Please help! Denied and don't understand. Amex Blue

[Anonymous]

Another reason why I HATE cards that has no "preset spending limit" because it shows creditors that you have too much credit.

[vish1]

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@Anonymous wrote:

Another reason why I HATE cards that has no "preset spending limit" because it shows creditors that you have too much credit.

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Is this correct? I was under an impression that newer fico algos ignore them.

[cutemarty1]

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@Red1Blue wrote:

apply for amex charge card. It is much easier to get approved and after 6 months you can apply for their credit card or after 12 months convert your charge card to one of their credit cards.

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So i could convert AMEX Gold to blue or they have to run my credit again.

[tsquad131]

amex blue and gold card are 2 different types of products. Gold card is charge, and amex blue is a revolving card. You cant convert a charge into a revolving because they have different criteria for approval so you would have to apply again

[android01]

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@vish1 wrote:

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@Anonymous wrote:

Another reason why I HATE cards that has no "preset spending limit" because it shows creditors that you have too much credit.

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Is this correct? I was under an impression that newer fico algos ignore them.

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They do if the creditor is using an updated FICO model.  TU98 (like what you get from Myfico) does NOT ignore these cards while TU04 does.  I'm sure there are older models of EX and EQ use as well (Myfico uses the updated EQ).

[vish1]

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@android01 wrote:

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@vish1 wrote:

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@Anonymous wrote:

Another reason why I HATE cards that has no "preset spending limit" because it shows creditors that you have too much credit.

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Is this correct? I was under an impression that newer fico algos ignore them.

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They do if the creditor is using an updated FICO model.  TU98 (like what you get from Myfico) does NOT ignore these cards while TU04 does.  I'm sure there are older models of EX and EQ use as well (Myfico uses the updated EQ).

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Well, my thought is that even the older (aka dumber) model, which doesn't know how to recognize a no preset limit card will not say that you got too much credit as it will count the CL for this card as 0.

[Anonymous]

So, do you all think my plan might work?  If I charge a little on my other card that I just reactivated (since my main card doesn't show a CL), pay off my main card right before the end of the month and reapply next month?

Maybe I should just rerun my credit report with the lower balance on that card and fax it back to Amex to review.

[vish1]

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@Anonymous wrote:

So, do you all think my plan might work?  If I charge a little on my other card that I just reactivated (since my main card doesn't show a CL), pay off my main card right before the end of the month and reapply next month?

Maybe I should just rerun my credit report with the lower balance on that card and fax it back to Amex to review.

I will do this first and if it doesn't work, I will ask if I can be recon for a charge card and if even that fails, I will wait for about 3 months and then apply again.

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[Anonymous]

Hey all.  Just wanted to give an update.

Finally....after much pestering, phone calls, and faxes, I got approved.  I guess if it helps anyone in the future, here is what I did.

I waited a month after the first application.  Of course my initial appeal got denied.  I wrote Citibank and asked that they report my $16,900 CL to the bureaus because blank or $0.00 doesnt' look too great.  They wrote back and said since it is a "no preset spending limit" they do not report my limit to the bureaus.  They claim they do it for my benefit because if I exceed my CL and go above that, it would hurt my credit score if they reported my CL.  However, I don't ever go even close to my CL...anyways.

I made a concerted effort to keep my balances low (made several payments on my citibank card) to keep the balance low right before the end of the month.  I also made one small charge on my unused Citi Premier Pass card that I never use anymore.  I then reran my credit report from Transunion on the 7th and it went from a 731 on 2/7/11 to a 744 on 3/7/11 with that lower balance.  I pulled my Experian since that it was Amex was using, and it showed the correct balance as well.  And my somewhat meaningless Experian score was 777.

I called Amex and faxed it back my report back in with a little more explanation earlier this week.  I just checked online and it said Approved.

I don't know if they approved me because my score increased...or because they were tired of being harrassed....

Thanks for the help along the way!

[kwoods1]

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@Anonymous wrote:

Hey all.  Just wanted to give an update.

Finally....after much pestering, phone calls, and faxes, I got approved.  I guess if it helps anyone in the future, here is what I did.

I waited a month after the first application.  Of course my initial appeal got denied.  I wrote Citibank and asked that they report my $16,900 CL to the bureaus because blank or $0.00 doesnt' look too great.  They wrote back and said since it is a "no preset spending limit" they do not report my limit to the bureaus.  They claim they do it for my benefit because if I exceed my CL and go above that, it would hurt my credit score if they reported my CL.  However, I don't ever go even close to my CL...anyways.

I made a concerted effort to keep my balances low (made several payments on my citibank card) to keep the balance low right before the end of the month.  I also made one small charge on my unused Citi Premier Pass card that I never use anymore.  I then reran my credit report from Transunion on the 7th and it went from a 731 on 2/7/11 to a 744 on 3/7/11 with that lower balance.  I pulled my Experian since that it was Amex was using, and it showed the correct balance as well.  And my somewhat meaningless Experian score was 777.

I called Amex and faxed it back my report back in with a little more explanation earlier this week.  I just checked online and it said Approved.

I don't know if they approved me because my score increased...or because they were tired of being harrassed....

Thanks for the help along the way!

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Congratulations!  Glad your hard work paid off for you in the end!