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Denied and Confused by Amex

Indy_Tim
Valued Member

Denied and Confused by Amex

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.

Message 1 of 17
16 REPLIES 16
clark_d_shark
Established Contributor

Re: Denied and Confused by Amex

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. 

Fico Scores as of March 2020 TU (739) EX (748) EQ (776)



Message 2 of 17
Peteyglad
Established Contributor

Re: Denied and Confused by Amex

What is your limit on your BCE? You may be at max exposure with AMEX.

Chase Sapphire Preferred 20k | Amex Delta Platinum 20k | Amex Hilton Aspire 20k | US Bank Cash+ 25k | Chase Amazon Prime 25k | Barclaycard Aviator Red 40k | Bank of America Alaska Airlines 42k | Chase Marriott 50k | Discover It 50.3k | Amex EDP 52k | Citi Thank You Premier 56K | Bank of America BBR 57.9k
Message 3 of 17
Indy_Tim
Valued Member

Re: Denied and Confused by 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.

Message 4 of 17
Peteyglad
Established Contributor

Re: Denied and Confused by Amex

Interesting. Must be different criteria for approval. Congrats though!

Chase Sapphire Preferred 20k | Amex Delta Platinum 20k | Amex Hilton Aspire 20k | US Bank Cash+ 25k | Chase Amazon Prime 25k | Barclaycard Aviator Red 40k | Bank of America Alaska Airlines 42k | Chase Marriott 50k | Discover It 50.3k | Amex EDP 52k | Citi Thank You Premier 56K | Bank of America BBR 57.9k
Message 5 of 17
bigpoppa09
Established Contributor

Re: Denied and Confused by Amex

History doesn't mean anything with Amex I have been with them almost 3 years. Its if the computer likes your profile or not. I started with Delta Gold and mean Green I have never been late never carry a balance always PIF. The Green has been closed of we didn't fly Delta I would close gold also. I only have one baddie on EX but it was there almost 3 years ago when I first became a member. They will not approve another card for me all I have is a list of denials. If a lender dont want your business move on right AJC lol.
Message 6 of 17
clark_d_shark
Established Contributor

Re: Denied and Confused by Amex

Congratulations! Good for you! Onward and upward!

Fico Scores as of March 2020 TU (739) EX (748) EQ (776)



Message 7 of 17
AverageJoesCredit
Mega Contributor

Re: Denied and Confused by Amex

I love that movie, Dazed and ConfusedSmiley Wink


Congrats on getting the card you wanted. Since I never get preapproved for anything I put no stock in one haha. Call me cold appin Joe, when I score it feels great but when I miss, ouch FRIOSmiley Wink
Message 8 of 17
benreily
Established Contributor

Re: Denied and Confused by Amex

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.

Starting Score: (Nov 13) EQ 650, EXP 750, TU 750
Score: (Dec 16, 2017)EQ > 720, EXP ?, TU > 730
From myfico.com EQ Score: (Mar 3, 2021) From myfico.com EQ Fico 8 792, Fico 9 816, TU Fico 8 789, EX Fico 8 768
Feb 1, 2021 AoOA 18 years, 10 months, AAoA 7 years, 10 months




Message 9 of 17
benreily
Established Contributor

Re: Denied and Confused by Amex

By the way, congrats for your new card!

Starting Score: (Nov 13) EQ 650, EXP 750, TU 750
Score: (Dec 16, 2017)EQ > 720, EXP ?, TU > 730
From myfico.com EQ Score: (Mar 3, 2021) From myfico.com EQ Fico 8 792, Fico 9 816, TU Fico 8 789, EX Fico 8 768
Feb 1, 2021 AoOA 18 years, 10 months, AAoA 7 years, 10 months




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