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Applied for the Gold Card. Denied reason being 619 credit score and collection on record. Called back to dispute since my Experian was showing 730 and no collection since it was in error and got taken off. Asked for a second review but was declined still stating they had to go with the report they got the first time even though I sent them a fax of my current 730 Experian.
I have no credit cards just a secure credit card.
no late or missed payments
no collections
I do have a mortgage and car loan
Should I wait the 30 days even though I know my score and report significantly changed before the 30 days is up?
You want to research this but IIRC with AMEX you must wait 30 days after a denial before they will consider a new application.
Understood. Thank you! Do you think I have a good chance with this increase and credit history? I think my only negatives are my age of credit and not having a true credit card?
Credit history is what issuers look at when deciding whether or not to extend unsecured credit, not credit scores.
You have no history with unsecured credit and the AMEX Gold is not a starter card so while there is no sure answer and I could be proven wrong I don't think your odds are good. However, if you wait 30 days try for preapprovals on the AMEX site and see what turns up.
Should the OP try for a green Amex card instead to "get the foot in the door""?
@4sallypat wrote:Should the OP try for a green Amex card instead to "get the foot in the door""?
The Gold Card and Green Card have similar UW criteria so the outcome would've likely been the same. FWIW, the Gold Card has currently a higher SUB than Green.
@coldfusion wrote:You want to research this but IIRC with AMEX you must wait 30 days after a denial before they will consider a new application.
Unless this is new, or specific to charge cards, it's not true. I was declined for my Delta gold because my score was too low. When it updated, I tried again 8 days later and was approved
With a "thin" credit file, have you tried using the SP pre-qualify AMEX page just to see what they may approve you for ?
@4sallypat wrote:With a "thin" credit file, have you tried using the SP pre-qualify AMEX page just to see what they may approve you for ?
Good advice and just to add to it...In case you have your files locked or frozen you should unfreeze/unlock before you try the pre-quals.
Just for the heck of it as my credit got better I would try Amex prequals and always received no offers. I couldn't understand why as it seems I met criteria that others received offers for. Files were locked and so happens I unlocked them for other reasons and during this period of time tried the Amex prequal again. Up popped offers finally.