starla Posted August 9, 2003 Report Share Posted August 9, 2003 Hello...I was recently declined for AMEX Blue, and one of the reasons listed was "lack of bank account or lack of bank account information." I have both a checking and a savings account, but I didn't think bank accounts were reported on CRs, so can anyone clarify what this means?Also, the only negatives on my CR are two 30-day lates from 2 1/2 years ago with WFNNB, for which I recently sent in a goodwill letter, hoping to get them removed. I checked my FICO scores with all 3 CBs, and it ranges from 756-758. Anyone think if I get the lates removed that AMEX will reconsider?Thanks Link to comment Share on other sites More sharing options...
timbercreektech Posted August 9, 2003 Report Share Posted August 9, 2003 Strange with those scores. I would guess that they may also be salary based. Yes those lates could effect why they declined. My guess even with those scores you would need upwards of 60K salary and eliminate those lates. I think they use a wheel to determine what they say was the reason you were declined. I'd bet they are rarely accurate. They are also extremely vague. If they were required by law to be 100% correct in why credit was declined, over time, one could determine their underwriting criteria, (RISK formula's). These are highly valued in the industry and I don't think they want to let everyone know what their specific formula's are.Good Luck and let us know what happens. Others have used Planet Feedback for both goodwill and reconsideration of declined credit application, and have been successful.Go Vikes Link to comment Share on other sites More sharing options...
kb9tbq Posted August 9, 2003 Report Share Posted August 9, 2003 Bank accounts are installment loans - and they are a very good add to your credit report. Especially if you stick to just using banks and credit unions for these loans and not personal finance companies.Your scores are excellent, I agree, that that is a pretty lame excuse for turn down.I would suggest calling them to ask exactly what they meant by their letter. I did this recently when going rounds with Pulaski - it is sure a learning experiance to jump right in and face off with them, if you can find it to be fixable, then correct the matter, and ask them to reconsider your application. Link to comment Share on other sites More sharing options...
starla Posted August 9, 2003 Author Report Share Posted August 9, 2003 Thanks for the info...the lates were listed as the primary reason. I'm keeping my fingers crossed to get them off, as they are the only negative on my reports. I had just never heard of a lack of bank accounts as a reason for not being approved.I do have an installment loan on my CR but my car was paid off in April. Do you think they want an open account? At any rate, I'll survive without the AMEX, but it seems like such a nice card to have. Link to comment Share on other sites More sharing options...
Siren Posted August 9, 2003 Report Share Posted August 9, 2003 Bank accounts are installment loans - and they are a very good add to your credit report. Can you please explain what you mean by this? Are you saying that you should add your bank accounts to your credit report? I didn't think accounts are reported at all... Link to comment Share on other sites More sharing options...
kb9tbq Posted August 9, 2003 Report Share Posted August 9, 2003 No, not checking & savings accounts, I mean installment loans.You want a good mix of credit history, to show you can sucessfully use different types of credit - just not one type like only having revolving credit card accounts. Installment loans, show a bit more restraint because you are not re-charging to this type of account, you are slowly building payment history by paying this down over a period of time.A good way to start these is if you have a savings account, as security. Like $500 to $1,000. Use that to get the installment loan, There are some companies out there that don't report secured accounts, also you have to make sure that the bank or credit union which you choose to do business with actually does report to all three credit reporting agencies.Even if you have to start out with an account that does show, secured, sometimes after a period of time, they will take this off of the credit report & just show unsecured loan. Link to comment Share on other sites More sharing options...
kb9tbq Posted August 9, 2003 Report Share Posted August 9, 2003 Hello...I was recently declined for AMEX Blue, and one of the reasons listed was "lack of bank account or lack of bank account information." I have both a checking and a savings account, but I didn't think bank accounts were reported on CRs, so can anyone clarify what this means?I just re-visited your question & think I know what you have the problem with:American Express - wants your saving & checking account information because they will directly call your bank to verify this fact. This is a seperate underwriting requirement by some companies. I can just imagine, since this is a different type of credit card over others out there, that requires pay off each month on the balance, so they are going to take greater steps to insure that you have a decent amount of savings and such before approving for an account with them.*** One thing for sure, when you have checking & savings accounts - be sure that your bank has a policy to never let anyone automatically withdrawl out of your account with out your promission. This happens when creditors will submit electronic payment and the sort, people with collection problems have run into this happening. So just cover that part, as a side procaution. Link to comment Share on other sites More sharing options...
starla Posted August 10, 2003 Author Report Share Posted August 10, 2003 That makes sense...but it's odd that the application asks if you have a checking account, but doesn't want any further information on the account. Maybe I accidentally left that question blank. I think I will call them on Monday to see if I can get anymore info. Thanks again for your help. Link to comment Share on other sites More sharing options...
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