Re: AMEX Gold Decline EX 756

Anonymous · ‎07-10-2020

I know I should be gardening. But I have job I recently started that requires lots of travel and my employer will happily reimburse my expenses if I decide I want to pay for everything on my own cards. I wanted to take advantage with AMEX Gold and later adding Platinum. But was denied Gold, could this possibly be reconsidered if I called? Can someone clarify the income issue with Experian Clarity?

Reason for denial:

Our scoring of your credit and other relevant information (see below)

Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)

I have 13 inquires on Experian. Due to spending the last year rebuilding.

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

I pay everything in full, most of my accounts are open within a year.

Your income as reported by Experian's Clarity services.

What does this mean?

Length of time accounts have been established. (Experian)

Time will fix this, nothing negative anymore on experian. But all my active accounts have been open since March 2019 till now. I have a few older accounts, including an American Express all positive but close due to inactivity about 8 years ago.

On July 10, 2020, your FICO score was 756. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

The length of time your accounts have been established.

There are too many credit inquiries on your report in the last 12 months.

The time since your most recent account opening is too short.

The ratio of loan balances to the loan amounts is too high.

EDIT: Approved on 11/20 with a better target bonus and a score of 696.

Anonymous · ‎07-10-2020

The ratio of loan balances to the loan amounts is too high.

Amex likes paid down installment history

Your income as reported by Experian's Clarity services.

Clarity gathers alternative data: https://www.clarityservices.com/solutions/credit/clear-income-attributes/

Anonymous · ‎07-10-2020

Thanks Dumbee. I am going to request the Clarity report... It's the first I heard of it and wasn't sure what I searched wasn't a scam.

As for installment loans on Experian. I had a car loan I refinanced 9 months in and shows paid off as agreed, closed. The refinanced loan though DCU has been reporting for four months now with a current balance of $6,000 and started out at $13,173. I actually just paid that loan off a few weeks back, but hasn't updated.

lhcole77 · ‎07-10-2020

@Anonymous wrote:
Thanks Dumbee. I am going to request the Clarity report... It's the first I heard of it and wasn't sure what I searched wasn't a scam.

As for installment loans on Experian. I had a car loan I refinanced 9 months in and shows paid off as agreed, closed. The refinanced loan though DCU has been reporting for four months now with a current balance of $6,000 and started out at $13,173. I actually just paid that loan off a few weeks back, but hasn't updated.

Sorry for your denial, @Anonymous . I would def give it some time, let your accounts age, and try again when you have fewer INQs and your accounts are a bit older.

I had never heard of Clarity either. I'm curious how they would know about your income.

I was just reading on their website and saw this. Do any of these types of accounts pertain to you?

Clarity’s unique data source is derived from a variety of financial service providers, including auto financers, check cashers, prepaid card issuers, short-term installment lenders, peer-to-peer microlenders, small dollar credit lenders, online small-dollar credit lenders, telecommunications, and many more.

Clarity focuses on data reporting for under-banked, near-prime, and subprime consumer segment because these consumers have minimal recorded data and accessing their creditworthiness proves to be a challenge for lending institutions. Clarity enables providers to know more about these consumers and assist in the underwriting process.

Anonymous · ‎07-11-2020

I never had a pay day loan, personal loan or any of those. I'm also curious about the income on Clarity and would be willing to submit a 4506-T, along with my current work contract to AMEX if they would reconsider.

On Experian, Dates are first report and no lates:

Active:

Syncb/ B&H Photo June 2020 $0/1800

Syncb/ Care Care 4WP March 2020 $0/1000

Syncb/ Amazon February 2020 $65/700

Comenity Trek March 2020 $0/$3000

DCU Auto Refinance February 2020 $6000/13173 (Now Paid Off, Should update next month)

Comenity Williams Sonoma December 2019 $0/500

Cap 1 Quicksilver December 2019 $0/$500

Discover IT Gas/Restaurant October 2019 $94/1800

Closed, All Paid On Time and dates listed is last report.

Bridgecrest Auto Loan March 2020 $0/17672

Wells Fargo Tempur-pedic April 2014 $4400

Jared December 2013 $1600

Kay Jewelers December 2012 $800

American Express February 2012 High Balance $2511 (Old Charge Card, Green and Never Late)

Not Reported, New

DCU VISA $5000

Apple Card GS $2500

I will try again in December, but only via soft pull pre-approval.

coldfusion · ‎07-11-2020

@Anonymous wrote:

I will try again in December, but only via soft pull pre-approval.

FYI as an existing cardholder you can be preapproved for an additional card and still end up taking a HP if you apply. It's much more common to only take a SP but the odds of incurring a hard pull aren't astronomically high.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion

Anonymous · ‎07-11-2020

Yea AMEX is hard nut to crack for me. I have been declined for all 3 of the cards that I have applied for with them after being "pre-qualified" according to their pre-quailification tab. BCP in August of 2019, BCE in April of 2020, and now the Gold. I applied for the Gold on Thursday and was declined. Called in for the reasons since it wasn't showing on their online status check and to see about a reconsideration. CSR said my EX FICO was 723 and said the only the only negative listed was too many new accounts. Said because of that reason that they could not offer me a reconsideration. To their point, yes I have a lot of new cards. One of them is an AMEX just that its branded with Wells Fargo. No negatives on my report. Always pay in full on any card. Probably have been churning a little too much. Have definitely acquired a lot of new cards since following this forum, but geez I'm looking to give them $250 just for the status of the Gold card and to try their MR system. Have read several different forums where people feel like the high annual fee cards for AMEX are the easiest to get.

ChemE_Bear · ‎07-11-2020

Really interesting to read this thread. I was approved for a BCP this month and had a lower score than you when I applied (EX 722). Only difference is I had only applied for one card (Discover IT in February 2020) recently and that card was at 0% utilization when I applied. I only also only had 4 inquiries for the past two years and 2 are nearly 2 years old from an auto loan.

Fico8 1/20:

Fico8 02/22:

Fico8 9/23:

AU:

Anonymous · ‎07-11-2020

@coldfusion wrote:
@Anonymous wrote:

I will try again in December, but only via soft pull pre-approval.
FYI as an existing cardholder you can be preapproved for an additional card and still end up taking a HP if you apply. It's much more common to only take a SP but the odds of incurring a hard pull aren't astronomically high.

I'm actually not currently a active card member, I had one in my early 20's and paid them on time. But they closed on me at the first sign of trouble on my credit report. I am so post to get a company card from my employer through AMEX, hope I don't have any issues...

When I first had AMEX, my score was about 680 if I recall and only one card. So really odd for them to approve me then and not now.

recoveringfrombk7 · ‎07-11-2020

@Anonymous wrote:
@coldfusion wrote:
@Anonymous wrote:

I will try again in December, but only via soft pull pre-approval.
FYI as an existing cardholder you can be preapproved for an additional card and still end up taking a HP if you apply. It's much more common to only take a SP but the odds of incurring a hard pull aren't astronomically high.
I'm actually not currently a active card member, I had one in my early 20's and paid them on time. But they closed on me at the first sign of trouble on my credit report. I am so post to get a company card from my employer through AMEX, hope I don't have any issues...

When I first had AMEX, my score was about 680 if I recall and only one card. So really odd for them to approve me then and not now.

13 inquiries in 12 months during a financial crisis/pandemic is going to legitimately spook lenders. Scores are likely inflated for a lot of people who are currently struggling due to things like rent moratoriums and cc companies helping people out. Always worth it to recon, but you might end up having to wait it out for 6 months/some of those inquiries fall off. You look risky. I get that you may not be, but they don't know you like you do. Best of luck.