Why was my application denied?

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jahabrewer
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Why was my application denied?

Postby jahabrewer » Mon Sep 24, 2012 5:07 pm

I recently got amex fever and decided I wanted a blue cash preferred for the crazy 6% on groceries because I almost never eat out. I felt like I had a good shot... here are my stats:

753 transunion score
85k gross annual verifiable salary
i'm an authorized user on my mom's super old (90s) visa, never late
i own a 3 year old citi visa, always paid in full, never late, generally kept around 20% usage
no bad remarks ever

Do I not have enough history? I'm only 22, but I feel like I've shown only good things. Would I have a better shot at a green or gold card? I'm expecting the rejection letter in a week or two, but I'm pretty impatient. Do you guys have any ideas?

Thanks!


LadyinRed
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Postby LadyinRed » Tue Sep 25, 2012 5:31 pm

Were you straight up declined or were you given the "application pending, we'll get back to you in 7-10 days." Because I've heard from most people who were approved for the card who first got the 'pending' screen ended up getting the card.

What I can see is that your utilization might be a little high. The best to have is one under 10%. Also the number of accounts you have could be the problem. They might want to see more than just two accounts. And a variety. A car loan or students loans would help you.

I'm not sure about the green or the gold... but I do hear a lot about people starting with the Zync to establish a relationship with AMEX.
AMEX: Blue Cash Preferred (6% on groceries, 3% gas & dept stores)
Capital One: Venture (2 points per $1, equivalent to 2%)
Chase: Freedom (rotating 5% categories), Disney Rewards (1 point per $1, Disney benefits)
US Bank: Cash+ (5% bookstores / 5% Electronic Stores)

jahabrewer
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Postby jahabrewer » Tue Sep 25, 2012 5:49 pm

LadyinRed wrote:Were you straight up declined or were you given the "application pending, we'll get back to you in 7-10 days."


If I remember correctly, I was straight up declined.

I've always heard that usage under 30% is good. Is that just something that amex is stricter about?

jahabrewer
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Postby jahabrewer » Tue Sep 25, 2012 7:23 pm

I got my letter. Reasons were: proportion of revolving balances to revolving credit limits is too high, length of time accounts have been established, lack of recent installment loan information, and too few accounts currently paid as agreed.

So what I'm getting from this is that I need to have older credit accounts, more credit accounts, and take out a loan? The revolving credit thing is confusing since I've never revolved a balance.

Money card
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Postby Money card » Sat Sep 29, 2012 12:57 am

Let me see if I understand this correctly your 22 you have a citibank card, you want a Blue cash perfered, your salary looks fine, your citibank 3 years old looks fine to me, I would say try for a Discover card, if you get approved use the 2 cards a lot pay in full
maybe 1 month charge 450.00 on your citi the next month charge 250.00 on your Discover , use the cards alot, but pay in full
after a few months try for the blue cash perfered.

I'm 46 2 years ago I just got my American express , got turned down alot over the course of the years. I had a chase card and Discover
used them alot and paid in full. so try this out.

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djrez4
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Postby djrez4 » Sat Sep 29, 2012 7:13 am

jahabrewer wrote:I got my letter. Reasons were: proportion of revolving balances to revolving credit limits is too high, length of time accounts have been established, lack of recent installment loan information, and too few accounts currently paid as agreed.

So what I'm getting from this is that I need to have older credit accounts, more credit accounts, and take out a loan? The revolving credit thing is confusing since I've never revolved a balance.


Amex probably pulled Experian. Have you looked at your report to see how things look? Maybe your mom's card isn't reporting or maybe they caught you with a high balance. If Amex makes a factual error in their analysis, you can ask them to reconsider.
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cardslayer
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Postby cardslayer » Wed Oct 10, 2012 10:40 pm

Go for a charge card with them first (green/gold). Amex history of even 6mo trumps any of those decline reasons you listed when you get a revolver.



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