Rejected Application

[Guest]

If we have cancelled a card, but Baycorp is still showing it, can we call them up to amend their records?

Thanks.

Baycorp only record that you applied for Credit. They do not record whether the application was succesful, they do not record if you actually used the credit, they do not record when you cancel a card. So, their records are accurate, and calling up to amend the records will not achieve anything.

Bingo!
If baycorp was amex's primary credit verification service they would be in trouble!

azurenights: as someone of similar age and good experience with CC's here are some tips for you: If you don't want to lose the credit with a particular bank, convert the card into an overdraft on a personal account or some other non-CC, credit product that does not require a new credit check. This will reduce your number of actual credit cards without killing off credit.

I would avoid going directly through amex. Your best to either ask for a really low credit limit (500 bucks) or get a branded card - racq/westpac/qantas and work up your credit with them before switching to a 100% amex product.

I had a westpac amex and put about 100k through it in 04 .. called up amex and had a chat. d00t++;

Also keep in mind that lying to gain credit is illegal.
Also keep in mind that this is only enforced if you cannot meet minimum repayments.

Happy Spending

 

[azurenights]

If I were to cancel most of my cards over the next few months will it have any detrimental affect to my credit rating?

I think maybe what contributed to my application being rejected is that I had an outstanding balance of about 1.5 K on my cards while they were processing the application. The rest of them had zero. I have paid off my balance now.

Anyways, thanks a lot for all your advice. So what do you think my chances are of getting a qantas amex card? I would apply for the one that gives you 1.25 points per $1 you spend.

 

[clifford]

as someone of similar age and good experience with CC's

Nothing more to add.

 

[straitman]

If I were to cancel most of my cards over the next few months will it have any detrimental affect to my credit rating?

I think maybe what contributed to my application being rejected is that I had an outstanding balance of about 1.5 K on my cards while they were processing the application. The rest of them had zero. I have paid off my balance now.

Anyways, thanks a lot for all your advice. So what do you think my chances are of getting a qantas amex card? I would apply for the one that gives you 1.25 points per $1 you spend.

azurenights,

I really don't think you are reading the information that's being provided for you :!:
This has all been answered above. :evil: :twisted: :evil: :twisted:

 

[Sheriff]

Amex will check the Baycorp database and if it shows that you have have a lot of applications for credit in recent times you will be flagged as potentially having debt problems

.

The reason why Amex rejected your application for a Gold Rewards Maximser was not based on information derived from Baycorp's credit history database, the decision was based on an "overall assessment" of the information you provided on your application.

Therefore, examine the information you provided on your application and try to determine what information may have contributed to the decision to reject your application.

Then make enquiries with Amex, request (insist) for a valid explanation as to why the application was rejected, you are entitled to know the specific reasons for rejection.

In my application I only mentioned two (or was it three?) credit cards.

From my experience with credit card applications, I don’t believe your rejection had anything to do with the fact that you didn’t disclose all your credit cards on the application, I believe your rejection relates to the fact you already have an Amex Corporate card and an Amex Platinum.

I recall a conversation I had with a close colleague of mine about 10 months ago in which he told me that Amex forced him to close another one of his Amex accounts before applying for the Gold Rewards Maximser.

So based on that, my advice would be to cancel your supplementary Amex Platinum and reapply for a Gold Rewards Maximser, which has no annual fee for the first year, offers 1.5 points per $1 spend, and a 1:1 Qantas Frequent Flyer point conversion rate.


Regards
Sheriff

 

[one9]

Then make enquiries with Amex, request (insist) for a valid explanation as to why the application was rejected, you are entitled to know the specific reasons for rejection.

No, Amex don't need to tell you any specific reasons. They are entitled to say that the rejection was based on an overall assessement without and that there was no specific reason.

The likely reason is that you have too many applications for credit on your credit file. Amex put more emphasis on the amount and timing of other credit applications that most banks. Multiple (even two) credit applications made in the last three months is not scored well, and then too many applications in the last year or two is also taken into account.

Whilst having open the order Amex cards may be the reason (I cant comment on this), you would be taking a risk if you cancelled your card without first finding out this definately the reason, as then you may have no Amex cards and not be able to apply.

Once you get rejected by Amex once with the reason of an overall assessement, it is unlikely that you will be accepted for at least two years. They will tell you to try applying again after three/six months, but this is not a good idea, as you will then have two amex credit applications on your credit file.

Unless you can work out a specific reason from Amex, I would suggest forgetting about Amex for a couple of years. Try the Amex from Westpac or NAB (both have 1.5 points per dollar).

 

[Sheriff]

No, Amex don't need to tell you any specific reasons. They are entitled to say that the rejection was based on an overall assessement without and that there was no specific reason

.


I agree that you can't force disclosure of information, but you can certainly request it.

The rejection was based on an 'overall assessment' is not a specific reason as to why the application was rejected by the credit provider.

“Rejection based on an overall assessment” is a standard reply sent to all unsuccessful Amex credit card applicants advising them that their application for credit was unsuccessful

An applicant is entitled to request for specific reasons as to why the credit application was unsuccessful.

An applicant is also entitled to know and understand how the information he or she provided Amex on the application was assessed to reach the final determination.

Regards
Sheriff

 

[QF WP]

azurenights, a lot of people have all come to the same conclusion as Amex, so allow me to repeat their comments again:

* You're young (3 years of credit history isn't particularly a long time for credit providers)
* Your income is only $40K (whilst that might be a lot to you, it's not to credit providers)
* What is the total monthly credit allowed from your existing open cards (that is a big pre-determinate for any future credit provider) - when trying to add another card, your Credit History will show the previous applications and the amount of credit requested.
* Your reason for getting "another" card seems to be get more "free points". Well, that only works for a certain period before applying for, or having too many cards, starts to hurt your future credit assessment

Even if you do cancel your existing cards, your overall assessment won't change for at least a couple of months.

 

[shillard]

Yup, what they said.

$40K is nothing in terms of annual income - well under average adult male earnings.

You have more credit cards than the cast of 'Sex In The City', no real 'credit history' at all (a 'good' credit record would be several loans taken out and paid off, etc), a limited employment history and high exposure to potential debt.

Not good.

Don't even think about applying for ANY form of credit from ANYONE for at least another year - and kill off all but two of your existing cards. Any more in your situation is a recipe for disaster.

Build an asset base (shares, property, whatever) that will help to offset your limited income for future credit applications.

 

[one9]

... and kill off all but two of your existing cards. Any more in your situation is a recipe for disaster.
.

there is no point cancelling any of your cards. keep the ones that you have got. as your credit file is only updated when you apply for a card. so there is no point cancelling them. other credit card providers dont know if you still have the card or not.

 

[shillard]

... and kill off all but two of your existing cards. Any more in your situation is a recipe for disaster.
.

there is no point cancelling any of your cards. keep the ones that you have got. as your credit file is only updated when you apply for a card. so there is no point cancelling them. other credit card providers dont know if you still have the card or not.

Interesting suggestion, but it has nothing to do with my recommendation.

The point of cancelling the 64 other cards is not to reduce the dismal story on the Baycorp file, but to end the RECIPE FOR DISASTER.

One year in full-time employment, a fistfull of credit cards and a $40k income? You do the math.

 

[infoworks]

You can apply to Baycorp Advantage for a copy of your credit report. Free takes about 2 week, instant has a fee.

I suspect you have too many enquiries in one year (more than 5 is a guide) as well as other posted suggestions.

 

[morbo]

azurenights, i reckon its something to do with amex. im in a similar situation as you. very weird indeed - i tried to move my personal card to the gold charge but got rejected (i was going to travel and wanted the travel insurance). dont know why, but i met the criteria - though i didn't have three years work history on file. they just sent the 'overall assessment' declined letter.

then the platinum cc card came out. thought fantastic, i meet the criteria and it suits my needs and i can justify the cost, so i applied my cpa credit card to the platinum cc and got it. out of curiousity, i applied for the gold charge again and got rejected. it doesn't make sense to me...

 

[Rexer]

Hmm,
you're problem is that you have too much credit already. Why not listen to the group opinion, get your finances sorted out and get some equity behind you before you spend too much time worrying about frequent flyer points. I would put it to you that at your income it would be very difficult to earn points of a value in excess of the annual fees you are paying in any case. Why the focus on being able to earn the extra few points with a personal AMEX?

Get your finances right and earn some decent money. $40k is spare change as far as the credit organisations go. There's nothing at all 'Gold Amex' about working for 'over a year' and having 5 other credit cards.

 

[Guest]

http://www.frequentflyer.com.au/discus/viewtopic.php?t=1788

 

[Rick93]

ME....

46 yrs of age.
Over twenty five years of 'credit card use'.
Current mortgage.
Income: (05 / 06) about $150,000. - $200,000. (however, 'casual')

REJECTED FOR AMEX PLATINUM CARD....

"Overall assessment - does not meet criteria"

Can't beat 'em.....

regards,

 

[NM]

REJECTED FOR AMEX PLATINUM CARD....

"Overall assessment - does not meet criteria"

Can't beat 'em.....

How many other "credit" application have you made in the last 1, 2 and 3 years? This can play a factor in their decision process.

 

[QFTravel]

REJECTED FOR AMEX PLATINUM CARD....

"Overall assessment - does not meet criteria"

Can't beat 'em.....

How many other "credit" application have you made in the last 1, 2 and 3 years? This can play a factor in their decision process.

Think NM and others have a very valid point. Would like to know the process to...

22 yrs of age.
Four and a half years of credit card use.
Last application for credit: 2003/4
Income: (05/06) about $50k (dont tell AMEX)

Approved for Platinum Credit Card.

 

[Mahtoh]

I got a card made of of spacedust and moonrocks. :roll:

 

[one9]

REJECTED FOR AMEX PLATINUM CARD....

"Overall assessment - does not meet criteria"

Can't beat 'em.....

How many other "credit" application have you made in the last 1, 2 and 3 years? This can play a factor in their decision process.

Think NM and others have a very valid point. Would like to know the process to...

22 yrs of age.
Four and a half years of credit card use.
Last application for credit: 2003/4
Income: (05/06) about $50k (dont tell AMEX)

Approved for Platinum Credit Card.

I think the biggest success criteria here are:

(a) Long time since last credit application. No credit application in last three months

(b) Assuming that where you wrote how long you have lived at your last address, it was a reasonable time. Unless you have an established relationship with Amex, virtually ever application where the person has lived at their address less than 12 months will be rejected. and even 2 years is not necessarily long enough. The time at address criteria is very important in the Amex scoring system.