cancel
Showing results for 
Search instead for 
Did you mean: 

Amex put me in the 700 Club!

tag
shane82388
Established Contributor

Re: Amex put me in the 700 Club!

Thats a HUGE jump in score! Nice.

 

I had a huge jump in the wrong direction.... -15 points from one inquiry! Lucky you, haha.

Message 31 of 48
Anonymous
Not applicable

Re: Amex put me in the 700 Club!

Congrats! You must have been pushed into a higher AAoA bracket to get that big of a score boost! 

But that really goes to show how utterly unfair Amex backdating is, gives a huge score advantage to those who had old cards back in the day or had older relatives add them in as ACMs.

I'm not saying I wouldn't take advantage of unscrupulous backdating if I could Smiley Wink I'm just not in a position to benefit from it.

Message 32 of 48
bichonmom
Senior Contributor

Re: Amex put me in the 700 Club!

Yeah, Andy. That's how I feel about AUs. Smiley Frustrated It's been hard reading about so many people being able to rebuild quicker because they are fortunate to have relatives to add them as AUs. I've had to do it all myself, which has made it more difficult. But I am *really* grateful that I did have an Amex way back in my early 20s. It's kind of like being my own AU. Smiley Tongue

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 33 of 48
RyVision
Valued Contributor

Re: Amex put me in the 700 Club!


@Anonymous wrote:

Congrats! You must have been pushed into a higher AAoA bracket to get that big of a score boost! 

But that really goes to show how utterly unfair Amex backdating is, gives a huge score advantage to those who had old cards back in the day or had older relatives add them in as ACMs.

I'm not saying I wouldn't take advantage of unscrupulous backdating if I could Smiley Wink I'm just not in a position to benefit from it.


AndyK;

 

Remember, old accounts fall off a report after 10 years. AMEX stayed on my report from the day I had it in 89.  I don't see how it's "unscrupulous" to be given proof of ones credit age. My current AAoA is around 3 years, if ALL my cards from the past were reporting it would be closer to 18 years.  If I had all the cards I had back then, some of which no longer exist, and I never added new ones, my AAoA would be over 23 years, so who's really being cheated out of something here?  All AAoA does is take the cards that are reporting into account, not all the cards someone may have had in good standing decades ago.

 

Bichon, myself and many others who have been back dated to our original member since dates are fully entitled to that privilege as explained by AMEX many years ago (maybe before you were born) that once a member, you're a member of AMEX for life (if you don't default on them).  I even asked about it before I closed my account with them in the 90's and they told me I'd retain my original member since date if I ever re-opened an account with them again.

 

As for ACM's, anyone who adds someone is essentially trusting how they'll use it being the primary becomes responsible for any charges. It's about the only way a personal reference can show on someone's report and reflect in their score.  There are the rare instances where people have been added that didn't have close ties to the primary, but AMEX has pretty much eliminated that loophole.

 

AMEX didn't put Bichon in the 700 club, her factual history of her original member since date did that.  Everyone in banking knows, you didn't get that original card with AMEX without having some credit history at the time.


AKA 840flippedto480
Message 34 of 48
Anonymous
Not applicable

Re: Amex put me in the 700 Club!


@RyVision wrote:
 

AndyK;

 

Remember, old accounts fall off a report after 10 years. AMEX stayed on my report from the day I had it in 89.  I don't see how it's "unscrupulous" to be given proof of ones credit age. My current AAoA is around 3 years, if ALL my cards from the past were reporting it would be closer to 18 years.  If I had all the cards I had back then, some of which no longer exist, and I never added new ones, my AAoA would be over 23 years, so who's really being cheated out of something here?  All AAoA does is take the cards that are reporting into account, not all the cards someone may have had in good standing decades ago.

 

Bichon, myself and many others who have been back dated to our original member since dates are fully entitled to that privilege as explained by AMEX many years ago (maybe before you were born) that once a member, you're a member of AMEX for life (if you don't default on them).  I even asked about it before I closed my account with them in the 90's and they told me I'd retain my original member since date if I ever re-opened an account with them again.

 

As for ACM's, anyone who adds someone is essentially trusting how they'll use it being the primary becomes responsible for any charges. It's about the only way a personal reference can show on someone's report and reflect in their score.  There are the rare instances where people have been added that didn't have close ties to the primary, but AMEX has pretty much eliminated that loophole.

 

AMEX didn't put Bichon in the 700 club, her factual history of her original member since date did that.  Everyone in banking knows, you didn't get that original card with AMEX without having some credit history at the time.


 

If they let you re-open the account you closed in good standing back in the day (and just that one account, no backdating on additional new accounts), and it was something done industry-wide, I could see it as an acceptable practice. But since Amex is the only one that does it, and they let you backdate multiple cards (not just one), it really does represent inaccurate information reported by them. It's not like having one card open back in '90 suddenly entitles you to opening five cards this year and having them all show up as if they were opened back then. If I didn't keep five cards open for the last two decades, why should I be able to reap the benefits from it?

And assuming that the FICO score is supposed to be a fair and accurate representation of the credit risk you present, having inaccurate information added to your credit report by a creditor for the sole purpose of improving your credit score really does seem questionable for me.

Now, I'm aware that everyone who's getting backdating benefits from Amex is going to be biased and will defend the practice. And since Amex does offer it, it would be stupid not to take advantage of it, since it does give a (potential) score boost. I'm not trying to blame anyone for using the backdating, what I'm saying is that Amex really shouldn't be doing it in the first place since it's inaccurate and unfair.

Message 35 of 48
LS2982
Mega Contributor

Re: Amex put me in the 700 Club!


@Anonymous wrote:

Congrats! You must have been pushed into a higher AAoA bracket to get that big of a score boost! 

But that really goes to show how utterly unfair Amex backdating is, gives a huge score advantage to those who had old cards back in the day or had older relatives add them in as ACMs.

I'm not saying I wouldn't take advantage of unscrupulous backdating if I could Smiley Wink I'm just not in a position to benefit from it.


Totally agree.




EQ FICO 548 3/3/16
Message 36 of 48
drkaje
Senior Contributor

Re: Amex put me in the 700 Club!

Mine finally posted but I'm not using a Score Power report to find out the results.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 37 of 48
Open123
Super Contributor

Re: Amex put me in the 700 Club!


@Anonymous wrote:

And assuming that the FICO score is supposed to be a fair and accurate representation of the credit risk you present, having inaccurate information added to your credit report by a creditor for the sole purpose of improving your credit score really does seem questionable for me.



You make some salient points, but when is anything "fair and accurate?"  If we held that standard, then we mind as well begin another revolution.

 

Are Fico scores "fair and accurate?"  Is it fair for a person making low six figures with 100k liquid in his bank account denied a credit card just because he doesn't have a Fico score?  Is it fair that the recent graduate who gamed the system boasting a mid 700s Fico score who has a low paying entry job reaps much better credit terms?

 

Any issuer is free to backdate.  That they chose not to is their perogative, as it is with Amex to do so.  To quote a baseball player when asked by reporters, "is it fair you make 20 million per year?"  The reply, "is it my fault you can't hit a baseball?"

Message 38 of 48
Anonymous
Not applicable

Re: Amex put me in the 700 Club!


@bichonmom wrote:

Yeah, Andy. That's how I feel about AUs. Smiley Frustrated It's been hard reading about so many people being able to rebuild quicker because they are fortunate to have relatives to add them as AUs. I've had to do it all myself, which has made it more difficult. But I am *really* grateful that I did have an Amex way back in my early 20s. It's kind of like being my own AU. Smiley Tongue


+1 all the way bichonmom.  I had to rebuild all by myself and it sucked, but it's made me more responsible in the end.  Also, being able to backdate yourself with AMEX really is an incredible service they offer and everyone who is able to take advantage of this should.  Being a member since 1999 really has a nice ring to it (at least in my case).  And congratulations again, I couldn't be happier for you, you must be on cloud 9 right now Smiley Happy

Message 39 of 48
RyVision
Valued Contributor

Re: Amex put me in the 700 Club!

AndyK;

 

There is one thing I forgot to mention about AMEX and backdating and if it's unscrupulous or not.   To be unscrupulous, there would have to be some dishonesty or a hidden fact (unscrupulous, essentially means dishonest).  There is nothing at all dishonest about AMEX backdating for card holders, it's not actually "backdating", it's their starting membership date with AMEX,  and every bank, CCC, and lender in the biz knows about it.  

 

AMEX can give members this perk because it's the date  a person became a member of AMEX and it applies to ALL their issued products, they have it grandfathered in by law. Other CCCs have tried to offer it by calling their card holders "Members"  (look at some cards) but the FTC and other rules will not allow it.  AMEX was unique in it's model in how it started when they began issuing cards many years ago.

 

And yes  it's even fair, anyone who could qualify for an AMEX years ago or now, gets the privilege of their original member since date on all their cards. AMEX never throws out your info, it's in their system somewhere, even if you were a member in 1960.  As for ACM's it's Sort of like becoming a member of NFCU through a relative, they offer the privilege to those that meet requirements.  AU's of other cards are not seen as impressive by other lenders or by FICO scoring btw, talk to any credit analyst and they'll tell you AU's don't carry much weight.

 

Actually, since the subject was brought up, I may have my member since date put on my tombstone "born, died, AMEX Member Since 1989" just because in a 100 years it'd probably still be able to be verified Smiley LOL

 

This is really for anyone reading this, not just AndyK  Smiley LOL  There are few privileges in life, most you won't be able to earn.  You'll never hit a baseball and be 20 million bucks to do so, you'll never be a rock star, you'll never save someone's life by performing brain surgery, BUT, you can take care of  your obligations well enough if you work at it so you can be approved for membership with American Express.  Smiley Wink


AKA 840flippedto480
Message 40 of 48
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.