Denied for Amex Blue Cash. Please Help Explain...

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clifford_92FS
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Denied for Amex Blue Cash. Please Help Explain...

Postby clifford_92FS » Sat Dec 17, 2011 7:39 pm

Hi all,

I am obviously new to this forum and a recent experience has brought me here. I am new to credit for starters. I have had a Wells Fargo Cash Back card for just about 6 months and have paid in full each month, but my statement balance (the balance I understand to be sent to credit bureaus) has been between 40-60% of my available credit.

I just recently found out 30% is the key number to try for. But again, I have paid in full before the due date. I don't plan to ever pay interest charges.

One last piece of information to give you an idea of my credit history is that at the same time I got my WF card, it was attempt #3 of the day to get a card.

I applied for two other higher end cards, not thinking that not having a credit history would be a negative factor. I was rejected right away. I think WF approved me because I have brokerage accounts with them (and I am a WF employee) so they could see how much liquidity I have. So I could get a rewards credit card from the start, instead of a secured card.

So my question is, with this little of a credit history, are you surprised that I was rejected for the Blue Cash Everyday card? The reason for my rejection was, as per AMEX, my FICO score, amount of credit available, and too many new accounts. That last one is the one that is terrifying. I only have ONE credit card, and no other forms of credit. No loans, no HELOCs, no mortgages.

It goes on to mention "too few accounts paid as agreed", "too many inquiries in the last 12 months," and "lack of recent installment loan info received." Does it sound like my ID has been taken and in turn I have bad credit, or do you just think AMEX would like to see more of a credit history from me?

If you have made it this far, I really do appreciate it and will be looking forward to any help you can relay. Thanks in advance, Cliff.


Money card
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Postby Money card » Sat Dec 17, 2011 9:01 pm

I'm glad to hear that you pay your bill in full. so you have no car loans or student loans thats great you get to save money thats a great thing.

no I'm not surprised alot of people get turned down for a American express card.

back in the late 80's I first applied for the green card I got turned down. a few years later I tried for the gold got turned down.
in 1998 tried for the gold optima was given the lower level blue optima. Some people do get it as there first but the majority don't.

I think American express would like to see 1 or 2 more cards. I have a couple of suggestions since you have a wells fargo , a nice idea would be a lower level card a TD bank credit card, key bank or even citizens. these cards should be easier to get.

but if you have a local bank in Richmond Virgina NOT chase , Bank of america, hsbc. a local bank that is more known for there checking and savings but does issue credit cards that would be something to think about.

then after you establish credit then you can think about getting any american express card you want.

sdoonan
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Postby sdoonan » Sat Dec 17, 2011 10:15 pm

I had to have two cards and low utilization myself before I got approved for the Blue Cash (the predecessor for BC Everyday). Even thought I was 19 at the time (I'm 20 now), I got approved on my first go.
Cards I Carry:

Visa: CitiForward Student (1k CL, 15.24%), Capital One Student Journey Rewards (.5k CL, 19.8%)
Discover: More Student (1k CL, 17.99% regular, current rate 1.9% through 3/6/12) (Primary card at this time)
AMEX: Blue Cash Everyday (2k CL, 21.25%)

clifford_92FS
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Postby clifford_92FS » Sun Dec 18, 2011 7:54 am

Thanks for the replies. It sounds like I just need to be patient before I try for an AMEX. I'm waiting on my credit report in the mail so I hope there is nothing fraudulent on it. This will be my first time receiving my credit report.

clifford_92FS
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Postby clifford_92FS » Sun Dec 18, 2011 5:43 pm

Reading through most of the other threads, I saw mention to a reconsideration for people who were denied. It sounds like applying for the card resulted in a "hard hit" to my credit report, but asking for a reconsideration does not affect your credit report. You are just asking them to think about it again? And would it help if I had available brokerage statements or other financial docs to show that even though I have a short history, I still have liquidity to pay off potential balances?

I'd like to try again to get this card. This latest application was the 4th credit card app in the last 6 months and only one was approved. So I don't think I should try again for a year (?) if this reconsideration option does not work. Thanks again for your help.

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Sun Jan 08, 2012 1:48 am

clifford_92FS wrote:Reading through most of the other threads, I saw mention to a reconsideration for people who were denied. It sounds like applying for the card resulted in a "hard hit" to my credit report, but asking for a reconsideration does not affect your credit report. You are just asking them to think about it again? And would it help if I had available brokerage statements or other financial docs to show that even though I have a short history, I still have liquidity to pay off potential balances?

I'd like to try again to get this card. This latest application was the 4th credit card app in the last 6 months and only one was approved. So I don't think I should try again for a year (?) if this reconsideration option does not work. Thanks again for your help.


Your 4th app in 6 months? Creditors don't like that. They are wondering why you are applying for so much credit. Normal people only apply for credit 2 times per year, or less. AmEx likes to see how you pay on a Visa/MC before they issue you one. I had established credit for 5 years before I applied for the Green Card.
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