AMEX disappointment

[Anonymous]

Fred:

I am not really sure what you mean by AMEX having charge cards, if you mean that they provide some type of store card, I would not wish to get one. I have used a lot of credit score simulators and most show that a store card would either do nothing or actually drop my score. I am mainly focused on getting 3 bank credit cards just for reporting purposes to help improve my score. As for the closed and paid accounts on my Experian, I have one store card, 1 bank credit card and 4 or 5 installment loans all showing as positive and closed accounts. Thank you again for your advice Fred, I appreciate it.

[gdale6]

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@Anonymous wrote:

Fred:

I am not really sure what you mean by AMEX having charge cards, if you mean that they provide some type of store card, I would not wish to get one. I have used a lot of credit score simulators and most show that a store card would either do nothing or actually drop my score. I am mainly focused on getting 3 bank credit cards just for reporting purposes to help improve my score. As for the closed and paid accounts on my Experian, I have one store card, 1 bank credit card and 4 or 5 installment loans all showing as positive and closed accounts. Thank you again for your advice Fred, I appreciate it.

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An Amex charge card is not a store card. Its a card that is NPSL but has to paid in full every month, no revolving credit line. It can be used anywhere Amex is accepted just like one of their revolving cards can.

[NRB525]

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@gdale6 wrote:

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@Anonymous wrote:

Fred:

I am not really sure what you mean by AMEX having charge cards, if you mean that they provide some type of store card, I would not wish to get one. I have used a lot of credit score simulators and most show that a store card would either do nothing or actually drop my score. I am mainly focused on getting 3 bank credit cards just for reporting purposes to help improve my score. As for the closed and paid accounts on my Experian, I have one store card, 1 bank credit card and 4 or 5 installment loans all showing as positive and closed accounts. Thank you again for your advice Fred, I appreciate it.

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An Amex charge card is not a store card. Its a card that is NPSL but has to paid in full every month, no revolving credit line. It can be used anywhere Amex is accepted just like one of their revolving cards can.

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+1

And thus I would suggest doing some more research to understand the differences.

OP, you noted they said your cards did not have high enough limits? Which cards do you have now? CL? Open amounts? How long have these specific cards been open?

[Anonymous]

I was not referring to a store card but rather this one; {Sorry MOD for the link}

https://www304.americanexpress.com/credit-card/premier-rewards-gold/25330

This strategy allows you to get in with AMEX and often times a Charge card>CC would do the trick. I am,however,suprised that AMEX did not approve you with all that on your EX. Again, please stay strong, you have come along way. Just give another three months and you will be fine. Please remember that any HP with AMEX is good for 30 days for RECON purposes. 

[Anonymous]

Sorry to hear that.  Keep going, you're doing great!  One day you'll look back & laugh at this because things will be better than what you expected! 

[Anonymous]

Thank you gdale for the clarification.

Thank you Fred for the further info, I appreciate it.

you wrote Please remember that any HP with AMEX is good for 30 days for RECON purposes. That would make sense to me, but that is one of the reasons I was so bent out of shape about the dealing with AMEX as when I asked their rep for reconsideration she said that they would have to do another hard pull to reconsider. That did not sound right to me at all and now with what you say I am starting to think that the rep did not know what she was talking about. Maybe I will call them tomorrow and try to get a helpful rep and give recon another go, but no way will I let them do another hard pull.

[Anonymous]

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@Anonymous wrote:

Thank you gdale for the clarification.

Thank you Fred for the further info, I appreciate it.

you wrote Please remember that any HP with AMEX is good for 30 days for RECON purposes. That would make sense to me, but that is one of the reasons I was so bent out of shape about the dealing with AMEX as when I asked their rep for reconsideration she said that they would have to do another hard pull to reconsider. That did not sound right to me at all and now with what you say I am starting to think that the rep did not know what she was talking about. Maybe I will call them tomorrow and try to get a helpful rep and give recon another go, but no way will I let them do another hard pull.

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AMEX recon is almost always another HP on your EX.

[biglista88]

Congrats on your rebuild successes! Don't feel bad about the AMEX denial. I was denied with a 712 fico and no baddies. Lol I have good cash flow and charge thousands to my NFCU card monthly then PIF. I decided I have no need for these companies who deny people for random nonsensical reasons.

[taxi818]

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@biglista88 wrote:
Congrats on your rebuild successes! Don't feel bad about the AMEX denial. I was denied with a 712 fico and no baddies. Lol I have good cash flow and charge thousands to my NFCU card monthly then PIF. I decided I have no need for these companies who deny people for random nonsensical reasons.

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While i may agree it is never nice to be denied. I don't think it is nonsense from the standpoint of the lender. sure. op score is higher than many that got amex. even higher than mine when i first got my amex. i think it was 661 at the time.there is no way to say all baddies are the same. someone with a 660 because their utilization is at 80 percent is different than someone at 660 with chargeoffs. collections repos. etc.... while i also sympithize with op. i also always keep in mind. its just business and never is personal. risk vs reward for these banks. im sure op will be fine as others stated time is the healer of all. even correct just one more baddie. but no way do i  call these denials nonsense as they would be out of business if they took that approach and approved every single card. op has done a fine job. agreed. just a little more and im sure amex will come knocking at his door. good luck op.