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Amex App Denied.

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Anonymous
Not applicable

Amex App Denied.

Hi guys,

 

New here, I was wanted to get some insight / opinions. I applied to get the Amex Gold card, unfortunately.. I was recently declined last week.

 

I was looking at my prequalified offers and the all Hilton's Cards are still showing, should i wait to apply for one due to my recent denial? I've been rebuilding my current scores are Equifax 697 TU 674 and Ex is 711.

 

one missed payment 7 months ago (my mistake I have two cap 1 cards and double paid one card usually I have auto pay on but I had recently changed banks)

18 REPLIES 18
Brian_Earl_Spilner
Credit Mentor

Re: Amex App Denied.

What was the reason for your denial?

    
Message 2 of 19
Anonymous
Not applicable

Re: Amex App Denied.

Hi and Welcome.

Others could provide more insight. But my own experience and what I have read is that Amex declines you for a card. Then it is best to wait 31 days.

I do not know for certain but I would assume that that applies to both charge cards and revolvers.

I was declined for an Amex revolver 34 days ago, and I didn't get a single pre-approval until this morning when i checked. 

You can check for pre-approvals, but again my experience is that ymv with pre-approvals. For me with Amex I have 1 card with a high balance.

I had a pre-approval when i was deneid.

 

Message 3 of 19
Anonymous
Not applicable

Re: Amex App Denied.

Reason was this:


The following key factors contributed to our evaluation:

 

The amount of credit available on your bank credit card account with the least credit available is too low (Experian) 

*(I don't understand this one)*

 

Too many of your accounts were opened in the last two years. (Experian)
(okay Valid, although I thought Amex was velocity sensitive)

 

The number of accounts with balances. (Experian)

(one card I'm using 7K /31K limit every thing else is 1% to 0% util)

 

There are no credit card accounts on your credit report (Experian)

(again lost on this one)

Message 4 of 19
FICOlearner123
Regular Contributor

Re: Amex App Denied.

Not sure what Amex utilization criteria is  7K /31K = 22.5%. What are the limits on your other cards? Try calling the underwriting dept for Amex. 


Goal Cards
Message 5 of 19
Anonymous
Not applicable

Re: Amex App Denied.

Sorry to hear about your denial, OP. Better luck next time!

Message 6 of 19
Anonymous
Not applicable

Re: Amex App Denied.

My Other cards are relatively low,

 

Cap 1 is 2K 0%

QS1 is 2K O%
Best Buy citi 3K 1%

PayPal 1K, 1%

Barclay is 5K 0%

Apple Card 5K 2%

BoA cash rewards is 7/31K

 

im guessing this late payment 7 months ago is giving them them the creeps.. 😔 

Message 7 of 19
Remedios
Credit Mentor

Re: Amex App Denied.


@Anonymous wrote:

Reason was this:


The following key factors contributed to our evaluation:

 

The amount of credit available on your bank credit card account with the least credit available is too low (Experian) 

*(I don't understand this one)*

 

Too many of your accounts were opened in the last two years. (Experian)
(okay Valid, although I thought Amex was velocity sensitive)

 

The number of accounts with balances. (Experian)

(one card I'm using 7K /31K limit every thing else is 1% to 0% util)

 

There are no credit card accounts on your credit report (Experian)

(again lost on this one)


First reason is talking about card with high utilization, so if that's your only card with balance ($7000.00 on $31000), that's the one they are referencing. 

 

I dont think any of those reasons are the reason you got denied. It's the late from 7 months ago. Typically,  some lenders will shy away when derog is recent, because it indicates possibility of financial distress. 

While Amex may not be too sensitive to new accounts, or number of new accounts, all that changes when recent derog is present. 

They are extremely sensitive to derogs, especially brand new ones, and 8 months is a nanosecond in credit time. 

You're going to have to give it some time before trying again. A year would be good, two probably better. 

Message 8 of 19
Anonymous
Not applicable

Re: Amex App Denied.

I'll break down my profile for you and maybe this will shed some light on exactly how bad a borrower they will approve. They're not strict across the board but they have some hang ups. 


This past week I was recently approved for a NPSL AmEx Platinum and $3100 AmEx Bonvoy. 

My negatives:

- AAoA < 3 yrs (lots of recent acct, > 5 in 24 mos.)

- FICO high 660, low 646 per Credit Karma

- 30+ inquiries, at least half of which are < 6 mos. 

- 21 mos. on time payments with a streak of baddies behind that. 30's, 60's, 90's, C/O

- CURRENTLY OPEN AMEX OPTIMA CARD!!!

 

My positives:

- 0% revolving utilization. 

- Diverse spectrum of account types.

- Open CSR with $19k limit. 

I'd 100% call in for a recon. 

Message 9 of 19
Anonymous
Not applicable

Re: Amex App Denied.

I would apply for it to get my foot in the door.   You can have 5 credit cards with them and unlimited charge cards.  


@Anonymous wrote:

Hi guys,

 

New here, I was wanted to get some insight / opinions. I applied to get the Amex Gold card, unfortunately.. I was recently declined last week.

 

I was looking at my prequalified offers and the all Hilton's Cards are still showing, should i wait to apply for one due to my recent denial? I've been rebuilding my current scores are Equifax 697 TU 674 and Ex is 711.

 

one missed payment 7 months ago (my mistake I have two cap 1 cards and double paid one card usually I have auto pay on but I had recently changed banks)


 

Message 10 of 19
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