DP on Rejected Amex CLI Request and FICO 8 Question

[ratchada]

So, in mid-July, with only a 4 month old CapOne Quicksilver One to my name (with a very modest CL of $300) and a 630 EQ/TU score (no EX at all at that time), I was approved for an Amex ED with a surprising CL of $5,000, after they verified my income (80k). I used the ED quite a bit the first two months (meticulously paying off the moment the statement was posted, etc.), though never using more than $2k of my CL.

When I had the Amex ED about 65 days, after reading the many, many success stories regarding Amex 3x CLI on MyFico, I requested a 3x CLI. I received the dreaded "7-10 day" message, and just now, about 2.5 weeks later, I got the explanation in the mail as to why I was denied: 1) not enough history with Amex, and 2) too many recent hard pulls. It also claimed my Fico 8 score at the time of my request was 694.

So, I guess I should have just been happy that I was a) approved in the first place with such new credit and such a thin file, and b) that I was given such a generous CL to begin with. And I am. However, I am curious about a few things.

I pay $10 a month to Experian to get my Fico 8 EX score whenever I want it. Currently, and at the time of my CLI request to Amex, Experian tells me my score is 710. The "see your Fico score" tool on my Amex account STILL shows my score to be 694. So where is Amex getting this score, since they're obviously not getting it from Experian?  Also, I'm a bit confused about the "too many hard pulls" reason for my decline, since a) my most recent HP was August 2 (and it was from Amex), and the most recent one before that was also from Amex (mid-July, the HP when I applied for the ED card). I made the CLI request approximately 60 days after my most recent HP.

I guess I just have to be patient...but I was at least hoping for a little CLI love from Amex while I wait for my credit history to mature (i.e. not applying for any new cards for a while)...at the least, I was hoping for a counter-offer to my 3x CLI request, not an outright denial.

[jdbkiang]

How many hard pulls do you have?

[Jnbmom]

Amex's score is usually a month behind.

Creditors will deny for many reasons and some don't make sense and they just have to pick a reason from the list and they chose that one.

[ratchada]

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@jdbkiang wrote:
How many hard pulls do you have?

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Four.

[CreditInspired]

Hi OP

I think the reason of not enough history with AmX is a genuine reason. And your credit history, as you note, is young.

You’re on the right track and I suggest trying again in 3 mos.

[jdbkiang]

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@ratchada wrote:

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@jdbkiang wrote:
How many hard pulls do you have?

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Four.

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Yeah, that's really not enough to warrant a denial, rather, it's more likely that they have another reason but simply picked that one to send to you. I wouldn't let it get my hopes down though, since you can always reapply for a CLI later. It won't actually affect your score much unless utilization is an issue. 

[Anonymous]

The adverse action letter you received from American Express shows the date of the Experian FICO 8 score they used to make their decision.  If you compare the date of Amex's credit pull to the same date on Experian's site the scores will be the same.

Amex's underwriters use soft pulls of your Experian FICO 8 score that are done at regularly scheduled intervals (its the reason you don't get a hard pull when requesting a CLI).  Consequently the scores used by Amex generally lag behind the "real-time" scores on Experian's website by roughly a month.  Even the score displayed in your Amex account is not the same as the one used by the underwriters; the account scores are updated more often than the once-monthly score used by Amex underwriting.

Federal law (the Fair Credit Reporting Act and Regulation B) requires lenders to provide up to four reasons for adverse action like the denial of a CLI request, and those reasons are usually stated in their order of importance.  In your case while the "too many recent inquiries" .might not be the principal reason for denial it did factor in their decision so it was stated.  But its clear that the primary reason for denial is that your credit history is too short.  If the information you provided is accurate it appears that your Average Age of Accounts is less than 5 months.