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Amex LOC applied-declined?

Discussion in 'Credit Talk' started by Dani, Dec 12, 2001.

  1. Dec 12, 2001 #1
    Dani

    Dani Well-Known Member

    I applied for Amex's LOC yesterday afternoon. When I later checked my e-mail I got "we're processing your request for prime + 5.99%. We will notify you in 5-7 days." I called the 888 # and still no account associated with my social security #. This isn't good, is it? I guess even if I was accepted that it would be impossible to lower the interest rate? I would still be paying roughly the same rate that I'm paying on Blue which goes against my whole plan for using the LOC. Bummer.

    Dani
     
  3. Dec 12, 2001 #2
    Dani

    Dani Well-Known Member

    I was declined. I've already called customer service and they told me. Reason excessive inquiries. I haven't applied for anything since August of 2000 when I applied for Discover. Guess what I pulled the freakin report...7 inquries from the mortgage company in less than 5 months. That's it. No other inquiries. No lates, no collections, etc. All balances are under 25% of usage. I guess I needed the decline. My head was getting too big anyway.

    Dani - feeling really bummed in Virginia
     
  4. Dec 12, 2001 #3
    breeze

    breeze Well-Known Member

    7 hard inquiries after you got the mortgage? That sounds kind of unreasonable to me.
     
  5. Dec 12, 2001 #4
    breeze

    breeze Well-Known Member

    Maybe Saar or somebody has some suggestions on how to deal with this. what report did they pull?

    Cozy up and have some hot chocolate and devise another plan. :)

    In VA, singin' in the rain (we needed it!!)
     
  6. Dec 12, 2001 #5
    Dani

    Dani Well-Known Member

    Breeze,

    They were pulled the day we were preapproved in July until settlement two weeks ago. So I have seven inquiries from July to November on all three reports. I can't apply for anything for at least six months. My debt has decreased and the only balance shown on all three reports is my credit union loan (now paid) and Amex Blue. I almost freaked out when I saw how many times they pulled my reports. The mortgage broker would pull two, then the mortgage lender would pull two, and then the bank that now has our mortgage pulled two. Plus, there was another mortgage company that pulled one (don't know what that was about). My score is now in the 690s.

    Dani
     
  7. Dec 12, 2001 #6
    Dani

    Dani Well-Known Member

    The pulled a soft inquiry on Experian. The mortgage inquiries are all labeled real estate loan on behalf of....
    I'm going to go myself some hot chocolate and pout.:(

    Hope all is well.

    Dani
     
  8. Dec 12, 2001 #7
    bailey

    bailey Well-Known Member

    Sorry Dani.

    Amex pulls experian exclusively for the LOC and it's soft. Now you "may" want to dispute those inquires since it is with Experian. yes you applied for a mortgage and authorized your credit being pulled, but 7 times, may try to dispute them and wait 30 days or when inquiries are removed and reapply.

    Also when you reapply they change the inquiry to the current date you applied for.

    I had a score according to CE of 682, they declined b/c of inquiries, I had 6 in 2 years and length of history. I disputed and got 2 inquires removed and had balances changed, my CE score went up to 699, I reapplied got instant approval at prime+ 2.9, when I originally applied I got prime + 5.9 pending.
     
  9. Dec 12, 2001 #8
    breeze

    breeze Well-Known Member

    That sounds like a plan. Finish the hot chocolate and head for Experian dispute page. :D

    Those mortgage people need a whack upside the head!
     
  10. Dec 12, 2001 #9
    Dani

    Dani Well-Known Member

    Thanks, bailey. I'll dispute them and see what happens.

    Dani
     
  11. Dec 12, 2001 #10
    GEORGE

    GEORGE Well-Known Member

    MORTGAGE INQUIRES are supposed to be "CODED" special...

    I WOULD CALL AMEX "LOC" BACK AND DISPUTE DENIAL DUE TO THE IMPROPER CODING!!!

    You have NOTHING to lose...
     
  12. Dec 12, 2001 #11
    Dani

    Dani Well-Known Member

    If Amex is going to deny me for mortgage inquiries, which are clearly worded on my report (don't know how there coded on Amex's) then I don't want the line of credit. If my lifetime of good payment history (4 years of it with Amex) and my income don't qualify me then blah on them. I'm just not going to apply for anything for awhile until the inquiries age and my score goes back to where it was. I'll probably transfer Blue's balance to Discover since their offering 5.9% for balance transfers and pay it off over the next several months.

    Dani
     
  13. Dec 12, 2001 #12
    Saar

    Saar Banned

    Dani:


    Sorry about that, but no big deal.

    1. Don't ask Amex for reconsideration, since upon rec they pull a hard INQ. You can apply for a LOC every week until you qualify - it will only be a soft :)

    2. Dispute online all your unauthorized EXP INQs.


    Saar
     
  14. Dec 14, 2001 #13
    Hope

    Hope Well-Known Member

    Dani, call up your mortgage company and raise holy hell! 7 hard inquiries over the course of theloan app is entirely over the top and borders on unscrupulous.

    Tell them "if I'd known your company was this inept -- read stupid -- I'd have taken my business elsewhere and just may do so in the very near future!"

    (End of Quote)

    Failing that -- dispute every last one of them with the CRAs.
     
  15. Dec 14, 2001 #14
    Dani

    Dani Well-Known Member

    Hope, you're right. If nothing else I should call the mortgage lender and ask why it took seven inquiries for the lender, broker, and bank to approve my husband and I.

    Have a good weekend. :)

    Dani
     

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