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Established Contributor
Watchmann
Posts: 985
Registered: ‎05-14-2008

Re: App Spree results - Info for credit searchers - you'll find it interesting with varied results


creditwherecreditisdue wrote:

Watchmann wrote:

creditwherecreditisdue wrote:

john, when I hit 760 it will still not be good enough for them!  :smileysad:


Amex does not approve on score alone.  They look at other aspects of your credit file.  FICO score is only a piece of the approval process.  One person with 760 may get approved, and another won't.  The days of credit granters relying solely on FICO are long, long gone.


 

Thank you for contributing gravitas to my otherwise tounge-in-cheek post.

 

Glad to help.  But with all the phobia and hysteria around here centering on AMEX you never know when posters are serious or not.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: App Spree results - Info for credit searchers - you'll find it interesting with varied results

I've seen indications that AmEx doesn't even use FICO scores, but instead use the data on EX reports to crank through their own home-grown scoring system.

If this is true, it would certainly explain why some with FICO scores in the 740's and 760's got declined --the FICO scores were never even looked at.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: App Spree results - Info for credit searchers - you'll find it interesting with varied results

They use some type of internally generated Risk score. Their practices have their origins in a time preceding the mass acceptance of FICO scoring. (For better or worse.)
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: App Spree results - Info for credit searchers - you'll find it interesting with varied results


haulingthescoreup wrote:
I've seen indications that AmEx doesn't even use FICO scores, but instead use the data on EX reports to crank through their own home-grown scoring system.

If this is true, it would certainly explain why some with FICO scores in the 740's and 760's got declined --the FICO scores were never even looked at.

+1  AMEX CSR told methey do not use FICO scores.  AMEX get its data from EX, and uses it own inhouse scoring model.  AMEX is good with recon.  Its scoring model is apparently too strict.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: App Spree results - Info for credit searchers - you'll find it interesting with varied results

Their scoring model is a bear!
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MyFicoAddict
Posts: 284
Registered: ‎05-11-2009

Re: App Spree results - Info for credit searchers - you'll find it interesting with varied results


creditwherecreditisdue wrote:
Their scoring model is a bear!

I agree..

After my app when I called in to spoke to CSR and supervisor and new accts recon dept (somehow after staying on the phone for an hour and a few transfers) - they did confirm they dont use FICO and they use EX to run through their risk scoring system so yeah it is very strict - the csr even agreed - lol... anyways I sent them a letter challenging their incorrect inconsistencies with their reasons of denial with a 22 page exprian report and a letter with a fax sheet - lets see - like I said they have pissed me off soo much that it will most probably be given an immediate time out with its blue cash sibling in the sock drawer.

Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
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CreditCard101
Posts: 401
Registered: ‎02-23-2009

Re: App Spree results - Info for credit searchers - you'll find it interesting with varied results

MyAddictFico:

Yeah I agree with you about Chase. I wont ever apply for Chase again as always denied


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