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DENIED Amex Gold .. I dont understand the reason

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DENIED Amex Gold .. I dont understand the reason

DENIED Amex Gold .. I dont understand the reason. I was pulled the trigger on a pre Qualify I know my score was up there. none of the maybe 3 inq were for credit cards.  Can anybody help me understand this or suggestions on what to do next.  I prequal for the gold and plat 

 

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)

The length of time is too short since the first account on your credit report was opened. (Experian)

There are no accounts on your credit report. (Experian)

Based on your credit report, you are or have been past due with other creditors. (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 August 28, 2019, your FICO score was 754. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

 

The number of accounts that have or had a delinquency.

The time since your latest reported delinquency is too recent or unknown.

The length of time your accounts have been established.

The length of time your revolving accounts have been established.

 

FICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.

 

We realize this may not have been the outcome you hoped for. It's been our experience that applicants who were not approved for a new account at one time may qualify in the future. We welcome you to apply for any of our Cards, but please wait at least 30 days from the date above before submitting a new application.

Message 1 of 13
12 REPLIES 12
Established Contributor

Re: DENIED Amex Gold .. I dont understand the reason

Your score is good but doesn't really tell the whole story. Do you really not have any open trade lines like another credit card or some kind of loan? How recent were your inquiries? If you do have open trade lines, how many and what's their average age combined? All this info would help people share their maybe similar experiences with you.


AU




Starting Score: 651
Current Score: 683
Goal Score: 751

Take the myFICO Fitness Challenge
Message 2 of 13
Frequent Contributor

Re: DENIED Amex Gold .. I dont understand the reason


@jdgfico wrote:

DENIED Amex Gold .. I dont understand the reason. I was pulled the trigger on a pre Qualify I know my score was up there. none of the maybe 3 inq were for credit cards.  Can anybody help me understand this or suggestions on what to do next.  I prequal for the gold and plat 

 

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)

The length of time is too short since the first account on your credit report was opened. (Experian)

There are no accounts on your credit report. (Experian)

Based on your credit report, you are or have been past due with other creditors. (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 August 28, 2019, your FICO score was 754. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

 

The number of accounts that have or had a delinquency.

The time since your latest reported delinquency is too recent or unknown.

The length of time your accounts have been established.

The length of time your revolving accounts have been established.

 

FICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.

 

We realize this may not have been the outcome you hoped for. It's been our experience that applicants who were not approved for a new account at one time may qualify in the future. We welcome you to apply for any of our Cards, but please wait at least 30 days from the date above before submitting a new application.


Regarding the bold...what delinquencies do you have/have you had on your report?  Lates?  Collections?  If you scrub your credit report and fix those issues then you can apply later (I suggest at least 6 months even though the letter states 30 days) and hopefully be successful in getting the card. 

Message 3 of 13
Community Leader
Super Contributor

Re: DENIED Amex Gold .. I dont understand the reason

OP
If you provide us with your DPs, we’ll be able to give you some reasons for the denial.
REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
800 Club (accomplished)


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 4 of 13
Valued Contributor

Re: DENIED Amex Gold .. I dont understand the reason

From the reasons they give, it sounds like you're fairly new to credit. That you have, or have had past delinquency. And that it's too soon since then.

 

I suggest getting a copy of your CR if you don't why you were denied, and then compare it to the reasons given. Then you can work on a possible fix.






Message 5 of 13
Member

Re: DENIED Amex Gold .. I dont understand the reason

sorry for the lack of info...

 

I recently had high utilization ( 95% )  I just paid off all of my cards last month

I have 7 ccards, CapOne 0/1700, capOne 0/4000, Boa 300/1000, Boa 200/1000 , Penfed 0/5000, citibank 0/3000, BMW 0/2500.  My utilz is at 8% now.  I have 3 accts with 1 30 day late back in march 2018 on my capOne - BOA - Penfed.  Had a lot going one a just forgot to pay them. I have no collection and no public records.  I had 2 Inquiries ( one fall off in a couple months ). I just did a consolidation loan last month to clear the cards out.  Ive never gotten a preQuali  before, so when i got it, i was happy.  I have 24 total accounts all in good status. 

 

What should my next step be?  should i have went for the Platium instead? i have CCards, but i really wanted to get into the AMEX family.   it apears that thie inq hit drop me 1 point.

 

 

 

Message 6 of 13
Community Leader
Super Contributor

Re: DENIED Amex Gold .. I dont understand the reason

Thanks. Now we have something to work with.

Those 3 recent 30-day lates on 3 different accounts are really kind of bad. So that’s going to be a scar that’s going to take some time to heal.

You didn't say what your AAOA is. What is that?

Also, you didn't provide the amt of the consolidation loan. Is that maxed out? Your score will probably take another hit when it reports and also because it’s a CF loan.

SO, IMO, those lates are the #1 culprit. And since you just took out a consolidation loan to clear a 95% UT, I think it’s time to take a break from applying for credit at least until that CF loan is less than 8.9% and those 30 day lates are passed 25 months.

So it looks as if the reasons for denial are accurate. Scores alone don't get one approved or not approved. It is one’s entire credit history.

Sorry, but in a few words—It’s time to garden.
REVISED GOAL: Garden ‘til Dec 2020 — 0 inquiries

Previous Goal: Garden til APR 2020 (extended) and
800 Club (accomplished)


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $22.2K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 13
Member

Re: DENIED Amex Gold .. I dont understand the reason

My AAOA. is 5 1/2 years
Loan Amy is 1700. It has hit my cr already. You may be right. I need to stand down
Message 8 of 13
Established Contributor

Re: DENIED Amex Gold .. I dont understand the reason

As a minor related comment, "prequalified" doesn't really refer to whether you will get the card, just whether they think you are a good fit in terms of income, spend, lifestyle, whatever. There is probably some relationship to whether you'll qualify but it's not a direct relationship. It is the equivalent of getting something mailed to you to encourage you to apply, because they want to cast a relatively wide net with applicants; getting approved is a different matter. In my brief and somewhat limited experience with Amex, I've been denied cards that I was prequalified for and I've been approved for cards that I was not prequalified for. The key is preapproval, which I'm not sure how to check until you have an Amex card. Once you have an Amex card, you can just log in and then click "apply" on any card and it'll say in big bold letters "jdgfico, you're preapproved!" if that is the case. If so, you are extremely likely to get the card if you complete the application. If it says anything else, you are unlikely to get the card if you complete the application, but at least it's usually a soft pull either way.

The previous high utilization won't hurt at this point as long as it's all updated on your credit reports. There is no "memory" on utilization. Just however it currently shows.

 

JMO, good luck!


FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until fall 2021.
Cards

Authorized user / Corporate / Auto loan

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.

Goals: Late 2020 - Ducks Unlimited card; scores in high 700s with inquiries aging. Long-term goal - Prime rate mortgage; able to qualify for most standard credit products.
Message 9 of 13
Valued Contributor

Re: DENIED Amex Gold .. I dont understand the reason

It's also possible that your CR hasn't updated with the reduced Utilization, so they're likely still seeing a maxed out with lates etc. 






Message 10 of 13
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