American Express Reconsideration Strategy After Being Denied

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Ash
 
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Just faxed a reconsideration letter for approval

Postby Ash » Fri May 11, 2012 8:15 pm

Aloha,

I have a question regarding the likelihood of my AmEx and Costco True Earnings Card application being approved after faxing a reconsideration letter to them. Anyone with experience, knowledge, or information about this, will you please shed some light on me?

Before I jump in, I'd like to add that I have no collections, no negative accounts, and zero outstanding debts.

I went to Costco yesterday and applied for the above card. The employee who processed it said my application needed further review and I should call the 1-800 number listed on the piece of paper for the final decision. I called the number and a gentleman on the phone told me I had been denied. I asked him why and he said it was because when they pulled my Experian report, it showed no credit history or credit score.

I said that was impossible because I had just pulled my credit report and score an hour ago and was looking at it as we spoke. I went on to explain that I indeed do have credit scores which are Ex 732, Eq 717, and TU 717 (which aren't fantastic, I know) and a credit history which shows that I had NEVER missed a payment or been late on a payment with any of my previous accounts.

I asked the gentleman if I could speak to someone about reconsidering my application based on the facts I had just given him. He said yes, put me on hold, then returned a few minutes later. The gentleman told me that his supervisor said I needed to fax over a copy of my credit score which had yesterday's date (the same date I applied for the card) to (801) 945-2711 and address it to: Attention: Media Department.

The following morning (today), I faxed over a reconsideration letter (I can provide that if you want) as well a copy of my credit score AND a copy of my credit report, showing my 9.8 year credit history/length and 100% on time payments.

I'm sorry this is so long and drawn out, I just want to make sure I am thorough.

So, my question... What do you think my likelihood of being approved for this card is after the reconsideration letter and credit score/report copies I faxed over?

Thank you in advance for your time. It's greatly appreciated. <3


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PlatinumAMEX94
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Postby PlatinumAMEX94 » Mon May 14, 2012 2:12 am

Based on the information you provided I think you have a high chance of approval. It could be some clerical error or they have the wrong file they are looking at. Good luck.
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creditn00b
 
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Looking for honest opinions...

Postby creditn00b » Mon May 14, 2012 11:12 pm

So I recently applied for my first credit card, the Blue Cash Everyday. I was concerned that it may have been a little out of my reach but I wanted it so badly. This was back in April and I am now trying to decide where to go from here: persist with AmEx or move on.

My situation is that I am a recent college graduate, 24 years old, and I am fortunate enough to not have any student loans. I have had a cable and an electric bill in my name that I hace been paying on for 3 years now. To my knowledge that is potentially all the credit that I have if it is any. I am aware that I have essentially no credit. I have read a researched months about cards and the processes and odds all with lots of conflicting information.

I really want to start building credit, I know exactly how I want to use my card. I felt like AmEx was a good fit for me because I loved all of their features and benefits above the rest. Additionally, my family sang AmEx's praises as far their experiences go (members since 89).

Basically, I wondering if I have a shot at getting reconsidered with an arguement that I have no financial obligations currently, I am in love with the card, ~40K a year with 10K in savings. Also, do they retain my app on file and could they tell me if I qualify for any other cards (green card). I know it was my first and only app but I really didn't take rejection well.

Who does?

I was just hoping to start my credit foundation with an approval instead of being declined. I have looked at secured cards but heard AmEx's doesn't report to the bureaus on the secured cards. So I have looked into Capital One's but I dont want to feel obligated to continue an unsecured card relationship with Capital One when I really want AmEx.

I would realy appreciate any and all advice from the expericenced credit card holders here.

Please and Thanks.

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Tue May 15, 2012 1:56 pm

creditn00b wrote:... my family sang AmEx's praises as far their experiences go (members since 89).


Since you have been declined on your own credit merits perhaps you could convince a family member to add you as an authorized user. They can set monthly limits so you don't overextend them/yourself. After 2 years, then reapply for your own AmEx card.

Otherwise if you go the normal route you will need 2 major credit cards, 2 years of solid history, no late payments, a store credit card and perhaps even a car loan showing consistent payments. THEN you may qualify on your own. Yes, there are people who get them sooner, but based on the things listed in your posting, this is what you will need.

I would see if you can get a loving relative to just let you be an authorized user. Proving to your family you are responsible is easier than proving to American Express credit analysts.
American Express Platinum Personal, Member since 94
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Crashem
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Postby Crashem » Wed May 16, 2012 2:59 am

baseballman489 wrote:Forgot two things: I actually have three credit cards, not two (1. Chase Sapphire Preferred, 2.5 years, 2. Chase Freedom, 8 months, 3. Target Red Card, 2 years), and annual income is ~$65K


They always give you reasons why you are denied. As for your score, where did you get it? Probably a fako unless you got from credit grantor. What score did denial letter give? Choices are two. One ask for recon. Explain that you pif and you know reported util is hurting your score. Two, pay balances one month so that cards report zero balance and reapply when 0 balances report
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CFE Sleuth
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Postby CFE Sleuth » Mon May 21, 2012 9:16 am

I'm an AmEx Platinum Member and also have the SPG card. My wife and I had a baby 4 weeks ago and work travel budgets have been drastically cut, so we/I won't be traveling much in the near future. I decided to shift my spending to a cash back card opposed to points/hotel rewards. This morning I applied for the AmEx Blue Cash Everyday card and wasn't instantly approved (which kind of surprised me). I got a message that said something like "your application is still pending (or requires further review....can't remember) and we will get back to you in writing within 14 days."

The 14 day thing typically means you're going to get declined so I'm a little concerned. Thoughts???
[size=80]Amex Platinum
Amex Starwood Preferred Guests
Amex Blue Cash Everyday
Discover Cashback Bonus
Capital One Cash Rewards[/size]

Crashem
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Postby Crashem » Mon May 21, 2012 2:11 pm

CFE Sleuth wrote:I'm an AmEx Platinum Member and also have the SPG card. My wife and I had a baby 4 weeks ago and work travel budgets have been drastically cut, so we/I won't be traveling much in the near future. I decided to shift my spending to a cash back card opposed to points/hotel rewards. This morning I applied for the AmEx Blue Cash Everyday card and wasn't instantly approved (which kind of surprised me). I got a message that said something like "your application is still pending (or requires further review....can't remember) and we will get back to you in writing within 14 days."

The 14 day thing typically means you're going to get declined so I'm a little concerned. Thoughts???


It doesn't mean that. Just call in a couple of days.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

MemberSince99
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Postby MemberSince99 » Mon May 21, 2012 2:22 pm

PlatinumAMEX94 wrote:Since you have been declined on your own credit merits perhaps you could convince a family member to add you as an authorized user. They can set monthly limits so you don't overextend them/yourself. After 2 years, then reapply for your own AmEx card.

Otherwise if you go the normal route you will need 2 major credit cards, 2 years of solid history, no late payments, a store credit card and perhaps even a car loan showing consistent payments. THEN you may qualify on your own. Yes, there are people who get them sooner, but based on the things listed in your posting, this is what you will need.

I would see if you can get a loving relative to just let you be an authorized user. Proving to your family you are responsible is easier than proving to American Express credit analysts.


I was going to suggest the AU approach but Amex94 has that, and it's a solid idea if you can get them to do this. In the end, though you'll still have to build your own credit, and to start, unfortunately it will be without Amex. Just being honest in saying they cater to the prime crowd, and that means established, great credit as Amex94 said. I almost hate to say it, but you would do well to say get a Cap One card to start, it will get one credit limit increase and that will probably be it, but by the time you care, you will be able to get Zync anyway and ditch Cap One. If you can afford to, get a secured card for the higher limit (Cap One will likely give you 200 to 500 bucks, max will be 750 in 6 months).

So if you could afford it, ideally you'd get a secured card with say a 1000 dollar limit, and an unsecured for 500. Amex does not like to see companies like First Premiere and the like on your report is what I've heard so try to avoid the absolute bottom of the barrel out there. After a year to 2 years of paying responsibly you should be able to qualify for Zync. I recommend getting Zync because it is far easier to get a charge and Zync is the easiest to get. You can then work on using that for another 6 months to a year, then try for higher if you like or a revolver (probably wait a year or so for a revolver). The good news is once you are in the club, everything backdates AND if you are declined it's only a SP.

Basically everything 94 said, but this is hopefully some more helpful info that will get you to where you want to be.....

SteveT
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Postby SteveT » Mon Jun 04, 2012 6:09 pm

jgmarra wrote:I am a past American Express cardholder (Gold, Nest, Clear), but I ran into credit issues that forced me to enter into a credit counseling program. I was able to complete the program about a year ago without any issues. Needless to say, AMEX closed my accounts once the program was completed.


Did Amex take a loss on you or were you able to pay them in full with the CCP?

padredelosninos
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AMEX Recon?

Postby padredelosninos » Sun Jul 22, 2012 5:12 pm

Hey guys, I'm kind of a Noob here, not necessarily to credit, however. So, I have got a couple of questions for you gurus. Before I get to them, I'll give you a little back ground. My oldest card is about 5.5 years old, got it right as I left college. My newest card is from my credit union. My cards: GTE FCU Visa Platinum Rewards 11,600 cl, Chase Freedom 3,000 cl, Bank of America Cash Rewards Card 5,000 cl, Good Year Store Card by Citi 1,250 cl, two Capital One cards 500, 750, another BofA student card 100 and a truck loan a little over 30k.

I'm making around 64k a year, debt to limit ratio is about 11% on credit cards. No mortgage or rent, own the home outright. CK score FAKO of 732, Free Credit Report FAKO 728. Not sure what my most recent FICO is simply because a couple of days ago I had some fraudulent Collections removed. I just bought the truck and got the Federal Credit Union card as of april.

I just applied for the Amex Delta Sky Miles card the other day, and that's how I found out about the fraud, and was declined, that has since been removed according to my current credit report. The other reason was for too new of a couple of accounts, first the truck and the GTE card, and also the Chase card which I got in April, truck and CU in May.

I was just wondering, given that I had the fraudulent collections removed, should i call and have it recon'd or should I just let it ride for a year or so, and hope for the best. I want to start a relationship with Amex. If I cant do it in this way, I'm thinking of having my BOA cash card converted to the Amex Accelerated rewards card. I shop at costco a lot and that's the only card type they take plus I love flying. Also, if I do have my card converted, does this start the relationship with Amex, or no since it would be co-branded?

Thanks for helping the Noob!

PS I have been lurking for a while, and have gained a lot of valuable info, so thanks to you all!



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