Best way to apply for Amex AU

[Anonymous]

No, that is total nonsense. I think FICO just took the easy route and scared everyone with press-releases, it is way too hard to implement, and as far as I understand skirts legality and would open them up to massive lawsuits.

[dizzier]

you can try to get on as AU, but as soon as FICO08 goes into play it is not going to help you anymore.

I'm not sure what you are trying to do with this AU, but waiting won't help you much if waiting means that FICO08 goes into effect.

[Anonymous]

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nyccc2 wrote:
No, that is total nonsense. I think FICO just took the easy route and scared everyone with press-releases, it is way too hard to implement, and as far as I understand skirts legality and would open them up to massive lawsuits.

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Sorry, you're wrong there.  It wouldn't be hard at all to implement since the AU account is already coded as such on your reports when they exist.   As a programmer all they would have to do in the scoring program is to put in simple if>then logic (to simplify totaly). 

ex:  If AU=1 then set value=0

In other word if the code exists showing account is AU exclude it from the scoring process.

Message Edited by Brammy on 12-14-2007 07:24 PM

[fused]

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Creditaddict wrote:

but isn't that about to end with the new fico?

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Not for some time. AUs still benefit.

[Anonymous]

btw, interesting i've had a friend practically foaming at the mouth about how the whole Fico '08 was a sham, never meant to really be implemented, and was illegal to boot. So while everyone's been talking about it as fact, he's been poo-pooing it. Now today we get the post/link that it is in fact NOT implemented, and that there is no timeline to do so. It is no accident other companies have come out with software to recalculate scores without the AUs (why do that if FICO '08 would do it?) but so far only mortgsge companies seem willing to go to the trouble and adopt it.

For now, I think having a 37 year old perfect pay Amex will go a long way to establishing points/history to allow me to rebuild on my own.

The only questions now are;
1) Was it my own card or was I an AU on the very card I'm trying to be AU'd on that I defaulted on in '83. I'm leaning more and more to it being my own, otherwise it wouldn't be *my* default, either a default on the card itself, or my parents would have paid (don't see the latter happening). So I think I defaulted on Amex 23 years ago.

2) If I try to AU will they find that?

3) If they do find it will it matter for AU?

4) If it does, will I be able to settle and then AU?

5) If it doesn't, will my own bad current credit ruin my AU chances?

6) If my bad credit will hurt my chances, does it make sense to wait until Feb when I'll have improved credit (PFDs, Paid in Fulls, Deletions) or can I just try to get AU, get declined, then re-request when better without hurting my chances?

[Anonymous]

Coding and implementing are two different things. If they weren't, FICO '08 would have been FICO '07 and the story would be done. FICO noAU will never happen. 3rd Party Software solutions for banks will become more and more widespread. For now, the great Amex AU will allow me to get a credit history/score as I've cleaned/handled my old debts, which will allow me to apply for cards in early '08 and give me 10 months or so to establish good payment habits and scores. If they remove the AU later, that is fine by me. I just want a springboard to re-establish credit.

[Anonymous]

Ok the reason that the implementation date has been pushed back is that with all code change it must be rolled out slowly.  What doYOU think would happen if tomorrow eveyone woke up and all their AU accounts were gone.  Personally I believe it WILL be implemented but the creditor has got to purchase it for it to be put into mass use.  FICO can write code for everything but most creditors are probably afraid of the sudden devaluation of their customer portfolios.  Especially with the market and financial stocks lately.

Think Citi wants to wake up tomorrow and admit that X percentage of their uber prime customer portfolio may not even be prime...gret way to scare off those investors.

After being slammed for the subprime lending mess which FICO had nothing to do with (those were greddy banks), I will bet money, FICO hasn't dragged tis feet to develope the code...JMHO

[Anonymous]

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nyccc2 wrote:
Coding and implementing are two different things. If they weren't, FICO '08 would have been FICO '07 and the story would be done. FICO noAU will never happen. 3rd Party Software solutions for banks will become more and more widespread. For now, the great Amex AU will allow me to get a credit history/score as I've cleaned/handled my old debts, which will allow me to apply for cards in early '08 and give me 10 months or so to establish good payment habits and scores. If they remove the AU later, that is fine by me. I just want a springboard to re-establish credit.

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Well lots of people have done it the old fashioned way, by wading in on the shallow end of the pool first.

[fused]

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nyccc2 wrote:
btw, interesting i've had a friend practically foaming at the mouth about how the whole Fico '08 was a sham, never meant to really be implemented, and was illegal to boot. So while everyone's been talking about it as fact, he's been poo-pooing it. Now today we get the post/link that it is in fact NOT implemented, and that there is no timeline to do so. It is no accident other companies have come out with software to recalculate scores without the AUs (why do that if FICO '08 would do it?) but so far only mortgsge companies seem willing to go to the trouble and adopt it.

For now, I think having a 37 year old perfect pay Amex will go a long way to establishing points/history to allow me to rebuild on my own.

The only questions now are;
1) Was it my own card or was I an AU on the very card I'm trying to be AU'd on that I defaulted on in '83. I'm leaning more and more to it being my own, otherwise it wouldn't be *my* default, either a default on the card itself, or my parents would have paid (don't see the latter happening). So I think I defaulted on Amex 23 years ago.

2) If I try to AU will they find that?

3) If they do find it will it matter for AU?

4) If it does, will I be able to settle and then AU?

5) If it doesn't, will my own bad current credit ruin my AU chances?

6) If my bad credit will hurt my chances, does it make sense to wait until Feb when I'll have improved credit (PFDs, Paid in Fulls, Deletions) or can I just try to get AU, get declined, then re-request when better without hurting my chances?

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It's difficult to answer these questions, none of us know the real inter-workings of Amex. I say you have nothing to lose by trying to get on as an AU with your parents card. Others seem to or might disagree.

[dizzier]

why don't you just have your parents ask. what's it going to hurt? seriously, waiting is not going to make a difference. If you are denied you will find out why and then you can reapply when that is no longer an issue.

alternatively, you can just build your credit up the old fashioned way.