Green denial, interesting reasons

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bgalakazam
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Green denial, interesting reasons

Postby bgalakazam » Mon Jul 15, 2013 8:06 pm

I tried for a Green last year, and this year in March. Now I tried again, but looks like no-go (auto-deny). This time AMEX decided to pull Equifax (whereas my TransUnion looks good and Experian is OK). I am not going to apply until next year most likely so looks like I missed another year of backdating (I wanted one in 2012, no go, now it's 2013).

Can you please review my information and give some suggestions as to whether I have a shot at AMEX this year still (I can try around December). Otherwise I'll just wait a complete 6 months till January.

Reason(s) for Our Decision

- Our evaluation of the inquiries on your credit report based on the number, type and recency. (Equifax)
- Your FICO score (See below)
- Lack of bank account or lack of bank account information ????
- The credit line is too low on your credit card account with the highest balance on which, in our estimation, a majority of the balance has been paid in recent months. (Experian)


...On July 10, 2013, your FICO score was 675...key factors...

- Length of time accounts have been established
- Too many inquiries last 12 months
- Lack of recent installment loan information. ????
- Proportion of revolving balances to revolving credit limits is too high.



Can you explain the ???? I marked as I don't understand them. Also, below is some more of my info.

Besides staying in the garden and requesting the Equifax report for this denial, realistically, do I have a shot at AMEX this year or is it better just to wait till 2014?

My Info:
- cap1 04/12, discover 03/13, walmart 03/13, VS AU 11/12
- util at time of pull ~30%, now is less than 20%, will be paid off within a month
- my Cap1 was increased 750-1250 after the apply
- I have a checking account with a bank and a savings+checking with a CU, I have ETF's with Charles Schwab and I also have 401K, mid 30000s pay
- TU FICO for Apr, May, Jun, Jul - 733, 702, 709, 719
- EQ report from 4/2/13 - 7 inq (2 are AMEX) for 2 years, 5 (1 is AMEX) for 12 months
- EXP report from 6/24/13 - 12 inq (1 residential for rent, 2 AMEX) for 2 years, 4 (1 residential for rent, 1 AMEX) for 12 months
- TU report from 3/19/13 - 11 inq (3 AMEX, 1 T-Mobile background check) for 2 years, 4 (2 AMEX) for 12 months
- I have a couple auto-loan applications (after AMEX denial), they should count as 1 inquiry I hope (I heard it's 1 inquiry for scoring, maybe not for CC decisions). I still haven't taken the loan, looking for the right car


MemberSince99
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Postby MemberSince99 » Mon Jul 15, 2013 8:19 pm

Sounds like the first one is you didn't list having a bank account with them? They ask you on the application if you have them. You mention having some accounts so I assume you listed them? Not sure what that would mean. You may have to call them and ask.

And installment loans are things like a car loan. You clearly don't have something like this (a mortgage, personal loan, or student loans would be other types of installment loans).

Inquiries is the first reason given combined with your score. I would say if you pay down utilization to under 10%, optimally even 1-4%, and let the inquiries and accounts age 6 months you could probably get approved at that point. You aren't that far, just apparently you aren't there yet in their eyes. I would say just have your utilization very low and give things time and you will be good in 6 months to get a Green.

Also for scoring purposes they can count as one but they will still be on your report and be seen as inquiries. The computer doesn't usually know (and a lot of underwriters won't either) that it was you were car shopping. That's what you could point out in a manual review.

Hope this is helpful and I wish you success in getting your Green.

ksy
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Postby ksy » Tue Jul 16, 2013 9:42 am

99 is giving good advice here the only this that I might add is when do apply again call in and apply with a real person. I was denied by them twice once responding to a mail off and once online. Then I was dealing with Hilton honors on the phone and I had an offer to apply to the amex Hilton card she transferred me to amex and I told the guy I didn't want to apply for the Hilton card but might want the green card 10 min later he was welcoming me to the family.

MemberSince99
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Postby MemberSince99 » Tue Jul 16, 2013 1:53 pm

ksy wrote:99 is giving good advice here the only this that I might add is when do apply again call in and apply with a real person. I was denied by them twice once responding to a mail off and once online. Then I was dealing with Hilton honors on the phone and I had an offer to apply to the amex Hilton card she transferred me to amex and I told the guy I didn't want to apply for the Hilton card but might want the green card 10 min later he was welcoming me to the family.


I don't think that makes any difference as far as odds of approval goes. I got a pre-approved offer in early 2011 from Amex for the green card. I called in to apply, and the girl on the phone took my info, submitted, and I was declined. But going online has been mostly approvals. So I haven't seen it helps in terms of approval if that's what you mean?

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AmEx Bear
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Postby AmEx Bear » Tue Jul 16, 2013 3:59 pm

Once approved, please don't forget to poke me for all your F/R needs!
Poke me and I will F/R you

SteveT
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Postby SteveT » Tue Jul 16, 2013 4:05 pm

I would contact Amex and have them go over the reasons they denied you and also ask for reconsideration.



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