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American Express Card

Moderator Emeritus

Re: American Express Card


MrGoat wrote:

"is a user-friendly credit score model developed by Experian to help you see and understand how lenders view your credit worthiness."

 

Actually thats probably perfect for me then. I just need something to gauge my credit worthiness in the simplest manner possible.

It seems like the last time I did get an actual FICO score it was just a bit higher than that PLUS score.

When I got the FICO it was in the highest category, but then in the PLUS it was showing a level below that, if memory serves.

I think I like the FICO better and dont comprehend the purpose in the bureaus messing with something everyone uses.


The decision to rely on these (what we call around here "FAKO" scores) is of course is up to you. But be aware that all FAKO scores are worhless and cannot be compared to FICO scores in any fashion. They use diferent scoring formulas than FICO scores and often different score ranges as you found out with the Plus scores which range from 330-830 while FICO ranges from 300-850. Another example of a FAKO score is VantageScores. They go from 501-990.

 

FAKO scores could be much higher or lower than FICO's and if the two scores are smiliar that is just coincidence.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 41 of 67
New Contributor

Re: American Express Card

Thats interesting.

I am pretty content just having an overall idea of what my credit worthiness is. I dont think the bureaus are interested in telling me my credit is ok if its actually crap. That wouldnt benefit either of us. I dont necessarily need to know what my exact FICO score is at this point...maybe if I look for a house later or something. I just like to keep up on my reports for the most part and the monitoring thru AMEX tosses in those scores as well.

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Message 42 of 67
Regular Contributor

Re: American Express Card


ladyvg270 wrote:

Hello!

 

I would like to know is it anyone out there who had to try hard to get there score up to receive an american express card, if so, what does your score have to be around to receive an american express card.


Hi ladyvg270 - I have been working on my score and credit for a while now and was just approved for the Amex Platinum Card. My EX score is in my sig below, but I have seen reports of much lower scores being approved. I think they like the idea of collecting a hefty annual fee. Smiley Happy I have an 8 year old BK on record - the rest is pretty much squeaky clean. I think this Platinum Card will backdate to about 2003 or so.

 

You can apply for as many AMEX cards in one day and only take one inquiry hit so it's smart to try for about 3 different products one after the other on the same day to get the most bang for your buck.


With FICO, time heals all wounds.

Take the FICO Fitness Challenge

Message 43 of 67
Valued Contributor

Re: American Express Card


ficofox wrote:

ladyvg270 wrote:

Hello!

 

I would like to know is it anyone out there who had to try hard to get there score up to receive an american express card, if so, what does your score have to be around to receive an american express card.


Hi ladyvg270 - I have been working on my score and credit for a while now and was just approved for the Amex Platinum Card. My EX score is in my sig below, but I have seen reports of much lower scores being approved. I think they like the idea of collecting a hefty annual fee. Smiley Happy I have an 8 year old BK on record - the rest is pretty much squeaky clean. I think this Platinum Card will backdate to about 2003 or so.

 

You can apply for as many AMEX cards in one day and only take one inquiry hit so it's smart to try for about 3 different products one after the other on the same day to get the most bang for your buck.


Man I wish I knew this 2 months ago when I apped for the Blue Cash and was instant approved.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Message 44 of 67
Regular Contributor

Re: American Express Card

Just to quickly clarify and not spread misinformation - if you are approved for your first Amex app, you can apply again. If you are declined for the 2nd app, you're done for the day.  I just tried for a 3rd and they said "nice try".

 

Approved - Platinum

Denied - Gold

Denied - Blue (and please stop asking us.)

Done.

 

Honestly think the only reason they approved me was to collect the big fee but it's a price I'm more than willing to pay at this point.

 


With FICO, time heals all wounds.

Take the FICO Fitness Challenge

Message 45 of 67
Moderator Emeritus

Re: American Express Card


MrGoat wrote:

Thats interesting.

I am pretty content just having an overall idea of what my credit worthiness is. I dont think the bureaus are interested in telling me my credit is ok if its actually crap. That wouldnt benefit either of us. I dont necessarily need to know what my exact FICO score is at this point...maybe if I look for a house later or something. I just like to keep up on my reports for the most part and the monitoring thru AMEX tosses in those scores as well.


I can't argue with that.  Smiley Happy

 

Until you are thinking of applying for credit at some point in the future a score is not really something to worry about. Just keep doing all the right things, i.e. always paying on time, keeping utilization low, etc, etc. and you'll be fine.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 46 of 67
New Contributor

Re: American Express Card

Im definitely fanatical about my/our credit.

I was the same before I married the first time. It took less than 6 months for my first wife to **bleep**(cant believe that got bleeped) my finances up so badly that my credit took some heavy hits.

Luckily my current wife (married in 2006) is more like I am and wants to pay bills on time, not get into debt for things we cant afford and isnt an impulse buyer (which, in my opinion, credit is simply a bad idea altogether for impulse buyers).

 

We talk a bit here and there about buying a home, but I want something brand new if we do (neither of us smoke and I certainly dont want to by a 70 year old house thats been smoked in for 50 years).

If that ever happens that we are out to buy I'll definitely be looking at my FICO score and anything else I think they will want to check out in determining our worthiness.

With the job and housing markets the way they are right now I dont think we'll be buying anything anytime soon.

Prices are probably better now but who knows if and when they may get laid off anymore and not have the money to pay the mortgage?

 

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Message 47 of 67
Regular Contributor

Re: American Express Card

BTW, @MRGOAT, Amex doesn't use FICO anyway.  Keeping a close eye on your Experian report is key for Amex fans.

 

The 3-in-1 services that provide all your credit reports are just as useful in keeping an eye on your credit and a lot less expensive than the FICO reports which aren't needed unless you are applying somewhere that uses FICO.  FAKO scores as they are called can be a useful, though of course, not exact simulation of FICO scores.

Message 48 of 67
Moderator Emeritus
Moved:

Re: American Express Card

To CreditCutie:

 

I'm going to split this off to start a new thread within Credit Cards. All I've changed is the title. If you want to change it to something else it is possible to edit your own post. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you need any help with anything, let me know. Just look for the title "I Have No Credit Cards". --MarineVietVet, myFICO moderator

Message 49 of 67
Valued Contributor

Re: American Express Card


ficofox wrote:

ladyvg270 wrote:

Hello!

 

I would like to know is it anyone out there who had to try hard to get there score up to receive an american express card, if so, what does your score have to be around to receive an american express card.


 

You can apply for as many AMEX cards in one day and only take one inquiry hit so it's smart to try for about 3 different products one after the other on the same day to get the most bang for your buck.



Be careful though.  If you are bordeline they have been known to pull a second buruea to make there decision.  Though it's rare, I have heard of them pulling all three.

Message 50 of 67