I was approved for a BCE three months ago when my score was around 660 and my utilization was about 75%. I applied for the Cash Magnet card last week (listed in prequal cards) and was immediately declined. I called reconsideration and the rep confirmed my most recent score was 742 but that due to other factors, I was declined. My utilization from their last soft pull was less than 1%.
The other factors the rep mentioned are the same factors that were present in March such as two late payments six years ago and few accounts.
I did receive a CLI on the BCE last month.
The Cash Magent card was more of an experiment with Amex so while I'm not disappointed, I am very confused. I plan to apply for a Hilton card in the fall and would appreciate any insight on what I did wrong or what I can do to improve my odds.
I think more than anything, it was your limited history with Amex that led to the denial. Give them about 6 mos. and apply for the card that you want, whether it be the Hilton or the Magnet card. Establishing a good history with them would open those SP approvals in future.
What is your limit on your BCE? You may be at max exposure with AMEX.
And the confusion continues...
I found a few other discussions about Amex and the Cash Magnet card which got me poking around the Amex site. One MFer comented on the importance of seeing "Name, You are Pre-Approved" after clicking Apply Now and how most likely you are in fact approved. I checked and I saw this for the Hilton Ascend card. Went ahead and applied thanks to Amex soft pulls and was instantly approved for $6K which is triple the $2K limit on my BCE.
Lesson... Amex has different data points and algorithms for each card. And, the power of community and sharing knowledge sure does help!
Ultimately, I got the card I wanted a few months sooner than I planned with a SL that makes me happy.
Interesting. Must be different criteria for approval. Congrats though!
Congratulations! Good for you! Onward and upward!
If you have two late payments exactly six years ago, wait for a little while and let them removed from your records. You will get a better chance to be approved. Make sure your balance on BCE doesn't go above 30% utilization just to be on the safe side. However, we have people here with 40% utilization and still getting approved not just one card but two cards! However, everybody has a different credit profile so we cannot really compare on that ground. Just wait for maybe six months from now and try again or try the pre-qualified page. If there is an offer on cash magnet you will have a greater chance to be approved.
By the way, congrats for your new card!