Denied Zync! Low FICO :(

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
8 posts
Supermade
Green Member
Green Member
 
Posts: 4
Joined: Tue Mar 20, 2012 4:47 am
Location: West Covina

Denied Zync! Low FICO :(

Postby Supermade » Wed Mar 21, 2012 8:39 pm

Here is the thread of my current situation:
http://creditcardforum.com/general-credit-card-talk/4051-should-i-get-multiple-secured-credit-cards-reach-my-goal.html

Anyways, I got too anxious and thought that somehow I was an exception to AMEX and would qualify, even though with bad credit, since I have just paid all my debt.

This was AMEX decision:

Thank you for your recent application for Zync SM from American Express. We do value your desire to establish a relationship with us. We regret that we are unable to approve your request.

Reason(s) for Our Decision


Your FICO? score (See below)


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 March 20, 2012, your FICO score was 544. The FICO score ranges from 300 to 850. The following are the key factors that contributed to your FICO score:

Serious delinquency, and public record or collection filed.
Too few accounts currently paid as agreed.
Length of time accounts have been established.
Lack of recent installment loan information.
I am currently enrolled in the Experian service to check my score through their website and it list a score of 604! Regardless, I'm sure I would be qualified even if I ask to reconsider.

I just got a BankAmericard Secured Platinum Plus Visa with a $300 CL. I plan on getting this to a $600 CL within a month. Any other suggestions?


bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

Postby bmw1990Z » Thu Mar 22, 2012 2:41 pm

I'm no credit expert but Amex looks at how long you've had credit history for. If you have a SECURED card with low limit as your only source of credit history they most likely aren't going to take a risk on you. Also, your FICO score is much too low. You need it in the higher 600's or lower 700s to get the zync charge card. Did you try the blue?
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Thu Mar 22, 2012 4:18 pm

Keep in mind that generally the score obtained directly from the bureaus themselves are largely FAKO scores, or not real FICO scores. They are generally "close" to what the FICO might be, but as you found, yours was off by a bit.

Even at 604 your chances at approval were slim; however, the reasons AMEX gave you for denial are pretty serious:

Serious delinquency, and public record or collection filed.
Too few accounts currently paid as agreed.
Length of time accounts have been established.
Lack of recent installment loan information.

You can't really expect to obtain a prime card like AMEX with recent lates/charge offs etc. Were you hoping to be approved for the hard limit with autopay? Credit takes years to build and there is no real instant fix other than time.

Too few accounts currently paid as agreed: give your BofA a year so that you have a years worth of credit to report.
Length of time accounts have been established: again, you need to let your accounts age. Adding more accounts will lower your Average Age of Account by quite a bit.
Lack of recent installment loan information: this one is grasping at straws really. I think that if you allow your existing accounts to age a year you should be fine to try again.

In the meantime, send some goodwill letters to your past creditors asking if they might remove a late or two from reporting. I would strongly advise against opening a lot of cards; you may be okay to open one other now, but if you want an AMEX within a year or two, opening new accounts will really hurt your chances.

bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

Postby bmw1990Z » Thu Mar 22, 2012 5:39 pm

back me up on this forum posters but can't you check your real fico score through myFico.com ?
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

CC Deville
Centurion Member
Centurion Member
 
Posts: 1067
Joined: Thu Aug 04, 2011 7:07 pm
Location: Phoenix

Postby CC Deville » Thu Mar 22, 2012 7:17 pm

bmw1990Z wrote:back me up on this forum posters but can't you check your real fico score through myFico.com ?


Yes. MyFICO has your true TU and Equifax FICO scores; Experian for whatever reason does not give them out.

bmw1990Z
Centurion Member
Centurion Member
 
Posts: 341
Joined: Sun Mar 18, 2012 10:08 am
Location: USA

Postby bmw1990Z » Thu Mar 22, 2012 10:02 pm

CC Deville wrote:Yes. MyFICO has your true TU and Equifax FICO scores; Experian for whatever reason does not give them out.


Couldn't you also just go to Experian to get all the info needed?
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

Crashem
Centurion Member
Centurion Member
 
Posts: 538
Joined: Fri Mar 09, 2012 9:29 am
Location: San Francisco, CA

Postby Crashem » Fri Mar 23, 2012 11:15 am

bmw1990Z wrote:Couldn't you also just go to Experian to get all the info needed?


Nope Experian won't sell you their FICO, but only their FAKO. Only way I know to get real EX based FICO is to apply for credit with someone who pull Experian and see what it says. AMEX however uses their own FICO scoring model based off of EX Fico scoring model. Assuming your info is the same on all credit reports, get a real FICO from myfico and it is likely that your FICO scores will be within 20 points of each of other.

As for the original poster, he is FAR off from getting an AMEX. He should get a couple more secured cards (get the ones with least annual fees as you will keep them a while) and he has a fairly long wait in front of him.
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

JCarter
Centurion Member
Centurion Member
 
Posts: 323
Joined: Thu Mar 15, 2012 10:40 pm
Location: Virginia

Postby JCarter » Sat Mar 24, 2012 11:21 pm

CC Deville wrote:Yes. MyFICO has your true TU and Equifax FICO scores; Experian for whatever reason does not give them out.


FICO is FICO, TU has Vantage and Equifax their own scoring system as well. You may purchase them through myFICO but you can also purchase them directly.

Your score will vary agency to agency as they may not all share the same information on your reports or they may have a different scoring matrix. FICO has their own method of scoring and apply information from the (3) majors in order to come up with it.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 1 guest