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How strict is Amex currently?

randomguy1
Valued Contributor

Re: How strict is Amex currently?

Lenders seem tougher across the board. This worries me as I'm going thru a mortgage and want to do an app spree after. Heh

 

 

Message 11 of 19
ImTheDevil
Community Leader
Super Contributor

Re: How strict is Amex currently?


@M_Smart007 wrote:

@ImTheDevil wrote:

It'll be interesting as the holidays approach, to see if Covid lending fears still overcome greed for increased consumer spending.


@ImTheDevil, It could be "interesting"  to watch.

I wonder if the old saying; "lenders are more relaxed around the holidays" will ring true?

 

 

or will it be; "The lenders that stole Christmas"  Grinch-Lenders.jpg



I can tell you that I had a Target CLI in early December 2018 and then nothing until thanksgiving week of 2019. Both coincided with the holidays. Haven't had one since even though my profile has drastically improved. If nothing between now and December 1st, I bet I get one then for the holidays again.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 12 of 19
KLEXH25
Valued Contributor

Re: How strict is Amex currently?


@KLEXH25 wrote:

@CWykes wrote:

@Dumbee wrote:

CC applications are typically holistic and take into account other factors beside score, this is much more relevant with Amex/national bankcard applications

 


Unfortunately it doesn't matter much now. They made that decision pretty fast, was denied.


Sorry for the denial @CWykes 

 

Can you share some more DPs? I'm thinking of applying for the BCP in August. Do you currently have any Amex cards? How many inquiries / new accounts in the past 6 and 12 months?


Ok I just read through some of your posts. You have one Discover CC, PayPal credit, student loan, and personal loan. But it doesn't look like those were recent (not sure about personal loan). Low income (how low?) and you'll reach 2 years history in October. I'd be interested in what the denial letter says. 

Did you ever go for the credit union card? At any other time, I feel like you would have gotten this card, but the pandemic seems to have changed everything.





Message 13 of 19
CWykes
Valued Member

Re: How strict is Amex currently?


@KLEXH25 wrote:

@KLEXH25 wrote:

@CWykes wrote:

@Dumbee wrote:

CC applications are typically holistic and take into account other factors beside score, this is much more relevant with Amex/national bankcard applications

 


Unfortunately it doesn't matter much now. They made that decision pretty fast, was denied.


Sorry for the denial @CWykes 

 

Can you share some more DPs? I'm thinking of applying for the BCP in August. Do you currently have any Amex cards? How many inquiries / new accounts in the past 6 and 12 months?


Ok I just read through some of your posts. You have one Discover CC, PayPal credit, student loan, and personal loan. But it doesn't look like those were recent (not sure about personal loan). Low income (how low?) and you'll reach 2 years history in October. I'd be interested in what the denial letter says. 

Did you ever go for the credit union card? At any other time, I feel like you would have gotten this card, but the pandemic seems to have changed everything.


Yeah thats all correct. I was going to go for the credit union card but the Amex site said I was prequalified for the cash magnet card and ive always wanted an Amex card so I tried going for that instead. I only work part time so I only make about $14k annually, that wasnt a reason they gave me for the denial though. The Amex website says denials will not be reported to the credit bureaus so it wont impact score but also says ill still get the inquiry on my report so I don't see how that makes sense. If it doesnt impact my score then thats great.

 

Denial reasons are as follows: too many inquiries too recently, outstanding balances too high compared to credit limits or original loan amounts, length of time since first credit account opened too short, and too many requests for credit as reported by experian's clarity services

 

ive only had 2 inquiries in the past 23 months so I dont see how thats a denial reason, 2 years of history I feel like should be enough to get a 2nd card but I guess it depends on the issuer, and i have the majority of my loan to pay still but my credit balances are below 5% util so that doesnt make sense to me either. Sorry for the wall of text





Total Credit Amount: $19,100

Message 14 of 19
CWykes
Valued Member

Re: How strict is Amex currently?

Yeah I plan on trying. Their site says denials wont affect credit score but will still put an inquiry on my report. Not sure how that works but the denial will be totally fine with me if I dont take a credit hit





Total Credit Amount: $19,100

Message 15 of 19
CWykes
Valued Member

Re: How strict is Amex currently?

Thank you! Smiley Happy

No worries, if the recon doesnt work then I'll just give it another try in the future hopefully when lenders arent nervous anymore, im sure ill get it.





Total Credit Amount: $19,100

Message 16 of 19
CreditInspired
Super Contributor

Re: How strict is Amex currently?


@CWykes wrote:

@KLEXH25 wrote:

@KLEXH25 wrote:

@CWykes wrote:

@Dumbee wrote:

CC applications are typically holistic and take into account other factors beside score, this is much more relevant with Amex/national bankcard applications

 


Unfortunately it doesn't matter much now. They made that decision pretty fast, was denied.


Sorry for the denial @CWykes 

 

Can you share some more DPs? I'm thinking of applying for the BCP in August. Do you currently have any Amex cards? How many inquiries / new accounts in the past 6 and 12 months?


Ok I just read through some of your posts. You have one Discover CC, PayPal credit, student loan, and personal loan. But it doesn't look like those were recent (not sure about personal loan). Low income (how low?) and you'll reach 2 years history in October. I'd be interested in what the denial letter says. 

Did you ever go for the credit union card? At any other time, I feel like you would have gotten this card, but the pandemic seems to have changed everything.


Yeah thats all correct. I was going to go for the credit union card but the Amex site said I was prequalified for the cash magnet card and ive always wanted an Amex card so I tried going for that instead. I only work part time so I only make about $14k annually, that wasnt a reason they gave me for the denial though. The Amex website says denials will not be reported to the credit bureaus so it wont impact score but also says ill still get the inquiry on my report so I don't see how that makes sense. If it doesnt impact my score then thats great.

 

Denial reasons are as follows: too many inquiries too recently, outstanding balances too high compared to credit limits or original loan amounts, length of time since first credit account opened too short, and too many requests for credit as reported by experian's clarity services

 

ive only had 2 inquiries in the past 23 months so I dont see how thats a denial reason, 2 years of history I feel like should be enough to get a 2nd card but I guess it depends on the issuer, and i have the majority of my loan to pay still but my credit balances are below 5% util so that doesnt make sense to me either. Sorry for the wall of text


Although AmX didn't state income, more than likely that was one of the reasons. What is your DTI?

You say you only have 2 inquires in the last 23 mos, but exactly when were those inqs?


What is the CL and outstanding balances on your CC/loan?

 

 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 17 of 19
CWykes
Valued Member

Re: How strict is Amex currently?


@CreditInspired wrote:

@CWykes wrote:

@KLEXH25 wrote:

@KLEXH25 wrote:

@CWykes wrote:

@Dumbee wrote:

CC applications are typically holistic and take into account other factors beside score, this is much more relevant with Amex/national bankcard applications

 


Unfortunately it doesn't matter much now. They made that decision pretty fast, was denied.


Sorry for the denial @CWykes 

 

Can you share some more DPs? I'm thinking of applying for the BCP in August. Do you currently have any Amex cards? How many inquiries / new accounts in the past 6 and 12 months?


Ok I just read through some of your posts. You have one Discover CC, PayPal credit, student loan, and personal loan. But it doesn't look like those were recent (not sure about personal loan). Low income (how low?) and you'll reach 2 years history in October. I'd be interested in what the denial letter says. 

Did you ever go for the credit union card? At any other time, I feel like you would have gotten this card, but the pandemic seems to have changed everything.


Yeah thats all correct. I was going to go for the credit union card but the Amex site said I was prequalified for the cash magnet card and ive always wanted an Amex card so I tried going for that instead. I only work part time so I only make about $14k annually, that wasnt a reason they gave me for the denial though. The Amex website says denials will not be reported to the credit bureaus so it wont impact score but also says ill still get the inquiry on my report so I don't see how that makes sense. If it doesnt impact my score then thats great.

 

Denial reasons are as follows: too many inquiries too recently, outstanding balances too high compared to credit limits or original loan amounts, length of time since first credit account opened too short, and too many requests for credit as reported by experian's clarity services

 

ive only had 2 inquiries in the past 23 months so I dont see how thats a denial reason, 2 years of history I feel like should be enough to get a 2nd card but I guess it depends on the issuer, and i have the majority of my loan to pay still but my credit balances are below 5% util so that doesnt make sense to me either. Sorry for the wall of text


Although AmX didn't state income, more than likely that was one of the reasons. What is your DTI?

You say you only have 2 inquires in the last 23 mos, but exactly when were those inqs?


What is the CL and outstanding balances on your CC/loan?

 

 


DTI is only 13%

 

I had my personal loan inquiry in February so that wasnt too long ago but still a few months, and the paypal credit in October of last year.

 

My last report had my CC balances at $145 out of $5100 (thats my cc and paypal credit combined) and my loan is at $1279 ($1222 for this month) out of $1500. I only got it a few months ago but ive made my payment on time every month thats why its still high.

 

Any insight or advice you could give that might make them reconsider would be great.





Total Credit Amount: $19,100

Message 18 of 19
CreditInspired
Super Contributor

Re: How strict is Amex currently?


@CWykes wrote:

@CreditInspired wrote:

@CWykes wrote:

@KLEXH25 wrote:

@KLEXH25 wrote:

@CWykes wrote:

@Dumbee wrote:

CC applications are typically holistic and take into account other factors beside score, this is much more relevant with Amex/national bankcard applications

 


Unfortunately it doesn't matter much now. They made that decision pretty fast, was denied.


Sorry for the denial @CWykes 

 

Can you share some more DPs? I'm thinking of applying for the BCP in August. Do you currently have any Amex cards? How many inquiries / new accounts in the past 6 and 12 months?


Ok I just read through some of your posts. You have one Discover CC, PayPal credit, student loan, and personal loan. But it doesn't look like those were recent (not sure about personal loan). Low income (how low?) and you'll reach 2 years history in October. I'd be interested in what the denial letter says. 

Did you ever go for the credit union card? At any other time, I feel like you would have gotten this card, but the pandemic seems to have changed everything.


Yeah thats all correct. I was going to go for the credit union card but the Amex site said I was prequalified for the cash magnet card and ive always wanted an Amex card so I tried going for that instead. I only work part time so I only make about $14k annually, that wasnt a reason they gave me for the denial though. The Amex website says denials will not be reported to the credit bureaus so it wont impact score but also says ill still get the inquiry on my report so I don't see how that makes sense. If it doesnt impact my score then thats great.

 

Denial reasons are as follows: too many inquiries too recently, outstanding balances too high compared to credit limits or original loan amounts, length of time since first credit account opened too short, and too many requests for credit as reported by experian's clarity services

 

ive only had 2 inquiries in the past 23 months so I dont see how thats a denial reason, 2 years of history I feel like should be enough to get a 2nd card but I guess it depends on the issuer, and i have the majority of my loan to pay still but my credit balances are below 5% util so that doesnt make sense to me either. Sorry for the wall of text


Although AmX didn't state income, more than likely that was one of the reasons. What is your DTI?

You say you only have 2 inquires in the last 23 mos, but exactly when were those inqs?


What is the CL and outstanding balances on your CC/loan?

 

 


DTI is only 13%

 

I had my personal loan inquiry in February so that wasnt too long ago but still a few months, and the paypal credit in October of last year.

 

My last report had my CC balances at $145 out of $5100 (thats my cc and paypal credit combined) and my loan is at $1279 ($1222 for this month) out of $1500. I only got it a few months ago but ive made my payment on time every month thats why its still high.

 

Any insight or advice you could give that might make them reconsider would be great.


Okay, so now that we have a clearer picture, I suggest that you lie low for a while. IMHO, I do not think AmX will reconsider. Since your UT on your loan is at 81%, and it appears you're only making minimum payments, that's a big concern in any environment, so it's doubly so in this climate. And then you've had 2 inquiries since October. So, I also suggest that you increase the payments on your loan to 3 times the minimum payment. Again, this is just my 2cents.

 

GL2U


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 19 of 19
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