AMEX disappointment

[Anonymous]

After finally reaching the "good credit" level on Experian (only with a 672, but still considered good) I attempted to get an AMEX Everyday as I was looking to add a third credit card to my name. I did a lot of research on different cards and after reading that AMEX was approving people with scores lower than mine with more negatives than I have, I figured I would give it a go. As soon as I got done with the app, I was instantly denied. I called them right away to ask for reconsideration. I told the rep that I have read that they have approved many people with credit situations worse than mine and I would really like to be given a chance from them. I told the rep that I would be satisfied with a $300 limit, just to get my foot in the door. The rep proceeded to give me a long list of reasons and many did not make sense to me. She said that they pulled Experian and my score of 672 was a reason, she said that my balances are not high enough on my current cards, etc. Then the AMEX rep tells me that I should contact Experian and take this up with them. What does Experian have to do with Amex denying me credit? To the point of begging I asked once more for reconsideration and once again said that I would be happy with a $300 limit, the rep then said that she could send it to the reconsideration dept, but they would have to do another hard inquiry on Experian. That sounds totally bogus to me, so I told her to forget it as one wasted inquiry was enough.

I do understand that it is MY fault for my credit situation, and no one has to conduct business with someone they don't want to, but it really made me feel bad that they have been approving people with less credit worthiness than me and then deny me and wouldn't even consider a $300 limit without doing another hard inquiry. I decided I will try to get my third card through Capital One since they have been good to me, but I really wanted to have my third card with a different company. Needless to say the hard inquiry that came with the rejection from AMEX knocked me back into "fair" territory on Experian.

[Anonymous]

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@Anonymous wrote:

After finally reaching the "good credit" level on Experian (only with a 672, but still considered good) I attempted to get an AMEX Everyday as I was looking to add a third credit card to my name. I did a lot of research on different cards and after reading that AMEX was approving people with scores lower than mine with more negatives than I have, I figured I would give it a go. As soon as I got done with the app, I was instantly denied. I called them right away to ask for reconsideration. I told the rep that I have read that they have approved many people with credit situations worse than mine and I would really like to be given a chance from them. I told the rep that I would be satisfied with a $300 limit, just to get my foot in the door. The rep proceeded to give me a long list of reasons and many did not make sense to me. She said that they pulled Experian and my score of 672 was a reason, she said that my balances are not high enough on my current cards, etc. Then the AMEX rep tells me that I should contact Experian and take this up with them. What does Experian have to do with Amex denying me credit? To the point of begging I asked once more for reconsideration and once again said that I would be happy with a $300 limit, the rep then said that she could send it to the reconsideration dept, but they would have to do another hard inquiry on Experian. That sounds totally bogus to me, so I told her to forget it as one wasted inquiry was enough.

I do understand that it is MY fault for my credit situation, and no one has to conduct business with someone they don't want to, but it really made me feel bad that they have been approving people with less credit worthiness than me and then deny me and wouldn't even consider a $300 limit without doing another hard inquiry. I decided I will try to get my third card through Capital One since they have been good to me, but I really wanted to have my third card with a different company. Needless to say the hard inquiry that came with the rejection from AMEX knocked me back into "fair" territory on Experian.

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First of all, sorry to hear about your denial from Amex but congrats on rebuilding your credit to this level. In time, you will start to go over the 700 level. Amex is not the only game in town to help boost your scores.

For what's it worth, Amex and other CCs don't just look at your ficos. They look at your whole profile. I had a friend who once had scores in the mid 500s - took a dive from a foreclosure a year earlier but Amex gave her a BCE, Platinum and Delta card all within 6 months with no recons at all. Granted in her financial profile she noted she owned 3 rental properties and had savings, money markets and stocks worth 1/2 million. So yes, there are people with lower ficos then you were were approved - however as all companies must protect their financial well being, they also look at your WHOLE profile and not just 3 digits in  your fico score.

Keep your head up and in time, Amex WILL approve you for the ED card or even the Platinum. 

[TURNERHOOVER]

Wow that really sucks. Amex approved me for Everyday with a 661 EX and three baddies. Re-apply in six months, I'm sure you'll be approved then. 

[Anonymous]

Two thumbs up on your rebuilding efforts. Do not get discouraged. Nobody really understands why they make the decisions they do so never take it personally. Keep your commitment strong and in a few months once your scores hit the 700 mark, you will be able to get many prime cards with very nice SLs. 

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[Anonymous]

Sorry to hear that! Please do not feel rejected, we have all been through that. Could you please tell us more about your EX profile. A comprehensive description would be very helpful..

[bengalikejenga]

Dude, dont take it personal... i have gotten denied for Amex in the past 6 months at least 5 times, and i have applied for their cards 7 times.... what you should do is, check the pre approvals for Cap1... with your score, you could get maybe a Venture or Venture 1. and try apping to Bank of America, and check Chase's pre approval site.

when you get all those accounts under you belt, you could try Amex again...

or if you are feeling abit daring, try apping for the Amex Delta gold.... i got approved with a 639Ex score.... though i have a few cards with a CL of $3000 and above. 

[SnowBowl]

I don't think AMEX goes that low for SL  , $1,000 is their lowest approval for any SL.. I have not seen any AMEX approvals on here for less than $1,000 so far.

[bengalikejenga]

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@SnowBowl wrote:

I don't think AMEX goes that low for SL  , $1,000 is their lowest approval for any SL.. I have not seen any AMEX approvals on here for less than $1,000 so far.

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i have seen ED approvals for $500. its something they have been doing recently. 

[Anonymous]

Thank you all for the replies, I appreciate the kind words. I did forget to mention that I do have 1 bad mark on my Experian report (a charge off from an old capital one card due to fall off at the end of this year) however I have read many cases of people having multiple derogatories, with a lower score than mine get approved for the AMEX Everyday card. I never in my life had an AMEX account, so it's not like I ever stiffed them in the past. Besides that I have quite a few accounts closed and paid on Experian, average account age only 5.5 years though, oldest account 14 years. As mentioned above there are a lot of other companies out there and I will look to them in the future, but the way I feel now, even if I get into the excellent range someday I don't think I will ever give my business to AMEX because of this. I guess I was setting my sights a little high too soon though. Thanks again for the replies, your words are appreciated.

[Anonymous]

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@Anonymous wrote:

Thank you all for the replies, I appreciate the kind words. I did forget to mention that I do have 1 bad mark on my Experian report (a charge off from an old capital one card due to fall off at the end of this year) however I have read many cases of people having multiple derogatories, with a lower score than mine get approved for the AMEX Everyday card Often times people do a back to back trick or 2-1 strategy by Charge card>revolver. It has been reported that AMEX charge cards are easier to obtain than revolvers. It may have been a suitable strategy for you. I never in my life had an AMEX account, so it's not like I ever stiffed them in the past. Besides that I have quite a few accounts closed (CC or instalment loans?) and paid on Experian, average account age only 5.5 years though, oldest account 14 years. As mentioned above there are a lot of other companies out there and I will look to them in the future, but the way I feel now, even if I get into the excellent range someday I don't think I will ever give my business to AMEX because of this. I guess I was setting my sights a little high too soon though. Thanks again for the replies, your words are appreciated.

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While it is true that at times AMEX had approved people with lower scores than yours or with derag on file, please be cautious that we have yet to see what was the entire amkeup of their profile. Someone with a paid CO and having few open accounts with higher limitsmay stand a better chance in their internal scoring system. Please also note that EX FICO are just one factor among many others that AMEX's internal scoring system uses. If you simply want a step in the door, you may ask AMEX to reactivate your application for a charge card on the same HP. 

I do hope you find peace with this process.