Futher Clarification on Reason Codes

[GZG]

how much spend are you putting on the apple card every month?

[Thestickybandit]

Lots of spend , and multiple payments a month , but I dont Zero out the card, I'll maybe carry a balance.

[Thomas_Thumb]

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@Thestickybandit wrote:
Makes sense - So you wouldn't recommend AZEO or is what your saying similar to AZEO? Income is 210K but I've heard it doesnt matter how flush you are, my EXP is 678 Currently but I expect to to drop as some cards will report balance later, as I'm doing AZEO slowly which I will finish by End of September for most optimization, in the process of moving, Business start up, and family trips, so my original plan of AZEO timeline's increased.

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The point is AZEO is absolutely not necessary for AMEX card approval. You can report modest utilization (under 29%) on multiple cards without hurting odds. Any single digit aggregate utilization is fine. There is no harm in getting to AZE1 with a trivial $5 balance reporting. It's just overkill for an AMEX platinum application.

If your 678 score is based on aggregate 49% utilization, you should get to 720 by bringing aggregate below 9% regardless of # cards with small balances. Just getting all cards and aggregate under 29% UT could be sufficient to reach 700 and that score is adequate for a platinum card. Allowing youngest card to reach 6 months age and more preferrably 12 months will also help your approval odds.

[Thestickybandit]

Thanks !! & No that 678 Is based on 29 Percent Utliz. But once the that drops to about 6-9 percent it will be around the 710's

[Thestickybandit]

I were saying I expect the score to drop a few points due to that 29 percent utliz. increasing to about 42 percent, but will be at that 6- 9 percent mark you mentioned at the end of september but ofc wont report until the next month or 2 across all the giants. and your saying after doing that and letting my young accts. age to 6-8 months, I should be okay ? & I heard that Amex aren't inquiry sensitive ? just need to age my most recent inquiries which I took one this month as Navy federal pulled me Im not sure why.

[Thomas_Thumb]

AMEX is somewhat sensitive to new accounts, not inquiries per se.

[Thestickybandit]

Reason Code Re appears Straight to it: I have a late payment from 2021 COVID-19; payment was missed with the creditor named Grain, Oct, and Nov made 60 days; total misunderstanding, but of course, the creditor won't buy it. The late payment is now two years and nine months old. Problem: My credit report from Experian, dated August 18th, said 678, and these were the factors. Please take a look at screenshot 1. Now, this is where I'm confused. I bought a copy of my Experian report to see if any accounts or anything has been reported. This is the report from today, September 1st—take a look at screenshot two. My score is down 15 points. Keeping in mind that all previous reports never had that reason code as it fell off a good while back, I also no longer see it when applying for credit... and no balances have yet been reported for the month. Someone Mentioned that this could appear due to spike in utilization. there are no other late payment accounts or any baddies besides the one mentioned. Screen Shot 1: https://postimg.cc/SjzW6wr9 ( Report from 18th of Aug ) Screen Shot 2: https://postimg.cc/vxcgm6Zk ( Report from Sept. 1st )

[pizzadude]

Hi @Thestickybandit - I've removed your other posts which were duplicates, please don't cross post the same message in multiple places - thx!