AMEX Sucks

[Anonymous]

I saw quite a few "denied" posts around the internet for American Express cards, and I wanted to add my story.  I don't know exactly why they're turning so many worthy people away, but I'd strongly recommend looking somewhere else.

I checked my credit score and all 3 credit reports exactly 9 days ago:

FICO (Equifax) = 791

Current credit cards = 3

Credit utilization = 38% (I put most of my expenses on one card & pay it all off every month)

Open installment accounts = 1, $10 balance

Closed installment accounts = 5, all paid on time

Last delinquent account = Nov. 2006 (30 days late)

Oldest account = 10 years, 8 months

Average account age = 7 years

Inquiries affecting credit score = 0

Years at current job = 2.5

Years at current address = 11

I was recently declined for a Blue Cash Preferred card, and I'm waiting for my letter in the mail.  I'm very interested in finding out why my application was denied.

[Anonymous]

P.S.  The only reason I was even interested in this card was because of the rewards points (I planned on using this exclusively for gas & grocery shopping).  I'm open to suggestions if anyone has any recommendations.

[pizzadude]

Have you checked your Experian report recently ?  AMEX usually pulls EX, although sometimes they pull the others for revolving cards.

Also you can check your application status on~line and see your denial letter.

[injustifiiable]

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@Anonymous wrote:

I saw quite a few "denied" posts around the internet for American Express cards, and I wanted to add my story.  I don't know exactly why they're turning so many worthy people away, but I'd strongly recommend looking somewhere else.

I checked my credit score and all 3 credit reports exactly 9 days ago:

FICO (Equifax) = 791

Current credit cards = 3

Credit utilization = 38% (I put most of my expenses on one card & pay it all off every month)

Open installment accounts = 1, $10 balance

Closed installment accounts = 5, all paid on time

Last delinquent account = Nov. 2006 (30 days late)

Oldest account = 10 years, 8 months

Average account age = 7 years

Inquiries affecting credit score = 0

Years at current job = 2.5

Years at current address = 11

I was recently declined for a Blue Cash Preferred card, and I'm waiting for my letter in the mail.  I'm very interested in finding out why my application was denied.

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One of the things that stuck out quickly for me was the high utilization. They say it should be under 30%...

[Anonymous]

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@pizzadude wrote:

Have you checked your Experian report recently ?  AMEX usually pulls EX, although sometimes they pull the others for revolving cards.

Also you can check your application status on~line and see your denial letter.

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Not my Experian score, but I did check the report.  It has the same stuff as the other two reports.

[adavis425]

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@Anonymous wrote:

P.S.  The only reason I was even interested in this card was because of the rewards points (I planned on using this exclusively for gas & grocery shopping).  I'm open to suggestions if anyone has any recommendations.

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I agree completely!! I also apped for the BCP and was denied...twice! I apped with about 3% util and have been a good (no lates or derogs of any sort and pushing plenty money through, even college tuition) AMEX customer for 11 years and still no approval.  My recommendation is to go for the CSP. I did and SD'd my gold card.

[android01]

In any case, I'd call AMEX for a reconsideration.  A computer likely made the denial decision.  Talking to a person can override the computers decision if they do a manual review of your report.  Why waste an inquiry without at least trying?

[Anonymous]

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injustifiiable wrote:

One of the things that stuck out quickly for me was the high utilization. They say it should be under 30%...

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The utilization is 1% now.  I pay the entire card off once a month, and did that yesterday. 

In retrospect, I probably should've waited longer before I applied.  I couldn't find any info on why it was declined online ("Application not found") & the customer service person told me to wait for a letter.

[Anonymous]

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adavis425 wrote:

I agree completely!! I also apped for the BCP and was denied...twice! I apped with about 3% util and have been a good (no lates or derogs of any sort and pushing plenty money through, even college tuition) AMEX customer for 11 years and still no approval.  My recommendation is to go for the CSP. I did and SD'd my gold card.

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That's pretty awful.  I don't know why any financial company would turn away an existing good customer.

I already have a Chase Freedom (1.2% on everything, plus the rotating 5%), which seems better for me, since I don't travel much.

P.S.  Man, you guys are fast.  And pretty nice too, which is very refreshing on the internet.

[Anonymous]

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@android01 wrote:

In any case, I'd call AMEX for a reconsideration.  A computer likely made the denial decision.  Talking to a person can override the computers decision if they do a manual review of your report.  Why waste an inquiry without at least trying?

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That's a good idea.  As soon as I get the letter, I'll give them a call.  I'll also stop using my current cards until then.  Maybe the utilization will update on my report(s) by that time.