Amex CLI declined--recon or just live with it?

[Agent86]

So my 61 day came, and I applied for the 3x CLI, from 3k to 9k. Declined outright, not even a counter. Message said that "Your overall debt obligations, as reflected in our records and in your credit report, are high relative to your financial resources known to us."

 Would it be worth it to ask for a recon, or should I just accept my fate and try again in 6 months?

[JonStur]

Seems to me that they feel your income doesn't support more credit.. If you don't mind disclosing, how much did you report as income to them...

[manwoot]

And do you have auto loans?  Mortgage?  Where is this "high debt" that they claim you have?

[Anonymous]

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@JonStur wrote:

Seems to me that they feel your income doesn't support more credit.. If you don't mind disclosing, how much did you report as income to them...

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Yes, ideally recons would be used when you can make a factual  arguement that could change the decision (those multiple inqs are really from when I was shopping for an auto loan, my balance was very high last month because of a medical emergency, but I have now paid it all off etc).  If the debts are real, and higher than they want compared to income, a recon is going to be unsuccessful.

But is there anything to lose?  Probably not from a HP view with Amex, but there could be a slight risk of AA if during the conversation the analyst gets the impression that things are worse than they look!  So if you recon, just be careful what you say....

[Agent86]

income is about $90k. 

about $8k in cc balances--all of this is at 0% APR.  

2 auto loans (1 for me--balance is $4500, 1 for wife--balance is about $11,000)

mortgage--balance is about $145k

the complicating factor is probably student loans. went to ivy league school, which cost about $260k. I'm in income-based-repayment, so my pmt is about $700/month.

i don't "need" additional credit--my main motivation is honestly to minimize utilization ratio.

credit scores, as of last week, were 739 TransUnion, 718 Equifax, and ..... 683 Experian.  

[JonStur]

Personally I would just chill for 180 days and give it another shot.. Generally financial recons with AMEX  often don't go well, however some people do get lucky!!!

[enharu]

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@Agent86 wrote:

So my 61 day came, and I applied for the 3x CLI, from 3k to 9k. Declined outright, not even a counter. Message said that "Your overall debt obligations, as reflected in our records and in your credit report, are high relative to your financial resources known to us."

 Would it be worth it to ask for a recon, or should I just accept my fate and try again in 6 months?

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from the reasoning they gave you, it sounds like appealing this decision will require you to submit tax documents for income verification.

if you are prepared and okay with going down this route, go for it. Otherwise, best to just wait and try again in 90 days (or was it 180?)

[JonStur]

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@enharu wrote:

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@Agent86 wrote:

So my 61 day came, and I applied for the 3x CLI, from 3k to 9k. Declined outright, not even a counter. Message said that "Your overall debt obligations, as reflected in our records and in your credit report, are high relative to your financial resources known to us."

 Would it be worth it to ask for a recon, or should I just accept my fate and try again in 6 months?

---

from the reasoning they gave you, it sounds like appealing this decision will require you to submit tax documents for income verification.

if you are prepared and okay with going down this route, go for it. Otherwise, best to just wait and try again in 90 days (or was it 180?)

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I think I was wrong, I think it's 90 days after a decline..anyhoo, it would probably be in his best interest to wait...

[myjourney]

Wait and try again UTL may have been the cause for not doing it at this point

[09Lexie]

I agree, wait the 90 days. Maybe try for 2x- as Enharu pointed out, looks like they are looking at your financial information ie investments, savings based on your app - for the decline.