Thank you so much for responding to my post! I can’t tell you how much I appreciate your time. i’m still really bummed about the HELOC categorization. There’s not much I can do about it right now, but I plan on paying that down as soon as possible. Just hoping that any FI will take the time to look at the fact that the lion’s share of my revolving debt is secured by real estate. (but I’m not holding my breath).
Anyways, after reading through numerous posts on this site, and taking full of advantage of all of the magnificent input, I figured that I should go through each of AMX’s reasons why I was declined, and then prepare a rebuttal for each point. This is what I’ve come up with in preparation of calling the AMX Recon line. Any and all advice is more than welcome!
1. The average of your payments in relation to the balance on your American Express account(s). **PER AN AUGUST 14, 2019 FICO REPORT**.
As of 8/29/19 this is what the balances actually are:
Existing AMX ACCTS: Two “Business Plus”
Acct #1. Paid down from 96.3% UT to 46%
Acct #1. Paid down from 91.5% UT to 55% .
2. The revolving balance(s) on your American Express accounts is too high.
Explain the nature of my business to AMX RECON: I renovate and restore homes. I also specialize in retrofitting architectural artifacts into homes new and existing. Therefore, funds spent during renovations are sometimes not collectible until after completion of project. So, at this point in business I’m only able to make minimum payments on most accounts, until I get paid by clients. Traditionally, I then pay off accounts and then start all over again. I don’t see why they’re complaining about this because it is ideal for credit card companies, as they get to realize the interest on on my accounts during that particular duration of time.
#1 = $7000 limit NEW BAL: $1850
#2 = $1000 on a $2000 limit NEW BAL: $9
3. The total of balances on your credit card accounts is high in relation to your monthly payments on those accounts, based on a review of our records and your credit report. See new balances
08/14/19 8/28/19
Cap1 - $ 6858. $1790
Citi♦️- $12052 $4753
Citi Simpl - $155. $0
Chase Freedom - $109 $7
Chase SWA $76. $0
USB Pers. VISA - $7442 $3000
USB HELOC - $62,519. $61,912
4. The amount of your payments in relation to the overall balance on your American Express account(s). Over the last nine months I have made only minimum monthly payments. Until my business matures, this is what I have available to me until my properties are sold in commissions are paid. See #1&2 Above^
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 August 14, 2019, your FICO score was 750.
As of 8/29/19 is now 756 * But, it still has not taken into account payments made from 8/15 - 8/29 = $15k
5. Proportion of revolving balances to revolving credit limits is too high.
A. UTR is deceiving. Revolving balances only equate to
B. Shrinking credit card debt:
4/15/19 = $36,977 8/29/19 = $10,500 = 11%
6. Length of time accounts have been established.
FICO08 reports AAOA is 6 years 1 month old.
Oldest Account: 31 years 5 months
7. Insufficient time since most recent account established.
HSBC on 8/1/19, and is the only new account since 2018. The only purpose for a obtaining account was for the 0% balance transfer offer. Very useful in my type of business because allows for me to avoid interest on money borrowed until properties are sold.
8. Excessive amount owed on revolving accounts. See #3 Above
(Sorry for the novel sized response😬)
