worst case if denied, you can wait 6 months or so to allow your accounts to age before apping again (accounts are considered young when they are under 2 years). 

Also it is well known that Amex "may not" perform a hard pull if you already have a credit line with them (expect a hard pull, but chances are that it will be a soft pull instead).

Good luck!

---

Thank you for this post! I figured I would be considered 'young' until the 1 year mark. This helps me make ska more informed decision for the next app. 

Will closing one of my newer cards that I don't use help me or hurt me? A lot of my trade lines are under my business and my personal file has been pretty thin. I've got two Chase business cards with 3+ years of excellent history but I'm not sure that helps my personal credit at all. One Ink Business Unlimited ($41.5k CL) and another Ink Business Preferred ($65k CL) that are both always PIF. 

I recently started applying for personal cards because my loan officer said I needed to improve my personal credit before applying for mortgage later this year. 

---

Your business cards do not help your personal credit file.

I would not apply for more personal cards within 6-12 months of your mortgage application. It all is dependent on your profile.  Other than your lates, what is dragging your score down? Have you read about the AZEO method?

Paying down your $5000 balance on your $6500 SL Discover card will help. If this is your only card with a balance, I would pay it down to below 8.9% (roughly $578).

---

The Discover is my only card with a balance because of the 0% deal. I am paying off the Amex today ($29k) before my statement hits and will pay off the Discover ($5k) next week. I didn't think that $5k would impact me so much. 

I was wondering if I close one of the newer cards that I don't use if it would help or hurt my AAoA. 

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Amounts owed” accounts for 30% of your score, and credit utilization is one of the most important factors in that category. As for exactly how many points, I'm not sure, but I think you may get a decent gain. At 684 FICO, it's an okay score so any bump when you're in that range is valuable IMHO. Make sure all your other accounts report at 0 by statement date and pay this one down below 8.9% utilization. Both individual on each card and aggregate utilization across all your personal cards factor in scoring.

[Anonymous]

No alerts as far as a hard pull is concerned. So there's the silver lining to this all. 

And this morning I got an alert from MyFico that my late payment from 7 years ago fell off my TU report. Score went up 24 points to 729 as a result. Equifax and Experian have still not updated it.