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:
- Derogatory public record or collection filed
- Too few accounts currently paid as agreed
- Lack of recent installment loan information
- 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.