AMEX - Too Many New Bank Card Accounts - How far back do they look?

[Anonymous]

Editing for more info:

I gave AMEX Gold application a try for the third time this year.  Received the same response - Too Many New Bank Card Accounts.

I have a 793 credit score, <1% utilization,  and am at 3/24 (1 card opened 12/19 and closed a few months later, 1 card opened 3/21, and 1 card opened 8/21).  Income is low-mid six figure and only outstanding debt is car loan I will be paying off over the next 52 weeks.  I have ~$120k in credit lines amongst all card issuers.  I applied for the AMEX Gold before each of the other two cards so only AMEX is seeing something they don't like.

I am at 10/36 if you go back 3 years (Citi GrAAvy train).  Are they looking at more than two years of history?  Trying to figure out how many cards are too many and when I could try again.  

[Anonymous]

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@Anonymous wrote:

I gave AMEX Gold application a try for the third time this year.  Received the same response - Too Many New Bank Card Accounts.

I have a 793 credit score, <1% utilization,  and am at 3/24 (1 card opened 12/19 and closed a few months later, 1 card opened 3/21, and 1 card opened 8/21).  I applied for the AMEX Gold before each of the other two cards so only AMEX is seeing something they don't like.

I am at 10/36 if you go back 3 years (Citi GrAAvy train).  Are they looking at more than two years of history?  Trying to figure out how many cards are too many and when I could try again.  

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It is possible that based on your income and all of your existing cards and loans that you may have too many existing accounts for them to grant more. You do not have all of your cards and loans posted here and income is very important. Although they are telling you too many NEW it goes beyond that. They are just picking a form letter to meet legal requirements. You may have just too many accounts in general.

You have a great credit score but it goes beyond that. If you earn $30,000 and have $95,000 in credit lines, then yes you have too many accounts. This is very profile specific. We are kind of in the dark here so it is hard to see what exactly is going on

Thanks

Mark

[Anonymous]

I just edited.   

Income is >2x my total credit lines and have ~$50k car loan.  

Could total credit line be a factor - Too Many New Bank Cards - than the number of new accounts?  I can definitely lower credit lines with Chase if that is the issue.  It's just surprising that Chase and BoA have no issues with my credit score, history, or total line of credit, but AMEX does.

[Anonymous]

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@Anonymous wrote:

I just edited.   

Income is >2x my total credit lines and have ~$50k car loan.  

Could total credit line be a factor - Too Many New Bank Cards - than the number of new accounts?  I can definitely lower credit lines with Chase if that is the issue.  It's just surprising that Chase and BoA have no issues with my credit score, history, or total line of credit, but AMEX does.

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I would not touch the credit cards. That is not the problem with your income.

I take it then that you have no recently issued mortgages if you own a house. If you rent this should not come into play.

Ok lets look at the car loan that is $50K

How many months is the loan for? and how many payments have you made on it so far?

What month and year was the car loan originated?

Thanks

Mark

[Anonymous]

i didnt have the car loan the first time i applied dor the Gold.

would it even come into play when the specific reason is too many bank cards?

i opened it 3 months ago, and have made four payments.  loan was $50k.

[RSX]

Too many could simply mean the 1 card you opened in Aug 2021

it's possible that they just want that one to be 6+ months before dropping that reason code

(as other have said, the reasons do not always make sense)

[Anonymous]

I'll just wait a while and try again.  

When I tried in March I hadn't opened a card since 12/2019, but was probably at 4/24.  

Maybe they just don't like me?

[Anonymous]

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@Anonymous wrote:

i didnt have the car loan the first time i applied dor the Gold.

would it even come into play when the specific reason is too many bank cards?

i opened it 3 months ago, and have made four payments.  loan was $50k.

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Oh it is the car loan.  I get a new car or two every year. So back in 4/2021 I bought a new BMW and the dealer paid off the little bit I had left on the car I traded in. I have had this problem since I started buying one or two new cars a year and that was 20 years ago.

For example, Discover CLI rejected due to my new car loan being close to the original amount. And I had a few payments left on a personal loan at the time. Discover told me out and out on the phone that until the car loan is down to 48% of the original amount that I would be rejected. So back in August 2021 I paid off the personal loan and made a large payment to bring my car loan down to 48%.. The next month I put into Discover for a CLI, APPROVED so they told the truth. I have old threads on here about this. I watched my credit reports and the day the 3rd one reflected my payment and reduced amount is the same day I went for the CLI and was approved.

I had this issue at Wells Fargo too for the new cards they just came out with over the summer. They never turn me down but sent me a letter to call them. I called them and told them when they asked me about the new car loan about the payment I made and it will be showing up shortly. I have a very strong relationship with this bank as far as deposit accounts and I have their Propel American Express card with a high limit. Because of my rellationship with them they said they believed me that I made the big payment on the new car so approved my new card.

You may have to wait until this new loan is paid down to a point where the banks are ok with it. My BMW loan originated at $23,500 since I had a lot of equity on my trade in. But no one cared that I only owed out $23,500 on a $50,000 car, it was the fact that the majority of the loan was still unpaid.

Many banks I applied for credit cards just approved me without even a question about the car loan. So every bank has their own set of rules. 

Thanks

Mark

Thanks

Mark

[Yasselife]

@Anonymous 

As you said, It could be possible they're looking at 36 months. I read a few banks doing it and under this economic climate I wouldn't be surprised.

[sjt]

I would recon the decision and see what happens.