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Blogger
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Registered: ‎02-02-2012
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Re: AMEX Approval Scores


Brian_Trying_700 wrote:

I was denied by Amex with a credit score by Fico 652. They came back with a Zync $500.00 c/l if I had proof I had a checking account where they can take the money out every month. After the 6-12 month period the will make it unlimited spending. I had to baddies that were 6 years old. You have to get your foot in the door. Lets get that 800 credit score. :smileyhappy:



That's a good sign that they countered though.

Very encouraging.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Established Contributor
Posts: 513
Registered: ‎01-27-2011
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Re: AMEX Approval Scores

on the amex website i'm pre selected for zync, green and basic blue...i really would rather just go for the blue, even though the rewards are express, I wouldn't have an annual fee.  thats the reason I started this post was to find out weather or not I had a shot and not having to deal with the charge cards and go straight for a revolver.  I am glad to see all of the responses, keep them coming.

EX-774 (Amex Fico) 8/12
EQ-725 (Fico) 1/12
TU-729 (Fico) 3/12
Blogger
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Registered: ‎02-02-2012
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Re: AMEX Approval Scores

BTW, I was pre-selected for Green/Gold/Zync.

Screw that. No AF for me.

 

So I wouldn't worry too much with what you are/aren't pre-selected for. I trusted my gut with the BCE.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Member
Posts: 46
Registered: ‎05-04-2011
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Re: AMEX Approval Scores

Your previous post about you paying the CO in 12/11 with 6 years of  prior 180 buckets to is going to sink you.

They can only keep your account on the bureau since the DOLA (Date of Last Activity) for 7 years as a derog.

By paying the account, you created activity and just reset your 7 year DOLA.

Curious why they would update it to CO after paying it.  You should have negotiated a settlement (R6) which would have been much better than an R9 (CO).

I hate to tell you this, but your Charge Off has been reset and you have 7 years from 12/11 for it to come off.

I would ask the bank to remove the tradeline, since you paid them, they shouldn't have a problem with it.

Tell them you suffered enough for the last 6 years and they might agree.

 

 

EX=800, EQ=814, TU=946
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Registered: ‎07-14-2009
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Re: AMEX Approval Scores


annalog wrote:

Your previous post about you paying the CO in 12/11 with 6 years of  prior 180 buckets to is going to sink you.

They can only keep your account on the bureau since the DOLA (Date of Last Activity) for 7 years as a derog.

By paying the account, you created activity and just reset your 7 year DOLA.

Curious why they would update it to CO after paying it.  You should have negotiated a settlement (R6) which would have been much better than an R9 (CO).

I hate to tell you this, but your Charge Off has been reset and you have 7 years from 12/11 for it to come off.

I would ask the bank to remove the tradeline, since you paid them, they shouldn't have a problem with it.

Tell them you suffered enough for the last 6 years and they might agree.

 

 


Neither of these is correct. No action by anyone can legally change the CRTP (Credit Reporting Time Period). Collections and charge offs can report no longer than 7.5 years from the DoFD (Date of First Delinquency) on the OC account that led to the collection or CO.

 

DoLA has absolutely nothing to do with the expiration of the CRTP.


 

Member
Posts: 46
Registered: ‎05-04-2011
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Re: AMEX Approval Scores

I disagree.

EX=800, EQ=814, TU=946
Moderator
Posts: 16,451
Registered: ‎07-14-2009
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Re: AMEX Approval Scores


annalog wrote:

I disagree.


All we have to go by is FCRA 605(c)(1):

 

(c) Running of Reporting Period

 

(1) In general. The 7-year period referred to in paragraphs (4) and (6) 3 of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

 

If you can find something in the FCRA that allows the CRTP to be reset I will gladly rethink my position.

Member
Posts: 46
Registered: ‎05-04-2011
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Re: AMEX Approval Scores

According to what he said, and if I'm understanding him correctly, the account wasn't placed for collection (180 buckets for 6 years), nor was it charged off.  The account was active showing 180 days past due for 6 years.  There is no difference between this account and paying your mortgage late every month for 4 years in a row.   It's an active account that has not been charged off or sent to collection.  He could dispute it and win, but if he does nothing, it will sit there because the DOLA was 12/11.

This has happened to people I know.  I'm not saying it's the law or that it's right, but it does happen, and probably will happen if he doesn't dispute it.

EX=800, EQ=814, TU=946
Moderator
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Registered: ‎07-14-2009
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Re: AMEX Approval Scores


annalog wrote:

According to what he said, and if I'm understanding him correctly, the account wasn't placed for collection (180 buckets for 6 years), nor was it charged off.  The account was active showing 180 days past due for 6 years.  There is no difference between this account and paying your mortgage late every month for 4 years in a row.   It's an active account that has not been charged off or sent to collection.  He could dispute it and win, but if he does nothing, it will sit there because the DOLA was 12/11.

This has happened to people I know.  I'm not saying it's the law or that it's right, but it does happen, and probably will happen if he doesn't dispute it.


All I'm saying is these two statements by you are both incorrect and I will leave it at that and move on.

 

By paying the account, you created activity and just reset your 7 year DOLA. I will say again that the DoLA has nothing to do with any time period whatsoever. I'm not sure what a 7 year DoLA is.

 

I hate to tell you this, but your Charge Off has been reset and you have 7 years from 12/11 for it to come off. The drop off date for any CO can never be reset by any action or anyone.

Member
Posts: 46
Registered: ‎05-04-2011
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Re: AMEX Approval Scores

Marine,

 

I suppose I should have further explained the context of those two statements, but they are not incorrect.

He stated, for the last 6 years, the account showed 180 days past due.  It was not a charge off before he paid it.

Once he paid the account, the bank "incorrectly reported it"  as a charge off, instead of a paid account as they should have. 

Since the first time they reported it as a charge off was 12/11, the 7 year cycle now begins.

 

Date of Last Activity is the date used by all the bureaus to remove tradelines.

Tradelines that are closed accounts and in good standing are removed after 10 years from the date of last activity.

Derogatory tradelines that are charged off or sent for collection are removed after 7 years from the date of first delinquency.  (Your point.  Absolutely accurate)

Derogatory tradelines that are active accounts are not removed.  (His situation)

 

It's been a great exchange.  I look forward to future debates! 
I won't comment any further on this for sanity purposes.   lol

 

EX=800, EQ=814, TU=946
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