declined for amex

mtsaz · ‎11-07-2021

well- my 720 fico 8 and my "matched" with on amex site- was no good. They declined me. Experian and amex both said "you are a match with these cards"-- the gold amex, and the blue ones. So I applied---SORRY LOSER.

I went on the link to see the reasons-

1- "Negative payment history" -----( a dispute with ocwen bank who is in 2020 one month late (after loan was paid off)--attorney general is helping me as ocwen phh is notorious for being sleezeballs---just do a search of ocwen/phh fraud)..

2- "too many inquiries"----I had 4- now 5. All of them were tied to active accounts.

3- My last installment loan had too high of an interest rate----yes- my mortgage paid off now- was 6.5%---from the mid 80s. That is the only installment loan I have.

4- "too high use of credit"---my utilization ranges from zero to 20%- but I always pay off everything every month.

Is it worth petitioning them or should I just forget it and stick with my discover and citibank which are high limits and great cards. I think amex is overrated due to high fees. I have an amex from macys anyway----but I wanted a travel card.

what is your experiences with asking them to reconsider?

Loquat · ‎11-07-2021

@mtsaz wrote:
well- my 720 fico 8 and my "matched" with on amex site- was no good. They declined me. Experian and amex both said "you are a match with these cards"-- the gold amex, and the blue ones. So I applied---SORRY LOSER.

I went on the link to see the reasons-
1- "Negative payment history" -----( a dispute with ocwen bank who is in 2020 one month late (after loan was paid off)--attorney general is helping me as ocwen phh is notorious for being sleezeballs---just do a search of ocwen/phh fraud)..
2- "too many inquiries"----I had 4- now 5. All of them were tied to active accounts.
3- My last installment loan had too high of an interest rate----yes- my mortgage paid off now- was 6.5%---from the mid 80s. That is the only installment loan I have.
4- "too high use of credit"---my utilization ranges from zero to 20%- but I always pay off everything every month.

Is it worth petitioning them or should I just forget it and stick with my discover and citibank which are high limits and great cards. I think amex is overrated due to high fees. I have an amex from macys anyway----but I wanted a travel card.

what is your experiences with asking them to reconsider?

@mtsaz I don't think it'd be worth your time to ask for reconsideration at all. Not because I don't think you have a chance but more so because of what you said towards the end of your post.

If you think Amex is overrated due to their high fees then they'll never be of value to you because there has never been a time since I've been on this forum or an Amex customer where the fees were reduced. Their fees actually either stay what where they are or go up.

There are other well rounded travel cards that offer decent value via cash back and transfer partners. Take a look at the Citi Premier is you're looking for the best of both worlds. It offers transfer partners as well as the ability to cash out at 1cpp...and it only carries a $95 annual fee if that's an amount that you can tolerate.

Best of luck as you navigate finding the card that best fits your needs.

practical1 · ‎11-07-2021

@Loquat Is completely on-point -- it is only worthwhile to pursue a card if you actually value the offering and the cost/benefit calculus makes sense to you.

With that in mind and in response to your question: If you actually want the product (and are prepared to pay the annual fee), there is absolutely nothing to be lost, except perhaps time spent on the phone, in requesting a reconsideration. Prepare your arguments and explanation succinctly, be respectful and perhaps, you might prevail. Things cannot get any worse for you by doing so.

If you don't swing, you'll never, ever hit the ball...

Best of luck, whatever you decide to do. Please keep us all informed.

NRB525 · ‎11-07-2021

@mtsaz wrote:
well- my 720 fico 8 and my "matched" with on amex site- was no good. They declined me. Experian and amex both said "you are a match with these cards"-- the gold amex, and the blue ones. So I applied---SORRY LOSER.

I went on the link to see the reasons-
1- "Negative payment history" -----( a dispute with ocwen bank who is in 2020 one month late (after loan was paid off)--attorney general is helping me as ocwen phh is notorious for being sleezeballs---just do a search of ocwen/phh fraud)..
?

I think this is the only Reason Code that matters. The others are filler.
Get this one resolved then go back ( after credit reports are updated ) and apply again.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Trini88 · ‎11-07-2021

Only card from Amex I found valuable is the Blue Cash Preferred. After calculating how much I spend on groceries that was non Walmart and Target, it made sense to me and the rewards more than covers the annual fee.

As for reconsideration, in June like a dummy (lol), I applied for the same card but was denied because I put how much I made monthly not yearly. I called in and basically was told I can reapply in 30 days. I reapplied in 2 months but by then I had already secured 5 cards (I'm impatient 🤣). The inquiry thing gets me though, with the number I had I'm surprised they are inquiry sensitive for some but not for all.

Goal Cards:

Hoben02 · ‎11-07-2021

I have quite a few travel cards and Amex is the lowest on my list. Mainly becuz based on my purchase history and current tendencies. If your travel includes air I would suggest looking at the site awardhacker.com to get an idea of what points to collect

Chase (CSP,CF,CFU,southwest premier)
Barclay(jetblue, arrival)
Bofa(US pride, premium, travel, cash, Suzy komen)
Citi(Premier, Double cash, Costco)
Fnbo(Mlife)
Amex(everyday, cash, Hilton)
Blockfi
Caesars rewards
Sofi
Gemini
Cap One Savor One

cr101 · ‎11-07-2021

@mtsaz wrote:
well- my 720 fico 8 and my "matched" with on amex site- was no good. They declined me. Experian and amex both said "you are a match with these cards"-- the gold amex, and the blue ones. So I applied---SORRY LOSER.

I went on the link to see the reasons-
1- "Negative payment history" -----( a dispute with ocwen bank who is in 2020 one month late (after loan was paid off)--attorney general is helping me as ocwen phh is notorious for being sleezeballs---just do a search of ocwen/phh fraud)..
2- "too many inquiries"----I had 4- now 5. All of them were tied to active accounts.
3- My last installment loan had too high of an interest rate----yes- my mortgage paid off now- was 6.5%---from the mid 80s. That is the only installment loan I have.
4- "too high use of credit"---my utilization ranges from zero to 20%- but I always pay off everything every month.

@mtsaz Can you expand on this? I'm sure that you're paraphrasing, but I'm just trying to find out the actual verbiage used. Did they actually say that you were declined because your interest rate was too high?

HHH71 · ‎11-07-2021

I personally love Amex. They have been great. I am a heavy traveler; 200+ flights a year, same with hotels. I have the Platinum, Hilton Aspire, Marriot Bonvoy Brilliant, and everyday preferred. I also have the chase Sapphire Reserve and a few other chase. I have discover, cap one, etc. none compare to Amex in my experience.

I got my first Amex card 2 years ago and it was by calling the reconsideration line. Wasn't sure why like you. They sighted a bunch of reasons, but none made any sense. The recon worked fine. Now, 2 years later I have over $100,000 of credit limits with them.

Amex is also a beast when protecting their clients. We got defrauded $1,500 in concert tickets. The people literally said good luck trying to get your money back, go ahead and fight the charges, you won't win; and hung up on me. Luckily I ordered them on my Amex. Called Amex, done. They actually voluntarily refunded the charges once Amex contacted them.

If I had to pick one it would prabably be the Hilton Aspire. I get about 50,000 points a month from spend. Then another 50,000-100,00 points based upon stays. That's 1-2 nights a month on spend alone; depending on the hotel. Let's say $150 a night, that's over $3,000 a year easily in value for me. My wife used 1.25 million points in London this summer at the London Waldorf. I think it was 10 days. You get the 5th day free when using your points. That was close to $3,000 in savings there. I've already built back up over 500,000 points since August. Plus the aspire gives you diamond status with Hilton. I get that anyway with stays, but nice perk if you don't travel like I do.

I realize my situation is pretty unique. I currently have over $2,000 in annual card fees, but I get back 5 times that in benefits.

Good luck

CYBERSAM · ‎11-07-2021

Did you qualify yourself first or you just cold apped?

Their prequalify is usually accurate.

Also asking for reconsideration could work! What do you have to lose? 10min phone call!