topic From Capital One $500 limit to American Express in Credit Cards

From Capital One $500 limit to American Express

twelfthjoe2 — Fri, 12 Oct 2012 01:46:35 GMT

Not long ago I had posted on here and did not really get any good replies so I thought I would add a little more detail and maybe that would help. Anyways I had posted about how one day a little over a month ago a friend was over and a commercial for American Express came on the TV so we were messing around and both applied for the platinum card. I’m 21 and then the only card I had was a Capital One card with a $500 limit and they refused to increases it not long ago when I asked. Keeping in mind I have never missed a payment or ever used more the 50% of the credit. I had it about a year. He as a Capital One card also but with a $300 limit. Had it about 6 mouths. He applied first and got declined for it right away and I started thinking maybe I shouldn’t but did anyways and I got this.

Thank You for applying for the American Express® Platinum Card. In order to provide you with an instant decision, we need to speak with you.

So I called gave them my SSN they pulled it up asked me a few questions. Where I live, where I work, what I make and so on. I told them everything honesty. I’m a Hotel Front Desk Supervisor and Housekeeping Supervisor and only make around 45k a year. She then asked me to hold for a few minutes as she had to check something. I have no idea what anybody got any ideas?

She then came back about 5 minutes later and said. Welcome to American Express you are approved for our Platinum card and you'll get your card in the mail with-in 2 or 3 days.

So after thinking about it for a while and still am I thought man how did I get this? Does anybody have any ideas? Did the Capital One card help that much? I have also checked my credit report and had a credit score of 668 I believe. I see two Capital One inquires one for the card and the other for the increases I’m guessing the American Express one is also on there and a student loan is on there also. Thanks for your replies in advance. :)

And for anybody that may not believe me.

Re: From Capital One $500 limit to American Express

beb86 — Fri, 12 Oct 2012 01:32:05 GMT

congrats but you may want to take these pics off. we used to have a thread that everyone showed off their plastic but it was shut down for security reasons

Re: From Capital One $500 limit to American Express

j_casteel — Fri, 12 Oct 2012 01:38:19 GMT

congrats!

hope you use it enough to make that AF worth it.

Re: From Capital One $500 limit to American Express

Koop10010 — Fri, 12 Oct 2012 01:40:55 GMT

Congrats. Posting pictures of your own plastic violates the forum rules now I think, so you may have to remove those. Anyway, Amex charge cards aren't actually that hard to get. I qualified for a Gold with 8 months history on one card and 5 on another, both had $500 limits. Some have gotten a charge card with as little as 6 months history. Honestly, I wouldn't have been surprised if you had gotten an instant approval.

Re: From Capital One $500 limit to American Express

twelfthjoe2 — Fri, 12 Oct 2012 01:43:59 GMT

beb86 wrote:
congrats but you may want to take these pics off. we used to have a thread that everyone showed off their plastic but it was shut down for security reasons

Thanks for the advice. :)

I had only really posted them because last time I got a few PM's saying well basically I'm full of crap.

Re: From Capital One $500 limit to American Express

Shogun — Fri, 12 Oct 2012 01:44:32 GMT

twelfthjoe2 is not full of crap. He really has an AMEX. Now take the pics down! Oh, and btw, congrats on a job well done!!!

Re: From Capital One $500 limit to American Express

twelfthjoe2 — Sun, 14 Oct 2012 22:03:23 GMT

j_casteel wrote:
congrats!

hope you use it enough to make that AF worth it.

Thanks! I got a roundtrip plane ticket with it on Delat and already got about $80 refunded for seat upgrades. :)

Re: From Capital One $500 limit to American Express

beb86 — Fri, 12 Oct 2012 01:45:39 GMT

its funny to think that the AF for the amex plat is almost your CL on your CAP1

Re: From Capital One $500 limit to American Express

alboto — Fri, 12 Oct 2012 01:48:52 GMT

beb86 wrote:
its funny to think that the AF for the amex plat is almost your CL on your CAP1

Lmao

Re: From Capital One $500 limit to American Express

twelfthjoe2 — Fri, 12 Oct 2012 01:49:04 GMT

beb86 wrote:
its funny to think that the AF for the amex plat is almost your CL on your CAP1

I know. But at this rate ill end up getting the $200 airline credits or close to it and the 25k points for putting my school charges on it. So it pretty much paid for itself already. :)

Re: From Capital One $500 limit to American Express

shakalaka — Fri, 12 Oct 2012 01:49:57 GMT

beb86 wrote:
its funny to think that the AF for the amex plat is almost your CL on your CAP1

Good one

Congrats

Re: From Capital One $500 limit to American Express

twelfthjoe2 — Fri, 12 Oct 2012 01:57:13 GMT

Shogun wrote:
twelfthjoe2 is not full of crap. He really has an AMEX. Now take the pics down! Oh, and btw, congrats on a job well done!!!

Thanks :)

Re: From Capital One $500 limit to American Express

Epcot — Fri, 12 Oct 2012 02:07:31 GMT

Congrats! Use the benefits as much as you can. It's a great card, especially for traveling. :smileyhappy:

Re: From Capital One $500 limit to American Express

Shogun — Fri, 12 Oct 2012 02:10:30 GMT

You're welcome. I know sometimes people are quick to doubt, but I love a good success story!

Re: From Capital One $500 limit to American Express

twelfthjoe2 — Fri, 12 Oct 2012 02:24:00 GMT

Epcot wrote:
Congrats! Use the benefits as much as you can. It's a great card, especially for traveling. :smileyhappy:

I have already spent the 2k on college so Ill be getting 25k points and already got $80 back for Delta seat upgrades. Its paid for itself almost already. :)

Re: From Capital One $500 limit to American Express

TheConductor — Fri, 12 Oct 2012 02:27:04 GMT

AMEX does their own internal scoring, so you must have looked a little better than your FICO score to their model.

No one can say for certain what's in that scoring model, but it's not hard to guess at some of it based on what they ask on the applications. They ask for income, yes, but also whether you have savings, checking, 401k, or investment accounts, and what their total value is. Since charge cards don't let you revolve a balance, your ability to pay in full is a prime factor.

I suspect having a diverse set of non-credit accounts boosts your likelihood of getting a charge card since the more liquid accounts you have the more likely you have the ability to access sufficient savings to cushion a bad month.

Another thing I suspect they do, and what probably worked in your favor, is use your address to get the median income for your area, and determine where your income falls on the spectrum for your location and age group. In your case, your income may not feel huge, but it's well above average for a 21-year-old, as is having a professional supervisory position.

I got the Zync when my FICO scores were notably worse than they are now, and I think what won them over was my having above average income for my age, a job with manager in the title, and a pretty substantial sum socked away in my savings, HSA, 401k, and non-retirement investments.

In essence, they gambled (correctly) that despite a couple of past mistakes when I was unemployed, my means and savings indicate I can always be relied on to fully pay my debts.

As for what happened when they put you on hold...even before--but especially since--the 2008 mortgage-backed securities crisis, smart lenders would avoid letting an underwriting decision be made by just one person. The rep you spoke to probably presented a recommendation to a supervisor, who then approved it.

Congrats!! Treat them well and pay like clockwork, and enjoy that platinum concierge service!!

Re: From Capital One $500 limit to American Express

Cadillac-XTS — Fri, 12 Oct 2012 02:40:16 GMT

Congrats

Re: From Capital One $500 limit to American Express

migliogiorni — Fri, 12 Oct 2012 03:00:15 GMT

W0W congrats very awesome.

Re: From Capital One $500 limit to American Express

twelfthjoe2 — Fri, 12 Oct 2012 03:23:43 GMT

TheConductor wrote:
AMEX does their own internal scoring, so you must have looked a little better than your FICO score to their model.

No one can say for certain what's in that scoring model, but it's not hard to guess at some of it based on what they ask on the applications. They ask for income, yes, but also whether you have savings, checking, 401k, or investment accounts, and what their total value is. Since charge cards don't let you revolve a balance, your ability to pay in full is a prime factor.

I suspect having a diverse set of non-credit accounts boosts your likelihood of getting a charge card since the more liquid accounts you have the more likely you have the ability to access sufficient savings to cushion a bad month.

Another thing I suspect they do, and what probably worked in your favor, is use your address to get the median income for your area, and determine where your income falls on the spectrum for your location and age group. In your case, your income may not feel huge, but it's well above average for a 21-year-old, as is having a professional supervisory position.

I got the Zync when my FICO scores were notably worse than they are now, and I think what won them over was my having above average income for my age, a job with manager in the title, and a pretty substantial sum socked away in my savings, HSA, 401k, and non-retirement investments.

In essence, they gambled (correctly) that despite a couple of past mistakes when I was unemployed, my means and savings indicate I can always be relied on to fully pay my debts.

As for what happened when they put you on hold...even before--but especially since--the 2008 mortgage-backed securities crisis, smart lenders would avoid letting an underwriting decision be made by just one person. The rep you spoke to probably presented a recommendation to a supervisor, who then approved it.

Congrats!! Treat them well and pay like clockwork, and enjoy that platinum concierge service!!

WoW that's a lot of helpful information. Thanks!

Re: From Capital One $500 limit to American Express

twelfthjoe2 — Fri, 12 Oct 2012 03:27:00 GMT

Credit314 wrote:
Congrats

Thanks :)