AMEX rejected my application. Now what?

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Joined: Tue Aug 14, 2012 8:25 pm
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AMEX rejected my application. Now what?

Postby pendraggon87 » Tue Aug 14, 2012 8:31 pm

So here is my backstory for this:

I received a letter a couple months ago that I owed New York State money. I paid it, but the letter indicated that the payment was 2 years overdue (no idea why my accountant did not catch this, and why they waited two years to contact me). As such, there is now a paid tax lien on my credit report that will be there for 7 years.

I have one credit card, which is often utilized heavily, as I pay for everything with that one card. It only has a $4500 limit (I never asked to get it raised) and carries usually between 2000-3000 on it, though I pay it in full every month.

All my accounts are in good stand, paid in full, etc.

No loans to speak of - all my loans were paid off immediately when I graduated college (I realize this hurts a bit)

Now - I applied for the AMEX SPG Rewards card, and was denied. Though my credit score is in the 735-750 range depending on the bureau, AMEX said that my Experian FICO score was only 656 because of:

  1. Derogatory public record or collection filed
  2. Too few accounts currently paid as agreed
  3. Lack of recent installment loan information
  4. Proportion of revolving balances to revolving credit limits is too high

Now - the first item is nothing I can help, but I cannot see that as being the only deterrent.
The second item - does this mean I am penalized for not having more credit cards?
Item the third - I do not nor do I plan on taking out a loan in the near future
Last - What do they expect when I only have one credit card? It is paid in full that should not be a problem.

I should note that I make a salary of over $75k, with a nice bonus, and have about $200K in reserve, so I am definitely a VERY minimal risk.

Any advice on how to get them to allow me my card? I have started paying off my CC balance every week to minimize the utilization.

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