Hello, I am a 22 y/o college student applying for my first AMEX card, I have had 2 credit cards for the past year, all paid in full each month and I recently applied for an AMEX blue a couple weeks ago and I keep getting declined with the report saying.. Length of time accounts have been established. Too many accounts with balances. Too many inquiries last 12 months. Proportion of revolving balances to revolving credit limits is too high. and also... Number of trades (Transunion) Too many recent credit checks (Transunion) Your consumer credit bureau score from Experian is too low (See below) Ratio of your card account balances to your income is too high, or cannot be determined (Transunion) I am not sure what AMEX means by this but first of all I don't know what half of this means except the parts where it says too many recent credit checks, which i have never once checked my credit. I keep calling AMEX and I called Transunion and it just keeps going in circles. I explained my problem to Transunion and they asked for my SSN, they said my credit report looked fine and they mailed me my credit report and it shows that i've paid all my credit cards on time. I'm not sure what to do. Any help or suggestions would be appreciated. thank you.
First, you need to get a copy of your credit report. You're entitled to a free one when you are declined by a credit issuer, or you can go to annualcreditreport.com to get a free report as well. What credit cards do you have, what are the limits, and what's your credit score? I'm guessing you have student credit cards with low limits, which is probably why your credit utilization is too high. Even if you pay your balance off each month, your CR ratio will depend on when they pull your credit report. If they happen to pull it before you pay your bill for the month, then that will result in a high credit utilization ratio.
I have a Citi Platinum Select MC with a $5500 credit limit and an Astoria Federal VISA with a $900 limit, all paid off each month, had them both for a year now. As for my credit score, never paid to get my score, and im still not sure if a year after getting my credit cards and getting my credit score will have a negative impact on my FICO score. Not sure if I should wait.
Checking your own credit reports and credit scores does not affect your FICO score at all. And if you don't want to pay for your credit score, check out creditkarma.com to get a good free estimate of your credit score. Do you use a large amount of your $900 limit each month on the visa card?
Interesting...you must be using a significant amount of your credit limit on the MC each month, otherwise I don't know why they would say your Credit Utilization Ratio is too high.
They said the same thing when i asked for a cl increase of $100,they cut it $300 so they just seem to be standing pat.A message to wama customers when your credit expires be ready for it to be closed.
