American Express Platinum Denied - Approval Help

[WME0000]

My recent AMEX Platinum application was denied, and I learned about Experian's Clarity Services. I didn't know it even existed. There were some errors on my report that I was able to correct, and I wanted to know if it was worth calling for a recon. Please see stats below.

1. Ex: 702

2. Utilization: 10% (Currently have Discover, and 2 Cap One cards)

3. No Baddies whatsoever/No Lates/No COs

4. Denial Reasons

• Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)
  • Showed 11 (including this app) came down to 7 as some should have already fallen off
• Based on your credit report, you have too many requests for credit, as reported by Experian's Clarity services.
  • I figured out how to get my Clarity report and it showed multiple inquiries from 2018 that I never allowed so I was able to get all removed
• The length of time is too short since the first account on your credit report was opened. (Experian)
  • First account was opened 7 years 10 months ago, so I am not sure how much longer I might need
• The amount of open loans, as reported by Experian's Clarity services.
  • Showed 2 small One Main Loans that are paid/closed and I called One Main to update, anyway can I show AmEx they're paid/closed or do I need to wait for One Main to update which they stated could be another month?

Thanks for your help!

[bigseegar]

I mean you can certainly try. Recons with AmEx usually aren't that productive but one never knows and YRMV if you got the reports they pulled cleaned up as you said and if AmEx is willing to repull a new fresh report. Without your full DP's though I'd guess that you only having 3 cards and you didn't mention if they are secure cards or Unsecure ones hurts you also the One Main Loans is Consumer Finance and some issuers frown at those type loans some times. They also mentioned you appeared to be credit seeking (which you say is incorrect and fixed). The Platinum is AmEx's top tier card that one can apply with a very high AF and is really designed for travel especially by air and people that do that a lot. Even though I personally have it I'll be the first to say for everyday use there are much better AmEx options. So, depending on your needs maybe consider a different card. The Gold is a great every day card and the Green is too plus it has good travel benefits too for those that only travel from time to time. 

[K-in-Boston]

What are the reasons for your Experian score being 702?  Have you had a lot of recent credit seeking and recently opened accounts?  With 7+ years of credit history, no derogs, and 10% utilization that seems quite on the low side.

How many inquiries have you had in the past 12 months?  24 months?  Those are the only ones that should matter, and in general Amex isn't usually very inquiry sensitive when that is the only factor.

Are you the primary account holder on the 7y 10m account?  Is that account still open?  What are the ages of the 3 cards you mentioned having?

Yes, you would need to wait until your credit report has been updated for any adjustments to loan status and balance.

[Suzette2]

I had a lot of inquiries and got BCP and Plat delta.    What's your income? Anything else out there? Any recent cards? 

[WME0000]

Thanks for the feedback. I travel a lot for work often having to stay out of town for weeks. My company provides a card, but I rather earn the points if I can. The cards are all unsecured. Yes, I also think the One Main might be the primary reason above the others.

Discover $4000 CL - using $530 (opened 5/2021)

Capital One $600 - Using $0 (opened 10/2020)

Capital One $1000 - Using $22 (opened 02/2020)

[WME0000]

Thanks for the feedback. I am a AU on 2 BofA cards with high utilization, which I thought Fico 8 did not consider, but I recently called to have myself removed and when I was removed from one my score increased 6 points. I am hoping that when the other is removed my score might increase again.

I also paid off my Discover and Cap1 cards in the last 6 months, so having a balance over the last few months may have supressed my scores?

I am the primary on my oldest account which is a closed auto loan.

1 inquiry in the last 12 months (this AMEX app)

6 inquiries in the last 24 months

(These are the 7 that remain but at the time of app there were 12, 4 removed due to being over 24 months old)

Discover $4000 CL - using $530 (opened 5/2021)

Capital One $600 - Using $0 (opened 10/2020)

Capital One $1000 - Using $22 (opened 02/2020)

[WME0000]

Thanks for your feedback, my only cards are as mentioned below.

Discover $4000 CL - using $530 (opened 5/2021)

Capital One $600 - Using $0 (opened 10/2020)

Capital One $1000 - Using $22 (opened 02/2020)

My income is 155k

I am thinking it has to be the One Main loans as mentioned by another user.

[disdreamin]

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@WME0000 wrote:

Thanks for your feedback, my only cards are as mentioned below.

Discover $4000 CL - using $530 (opened 5/2021)

Capital One $600 - Using $0 (opened 10/2020)

Capital One $1000 - Using $22 (opened 02/2020)

My income is 155k

I am thinking it has to be the One Main loans as mentioned by another user.

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To me those look like relatively new CC accounts with low credit limits. I wonder if that lack of credit history with sizeable credit limits factored into the denial.

[RehabbingANDBlabbing]

I would just put a freeze on your Clarity report. I froze mine years ago and I have never had a problem. They probably see you as subprime because of the One Main loans. I have the Platinum and I was approved with much worse problems on my Experian credit file. I think they are just being a little nitpicky with you, which happens sometimes with AmEx and other lenders. 

[WME0000]

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@RehabbingANDBlabbing wrote:

I would just put a freeze on your Clarity report. I froze mine years ago and I have never had a problem. They probably see you as subprime because of the One Main loans. I have the Platinum and I was approved with much worse problems on my Experian credit file. I think they are just being a little nitpicky with you, which happens sometimes with AmEx and other lenders. 

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Thanks for the feedback! I was thinking they were just being nitpicky as well. I'm going to wait until the end of the month and give it another go. My scores should be around 720 then even though FICO score wasn't listed as an issue, I am hoping it helps.