Cracking the code with Amex?

[sjt]

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@nitrov wrote:

I was told they didn't have to HP because they SP me due to the current account being open and my scores were too low for them based on my credit and "internal Amex scoring systems"...does that mean blacklisted or are they telling the truth?

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Whats your current credit profile like?

[sjt]

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@KennyS2006 wrote:
Why not just close the card and apply for new account? You have nothing to lose. The Optima is a small CL right? Is this your only trade line that you may utilize? Or are you worried about the HP each time you apply if you are not currently an Amex member? I totally understand that logic. --- However, I wasn't sure if the SP for denial existed with Optima.

Best of luck!

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You do not need to close your Optima Card to apply for a another product. They changed the policy recently.

[myjourney]

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@sjt wrote:

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@KennyS2006 wrote:
Why not just close the card and apply for new account? You have nothing to lose. The Optima is a small CL right? Is this your only trade line that you may utilize? Or are you worried about the HP each time you apply if you are not currently an Amex member? I totally understand that logic. --- However, I wasn't sure if the SP for denial existed with Optima.

Best of luck!

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You do not need to close your Optima Card to apply for a another product. They changed the policy recently.

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We have only seen 2 cases of that so far not enough to say they changed policy yet ........so far

[sjt]

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@myjourney wrote:

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@sjt wrote:

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@KennyS2006 wrote:
Why not just close the card and apply for new account? You have nothing to lose. The Optima is a small CL right? Is this your only trade line that you may utilize? Or are you worried about the HP each time you apply if you are not currently an Amex member? I totally understand that logic. --- However, I wasn't sure if the SP for denial existed with Optima.

Best of luck!

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You do not need to close your Optima Card to apply for a another product. They changed the policy recently.

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We have only seen 2 cases of that so far not enough to say they changed policy yet ........so far

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My neighbor applied for a charge card with his Optima still opened.

[nitrov]

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@FinStar wrote:

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@tomfromrictmame wrote:

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@myjourney wrote:

Ok I understand you know the Optima is still open?

I have only seen one case of approval with that card still being open and as a matter of fact it last week.

Normally Amex required people with that card to close it first then app

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+1  I was told this exact thing 3 months ago when I inquired.  This came not from a front line CSR but one of their credit specialists.

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This would depend on how the product is coded internally.  In some instances there are individuals who don't have to cancel their Optima yet would be able to obtain a new product.  Other times, that's the only option to close and with no guarantee of approval.  There's really not a "code to crack" since AMEX's internal underwriting policies will vary by individual associated with previous experience with AMEX.

What were the list of reasons for denial the last time you tried?

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I was definitely explicitly told by an Amex CSR that I was eligible for applying for a new card WITHOUT closing the Optima. In the past I was told I could not do so without first closing the card. I don't want to close the Optima because it's my oldest tradeline and I don't want to adversely affect my AAoA by closing it and not being able to get another account afterwards.

When I was denied for the card they just said low internal Amex score factors including delinquencies and unsatisfactory tradelines. I had several chargeoff accounts 6 years ago when I did debt consolidation/settlement and those still haunt me. If they pulled EX my score probably was in the mid-600 range.

[nitrov]

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@KennyS2006 wrote:
Why not just close the card and apply for new account? You have nothing to lose. The Optima is a small CL right? Is this your only trade line that you may utilize? Or are you worried about the HP each time you apply if you are not currently an Amex member? I totally understand that logic. --- However, I wasn't sure if the SP for denial existed with Optima.

Best of luck!

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It's my oldest account at 6 years and I don't want to kill my AAoA. If I don't HAVE to close the card to get a new one I would prefer not to, and I'm told by Amex I don't have to. I'm trying to figure out if it's even possible for me to ever get another Amex or maybe if I can try going the business card route with them OR if I need to get my credit score to a certain point or if there's something else I should be doing or looking into. The HP isn't the issue for me, it's a matter of how the HP will be most helpful in getting me an approval and what background work I need to do on my end before doing it.

[titanofold]

Yes, but AmEx does backdating, which I understand to mean that it will report the new TL as being opened since whenever you originally became an AmEx member.

[nitrov]

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@titanofold wrote:

Yes, but AmEx does backdating, which I understand to mean that it will report the new TL as being opened since whenever you originally became an AmEx member.

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Right, but they'll only backdate if and when I get a new account with them. I want to make sure my chances are excellent to get a new account before I go closing the card. Sometimes if there's too long of a lapse between your closed card and new card they will deny the request to backdate from what I've read and been told.

[nitrov]

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@blondy250 wrote:

Your saying you have no idea why they closed your account? Did you call and ask?  Some major piece of the puzzle is being left out of your post, find out why they closed your account. Also whats your credit profile like, Fico score, lates, collections income etc.

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Ok, so I called them again and they said it was closed 2/2008. I remember back then they told me Amex has the right to close an account at any time without any inciting incident or otherwise. I know this was around the time that I did debt consolidation/settlement and my credit scores all took a huge plunge but I made sure to keep on track of the Amex because I wanted to keep it. It's possible it's due to them doing a SP and seeing the score plummet. 

After about 30 minutes on the phone with Amex today trying to find out, they said there's no way they can determine a reason for account closure from back then. I know 2008 was the same time that I had the issue with the corporate card through my former employer, so maybe they revoked the card because the other one had a late payment. The corp card didn't report on my credit, but in the end, I ended up having to pay off the balance on it, which is when I got the Optima.

As far as credit profile goes, I have had perfect payment history for 6 years. I did debt consolidation 6 years ago and have some charge offs still showing on my credit, but again, these are old. My EX and EQ scores are in the mid to high 600s and TU is around 706. My income is excellent and I have no other collection items and no unpaid items at all. All the chargeoffs were settled or PIF.

Amex new accounts rep told me that when you have an Optima, your best bet is to apply for a Green charge card. Not sure if it's worth trying to app for that or try a business card OR wait until my scores get to a certain point OR if I *SHOULD* close the Optima first or not...

[sjt]

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@nitrov wrote:

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@blondy250 wrote:

Your saying you have no idea why they closed your account? Did you call and ask?  Some major piece of the puzzle is being left out of your post, find out why they closed your account. Also whats your credit profile like, Fico score, lates, collections income etc.

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Ok, so I called them again and they said it was closed 2/2008. I remember back then they told me Amex has the right to close an account at any time without any inciting incident or otherwise. I know this was around the time that I did debt consolidation/settlement and my credit scores all took a huge plunge but I made sure to keep on track of the Amex because I wanted to keep it. It's possible it's due to them doing a SP and seeing the score plummet. 

After about 30 minutes on the phone with Amex today trying to find out, they said there's no way they can determine a reason for account closure from back then. I know 2008 was the same time that I had the issue with the corporate card through my former employer, so maybe they revoked the card because the other one had a late payment. The corp card didn't report on my credit, but in the end, I ended up having to pay off the balance on it, which is when I got the Optima.

As far as credit profile goes, I have had perfect payment history for 6 years. I did debt consolidation 6 years ago and have some charge offs still showing on my credit, but again, these are old. My EX and EQ scores are in the mid to high 600s and TU is around 706. My income is excellent and I have no other collection items and no unpaid items at all. All the chargeoffs were settled or PIF.

Amex new accounts rep told me that when you have an Optima, your best bet is to apply for a Green charge card. Not sure if it's worth trying to app for that or try a business card OR wait until my scores get to a certain point OR if I *SHOULD* close the Optima first or not...

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That is probably the reason they closed your account, especially in 2008 when banks started to tighten up. The moment a debt consolidation plan or DMP appears on your report banks will start to close or limit you account.

When is the date of your last negative and what is your utilization ratio?