Denial From Credit Card Company Even With High Fico Score
Author: tonyage
Posted: Wed Mar 28, 2007 4:53 pm
Post subject: i don't get it!
So i'm fairly new to this whole credit thing. I've had a chase credit card for about 5 months and decided to get my Fico score. I was really excited to see it was at 721. Now, from my understanding i would think i would get approved to almost any simple card, right? So i tried applying for an AmEx blue card and it turns out i get denied. Any idea why? Don't have any bad credit history. I have a chase card with a limit of 800 and a citi student platinum of 500 which i have all on my own. No co-signers. Why would they deny me? I make all my payments as soon as i get my statement! Don't they realize there is still honest and responsible young people in the world?!
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Author: tonyage
Posted: Wed Mar 28, 2007 4:59 pm
Post subject:
oh. i forgot to mention that all i wanted or need is a credit card with a 2k limit so i can buy my laptop.
Author: skyfox2020
Posted: Wed Mar 28, 2007 5:09 pm
Post subject:
Amex typically likes to see a credit history of at least 1 year.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tonyage
Posted: Wed Mar 28, 2007 5:32 pm
Post subject:
have any idea on which credit card would approve me with a limit of around 2k? With mediocre apr or any i guess.
Author: multiplierx
Posted: Wed Mar 28, 2007 6:16 pm
Post subject:
How old is the Citi card? You might not have enough age on your credit reports for Amex.
Didn't Amex send you a denial letter stating the reason for denial?
Have you checked your credit report on the 3 bureaus - Equifax, Experian, Transunion? If not, do that. You don't need to pay for FICO on them. Just get your free annual reports if you haven't already to make sure all 3 are reporting the same information.
I would say Citi or Amex is your best chance at getting a 2k CL. Depending on how long you've had the Citi card, you might be able to get an increase. You could also try applying for the Amex Delta card because it appears that's easier to get than the Blue. Amex would probably let you convert that card to Blue later on. But I wouldn't apply for anything until you know what all 3 bureaus are reporting.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Wed Mar 28, 2007 6:21 pm
Post subject:
You may get a response that states the current balances on your current accounts or too low or not enogh debt experience.
Author: Special K
Posted: Wed Mar 28, 2007 6:38 pm
Post subject:
I second what mutiplierx is saying. I believe that AMEX usually pulls Experian, but regardless you should find out what all three of your credit scores are. You should be getting a denial letter in the mail with reasons for why you were denied credit so that'll tell you exactly why they denied you.
Is a 2k limit all you need for buying a laptop? If you're looking at one that's 500 or 600 dollars than that's fine, but you want to keep your high balance on your card under 50%. AMEX is usually fairly generous with their CLIs, so even if you get an initial CL of 2k, when you activate it you could request an increase of a few thousand dollars using the LUV button and you stand a better chance than not of getting it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Mar 28, 2007 4:53 pm
Post subject: i don't get it!
So i'm fairly new to this whole credit thing. I've had a chase credit card for about 5 months and decided to get my Fico score. I was really excited to see it was at 721. Now, from my understanding i would think i would get approved to almost any simple card, right? So i tried applying for an AmEx blue card and it turns out i get denied. Any idea why? Don't have any bad credit history. I have a chase card with a limit of 800 and a citi student platinum of 500 which i have all on my own. No co-signers. Why would they deny me? I make all my payments as soon as i get my statement! Don't they realize there is still honest and responsible young people in the world?!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tonyage
Posted: Wed Mar 28, 2007 4:59 pm
Post subject:
oh. i forgot to mention that all i wanted or need is a credit card with a 2k limit so i can buy my laptop.
Author: skyfox2020
Posted: Wed Mar 28, 2007 5:09 pm
Post subject:
Amex typically likes to see a credit history of at least 1 year.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tonyage
Posted: Wed Mar 28, 2007 5:32 pm
Post subject:
have any idea on which credit card would approve me with a limit of around 2k? With mediocre apr or any i guess.
Author: multiplierx
Posted: Wed Mar 28, 2007 6:16 pm
Post subject:
How old is the Citi card? You might not have enough age on your credit reports for Amex.
Didn't Amex send you a denial letter stating the reason for denial?
Have you checked your credit report on the 3 bureaus - Equifax, Experian, Transunion? If not, do that. You don't need to pay for FICO on them. Just get your free annual reports if you haven't already to make sure all 3 are reporting the same information.
I would say Citi or Amex is your best chance at getting a 2k CL. Depending on how long you've had the Citi card, you might be able to get an increase. You could also try applying for the Amex Delta card because it appears that's easier to get than the Blue. Amex would probably let you convert that card to Blue later on. But I wouldn't apply for anything until you know what all 3 bureaus are reporting.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Wed Mar 28, 2007 6:21 pm
Post subject:
You may get a response that states the current balances on your current accounts or too low or not enogh debt experience.
Author: Special K
Posted: Wed Mar 28, 2007 6:38 pm
Post subject:
I second what mutiplierx is saying. I believe that AMEX usually pulls Experian, but regardless you should find out what all three of your credit scores are. You should be getting a denial letter in the mail with reasons for why you were denied credit so that'll tell you exactly why they denied you.
Is a 2k limit all you need for buying a laptop? If you're looking at one that's 500 or 600 dollars than that's fine, but you want to keep your high balance on your card under 50%. AMEX is usually fairly generous with their CLIs, so even if you get an initial CL of 2k, when you activate it you could request an increase of a few thousand dollars using the LUV button and you stand a better chance than not of getting it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Labels: Credit Card Conditions for Approval, Credit Card Denial
posted by CardRatings.com at 6:17 PM
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