i took a gamble... after not appying for ANY credit for a few years, I have gone off the wagon and appied for, and received approval for, the AMEX BCE card (based on what I read here, and trying to get a nice looking report). So... AMEX approved the app and i got the letter today with my score and what they used in deciding my score.
If you simply read the FICO portion of the letter, you'd swear it was a rejection! The question I have is based on the portion "key factors that adversely affected your FICO score"... The ones that confuse me is this... proportion of revolving balances to revolving credit limits is too high. Before the bce, i have 3 open credit lines, and all have a zero balance. In 3 years, none have been over 50% of the total limit. What could they possibly be seeing? Also they said too few accounts paid as agreed.. they ALL are. So the second question is.. even though I was approved should I go and pull the experian report to see if i can find what they saw?
I'm going back to no apps for a while... hopefully at least a year...
I wouldn't read too much into it. I got that same letter with my recent Blue approval and it had similar stuff, despite me having 2% reported utilization and whatnot. They have to put something there, so they just put something there. It shouldn't cause any concern.
We all get that same blurb in the disclosure paperwork they send us. It should say: "Key factors that can adversely affect anyone's FICO® score." I think that would take some of the confusion out of their disclosure comments.
Thanks. I have been so hyper-focused on rebuilding I tend to over think it.
Because you got the letter it means that you did not get the best credit terms they offer they have to do this now its the law. You probably got the higher APR as in the 20.24% or 22.24% APR. Not a big deal because you probably got year no interest anyway and you can call in a year when its over and ask to have it lowered. Anyway since you got the letter and not the best terms you can go to Experian (guessing since it was Amex) right now like the letter says and you can get your report free for 90 days as long as you got an adverse action in the last 60 days. It reports everyday too, its wonderful.
AHA! that was going to be my next question.. when are reports normally updated yes it was experian.. and as far as I know they are the only card that ever told me what my score actually is (or at least the one they used)
Every day. You can look for 90 days.
and wow, that was illuminating! seems when Capone bought my hsbc account... they never moved the balance!!!!! showing open, with a balance... which does not exist here in the real world.
Hmmmm , you should call them. That maybe what Amex means about "too few accounts paid as agreed".
its showing 'paid/never late' but its showing a balance that does not exist. I will call them.