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Hi, just applied for plat amex via a referral link, was declined but dont really understand why.
7+ years with current bank
17+ years current address
72k income
no dependants
always pay off everything, no missed payments
Credit Karma score of 668/710
Credit Cards (3) – only really use 2 of them planned to close 1 after getting plat, always paid off in fullAMEX say it was declined due to “internal scoring”, 90 days before i can reapply.
Only recent things i’ve taken out in last 3 mths was a barclays buy now pay later on an ipad.
Any advice ?
You’ll never get a crystal clear picture of why you were declined, but you can be assured your Credit Karma (or any other similar nonsense) score will have nowt to do with it.
Do you already hold an Amex? If so it might be prudent to reduce your credit limit. Could be that your existing credit limit is at the limit of Amex’s comfort and so they are unwilling to provide you more.
Could also be that BNPL agreement is a problem.
But I am totally guessing, and like I say nobody will know for sure.
Did you do an “eligiblity checker” before it? I know that’s not a crystal clear picture either – but if you did, what was your score out of 10?
Mine is 9/10 and I currently hold a BAPP since February. Wonder if I’d end up being declined too. What was yours?
‘Paying off in full’ is not something that makes you attractive to Amex.
‘Paying off in full’ is not something that makes you attractive to Amex.
I’m going to guess 99% of HFP readership pay their Amex off in full every month. Given their interest rate, earning points would get cancelled out if you carry a balance. If paying off in full was a problem we would hear denials a lot more on the forum.
What is your affordability surplus? Post tax income less essential spending, mortgage, payments etc. I know you did not necessary supplied this information at application but they will make some assumptions.
Hi, just applied for plat amex via a referral link, was declined but dont really understand why.
7+ years with current bank
17+ years current address
72k income
no dependants
always pay off everything, no missed payments
Credit Karma score of 668/710
Credit Cards (3) – only really use 2 of them planned to close 1 after getting plat, always paid off in fullAMEX say it was declined due to “internal scoring”, 90 days before i can reapply.
Only recent things i’ve taken out in last 3 mths was a barclays buy now pay later on an ipad.
Any advice ?
have you previously held amexes and close and then reopen after a while? despite having paid in full i think they do not want good time-paying customers anymore
I’m surprised at the paying off in full being an issue as until recently the platinum was a charge card and *had* to be paid off in full. It seems they are tightening their requirements currently, despite large bonus offers being given, given reports on here.
Hi, just applied for plat amex via a referral link, was declined but dont really understand why.
7+ years with current bank
17+ years current address
72k income
no dependants
always pay off everything, no missed payments
Credit Karma score of 668/710
Credit Cards (3) – only really use 2 of them planned to close 1 after getting plat, always paid off in fullAMEX say it was declined due to “internal scoring”, 90 days before i can reapply.
Only recent things i’ve taken out in last 3 mths was a barclays buy now pay later on an ipad.
Any advice ?
have you previously held amexes and close and then reopen after a while? despite having paid in full i think they do not want good time-paying customers anymore
Is having more than 1 AMEX product a negative? I’d think it’s a positive no?
Lots of people on HFP have more than one amex, the issue is sometimes your credit line overall is too large.
All credit providers have been tightening their lending criteria and will most likely tighten further with (as Rob has mentioned) very expensive remortgages looming against a background of stagnant to falling property prices and big job losses continuing in high paid sectors such as tech, accountancy, law etc. as they all seek to cut costs.
The Bank of England and other central banks are deliberately trying to stifle the economy to curb inflation. We have had a long period of absurdly easy money and many people are either too young or have forgotten that what’s happening in the credit world is simply a return to more normal conditions.
It is worth appealing it. As long as you’re ready to show payslips, bank statements to match what was on the application form.
‘Paying off in full’ is not something that makes you attractive to Amex.
Amex of course speaks with forked tongue! Of course they would like you, within reason, not to pay in full each month but if they see that elsewhere (eg BNPL) that is a red flag of potential financial issues. Even within Amex, if you don’t pay them in full each month, they won’t rush to offer you much, if any more credit on another for fear of being accused of irresponsible lending if they can see you already can’t pay.
It is worth appealing it. As long as you’re ready to show payslips, bank statements to match what was on the application form.
I think you may have missed the point and what’s happening amongst all credit card providers; proving income is simply not the issue.
‘Paying off in full’ is not something that makes you attractive to Amex.
Not convinced this is true. Amex have annual fees, and even when they don’t they’re far less impacted by the interchange fee cap on non-affinity cards.
I suspect Platinum Card is profitable even with 0 spend.
Lots of people on HFP have more than one amex, the issue is sometimes your credit line overall is too large.
I currently hold 1 AMEX product since Feb – but would like to have a Platinum card alongside it. Would I run into issues like OP or are there some hard limits on no. of cards / certain amount of time etc with AMEX? That me or anyone else should be aware of to reduce the risk of a rejection.
Lots of people on HFP have more than one amex, the issue is sometimes your credit line overall is too large.
I currently hold 1 AMEX product since Feb – but would like to have a Platinum card alongside it. Would I run into issues like OP or are there some hard limits on no. of cards / certain amount of time etc with AMEX? That me or anyone else should be aware of to reduce the risk of a rejection.
Feb as in Feb this year?? You won’t hit the hard limit for number of cards with 2 😂).
Last year a family member without any amex managed to get one card then had denial getting another card within 1-2 months of each other, that could be interpreted as desperate for credit. After about 5 months he got approved for another. So if your last application was Feb this year. I would be tempted to wait till June just before the plat offer closes, but that is just a guess based on one experience (which itself I am inferring the reason for the denial).
Lots of people on HFP have more than one amex, the issue is sometimes your credit line overall is too large.
I currently hold 1 AMEX product since Feb – but would like to have a Platinum card alongside it. Would I run into issues like OP or are there some hard limits on no. of cards / certain amount of time etc with AMEX? That me or anyone else should be aware of to reduce the risk of a rejection.
Feb as in Feb this year?? You won’t hit the hard limit for number of cards with 2 😂).
Last year a family member without any amex managed to get one card then had denial getting another card within 1-2 months of each other, that could be interpreted as desperate for credit. After about 5 months he got approved for another. So if your last application was Feb this year. I would be tempted to wait till June just before the plat offer closes, but that is just a guess based on one experience (which itself I am inferring the reason for the denial).
Yes – Feb this year. And that was my plan indeed.
What I meant was – sometimes people could apply for more than 1 product in a set timeframe like your family member which you’ve mentioned. Was hoping someone here knows that duration, whether that’s 3 months, 4, 5 or 6 as running into a rejection is never nice.
@OP – are you able to request more information for your decline or will they not provide anything more to you?What I meant was – sometimes people could apply for more than 1 product in a set timeframe like your family member which you’ve mentioned. Was hoping someone here knows that duration, whether that’s 3 months, 4, 5 or 6 as running into a rejection is never nice.
Most lenders use 6 months as the period where they don’t want to see multiple credit applications from the same individual (you could always have a partner apply, even if they are existing supplemental cardholders from a recent application – supplemental cardholders aren’t treated as credit applicants). Add a bit to that, as some lenders use the date of the credit reference/check (usually the application date), while others look at the account opening date (typically a few days/weeks later) to start the 6 months clock. You might get away with 5 months as per above example, but 6 is the standard (e.g. for Barclaycards and other lenders).
What I meant was – sometimes people could apply for more than 1 product in a set timeframe like your family member which you’ve mentioned. Was hoping someone here knows that duration, whether that’s 3 months, 4, 5 or 6 as running into a rejection is never nice.
Most lenders use 6 months as the period where they don’t want to see multiple credit applications from the same individual (you could always have a partner apply, even if they are existing supplemental cardholders from a recent application – supplemental cardholders aren’t treated as credit applicants). Add a bit to that, as some lenders use the date of the credit reference/check (usually the application date), while others look at the account opening date (typically a few days/weeks later) to start the 6 months clock. You might get away with 5 months as per above example, but 6 is the standard (e.g. for Barclaycards and other lenders).
P2 will be applying for the Barclay 50K today and closing her account shortly after probably – so she’s out of the game. I’ll go for it on June and see how it goes..! Ty for the info.
Did you do an “eligiblity checker” before it? I know that’s not a crystal clear picture either – but if you did, what was your score out of 10?
Mine is 9/10 and I currently hold a BAPP since February. Wonder if I’d end up being declined too. What was yours?
Bit of an update, after a second try with accounts (first person said wait 90days) they think it might be an address issue (not sure if this is just to fob me off or not) but they’ve passed it for manually review with a re-confirmed address.
I did score 9/10 on their checker or i wouldnt have applied, will see what comes of the manual review.
Did you do an “eligiblity checker” before it? I know that’s not a crystal clear picture either – but if you did, what was your score out of 10?
Mine is 9/10 and I currently hold a BAPP since February. Wonder if I’d end up being declined too. What was yours?
Bit of an update, after a second try with accounts (first person said wait 90days) they think it might be an address issue (not sure if this is just to fob me off or not) but they’ve passed it for manually review with a re-confirmed address.
I did score 9/10 on their checker or i wouldnt have applied, will see what comes of the manual review.
Sounds good. Weird – guess these are not accurate always. Strange to see 9/10 then an issue like this not taken into account I guess?! Good luck! Keep us posted.
Could also be that BNPL agreement is a problem.
So having a BNPL agreement (kept dormant) may have an adverse effect on my chances of opening an amex card?
Absolutely, in isolation it may not be an automatic decline but when combined with a few other flags it definitely isn’t something you want on your file.
Acceptance rates are down, anecdotally, for Amex. Looks like they are taking a ‘safer than sorry’ approach at the moment.
I suspect that acceptance rates on Plat also dropped when it became a credit card, partly due to regulatory requirements and partly due to being less willing to put large sums at risk.
I applied last week for the Amex BAPP card and was declined outright online for the first time ever. I have been automatically referred several times in the past but not this time. I appealed on the basis that I could reduce the £30k limit on my other Amex card. Amex duly said if I reduce it by £8k they’d review the BAPP application but it is not a guarantee that i will be accepted still.
Anyway, the BAPP arrived this morning with a £1900 limit. I’d happily reduce my other card down further if i could guarantee the increase on my BAPP but i dont think it works like that.
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