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I have been anxiously awaiting my new Amex BCP card in the mail since being approved for it last Sunday night.
Today in the mail I received an approval letter with no credit card. Is this normal?
On the second sheet it talks about the credit report they used to determine the decision of my application (Experian FICO). It says my score on Nov. 28th was 761, last time I checked freecreditreport.com which I know is a plus score was 730.
Something that has me beyond puzzled is the section that says "Key factor that adversely affected your fico score":
Length of time accounts have been established-sure, my AAoA is 1.5 years
Proportion of loan balances to loan amounts is too high-not sure how that is, just have a car loan with a 14k balance
Too few accounts currently paid as agreed.-What is this?? I have never had a late payment in my life!! Everything is current.
Too many inquiries last 12 months.-There were a whopping 2 inquiries on experian before I applying.
On another spot it says, "We used your FICO score in setting the APR for purchases (See cover letter)" It doesn't say anywhere what my APR is going to be or even my credit limit, though I know what it is because I called. 3K.
How much longer before I receive my card?
I don't think you need to put a lot of merit on that "advice." I don't believe that is coming from FICO. It's probably coming from EX. Also, it seems sometimes that it looks for negative where there are none. I don't know why. It's probably part of the programming. Obviously with your score, you're in good shape.
"too few accts..." may refer to the actual number. Maybe it's looking for a certain number of recent accts reporting, and if you have less than that (even if they're all current), it may just spit that out. Really, I wouldn't worry about it. You have a great credit score (I only wish... waiting not so patiently for mine to be where yours is!), and you got approved for the card. So, you're in great shape. Congrats!
I also got a Congrats letter from AmEx after apping for the BCP, It also contained my EX FICO 786, and I'm trying to remember if the card came in that letter, or in a seperate mailing, I really do not remember.
In my letter it also had a few things that adversly affected my FICO score, really???? a 786 (at that time) the reasons were so dumb, I laughed.
No worries, your card will arrive very shortly.
Congrats, the BCP is an awesome card.
@Anonymous wrote:I also got a Congrats letter from AmEx after apping for the BCP, It also contained my EX FICO 786, and I'm trying to remember if the card came in that letter, or in a seperate mailing, I really do not remember.
In my letter it also had a few things that adversly affected my FICO score, really???? a 786 (at that time) the reasons were so dumb, I laughed.
No worries, your card will arrive very shortly.
Congrats, the BCP is an awesome card.
im sure it came a day or 2 later
Smae here... i got my card about 2 / 3 days after that letter
The reason you got the letter under seperate cover as the card was because the interest rate they gave you on the account was NOT the top tier rate which is 17.24% I believe. The new CC law states that a FICO score must be given if the applicant does NOT receive the best terms for the account they applied for. There will be a disclosure of the specific terms of your card account when you actually recieve your card that tells you what your interest rate is and other applicable charges for the account. The "adverse results" have to be disclosed so the applicant knows what caused the lender to charge a higher rate. But that should be no biggie... just PIF every month!!
@jefftca925 wrote:The reason you got the letter under seperate cover as the card was because the interest rate they gave you on the account was the top tier rate which is 17.24% I believe. The new CC law states that a FICO score must be given if the applicant does NOT receive the best terms for the account they applied for. There will be a disclosure of the specific terms of your card account when you actually recieve your card that tells you what your interest rate is and other applicable charges for the account. The "adverse results" have to be disclosed so the applicant knows what caused the lender to charge a higher rate. But that should be no biggie... just PIF every month!!
I am somewhat confused on what you are saying.. On the first line you said I got a seperate letter because they gave me the top tier rate, but then you say that I got the letter because I did not qualify for the best rates.. Ether way like you said, PIF, which was my original plan so idc about apr that much. When I applied I had the state of mind that I wanted the highest interest rate because I just wanted to get approved!!
Well...looks like I am waiting for my BCP card too. The letter I received stated my EX Fico is 754. My EX Plus score was 747 at the time of approval, I was shocked my EX Fico was higher than my EX Plus score
I will check the mail tomorrow (Sat) and hopefully the card will be there. The 0% apr for 12 months will get me started with xmas shopping
@tntexans72 wrote:Well...looks like I am waiting for my BCP card too. The letter I received stated my EX Fico is 754. My EX Plus score was 747 at the time of approval, I was shocked my EX Fico was higher than my EX Plus score
I will check the mail tomorrow (Sat) and hopefully the card will be there. The 0% apr for 12 months will get me started with xmas shopping
Isn't that such a pleasant suprise? You app'd Sunday night too, right?