frustrated with amex and chase

[stickbowbuilder]

getting and building credit is frustrating lol. according to this site and the three credit agencies I'm running 689 eq, 738 tu and 689 according to the amex denial letter the fico score on april 30th was 691. reasons were, too few accounts paid as agreed. length of time your accounts have been established. no information about installment loans on my report (they were paid on time, in full back in 06 and 08 and show that on the report). length of time my revolving accounts have been established and finally too many inquiries in the past 12 months. what is frustrating is on Equifax I have 24 months of on time, never late payments on a 1000.00 credit line with low %. I have watched my scores climb from low low 600 to what they are now and I KNOW I need to let the new credit soak, n

but grrrrr!. no baddies, 7300.00 in total credit line with under 3% util and 10 inquiries. will amex and chase EVER pop open for me??????

[jamesdwi]

Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver. 

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card. 

 work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably  less than 9% and only one card reporting a balance. 

[Anonymous]

What creditor said that, Amex or chase?

[taxi818]

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@jamesdwi wrote:

Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver. 

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card. 

 work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably  less than 9% and only one card reporting a balance. 

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That is far from the truth. in fact amex looks at overall profile. not just your fico score as they have their own internal scoring.

Case in point. countless people here at my fico got their first revolver with amex. from 650 and up. me included. got mine with a 661 ex fico. but the report was virtually clean. 1 collection 5 years old paid in full .was only 200 total. cable bill. 0 missed payments ever. in 5 years. 0 lates. low util with lots of inquiries. got a 10k limit too. so that is not the case most of the time with amex. it is something on your report they don't like. such as C.O. unpaid colleciton or lates. those are the things that will do you in. not your fico score. which is good.

[Anonymous]

With Amex and Chase it takes time.  You just have to keep trying.  They look at your over credit portfolio, income etc... Hang in there..

[stickbowbuilder]

i have zero bad marks, no lates or derogs, and credit for 9.6 years with an average age of 3 years. An annual income of 50k with 6 to 7 years in my job. when I was 18 through 23 I destroyed my credit. but long since cleaned it all off my report. in 2006 and 2008 I took small loans from my bank, paid all on time and in full. then last year took an interest in my credit. i was in the low, very low 600 range with one delinquent mark from a medical bill. i paid it off and negotiated to have it taken off the reports, it was taken off the reports and all three agencies. i got a secured wf card, a Kay's card and three gas cards. have watched scores jump, but with the reasons I got for denials and a frank talk on a recon, it is looking like I'm just too new to recent credit. in 6 months I most likely will get em.... just frustrated I seem to have the score but not the time lol... thanks for all the advice! I'll get there!!

[Anonymous]

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@stickbowbuilder wrote:

i have zero bad marks, no lates or derogs, and credit for 9.6 years with an average age of 3 years. An annual income of 50k with 6 to 7 years in my job. when I was 18 through 23 I destroyed my credit. but long since cleaned it all off my report. in 2006 and 2008 I took small loans from my bank, paid all on time and in full. then last year took an interest in my credit. i was in the low, very low 600 range with one delinquent mark from a medical bill. i paid it off and negotiated to have it taken off the reports, it was taken off the reports and all three agencies. i got a secured wf card, a Kay's card and three gas cards. have watched scores jump, but with the reasons I got for denials and a frank talk on a recon, it is looking like I'm just too new to recent credit. in 6 months I most likely will get em.... just frustrated I seem to have the score but not the time lol... thanks for all the advice! I'll get there!!

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Good job on working on it.  Give it 6 months and that is enough time for your score to bounce and maybe get into Amex and Chase. 

[Anonymous]

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@jamesdwi wrote:

Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver. 

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card. 

 work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably  less than 9% and only one card reporting a balance. 

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False. Look at my scores and cards.

[Anonymous]

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@Anonymous wrote:

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@jamesdwi wrote:

Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver. 

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card. 

 work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably  less than 9% and only one card reporting a balance. 

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False. Look at my scores and cards.

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Now now.... Your experience does not necessarily prove jamedwi's point wrong, necessarily. Chase does "like" upper 600 scores. If they liked you with lower scores, I can only assume they would have liked you even more if your scores had been even higher. Jamesdwi did not make a blanket statement that no one with scores below 690 can be approved. There would be plenty of counterexamples to this: you, many other members, and even me for that matter. But Chase, being a prime lender, does prefer scores that are approaching the prime level - so jamesdwi's statement is certainly not categorically false.

[Momof5]

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@jamesdwi wrote:

Amex likes a score of 700 or more for a revolver, if you want to really get in with AMEX, you can apply for a charge card and boost your internal score and try in 6 months for a revolver. 

Chase also likes 690 score and no baddies in at least the last 2 years, with 1 year experience with a major credit card. 

 work on cleaning up any other baddies on your report, good will lettters and pay for deletes can help, if nothing else, time heals almost all credit problems. Idealy you should have at least 3 or more Tradelines reporting for optimum score, and total UTL of less than 30% perferably  less than 9% and only one card reporting a balance. 

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I just got declined for Chase Amazon.  No lates in 2.5 years, FICOs they pulled:  EQ 703 and EX 729.  I have 1 major CC that has no lates and is 12 years old.  Util is 27% (so a bit high).  I had 5 inqs on EQ and 2 on EX (one of which is 24 months and 5 days old).  I think Chase is a YMMV situation.