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Another Month- Another AMEX Denial

practical1
Contributor

Re: Another Month- Another AMEX Denial

@YoungMoney06 

AMEX views charge cards as inherently a less risky proposition than revolvers. 

 

Although technically, these cards "have no pre-set spending limit," in reality they do -- AMEX keeps this infomation to itself and dynamically adjusts individual spending authorizations according to its own internal, custom risk heuristics.  Moreover, since these products (most of the time) require payment in full within a short interval after the statement drops, risk is further mitigated; hence AMEX is more willing to issue these products to customers with less pristine credit profiles than for revolving cards, which can entail taking on risk for extended periods of time and at pre-defined, stable levels. 

Message 11 of 18
increasingmyfico
Valued Member

Re: Another Month- Another AMEX Denial

Have you tried any of the other cards? Blue Cash Everyday/Preferred? I was able to get Gold and BCP at the same time witha 660ish score. Maybe the card you're aiming for isn't the one. 

Message 12 of 18
YoungMoney06
Regular Contributor

Re: Another Month- Another AMEX Denial


@increasingmyfico wrote:

Have you tried any of the other cards? Blue Cash Everyday/Preferred? I was able to get Gold and BCP at the same time witha 660ish score. Maybe the card you're aiming for isn't the one. 


I tried for BCP twice, previously, and got declined. Thought because it was a core card, it would be harder than say, a co-branded card like Schwab Investor. Although I would like to have the BCP.

 

Unfortunately my score took a nose dive (40 points) about a week ago. Still scratching my head... I had an overall credit limit increase by about $2k, and accounts updated with decreased balances and utilization, as well as one collection being dropped off. But then again, that was a FAKO drop so maybe it's sensitive.

 

Going to wait it out for a couple more weeks and let me balances catch up, especially my DFS that I paid down heavily this month (no interest payment plan due to expire December... beat them to it and saved about $500 of deferred interest.)

My Wallet (Updated for 2021):
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Major Cards:

Message 13 of 18
FinStar
Moderator

Re: Another Month- Another AMEX Denial


@YoungMoney06 wrote:

@increasingmyfico wrote:

Have you tried any of the other cards? Blue Cash Everyday/Preferred? I was able to get Gold and BCP at the same time witha 660ish score. Maybe the card you're aiming for isn't the one. 


I tried for BCP twice, previously, and got declined. Thought because it was a core card, it would be harder than say, a co-branded card like Schwab Investor. Although I would like to have the BCP.

 

Unfortunately my score took a nose dive (40 points) about a week ago. Still scratching my head... I had an overall credit limit increase by about $2k, and accounts updated with decreased balances and utilization, as well as one collection being dropped off. But then again, that was a FAKO drop so maybe it's sensitive.

 

Going to wait it out for a couple more weeks and let me balances catch up, especially my DFS that I paid down heavily this month (no interest payment plan due to expire December... beat them to it and saved about $500 of deferred interest.)


Yes, the Schwab Investor is considered a core type of card, similar in UW as BCE/BCP, ED/EDP, for example. It's not considered in the same UW criteria as the Hilton or Delta revolving cards, for instance (regardless whether Schwab is their partner/brand).

Message 14 of 18
YoungMoney06
Regular Contributor

Re: Another Month- Another AMEX Denial


@FinStar wrote:

@YoungMoney06 wrote:

@increasingmyfico wrote:

Have you tried any of the other cards? Blue Cash Everyday/Preferred? I was able to get Gold and BCP at the same time witha 660ish score. Maybe the card you're aiming for isn't the one. 


I tried for BCP twice, previously, and got declined. Thought because it was a core card, it would be harder than say, a co-branded card like Schwab Investor. Although I would like to have the BCP.

 

Unfortunately my score took a nose dive (40 points) about a week ago. Still scratching my head... I had an overall credit limit increase by about $2k, and accounts updated with decreased balances and utilization, as well as one collection being dropped off. But then again, that was a FAKO drop so maybe it's sensitive.

 

Going to wait it out for a couple more weeks and let me balances catch up, especially my DFS that I paid down heavily this month (no interest payment plan due to expire December... beat them to it and saved about $500 of deferred interest.)


Yes, the Schwab Investor is considered a core type of card, similar in UW as BCE/BCP, ED/EDP, for example. It's not considered in the same UW criteria as the Hilton or Delta revolving cards, for instance (regardless whether Schwab is their partner/brand).


I've tried applying for the Hilton card once too one month but got a no-go. I think that one was closer to when the Gold card was opened about 6 months ago. I've heard the Delta card is pretty lax in comparison to the core cards.

 

Either way, I think patience is key right now, even though it's hard. LOL but I've got the rejection already, just waiting out the 30 days (maybe some more if my credit isn't reflective of AMEX happy specs) and see where we are in a few weeks.

 

Will say, I am curious about applying for the Delta card. I rarely fly, but have business travel for my employer coming in January to Atlanta and am likely to fly Delta. But can't justify getting a card the one flight... would like a good travel card where rewards are earned no matter the airline, hotel, or rental car.

 

But that's just me thinking out loud. Thanks @FinStar 

My Wallet (Updated for 2021):
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Message 15 of 18
practical1
Contributor

Re: Another Month- Another AMEX Denial

At the risk of stating the obvious -- you are checking the FICO 8 on AMEX's own site, aren't you?  Their own cadence for updates is a little different that on some of the other sources.

 

When you feel you are back in decent shape to submit a new revolving application (may it be soon -- but don't rush things), do make absolutely sure the FICO score listed under your Profile page (a bit hidden -- you'll need to hunt for it) also reflects an adequate level -- ideally, at least 720.  The TU Vantage score offered through their Credit Monitoring feature, of course, means nothing.

Message 16 of 18
YoungMoney06
Regular Contributor

Re: Another Month- Another AMEX Denial


@practical1 wrote:

At the risk of stating the obvious -- you are checking the FICO 8 on AMEX's own site, aren't you?  Their own cadence for updates is a little different that on some of the other sources.

 

When you feel you are back in decent shape to submit a new revolving application (may it be soon -- but don't rush things), do make absolutely sure the FICO score listed under your Profile page (a bit hidden -- you'll need to hunt for it) also reflects an adequate level -- ideally, at least 720.  The TU Vantage score offered through their Credit Monitoring feature, of course, means nothing.


I've been using it, yes. I actually use the one based on MyFico as I have the monthly subscription, but of course, the Fico 8 EX score I'm looking at is the same score. Doesn't look as though AMEX has updated the score since October 31st, even though my actual report shows they soft pulled on November 20th (a day before I applied for the Schwab Investor card.)

My Wallet (Updated for 2021):
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Major Cards:

Message 17 of 18
ByrdMan
Moderator Emeritus

Re: Another Month- Another AMEX Denial

I won't add much different from the great advice you already got here. Be patient and continue to use your Gold card as you have been. As a bit of a DP, I got my BCE when my EX FICO 8 was at 698. Doubled the CL to its current state when my FICO 8 was 710.

 

Stay the course.






Starting Score: 469
Current Score: 803
Goal Score: 825


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Message 18 of 18
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