Another Charles Schwab App yet another attempt at a recon

[credit_endurance]

Title says it all.

I placed yet another app for this card after attempts in May, July, & Oct. Only want the card to get the Sub and cash out some MR points at $1.25 per point. Amex as a whole is really starting to sour on me over time as things have really dried up on my front with them. Haven't had a cli on any card since 2018. Only 2 approvals for cards in the same time frame. This is after double digit attempts. Fortunately they have all been sp's. 

Not sure what about my profile Amex is so picky about of late. Don't carry any large balances. Although I did have a payment returned earlier this year through a bank account mix up. But nothing since then. Util is only 2% reporting out of current credit lines. I did add a couple of PL that are reporting substantial balances. 

This will be my last attempt at this card and if not approved will seriously consider cutting some ties with Amex. As many have mentioned before, Amex isn't really anything special. Currently have 4 revolvers in the mix, and only looking to add a charge card with high AF? Come on Amex! 😗

[FinStar]

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@credit_endurance wrote:

Title says it all.

I placed yet another app for this card after attempts in May, July, & Oct. Only want the card to get the Sub and cash out some MR points at $1.25 per point. Amex as a whole is really starting to sour on me over time as things have really dried up on my front with them. Haven't had a cli on any card since 2018. Only 2 approvals for cards in the same time frame. This is after double digit attempts. Fortunately they have all been sp's. 

Not sure what about my profile Amex is so picky about of late. Don't carry any large balances. Although I did have a payment returned earlier this year through a bank account mix up. But nothing since then. Util is only 2% reporting out of current credit lines. I did add a couple of PL that are reporting substantial balances. 

This will be my last attempt at this card and if not approved will seriously consider cutting some ties with Amex. As many have mentioned before, Amex isn't really anything special. Currently have 4 revolvers in the mix, and only looking to add a charge card with high AF? Come on Amex! 😗

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The highlighted part is a pretty crucial element for any future approvals and/or CLIs.  Unfortunately, there's really no specific timeframe when AmEx will "warm up" to your profile given the returned payment instance.  Since this is coded internally, it is something that cannot be overriden.   You also mentioned you were declined for CLIs prior to this instance.  What were the reasons cited for not getting approved for the CLIs?

[credit_endurance]

The main reason they would mention would be balances on Amex accounts to high or something to that affect. I did take out a business loan with them and carried a balance until paid off this year. Took loan out around "2018" that kind of made some since if they also considered the business and personal as a combined entity. As soon as all that was paid I put the theory to test and requested cli requests and still denied. I have also closed a couple of revolvers to get under the 5 number which also slashed some of my available credit with them. 

[FinStar]

Honestly, all you can do is try.  If denied, then it's likely pointing to something internal with your AmEx profile, which could very well be the prior returned payment.  But, nothing ventured, nothing gained 🙃

[credit_endurance]

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@FinStar wrote:

Honestly, all you can do is try.  If denied, then it's likely pointing to something internal with your AmEx profile, which could very well be the prior returned payment.  But, nothing ventured, nothing gained 🙃

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Yes @FinStar  so true.

Update: Denied again through recon.

Main Reasons:

A recent payment you made to American Express was returned unpaid by your financial institution.

The revolving balance(s) on your American Express accounts is too high.

The number of creditors who have reviewed your credit report.

Secondary reasons:

Length of time accounts have been established.

Too many inquiries in the last 12 months.

Proportion of loan balances to loan amount is too high.

Insufficient time since most recent account established.

Amex long memory on temporary mistakes. Short memory on long valued relationships on PIF etc.

Out of my (4) revolvers only (2) carried balances at time of app. For a whooping total of $215.00. 🙄

Inquries total of (13) most are over a year and aged. Maybe (5) scoreable. Non since May 2020.

Secondary reasons is typical jibberish in which shouldn't produce an denial with long relationship and decent credit history/profile. 

So with that all being said,

Not going to waste a pull for them to see the same information as they already have. I am seriously considering trying to move MR points out of Amex. Would have really preferred to cash them out into a Schwab account but, oh well. What would be more options to move points to something more worthwhile? 

[coldfusion]

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@credit_endurance wrote:

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@FinStar wrote:

Honestly, all you can do is try.  If denied, then it's likely pointing to something internal with your AmEx profile, which could very well be the prior returned payment.  But, nothing ventured, nothing gained 🙃

---

Yes @FinStar  so true.

Update: Denied again through recon.

Main Reasons:

A recent payment you made to American Express was returned unpaid by your financial institution.

The revolving balance(s) on your American Express accounts is too high.

The number of creditors who have reviewed your credit report.

Secondary reasons:

Length of time accounts have been established.

Too many inquiries in the last 12 months.

Proportion of loan balances to loan amount is too high.

Insufficient time since most recent account established.

Amex long memory on temporary mistakes. Short memory on long valued relationships on PIF etc.

Out of my (4) revolvers only (2) carried balances at time of app. For a whooping total of $215.00. 🙄

Inquries total of (13) most are over a year and aged. Maybe (5) scoreable. Non since May 2020.

Secondary reasons is typical jibberish in which shouldn't produce an denial with long relationship and decent credit history/profile. 

So with that all being said,

Not going to waste a pull for them to see the same information as they already have. I am seriously considering trying to move MR points out of Amex. Would have really preferred to cash them out into a Schwab account but, oh well. What would be more options to move points to something more worthwhile? 

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That would depend upon how motivated you are to cash out and how useful each of the options would be. 

You can cash them out for Staples/Home Depot/REI/Saks 5th gift cards at a penny a point.  There are a number of other gift card options but most of them devalue the points anywhere from 20-50%. 

You can pay with points at any of several retailers or indirectly through PayPal, or apply them against transactions in your card, but again the points are devalued.

Or, you can transfer them to a travel partner like Delta/JetBlue/Hilton/Marriott via their loyalty program.   Sometimes this can be the most efficient path if there is an ongoing promotion like for example MR to TrueBlue points.

[credit_endurance]

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@coldfusion wrote:

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@credit_endurance wrote:

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@FinStar wrote:

Honestly, all you can do is try.  If denied, then it's likely pointing to something internal with your AmEx profile, which could very well be the prior returned payment.  But, nothing ventured, nothing gained 🙃

---

Yes @FinStar  so true.

Update: Denied again through recon.

Main Reasons:

A recent payment you made to American Express was returned unpaid by your financial institution.

The revolving balance(s) on your American Express accounts is too high.

The number of creditors who have reviewed your credit report.

Secondary reasons:

Length of time accounts have been established.

Too many inquiries in the last 12 months.

Proportion of loan balances to loan amount is too high.

Insufficient time since most recent account established.

Amex long memory on temporary mistakes. Short memory on long valued relationships on PIF etc.

Out of my (4) revolvers only (2) carried balances at time of app. For a whooping total of $215.00. 🙄

Inquries total of (13) most are over a year and aged. Maybe (5) scoreable. Non since May 2020.

Secondary reasons is typical jibberish in which shouldn't produce an denial with long relationship and decent credit history/profile. 

So with that all being said,

Not going to waste a pull for them to see the same information as they already have. I am seriously considering trying to move MR points out of Amex. Would have really preferred to cash them out into a Schwab account but, oh well. What would be more options to move points to something more worthwhile? 

---

That would depend upon how motivated you are to cash out and how useful each of the options would be. 

You can cash them out for Staples/Home Depot/REI/Saks 5th gift cards at a penny a point.  There are a number of other gift card options but most of them devalue the points anywhere from 20-50%. 

You can pay with points at any of several retailers or indirectly through PayPal, or apply them against transactions in your card, but again the points are devalued.

Or, you can transfer them to a travel partner like Delta/JetBlue/Hilton/Marriott via their loyalty program.   Sometimes this can be the most efficient path if there is an ongoing promotion like for example MR to TrueBlue points.

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Very interesting @coldfusion  thanks for your insight. I do have a Marriott card that I could hopefully be putting to use sometime next year with some travel. Might explore some gift card options as I do shop at plenty online retailers. Maybe split them in half.

Or...I might just make one last attempt at the card first of the year. Actually it benefits me to wait it out anyways as I'm trying to land BOA PR & US Bank Card and of course need to be at least 7/12 for BOA & 1/12 for US Bank.