Denied for Blue Cash Preferred -- no reason given

Anonymous · ‎12-30-2011

A couple of months ago, I applied for the American Express Blue Cash Preferred card because I really liked the cash back offer. I've never had trouble getting credit before, but I got an e-mail back that I was denied. There was a link to a page that was supposed to give a reason, but I've checked back a few times and it just keeps saying it's not available. I checked my credit reports, and there were no negative items. I took out a 36 month auto loan about a year ago, which I've been paying regularly. I have a few credit cards with a lot of unused credit. The Chase Freedom card does have pretty high utilization – it's still at 0% interest, after all. I need to pay it down soon, though. It's the only one I've been carrying a balance on.

Is this card really that hard to get? Should I try again after I pay down that balance, or just forget about it?

pizzadude · ‎12-30-2011

They should have given you a reason and also provided your score as well. If you can take another inquiry, I would apply again and if you are declined, work on correcting the issues which are on the denial letter.

AMEX offers you the option to view your application results on~line; make sure that you have this set up correctly....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

Anonymous · ‎12-30-2011

It is pretty strange. I can still go to the card application status online, and it shows up as declined. But when I click "view the full decision detail," it always says:

Sorry, your application cannot be accessed.
Please try again later.

jason86423 · ‎12-30-2011

I have had that error come up unless I am using Internet Explorer for my browser. You could always call customer service also.

Uncle_Money · ‎12-30-2011

I just converted my BCE to BCP.

Typically, Amex revolvers are more difficult to obtain than their charge cards. The ability to carry a balance probably poses more risk than having to pay it off each month.

Did you try calling them?

Anonymous · ‎12-30-2011

Thanks for the Internet Explorer advice--never occured to me that Firefox wouldn't work. Here are the details:

We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:

Amount of credit available on accounts (Experian)

Lack of bank account or lack of bank account information.

Too many credit card accounts on which, in our estimation, you have not paid a majority of the balance in recent months. (Experian)

Your FICO? score (See below)

Information About Your FICO? Score

We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On October 13, 2011, your FICO score was 758. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

Length of time accounts have been established.

Proportion of loan balances to loan amounts is too high.

Proportion of revolving balances to revolving credit limits is too high.

Time since most recent account opening is too short.

Too many inquiries in the last 12 months

So, that tells me something. I got the Chase Freedom card in February, and it's the only one I haven't paid in full each month. I don't see the credit union where I have my checking account on my credit reports. Should it be there?

Anonymous · ‎12-30-2011

Hmmm, Experian has the credit limit on my Bank Of America card listed as NA. It should be $10,000. I never even use that card anymore.

haulingthescoreup · ‎12-30-2011

@Anonymous wrote:
Thanks for the Internet Explorer advice--never occured to me that Firefox wouldn't work. Here are the details:

We evaluated your application using a credit scoring system that considers various pieces of information, including your credit report. The following key factors contributed to our evaluation:

Amount of credit available on accounts (Experian)
Lack of bank account or lack of bank account information.
Too many credit card accounts on which, in our estimation, you have not paid a majority of the balance in recent months. (Experian)
Your FICO? score (See below)

Information About Your FICO? Score
We obtained your FICO score from Experian and used it in making our credit decision. Your FICO score is a number that reflects the information in your credit report. Your FICO score can change, depending on how the information in your credit report changes. On October 13, 2011, your FICO score was 758. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

Length of time accounts have been established.
Proportion of loan balances to loan amounts is too high.
Proportion of revolving balances to revolving credit limits is too high.
Time since most recent account opening is too short.
Too many inquiries in the last 12 months

So, that tells me something. I got the Chase Freedom card in February, and it's the only one I haven't paid in full each month. I don't see the credit union where I have my checking account on my credit reports. Should it be there?

How old is your credit? (oldest account, open or closed, still on your reports) What's your AAoA? (average age of accounts)
How much do you owe on your installments, including mortgage, and how much are the totals of your installment loans, including mortgage?
How much are the total reported balances on your CC's? (amounts reported on statements, not how much you owe on the due dates)
How long ago did you open your last account?
How many inqs on EX during the last 12 months?

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎12-30-2011

1. Oldest account opened 09/1999 (12 years, 3 months). Avearge account age 4 years, 7 months.

2. I don't have a mortgage--I rent. I owe $10,254 on my car, out of an original $14,039.

3. Reported credit card balances = $5,098.

4. I opened the Chase Freedom account 02/2011.

5. Experian only lists two "Inquiries Shared With Others" from the last 12 months. One is from this application to American Express, and the other is for the Chase card.

steve23111 · ‎12-31-2011

@Anonymous wrote:
1. Oldest account opened 09/1999 (12 years, 3 months). Avearge account age 4 years, 7 months.
2. I don't have a mortgage--I rent. I owe $10,254 on my car, out of an original $14,039.
3. Reported credit card balances = $5,098.
4. I opened the Chase Freedom account 02/2011.
5. Experian only lists two "Inquiries Shared With Others" from the last 12 months. One is from this application to American Express, and the other is for the Chase card.

Probably the reported balances.