AMEX too many accounts

[Joseph_NC]

I was denied on an AMEX blue cash Everyday card for too many accounts. I tried calling them to reconsider, but they are no help and are unable to provide me any information other than I have too many new accounts.

My credit profile isn't super old, but I don't get the "too many new accounts". I have a 788 FICO through transunion. (1% utilization rate, 100% on time payments, 5 total accounts, and an average credit age of 1 year, 7 months) Only one of my accounts is not a credit card, which is a car loan. My car loan began 6/20. My credit cards go as follows, 9/2019, 3/2021, 11/2021, and 4/2022. I believe that puts me at 3/24 or 1/6.

The total credit limit between all 4 cards is $22,500. My car loan was $30k, paid down to $21k. My income is ballpark $70k. Any advice to get approved in the future?

[ZackAttack]

Other than you are looking on the wrong bureau. Amex is known to HP experian.

I suggest taking a look what Experian report has for you.

[Joseph_NC]

The only difference between the two is that experian reports a 777 credit score. I don't see anything else that would cause this issue.

[PointsBonus]

@Joseph_NC  If it was me, I would try for one of there Charge cards , Green or Gold depending on what attracts you, this might help you get in the door. But now I think not 💯 you might have to wait 31 days. 

[SouthJamaica]

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@Joseph_NC wrote:

I was denied on an AMEX blue cash Everyday card for too many accounts. I tried calling them to reconsider, but they are no help and are unable to provide me any information other than I have too many new accounts.

My credit profile isn't super old, but I don't get the "too many new accounts". I have a 788 FICO through transunion. (1% utilization rate, 100% on time payments, 5 total accounts, and an average credit age of 1 year, 7 months) Only one of my accounts is not a credit card, which is a car loan. My car loan began 6/20. My credit cards go as follows, 9/2019, 3/2021, 11/2021, and 4/2022. I believe that puts me at 3/24 or 1/6.

The total credit limit between all 4 cards is $22,500. My car loan was $30k, paid down to $21k. My income is ballpark $70k. Any advice to get approved in the future?

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Doesn't sound like too many accounts to me.

[OmarGB9]

I suppose maybe just waiting another 3-6 months might help. Also their core cards are known to have tougher UW than their charge cards.

[CaptinVantage]

I recently successfully reconned with Amex for the green card by writing a letter to the address on the denial letter. My denial was for inquiries. So I explained why I felt I had a lot inquiries which was not a lie and highlighted my score and utl % and also explained I was trying to build a relationship with them both personally and business soon. 3 weeks later got an approval email. Ymmv but worth a try. You may wind up with a small sl. Luckily my green card is npsl for now.

[Beefy1212]

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@CaptinVantage wrote:

I recently successfully reconned with Amex for the green card by writing a letter to the address on the denial letter. My denial was for inquiries. So I explained why I felt I had a lot inquiries which was not a lie and highlighted my score and utl % and also explained I was trying to build a relationship with them both personally and business soon. 3 weeks later got an approval email. Ymmv but worth a try. You may wind up with a small sl. Luckily my green card is npsl for now.

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I didn't have to write a letter and got the BCP in month 9 of my credit build by that point I had 5 credit cards and an auto loan with 20+ inquires ( mostly from the loan ). The reason code given is not always the reason for the action I did end up with a 1k limit though.  Now I put 4k on that 1k card in 61 days and they rejected me for a CLI reason given was too many inquiries. I suspect many times what is a crazy yes or no comes down to what is going on at the bank and not what is going on with you.    

[SuperFlyEDSguy]

Absolutely true! In my experience anyways.

When I tried to "Prequal" for my first AMEX card, they offered me the three core charge cards. As the Gold made the most sense for me, I applied and was quickly approved. There's been days when I have checked my "Spending Power" and it's easily pushing an $18K or $19K test transaction! Yet my "Pay Over Time" is capped at $1,750! So, being overzealous after getting approved for the Gold, I tried my luck on the BCP, and was outright denied!

I waited a month or two and tried my luck on the AMEX Delta SkyMiles Gold Card, and though I was instantly approved, it was only for $1K! I also cannot get a CLI because of my 5.5 year old BK7! I've seen people say that they get auto-CLIs even with a BK, however you'll have to wait until year 6 to successfully request a CLI! It's crazy as I've been a pretty good customer too, as in actually using their products and quickly pay them down!

As underwriting for their core charge cards is more-or-less identical according to many people, one has to think that their credit card underwriting is far more stringint! The only reason I could think why is because it would be more of a risk to carry a balance out instead of paying it off monthly. Even with "Pay Over Time," the charge cards are far more structured thereby greatly reducing the overall risk involved, e,g. lates, defaulting, etc. The yearly fees are also far higher on the charge cards making them more tangible, and one would not want to lose their money or personal connection to a product valued between $150 and $695!

Just a couple of thoughts as someone who works for AMEX would definitively know.

[Guyatthebeach]

Joseph_NC,

Amex doesn't use the 5/24 rule per say like Chase does.  Given the number of new accounts, I personally would wait 6 months to a year before applying for another AmEx credit card. If you just want something branded with AmEx, look at the Bloomingdale's AmEx, the Macy's AmEx, or NFCU's AmEx. 

Guyatthebeach