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Amex Platinum Approved at FICO 680!!

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Member

Amex Platinum Approved at FICO 680!!

I am super excited about this..  I got a pre approval letter and decided to go for it!  

 

My FAKO scores:

EQ 690

TU 686

EX 698

 

1 late 30 day cc payment 2009  Tried GW letters, but they wont remove it

1 collection Paiid in full $123.00 (verizon never closed an old account) same as above

7 revolvong cc accounts $27k 7% usage

1 Installment acct 

1 Mortgage.

 

What im not sure about is why my FICO ios so low compared to the CRA's?  Anyone know why?

 

9 REPLIES
Valued Contributor

Re: Amex Platinum Approved at FICO 680!!

They using diff methods....


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Established Contributor

Re: Amex Platinum Approved at FICO 680!!

First, your "fako", if a plus score, tends to begin reducing the effect of negative information much faster than actual ficos. So, for example, there is very little weight given to a 5 year old collection by plus, but quite a bit of weight given by fico. Second, it weighs more recent data much more strongly than older data. Finally, most of us believe Amex uses a fico format with some modifications, similar to the credit card specific fico discover uses, that alters the information even from the exp fico a mortgage app would generate.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Established Contributor

Re: Amex Platinum Approved at FICO 680!!

I was approved with an EX FICO of 650.  It can be done!

Valued Contributor

Re: Amex Platinum Approved at FICO 680!!

It's really not a difficult card to get. As long as you meet the general criteria for their charge cards and are willing to pay the $450 AF, you can often get approved.
EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Super Contributor

Re: Amex Platinum Approved at FICO 680!!


CreditScholar wrote:
It's really not a difficult card to get. As long as you meet the general criteria for their charge cards and are willing to pay the $450 AF, you can often get approved.

+1

 

With the exceptions of Centurion and (possibly, not entirely sure though) zync, if you qualify for one charge card, you basically qualify for all of them. The only main underwiriting difference is income. If your income is 10k they're not going to approve you for a card with a $450 AF. 

 

If your spending and travel habits can justify the AF then it really is a pretty great card, and I hope one day my spending and travel habits justify it, because I'd love one, but as a college student really don't have much need for a plat Smiley Tongue 

 

Congrats on your approval!



Senior Contributor

Re: Amex Platinum Approved at FICO 680!!

Congrats! Some have reported being approved for Gold and Plat when they thought they'd only be able to get Zync. In general their charge cards are easier to qualify for than the revolvers. However, if you app for a revolver on the same day, you won't have a 2nd HP. So, if there is a revolver you're interested in, you may want to give it a shot (assuming you just apped today).

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
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!

New Contributor

Re: Amex Platinum Approved at FICO 680!!

Credit Scholar,

 

What are the requirements for the Amex Platinum you're referring too?   I'm interested in applying and could use all the advantage possible.


Current: 12/6/12 708 Exp Fico
Goal Score: 740then Garden
Member

Re: Amex Platinum Approved at FICO 680!!

Thanks everyone for your comments!

 

 Aspireto850, I’m not sure that the approval criteria is for the Amex Platinum, it seems to be a moving target.  I think that your score and utility of revolving accts plays a huge part along. That said, i have seen messages on this board where people who appear to have a better profile than mine get declined.  

 

I hear that Amex have a long memory if they had to charge off an account.  

 

Check the amex website to see if you are pre approved for anything.

 

Just an update on my score, my Fico dropped by 2 points (my fico score alert), i presume this is because of the hard pull.

Valued Contributor

Re: Amex Platinum Approved at FICO 680!!


Aspireto850 wrote:

Credit Scholar,

 

What are the requirements for the Amex Platinum you're referring too?   I'm interested in applying and could use all the advantage possible.


YMVV as always, but a general idea would be something like this: FICOs near 700 (although they can be a bit lower), at least 1 (maybe 2) other card reporting, no major baddies (like bk, previous co with Amex, etc.) and a decent income. Amex is very income sensitive given their spend-centric model, so the higher your income the more leeway you'll get on the other stuff. There have been people who have reported getting a charge card without any other TLs, but those are typically people applying for a Zync. I haven't seen anyone yet whose first and only TL is an Amex platinum. The reality is that unless you have reimbursable expenses that are going on to your card, getting an Amex platinum doesn't usually make much sense if your income is below 70-80k. Most people in this situation simply won't have enough left after taxes to make use of it's extensive travel benefits, given the $450 AF.
EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL