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Amex Approval letter??

Frequent Contributor

Amex Approval letter??

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? 

Message 1 of 17
16 REPLIES
Frequent Contributor

Re: Amex Approval letter??

probably tomorrow or monday. BOA did the same thing to me I got my letter with my score at the time of approval the day before the card seperately

amazon
Message 2 of 17
Senior Contributor

Re: Amex Approval letter??

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! Smiley Very Happy

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 3 of 17
Valued Contributor

Re: Amex Approval letter??

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.


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 4 of 17
Valued Contributor

Re: Amex Approval letter??


Mustanglvr2006 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


 

Message 5 of 17
Regular Contributor

Re: Amex Approval letter??

Smae here... i got my card about  2 / 3 days after that letter



Starting Score: 617
Current Score: 744 Smiley Happy
Goal Score: 800


Take the FICO Fitness Challenge
Message 6 of 17
Established Contributor

Re: Amex Approval 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!!

CCs: Chase Freedom VS 12.9k, CSP VISA Sg 13k, BofA Amex 24.5k, Discover 12.5k, US Bank Cash+ Visa Sg 17k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 10.8k, Citi AA Amex 6k, Nordstrom VS 10k, Costco Amex 12k, BofA CR VS 5k, Amex BCP 13.5k, Amex ED 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 8k, NFL Visa 4k, Patelco Visa 10k, Penfed PR VS 44.6k, Chase Hyatt VS 8k, Citi Simplicity 13.3k, PayPal MC 7.5k, BBVA Visa 4k, WF VS 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 16.3k, C1 QS Visa 11k, FRN MC 15k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Arrival WEMC 10k, Ebates VS 8k, Orbitz VS 12k, NASA V 30k, USBk FP VS 21.5k, DC 30k, VirgAm 15k, Sams MC 15k, Amex Bz Gold, Amex SC 10k, BofW Bz MC 18k
Message 7 of 17
Frequent Contributor

Re: Amex Approval letter??


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!! 

Message 8 of 17
Valued Contributor

Re: Amex Approval letter??

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 Smiley Happy

 

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 Smiley Happy

 

 

 

 

Message 9 of 17
Frequent Contributor

Re: Amex Approval letter??


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 Smiley Happy

 

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 Smiley Happy

 

 

 

 



Isn't that such a pleasant suprise? You app'd Sunday night too, right?

Message 10 of 17