Amex, one last reconsideration attempt

[smc733]

hank you for your recent application for Zync SM from American Express.  After reviewing your request, regrettably, we are unable to open an account for you at this time for the following reason(s):

Your American Express Acquisition Risk Score is too high  (See below)

Your application was processed using our American Express Proprietary Acquisition Risk Scoring System which assigns a numerical value to the various items of information we consider in evaluating an application.  Your application's total score exceeded our threshold for approval at this time.  Listed below are the reasons that you did not score well compared with other applicants.  (For reasons based on information in a credit report, the name of the consumer reporting agency is identified.)

Length of time accounts have been established (Experian)

In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)

Too many recent credit checks (Experian)

High utilization of credit lines or insufficient utilization information (Experian)

Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency(ies) listed in this letter.  Please understand that the reporting agency(ies) played no part in our decision and cannot supply you with specific reasons why we denied credit to you. You have a right under the Fair Credit Reporting Act to obtain a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice.  If you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.

An important notice concerning your rights is included.  The creditor is American Express Centurion Bank.

Applicants who were not approved for a new account at one time may qualify in the future. You are welcome to apply for any of our cards, but please wait at least 30 days before submitting a new application.

Thank you for your interest in our service.

Sincerely,

Tammy Weinbaum

Vice President and General Manager

Is a recon letter even worth it here?

[jforsyth]

I think at this point you've done everything you can. I would just wait 6 months and then reapply. You'll be a shoe-in at that point if you continue to pay in full.

[smc733]

I think what I'll do is keep using the prequalify site periodically, and wait until something shows up for me.

I'd really like to wait and get the Blue if possible, perhaps no more new accounts aside from student loans until my 21st birthday, late March 2012?

[jforsyth]

Again, I'd really recommend waiting for Blue until you get out of college.

It will be next to impossible to get with a part-time income (you've already wasted inquiries), and even if you do get it, your CL will be tiny.

If I were you, I'd try for Zync in 6 months. Then just grab Blue once you have real income. You'll have a higher CL, it'll have your Zync card's opening date, and you can close Zync if you don't want to pay the AF.

Are you even going to reach the $6,500 annual spending tier if you get Blue now/soon? If not, then it's not even that great of a card. Zync or Citi Forward would be much better options for you right now.

[score_building]

Yep.

[smc733]

Thanks for the input guys.  You're probably right, I won't spend enough for the benefits of Blue to kick in, but my question is this?

What is the break even point for Zync?  I'm not so sure I'd spend enough for the AF to be worth it there, either.

I was debating going for the no AF Discover Student Card in 6 months as an alternative instead of an AmEx.  Just for conversation sake, my dad like his discover, and let his AmEx Blue close, saying AmEx wasn't worth it to him, so I'm not sure what the merits of Zync v. DSC are, either way, I'll need to wait 6 months, which is fine.

For now I have:

-Citi Forward $1200

-Bank of America $700 (after they initially told me the CL would be higher, they then told me that they only grant students an initial CL of $700 but I could get a CLI later).

Anyway, everyone's help has been greatly appreciated!

[voidman]

smc733

Why Discover is an alternate choise for you if you do not get the Amex? I was once tempted to get amex blue and discover, but the rewards is not really attractive. My chase freedom visa offered better cash reward at one point (now no) which was much better choise than amex cards and discover due to my spending pattern.

Not to brag, since you are a student and also earn partime, I earn more and probably spend more than you but calcuations did not make Amex Blue as best cashback card.

I do have a Amex costco card, coz I shop there quite often and the rewards has outweighed the $50 annual fee (aka costco membership fee)

What I am trying to say is, you don't have to have a tunnel vision only between discover and amex. Get the best card that gives a best reward or low APR whichever works in your favour.

[smc733]

I totally get what you are saying void, and I appreciate the advice (I'm not offended one bit).  What you say is definitely making sense, the only reason I app'd for Blue initially was because I felt I wouldn't (for the next 3 years in college) make/spend enough money to EVER justify the $25 fee.  

I just felt that in addition to the two Visa cards I have, I would supplement them with an alternate network (non-MasterCard).  Maybe this is wrong, and I should just stick to my two Visa cards, or perhaps add a third Visa/MC.  I also have a store card that I don't use and will probably end up falling off, I could maybe search and find one good store card for a place I REALLY frequent (as an engineering student, that would be Best Buy).

I just am very confused why Amex would hammer reasons against me, when people (no offense to anyone) with credit scores 60+ lower than my Experian have been getting the card.

[jforsyth]

Amex can be finicky. They have their own system and nobody truly understands how it works. You might have a better FICO than someone, but you may be a higher risk in Amex's eyes.

I think one thing you're overlooking about Zync is the backdating that will come with it. That is to say, if you get Blue in a couple years and Zync in 6 months, your Blue card will have the same opening date as Zync (not just on the card, the date opened posted to the CRAs will be that of your first card with Amex). Yeah, that AF sucks, especially as a student, but if you spend enough to pay half of it back, I think it's worth the other $12.50 a year to get the backdating.

We're very similar people in terms of credit. I'm also a student with a BofA MasterCard with a $700 credit line. I'll be applying for Citi Forward and Amex Zync in about 2 weeks once I hit 6 months of paying in full on my BofA card. Strange.

[Anonymous]

---

@smc733 wrote:

hank you for your recent application for Zync SM from American Express.  After reviewing your request, regrettably, we are unable to open an account for you at this time for the following reason(s):

Your American Express Acquisition Risk Score is too high  (See below)

Your application was processed using our American Express Proprietary Acquisition Risk Scoring System which assigns a numerical value to the various items of information we consider in evaluating an application.  Your application's total score exceeded our threshold for approval at this time.  Listed below are the reasons that you did not score well compared with other applicants.  (For reasons based on information in a credit report, the name of the consumer reporting agency is identified.)

Length of time accounts have been established (Experian)

In our estimation, the amount you have paid on your bank and retail credit card accounts over the last twelve months is too low. (Experian)

Too many recent credit checks (Experian)

High utilization of credit lines or insufficient utilization information (Experian)

Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency(ies) listed in this letter.  Please understand that the reporting agency(ies) played no part in our decision and cannot supply you with specific reasons why we denied credit to you. You have a right under the Fair Credit Reporting Act to obtain a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice.  If you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency.

An important notice concerning your rights is included.  The creditor is American Express Centurion Bank.

Applicants who were not approved for a new account at one time may qualify in the future. You are welcome to apply for any of our cards, but please wait at least 30 days before submitting a new application.

Thank you for your interest in our service.

Sincerely,

Tammy Weinbaum

Vice President and General Manager

Is a recon letter even worth it here?

---

Uh...yeah!  

Is there any better time to send a recon letter?

I think that the whole point here is to get a human being to make the decision, not an algorithm. Give someone at Amex the chance to play hero without risk.  Allow that cubicle worker an opportunity to have future bragging rights about being the guy that originally brought this valuable customer into the fold by taking a chance on him when the algorithm wouldn't.  And a Zync account with a $500 CL (even if it goes bad) isn't much of a risk to anybody...why wouldn't they take a chance on you?

What have you got to lose...the price of a stamp?

I'd send the letter.