Should I apply?

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Snowman
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Postby Snowman » Tue Oct 09, 2012 6:23 pm

W- I hope one of them will give me a card (fingers crossed.) I don't mind paying the annual fees because throughout the year (especially during the summer and winter) I travel a lot, whether it be going on a cruise or visiting family out in the east coast. I could use the card for big ticket or certain things. So yes I do happen to travel quite bit, although not for a living. I'd rather start with a lower level charge card and work my way up. But yes, I do travel and it could come in handy if I'm in Vegas or I'm out with my friends, but also because it is a no interest card so I can easily pay it back and not overspend, so it keeps me in check.
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Snowman
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Postby Snowman » Wed Oct 10, 2012 6:29 pm

Bumping thread.
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Vermonster
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Postby Vermonster » Wed Oct 10, 2012 7:25 pm

Just out of curiosity did you try and recon the AMEX app? If nothing else they should tell you why you were denied. That could offer you a good place to start fixing things. They should let you know the CR they pulled and your score. That could be very helpful.

Also Have you been on Credit Karma and or Credit Sesame recently? I know they're not real scores but it might help you get an idea of where you stand. I've seen a lot of people buying scores from myfico.com, but I haven't used it myself. I don't think you get anything more by paying, it's still just a guess.
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Snowman
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Postby Snowman » Wed Oct 10, 2012 7:35 pm

Vermonster- I did try to recon the app and they still denied me. They basically stated that every thing else looked okay except that my history was short (5 months) and that I should try after 6 months of history, so I will either try in December, and if still denied, then at the end of April. That's what I was asking advice for, for when to apply....so that way I don't get to many inquires all at once. I do not have an account at credit sesame. But I do have one with CK, and they told me that my current score (I'm guessing they use TU) was a 729. I didn't ask which CR they pulled (I was in a bit of a hurry that day.) But I would be assuming they pulled EX.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

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Snowman
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Postby Snowman » Thu Oct 11, 2012 4:50 pm

Actually, I got my letter today from them, here is what it says:

Reason(S) for Our Decision:

Federal regulations prohibit us from approving applications that are taken over the phone from applicants who are under the age of 21. Because of this we cannot accept applications over the phone from under the age of 21.

Please apply again online at http://www.americanexpress.com/apply. If our information about your age is incorrect, please call us ***-***-**** so we can update your information and process your application. Thank you for your interest in American Express Cardmembership.

An important notice concerning your rights is included. The creditor is American Express Centurion Bank.

So basically they would not approve me because I am 19? I didn't know you had to be 21 to become an Amex member. And also I applied online and not over the phone, so I didn't really apply over the phone.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

Daniel
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Postby Daniel » Thu Oct 11, 2012 6:08 pm

Ah, FCRA changes were enacted to protect groups of people suffering from "predatory" practices. Some of the most controversial changes included changes affecting non working household members like stay at home parents, and younger borrowers like college students or recent HS graduates. In my opinion, although I don't like the rules because they don't help informed credit decision makers, like you, in these situations, I feel like these rules are to some degree necessary for the average american who is typically uninformed.

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Snowman
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Postby Snowman » Thu Oct 11, 2012 6:14 pm

So basically I have to be 21 to become an Amex member? I've heard other kids my age (20-21) get approved with a small but decent history. I'm still confused as to why I got denied. I mean BOFA approved me, but AMEX won't because I am too young?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.



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