AMEX Denial

[pizzadude]

You might consider applying for a Charge Card before you apply for an AMEX revolver....their Charge Cards are easier to obtain, and you get your foot in the door with them.

[zoe15]

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@pizzadude wrote:

You might consider applying for a Charge Card before you apply for an AMEX revolver....their Charge Cards are easier to obtain, and you get your foot in the door with them.

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Thanks; that sounds like a good idea.  Do you think I might qualify for a Zync card based on the information AMEX provided in my denial?  I would of course lower my revolving utilization to below 9% before applying again.

[pizzadude]

Yeah, I think it would be worth a shot once your %util is lower. 

[zoe15]

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@pizzadude wrote:

Yeah, I think it would be worth a shot once your %util is lower. 

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Cool.  Thanks!

[Anonymous]

Derogatory public record or collection filed.
Proportion of loan balances to loan amounts is too high.
Too many inquiries last 12 months.
Too many accounts with balances.

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To the best of your knowledge are these factors accurate on your EQ report?

If so:

How old is your PR/CA?

What is your current utl?

How many Inqs in the past year?

How may accts with balances?

How many total accts?

[zoe15]

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@Anonymous wrote:

Derogatory public record or collection filed.
Proportion of loan balances to loan amounts is too high.
Too many inquiries last 12 months.
Too many accounts with balances.

---

To the best of your knowledge are these factors accurate on your EQ report?

If so:

How old is your PR/CA?

What is your current utl?

How many Inqs in the past year?

How may accts with balances?

How many total accts?

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I have 2 paid judgements; one from 2007 and one from 2008

My current utilization is 16%; I only have one revolving CC w/ a $3000 CL

I have 4 accounts with balances: 2 student loans, 1 auto loan, and 1 revolving credit card (no lates)

I only have 4 open accounts; I have several closed installment accounts in good standing and my AAoA is 6 years

[Anonymous]

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@zoe15 wrote:

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@Anonymous wrote:

Derogatory public record or collection filed.
Proportion of loan balances to loan amounts is too high.
Too many inquiries last 12 months.
Too many accounts with balances.

---

To the best of your knowledge are these factors accurate on your EQ report?

If so:

How old is your PR/CA?

What is your current utl?

How many Inqs in the past year?

How may accts with balances?

How many total accts?

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I have 2 paid judgements; one from 2007 and one from 2008

My current utilization is 16%; I only have one revolving CC w/ a $3000 CL

I have 4 accounts with balances: 2 student loans, 1 auto loan, and 1 revolving credit card (no lates)

I only have 4 open accounts; I have several closed installment accounts in good standing and my AAoA is 6 years

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Amex typically hates major Derogs. The negative factors are listed by the level of hatred. I would wait/actively finds ways to have your judgements removed from your CRs. I would hate for you to apply for any Amex product (even a Zync) no matter your score and you continue to receive denials.

[GregB]

Are you sure they pulled Equifax? I have never seen them pull anything except Experian except for a few cases where they pulled EX and then pulled another CRA in an attempt to get someone approved.

On all the approval and/or denial letters that I have seen the "Key factors that adversely affected your FICO score" section matches exactly the section on that person's EX FICO report. Those are FICO reason codes, not Amex. Amex may have additional factors that influence approval but I haven't seen any listed in addition to the FICO factors.

I do suspect that the FICO score they are using is the EX Beacon 9 Bankcard Industry card even though they are saying the range is 300-850 like a Classic FICO would be. The theoretical range of the BankCard Industry Score is actually 250-900 even though scores below 300 or above 850 don't seem to actually exist.

[Anonymous]

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@GregB wrote:

Are you sure they pulled Equifax? I have never seen them pull anything except Experian except for a few cases where they pulled EX and then pulled another CRA in an attempt to get someone approved.

On all the approval and/or denial letters that I have seen the "Key factors that adversely affected your FICO score" section matches exactly the section on that person's EX FICO report. Those are FICO reason codes, not Amex. Amex may have additional factors that influence approval but I haven't seen any listed in addition to the FICO factors.

I do suspect that the FICO score they are using is the EX Beacon 9 Bankcard Industry card even though they are saying the range is 300-850 like a Classic FICO would be. The theoretical range of the BankCard Industry Score is actually 250-900 even though scores below 300 or above 850 don't seem to actually exist.

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I've seen examples where Amex pulls all 3 CRs,  Innovis and telecheck!

[eparker]

Yea, I am waiting to get an Amex as well.  Need to get my util down.  Exp is not my best report, I think I am 642 or so with them.  Gonna wait six months when I have all my Credit cards paid off, and see what happens.  Guess I will shoot for the Zync first and see what happens.