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Hi guys, I've recently looked in to check on my credit scores after not having a credit card for maybe 8 years. The numbers looked good so I went ahead and applied for some cards. Chase Saphire (denied) Capital One Cash (approved $500CL) Amex Blue & Green (Cancelled)
Here are my details:
Equifax 738
Transunion 720
Experian 730
1 student loan for $12k paid in full, no late payments from 2003
1 judegement paid in full for $2800 from 2005
About 3 inquiries
So here's the deal with the Amex applications. Both the blue and the green said "cancelled". Clicking on the status revealed they needed more information. To confirm my address and a 4506-t tax transcript form.
I went ahead and faxed in both on friday. I reported on the application an income of $120k but last year's tax return will show something more like $100k. I've called a bunch of times to check on status. Have gotten maybe 4 "we're still waiting for the tax returns from IRS" and 2 "you are approved". I was disconnected on the last "you are approved" reply and my status still says in-progress.
Any idea how long it will take for them to review my tax forms? I faxed them in on friday. What are my chances of being approved? Like an idiot, today I also applied over the phone for the gold card and got the same request. Are all of these applications going to be bad? Ideally I would like the blue cash card and the gold charge card to help rebuild my credit and use in place of my chase debit card. I should have looked more closely into the card offerings and only applied to 2.
Thanks,
Eric
First thing's first, where did you get your scores from?
It could take anywhere from 7-10 days to review the information and give you a decision, (this is what i was told by amex before)
My scores are from freecreditreport. I tried MyFico but I was told there was not enough history on my Experian report or something like that
freecreditreport.com offers what is called "FAKO" scores, heres a small definition of what a FAKO score is;
FAKO score is a term that refers to any credit score that's not a FICO score. If you purchased your credit score from anywhere but MyFICO.com, then it's a FAKO score. These FAKO scores are for educational purposes only and don't necessarily reflect the scores that lenders really use to approve your applications.
Basically, the majority of FAKO scores are YMMV, they can be spot on, or +/- 100 points or more. so what you think your scores are right now may not be the same that AMEX or Chase or capital one used, I'd suggest trying again with myfico or going to equifax and purchasing the FICO scores off equifax.com but make sure when you're purchasing something it specifically says FICO score, if it doesn't then it's a FAKO score and should most likely be ignored. Once you do that and see your REAL FICO scores then report back with those scores.
I'm not 100% sure but i think Chase and AMEX frown upon any negative ticks on your report IE Bankruptcy or Judgements.
Just tried to get my Equifax report and FICO score from Equifax. Same message:
"While we were able to access your Equifax Credit Report™, we are unable to deliver your FICO® credit score at this time. You will not be charged for this order."
I assume it has something to do with a lack of credit card history on my report.
gonna have to call 1-866-640-2273 and see what they say (probably closed right now)
the only thing i know is that they may require an open account for 6months before they can generate a credit score (maybe not 100% sure)
not sure how to help since you dont have a FICO score, theres not much anyone can do...
but to answer your original question it may take 7-10 days....
Ok, thanks for the help. I was hoping that my FAKO score + $0 debt + $100k salary may be a good enough chance. I'm a little confused as to why the CSR put me on hold and told me I was approved. Then I call to check back because the status on the website still says "In-Progress" and they say they're still waiting.
I was told I was approved twice. Anyway, I'll cross my fingers. I look forward to putting my debit card to rest and using amex for all of my bills and expenses and getting the rewards.
If it doesn't work out I'll just do maybe 6 months with my capital one card and try again.
FYI, cancelling my freecreditreport membership. Thanks
One quick question. If Amex is pulling my credit report from Experian wouldn't they have the same trouble as I am having with getting the FICO score? Could this be the reason they are asking for my tax returns?
quite possibly.... but amex also uses their own scoring system.
@Juan123 wrote:quite possibly.... but amex also uses their own scoring system.
^This. Though they pull a report, they also have their internal risk score based upon that report and your relationship with them, if you have one.