Can't get approved for Amex

Anonymous · ‎05-14-2018

I posted a while back about having the Zync with a low limit and it being un-ungradable. However I for the life of me cannot get approved for any Amex.

I am a weeky travler and have been trying to get the Delta Skymiles Gold but to no avail, and when I give them a ring they tell me there is "no person to talk to about reconsideration"

Cards I currently have: Sapphire Preferred 10k limit, Marriott 10k limit, Venture 7500 limit and my Fico is 724.

Any advise would be great!

TaperRandy · ‎05-14-2018

Your FICO may be 724, but that does not factor in primarily to AMEX. It is Experian that you have to scrutinize. Get your score and analyze everything in your Experian summary. They pull exclusively from them, and if there's something on there that is impeding your Amex path, this is how to address it.

EQ: 759 ; EXP: 797 ; TU: 758
BOA Cash Rewards:$27,000 ; BOA Business Cash Rewards:$30,000 ; AMEX PLATINUM BUSINESS-Open; Amex Business Blue- $30,000; AMEX Everyday Preferred: $30,000; Venture One:$11,750 ; QuickSilver:$10,500 ; CFU: $6,000 ; Home Depot: $15,000 ; Lowe's: $25,000 ; AMEX Business Plum: Open ; Discover It: $13,500; Elan Financial; $14,500; Citi Diamond Preferred-$11,000; CitiBusiness AAdvantage; $7,000; SYNC Welcome Home-$25,000

marmaladepie · ‎05-14-2018

What is/are the reason (s) for the denial?

Anonymous · ‎05-14-2018

Number of accounts delinquent (Haven't made a late payment in 5 years)

Proportion of revolving balances to revolving credit limits is too high. (It's 15%)

Proportion of loan balances to loan amount is too high. (I have a small loan that's 50% paid off)

marmaladepie · ‎05-14-2018

I wonder if you can get the delinquencies disputed and perhaps try to get Util even under 9%.

It is true that Amex looks at EX. Also, sometimes there is a delay in their fico profile updates for acct holders, by a whole month based on some DPs I've read, for those looking to CLI or apply for more cards. SPs it looks like. It might be the same for new applicants.

I got back in with them 9yrs post BK7. Both as AU and on my own.

But haven't had luck getting another card on my own yet (reasons: bc they "previously closed my account (s)").

They app alos said to not apply for any cards within 30 days. Gonna try to wait at least 6 months before trying again.

Best of luck to you and keep us posted!

Anonymous · ‎05-14-2018

The law requires you to get free access to the credit report pulled by a creditor within 60 days if your application is denied. In this case its American Express which pulls Experian almost exclusively. So go to https://www.experian.com/reportaccess/ and get a copy of your Experian credit report. Scrutinize it carefully and dispute any items that don't belong to you.

Note that a creditor is required to give you at least 4 reasons for denial of credit. However, those reason codes are generated by the credit bureau based on the information in your credit report, not the creditor. American Express just uses the reason codes from Experian and they might not be entirely accurate so its necessary to carefully comb through your entire credit report.

@Anonymous wrote:
Number of accounts delinquent (Haven't made a late payment in 5 years)
Proportion of revolving balances to revolving credit limits is too high. (It's 15%)
Proportion of loan balances to loan amount is too high. (I have a small loan that's 50% paid off)