Reconsideration for Blue

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3 posts
ernieadiaz
 
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Joined: Tue Nov 06, 2012 12:37 pm
Location: Fort Lauderdale, FL

Reconsideration for Blue

Postby ernieadiaz » Tue Nov 06, 2012 1:32 pm

Hi, everyone. This is my first post on this great, great forum. :D And definitely won't be the last. I just want some opinions on whether it's worth it to attempt reconsideration at this point.

I applied for Blue from AMEX and I was declined. They say the reasons are my Experian FICO score of 701, too many requests for credit and high utilization of credit lines.

I have 10 accounts in good standing on my EX file. No collections, no missed payments. I just don't understand the high utilization bit. I have two credit cards in use. A Macy's card and a Capital One card and I'm using about $350 worth of $2000 of total credit available including a card I never touch. I also have a car loan that is almost 2 years old but I recently refinanced. The refinance process generated 7 inquiries and there are 3 others from applications on the same day as I applied for Blue totaling 11 inquiries in the last 30 days.

So should I write to be reconsidered? Do I just have too many inquiries? Too little credit? Is my score too low? Should I open some more accounts before I try AMEX again? Is there an AMEX card I'd have an easier shot at? :confused:

Any advice would be appreciated.

-ernie

EQ 736 / TU 759 / EX 701


Jslimm1985
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Postby Jslimm1985 » Wed Nov 07, 2012 6:18 pm

ernieadiaz wrote:Hi, everyone. This is my first post on this great, great forum. :D And definitely won't be the last. I just want some opinions on whether it's worth it to attempt reconsideration at this point.

I applied for Blue from AMEX and I was declined. They say the reasons are my Experian FICO score of 701, too many requests for credit and high utilization of credit lines.

I have 10 accounts in good standing on my EX file. No collections, no missed payments. I just don't understand the high utilization bit. I have two credit cards in use. A Macy's card and a Capital One card and I'm using about $350 worth of $2000 of total credit available including a card I never touch. I also have a car loan that is almost 2 years old but I recently refinanced. The refinance process generated 7 inquiries and there are 3 others from applications on the same day as I applied for Blue totaling 11 inquiries in the last 30 days.

So should I write to be reconsidered? Do I just have too many inquiries? Too little credit? Is my score too low? Should I open some more accounts before I try AMEX again? Is there an AMEX card I'd have an easier shot at? :confused:

Any advice would be appreciated.

-ernie

EQ 736 / TU 759 / EX 701


First and foremost congrats on your post.

I would like to think that you may have one too many inquiries. There are far more knowledgable members than myself so I will leave it up to them to elaborate.

As far as reconsideration, I've read from other members applying for the Blue with a lower FICO and they've been approved so I don't think your score is an issue (also keep in mind the varying factors of credit). What I can recommend is once you're ready, applying for a charge card with Amex first as they're rumored to be easily obtained. This seems to be the best way to get your foot in the door with the company. If you we're to go for a charge card with Amex, I'd recommend getting the Green card if you can stomach the $95 annual fee.
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Snowman
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Postby Snowman » Wed Nov 07, 2012 6:41 pm

Ernie, from my limited experience, I do not think it is your scores that are the problem but I believe they are inquires that are giving you grief. Since you just refinanced I would wait a little while (6-12) months before applying again, because there are many companies (Amex, Barclay's, Chase) that are very inquiry sensitive as I have read on other forums. Just lay low for a little bit, don't apply for anymore credit, and in a year you can try your luck again. Good luck. And as Jslimm posted above, their charge cards are rumored easier to get, basically if you qualify for their Green card, you probably (if your payment history is good, and you are in good standing with them overall.) can qualify for the Gold as well, the centurion and Platinum are worth it if you travel a lot. Their revolvers are much more difficult from what I hear to obtain.
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