AMEX Approval Score?

[Anonymous]

Yes, I have negative collections on my report and a Charge off Credit Card with a balance of $600 something that I'll be paying off.

Income isn't a problem or I wouldn't be going for a AMEX

I just opened the Merrick Bank Secured Card this month. Also have a $1300 installment loan that will have 5-6 months of history by December.  Still debating if I should pay it off on the 6th month even know the loan is for 12-months since banks like to see at least 6 months of on-time payment history. I been paying $150-$175 a month on that loan even know the payment is only $102. I'm also waiting on my first payment to post to Merrick Bank next month which I should see a score increase since it's my first secured card. 

I had another collection come off today in dispute. My car loan should also be reporting by then.

[AvadaKedavra]

You probably will not be approved with collections on your CR. I would definitely wait until those are off regardless of score.

[Anonymous]

Will they just not approve anyone with collections?

[mongstradamus]

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@Anonymous wrote:

Will they just not approve anyone with collections?

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They can but i wouldn't hold my breath on that happening, I would work on getting that collection removed. GW or PFD

[AvadaKedavra]

I guess it's not impossible but it's highly unlikely. I suppose if the positive outweigh the negative on you CR you'll have a good chance but collections and that charge off are huge red flags for them.

[taxi818]

I think it depends if they are old. And if paid. I heard many approved with collections. And charge off. Just search amex with collections. So not really true. 

IMO. I think you will be ok. Not ventured. Nothing gained. 

[mongstradamus]

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@taxi818 wrote:

I think it depends if they are old. And if paid. I heard many approved with collections. And charge off. Just search amex with collections. So not really true. 

IMO. I think you will be ok. Not ventured. Nothing gained. 

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I think best plan of action is to see what you can do about collection if its really old then you can apply i guess.I would work on trying to get that remedied first. 

[Anonymous]

If they're pulling Experian then there are no charge off's on there and just a couple collections that I'm paying. The oldest collection is from 2008 and that was removed from Equifax and now I'm waiting on it to be removed from Experian. 

[mongstradamus]

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@Anonymous wrote:

If they're pulling Experian then there are no charge off's on there and just a couple collections that I'm paying. The oldest collection is from 2008 and that was removed from Equifax and now I'm waiting on it to be removed from Experian. 

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If its collections as in plural then i would definately wait. Also if you are borderline , which it sounds like you are, they may double pull you . 

[taxi818]

Well you must really wait until smoke is clear. 

Thats why I'm waiting. Dispute on experian. Old charge off. 6 years 10 months old. But court order to bank. To cease and desist 

so I know. I got this.  But. Always best to make sure situation is optimal.