AMEX rejection

[Ansett Nostalgic]

The Amex TI is actually very generous.

 

[LionKing]

Where'd you get that idea? Lenders love stable incomes.

I meant they don't like those who don't have stable incomes right?
When I got my initial Amex Card approved it was many years ago where I had stable income with a permanent part time contract. The credit limit remained unchanged until now, despite I am earning 10 times more from that part time job, and still don't get approved, that made me puzzled.

Where'd you get that idea? Lenders love stable incomes.



Applying for a credit card is very different to applying for a mortgage. A mortgage is secured lending: you miss enough payments, the bank takes the property.

Perhaps the problem is that you're applying for a string of credit limit increases - that's going to ring alarm bells with lenders.

I understand and I have not been applying for a string of credit limit increases - I basically just wanted $5000 more of credit so that I can split my Amex card into 2 card products to maximise my points options.

 

[Beer_budget]

I understand and I have not been applying for a string of credit limit increases - I basically just wanted $5000 more of credit so that I can split my Amex card into 2 card products to maximise my points options.

Might be that your overall serviceability actually hasn't improved (was the Amex approval before the other card/s and large mortgage?), noting there's also stricter lending criteria for credit providers now than in the past.

I am not sure I follow your logic about splitting the Amex into two products. You would need to apply for a second (new) card type to do that, not increase the limit on an existing one.

 

[LionKing]

I am not sure I follow your logic about splitting the Amex into two products. You would need to apply for a second (new) card type to do that, not increase the limit on an existing one.

What I meant is if I can have my credit limit increased in Amex, then I can split the new credit limit into two cards through requesting the split and I can reach the minimum credit limit required for each card?

 

[Beer_budget]

You can't split off a bit of credit limit from one card and apply it to a different card. You would need to make a new application for the new card type you want.

 

[sudoer]

I meant they don't like those who don't have stable incomes right?

No. Those who don't have stable incomes are much more likely to default on their credit payments. The banks want to avoid this.

They want people on stable incomes who are silly enough to not pay off their full balance each month (there are plenty out there)

I have not been applying for a string of credit limit increases

So how'd you know that..

other banks are happily to give me extra credits if I ask for

without asking them?

 

[Cynicor]

Amex don’t even ask for proof of one’s income so not sure how they would differentiate most of the time.