I just had an informative conversation with an AMEX new accounts rep. My buddy just applied (and was approved, 60 second approval) for an AMEX blue online. We weren't happy with the limit or apr so I called around until I reached someone at New Accts (800-641-2400). I pretended that I was my buddy, he was to nervous to talk to them. I wanted the apr lowered and the limit increased (they gave him $2k @ 10.99). He (AMEX rep) told me that the apr is pretty much based on score alone. And their minimum score for Blue is a 680. He told me that the Blue was "kind of an elite card" and that generally the scores that got the 9.9 apr were 800+ (This isn't entirely true, my wife got the 9.9 with a 780). My buddy had a 714 (told to me by the New accts guy) and they gave him the 10.99 apr. He said there wasn't anything he could do about the apr, but that he could probably get the limit increased (I asked for $5k). The reasons he gave for the low credit limit were: No mortgage accts reported Too low installment $ showing (10k) Too low revolving credit showing (6k) I countered with salary (70k), which should be more than enough to support a 5k limit. He put in the request (with a line of credit officer at centurion bank), so we'll see. He didn't think it would be a problem. He said "they generally pull Equifax", which they did in this case. And I updated www.millcbs.com with this info
I got a Blue card at a 9.99% "go to" with ~660 on Equifax after an initial denial. A person in New Accounts sent my application to be re-reviewed by a supervisor. I had a $2K limit that was upped to $5K. All of this in 4 days.
Marci, It's interesting, depending on who you talk to at these 800 numbers, which story you get My buddy told me he didn't have any derogs, but his EQ has 4 x 30 day lates showing. We just disputed all of them today. I thought about having them revisit the rate after the dispute results. But now I'm thinking I need to try again and ask for a supervisor. All the lates are 2 to 5 years old anyway. Did the Supervisor say what swayed his decision to approve you?
No, the person I spokle with wasn't the same person who actually approved the account. I never spoke the the application analyst. I do think greatly it helps to have another card with AmEx. In my case I was instantly approved for the Green Personal card 1 hour before applying for the Blue. I told the rep I spoke with that I "didn't understand why I was denied for the Blue, since in fact, I had a Green card. Was there any way I could have them reconsider that decision?". The rep said she understood my point and agreed to forward it for review.
I have a blue for business, they checked my equifax report. The limit is $4400, 2.9 apr for 6 months and a goto rate of prime + 3.9. Which is now at 8.740. My equifax score at the time could not have been any higher than 650. And another good thing about this account is that it doesn't report to my personal credit reports, since it's a business account.
