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I applied for an Amex Platinum and they pulled my Experian. So it looks like I'm not on their black list anymore, but they denied me for the following reasons:
Reason(s) for Our Decision
Our scoring of your credit and other relevant information (see below)
We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:
Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)
There are no bank card accounts on your credit report (Experian)
The length of time since your credit cards were opened as reported in the last two years is too short (Experian)
The remaining balance on an existing auto loan(s) is too high. (Experian)
Information About Your FICO Score
We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On January 14, 2021, your FICO score was 745. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:
There is no recent information about revolving accounts on your report.
There is no recent information about credit card accounts on your report.
The ratio of loan balances to the loan amounts is too high.
There are too few accounts currently paid as agreed. (This one is weird considering I have no lates on my report.)
Any help will be appreciated.
@BeEasyMark wrote:I applied for an Amex Platinum and they pulled my Experian. So it looks like I'm not on their black list anymore, but they denied me for the following reasons:
Reason(s) for Our Decision
Our scoring of your credit and other relevant information (see below)
We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:
Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)
There are no bank card accounts on your credit report (Experian)
The length of time since your credit cards were opened as reported in the last two years is too short (Experian)
The remaining balance on an existing auto loan(s) is too high. (Experian)
Information About Your FICO Score
We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On January 14, 2021, your FICO score was 745. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:
There is no recent information about revolving accounts on your report.
There is no recent information about credit card accounts on your report.
The ratio of loan balances to the loan amounts is too high.
There are too few accounts currently paid as agreed. (This one is weird considering I have no lates on my report.)
Any help will be appreciated.
I suppose a recon is always worth a shot. That said, the denial reasons are going to be some hard reasons to recon.
Do you think going for an Amex Platinum was aiming too high? Should I have started with a revolver or a Green?
@BeEasyMark wrote:Do you think going for an Amex Platinum was aiming too high? Should I have started with a revolver or a Green?
Wouldn't have made a meaningful difference with a different charge card.
It might have helped with the right revolver where they could have approved you for a $1K limit but that's strictly supposition on my part.
Go ahead and recon.
@BeEasyMark wrote:I applied for an Amex Platinum and they pulled my Experian. So it looks like I'm not on their black list anymore, but they denied me for the following reasons:
Reason(s) for Our Decision
Our scoring of your credit and other relevant information (see below)
We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:
Our evaluation of the inquiries on your credit report based on the number, type and recency. (Experian)
There are no bank card accounts on your credit report (Experian)
The length of time since your credit cards were opened as reported in the last two years is too short (Experian)
The remaining balance on an existing auto loan(s) is too high. (Experian)
Information About Your FICO Score
We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On January 14, 2021, your FICO score was 745. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:
There is no recent information about revolving accounts on your report.
There is no recent information about credit card accounts on your report.
The ratio of loan balances to the loan amounts is too high.
There are too few accounts currently paid as agreed. (This one is weird considering I have no lates on my report.)
Any help will be appreciated.
The last reason provided isn't necessarily saying you had the presence of late payments. It can also translate into having relatively very few open accounts (e.g. CCs, auto loans, mortgage, etc.) in your credit history to determine or calculate lending risk.
Not sure if you can overcome all the reasons for reconsideration, but that's up to you.
The one about "Too Few Accounts reporting paid as agreed" is a bit of a misnomer. I've worked in auto finance for the last 28 years, so I would submit that last bit has nothing to do with your payment history, but rather a thin file. What they're saying is you don't have a threshold number of accounts that meet their criteria.
Based on the reasons, it sounds like you dont have any other credit cards on your report. If you dont and only have a auto loan, you might want to start small with a revolving credit card then move up. If you do have a revolving credit card (eg a bank card that is uses visa, mastercard, etc., network) that been reporting then you could recon it, otherwise recon might not be all that helpful. Keep in mind they do sometimes do another HP when doing a recon so if you have a sure chance of approval, give it a shot.
Have you check their preapproval page to see what you may qualify for?
Reapplied on 11/09/2021 and got approved!