Pre- Approved for AMEX Platinum but denied after applying

[twilliam1313]

I got a pre-approval offer from AMEX today so decided to apply and got denied and this was what they said:

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 April 19, 2024, your FICO score was 670. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

You have a serious delinquency on one or more of your accounts.

The number of accounts that have or had a delinquency.

The amount past due on your accounts.

The ratio of revolving account balances to their credit limits is too high.

I have a 26% utilization total on my credit cards

2 unpaid chargeoffs

2 closed affirm accounts that owe $55 total in collections (Paid off today so should report as closed but paid now)

Has anyone had been approved with unpaid charge offs? I called the reconsideration line and they said I should reapply in 30 days for the  blue cash everyday card. Or has anyone been approved with other derogatories?

[moto4man]

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@twilliam1313 wrote:

I got a pre-approval offer from AMEX today so decided to apply and got denied and this was what they said:

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 April 19, 2024, your FICO score was 670. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

You have a serious delinquency on one or more of your accounts.

The number of accounts that have or had a delinquency.

The amount past due on your accounts.

The ratio of revolving account balances to their credit limits is too high.

I have a 26% utilization total on my credit cards

2 unpaid chargeoffs

2 closed affirm accounts that owe $55 total in collections (Paid off today so should report as closed but paid now)

Has anyone had been approved with unpaid charge offs? I called the reconsideration line and they said I should reapply in 30 days for the  blue cash everyday card. Or has anyone been approved with other derogatories?

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I think these 2 reveal your answer.  In fact, I would be skeptical of they approve you for the BCE either if those CO's aren't paid off.   You may get the approval, but I wouldn't expect any knee wobbling SUB offerings. 

I wasn't in quite as bad of a situation as you, but I waited for my CO to drop off my report.  

[NoMoreDebt]

I agree its the charge offs and collection that are causing the denial. I thought I have also read the BCE is even harder to get  than the charge cards.

[keekers]

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@NoMoreDebt wrote:

I agree its the charge offs and collection that are causing the denial. I thought I have also read the BCE is even harder to get  than the charge cards.

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I read the opposite.  The BCE is a "second tier" card in terms of difficulty, but the Platinum is one of the more difficult cards to get.

[Shooting-For-800]

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@keekers wrote:

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@NoMoreDebt wrote:

I agree its the charge offs and collection that are causing the denial. I thought I have also read the BCE is even harder to get  than the charge cards.

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I read the opposite.  The BCE is a "second tier" card in terms of difficulty, but the Platinum is one of the more difficult cards to get.

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I think it was back in the day more so than now.

$695 directly in their pocket and they can cut you off at any time.

Charge offs are the problem.

GL!

[UncleB]

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@Shooting-For-800 wrote:

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@keekers wrote:

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@NoMoreDebt wrote:

I agree its the charge offs and collection that are causing the denial. I thought I have also read the BCE is even harder to get  than the charge cards.

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I read the opposite.  The BCE is a "second tier" card in terms of difficulty, but the Platinum is one of the more difficult cards to get.

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I think it was back in the day more so than now.

$695 directly in their pocket and they can cut you off at any time.

Charge offs are the problem.

GL!

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^^^This.

While anything is possible, the historical data points we've seen around here indicate that the Amex charge cards (Green, Gold, Platinum) are generally easier to get than the credit cards (BCE, ED, etc.). 

There are always exceptions and of course you could always give it a try, but honestly if it were me I'd work on my profile a bit before trying again for any Amex (charge or credit).  IMHO the unpaid collection was likely what did you in; if the two charge-offs are old enough you might be able to slide in with those still reporting if everything else looks good.  If they're fairly recent, though, all bets are off.

[Zoostation1]

@keekers  At one time it may have ben that way, buit for the last number of years the charge cards have been easier to be approved for than BCE.  Plat/Gold/Green are routinely given out to 640 scores, and occasionally even less.  Amex loves those annual fees, especially on Plat and Gold so they'll approve but keep a pretty tight leash on you.  If you are denied for one of those you'll surely be denied for BCE or CM.  Some have suggested that they're slightly stingier on BCE than BCP as well. 

[twilliam1313]

I paid the collections off now, and both charge offs are about 12-14 months away from hitting the 7 year mark to fall off my report.  Going to bring my utilization to under 10% and try again in 30 days and see what happens.  I may try and see if i can get lucky and do EE on experian and transunion