Reply
Established Contributor
shakalaka
Posts: 546
Registered: ‎09-10-2012

Re: From Capital One $500 limit to American Express


beb86 wrote:

its funny to think that the AF for the amex plat is almost your CL on your CAP1


Good one

 

Congrats

 


Amex Platinum (NPSL) | Amex BCE (25,000) | Chase Sapphire Preferred (17,400) | Discover IT (11,200) | Chase Freedom (4,800) | Walmart (4,500) | CapOne (1,500) | Alliant CU Visa | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)

FICO: TU 754 (1/18) EQ 731 (1/26) EX 748 (12/5)

Established Member
twelfthjoe2
Posts: 152
Registered: ‎09-17-2012

Re: From Capital One $500 limit to American Express


Shogun wrote:

twelfthjoe2 is not full of crap.  He really has an AMEX.   Now take the pics down!   Oh, and btw, congrats on a job well done!!!


Thanks :smileyhappy:

 

Valued Contributor
Epcot
Posts: 2,760
Registered: ‎10-10-2012

Re: From Capital One $500 limit to American Express

Congrats! Use the benefits as much as you can. It's a great card, especially for traveling. :smileyhappy:


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 780 EX 770 TU 774
App free since 4/11/13
Moderator
Shogun
Posts: 10,992
Registered: ‎04-15-2011

Re: From Capital One $500 limit to American Express

You're welcome.  I know sometimes people are quick to doubt, but I love a good success story!   


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Going for Wade64's RUDY Spade!
Established Member
twelfthjoe2
Posts: 152
Registered: ‎09-17-2012

Re: From Capital One $500 limit to American Express


Epcot wrote:

Congrats! Use the benefits as much as you can. It's a great card, especially for traveling. :smileyhappy:


I have already spent the 2k on college so Ill be getting 25k points and already got $80 back for Delta seat upgrades.  Its paid for itself almost already. :smileyhappy:

 

Frequent Contributor
TheConductor
Posts: 421
Registered: ‎07-24-2012

Re: From Capital One $500 limit to American Express

AMEX does their own internal scoring, so you must have looked a little better than your FICO score to their model.  

 

No one can say for certain what's in that scoring model, but it's not hard to guess at some of it based on what they ask on the applications.  They ask for income, yes, but also whether you have savings, checking, 401k, or investment accounts, and what their total value is. Since charge cards don't let you revolve a balance, your ability to pay in full is a prime factor.

 

I suspect having a diverse set of non-credit accounts boosts your likelihood of getting a charge card since the more liquid accounts you have the more likely you have the ability to access sufficient savings to cushion a bad month.

 

Another thing I suspect they do, and what probably worked in your favor, is use your address to get the median income for your area, and determine where your income falls on the spectrum for your location and age group.  In your case, your income may not feel huge, but it's well above average for a 21-year-old, as is having a professional supervisory position.

 

I got the Zync when my FICO scores were notably worse than they are now, and I think what won them over was my having above average income for my age, a job with manager in the title, and a pretty substantial sum socked away in my savings, HSA, 401k, and non-retirement investments.

 

In essence, they gambled (correctly) that despite a couple of past mistakes when I was unemployed, my means and savings indicate I can always be relied on to fully pay my debts.

 

As for what happened when they put you on hold...even before--but especially since--the 2008 mortgage-backed securities crisis, smart lenders would avoid letting an underwriting decision be made by just one person. The rep you spoke to probably presented a recommendation to a supervisor, who then approved it.

 

Congrats!!  Treat them well and pay like clockwork, and enjoy that platinum concierge service!!

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12) Current: EQ 675 (myFICO 9/26/13), EX 712 (CreditSesame FAKO 10/9/13) , TU 696 (WalMart 10/3/13) Goal: 700+ x3
My Wallet: Amex BCP $10k, Amex Zync NPSL (> 10k), Chase CSP VS $9.2k, C1 Venture VS $5k, Amex SPG $4.5k, Barclaycard Apple V $2k, Walmart (Store) $1.2k, Chase Freedom V $600, BoA Cash Rewards V $500, Best Buy Rewards MC $500
Dream Wallet:Barclaycard Arrival WMC (replace C1 Venture), Amex Platinum (replace Zync eventually), Andrews FCU Global V (chip + PIN for travel). Otherwise, pretty happy with my portfolio now.
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: From Capital One $500 limit to American Express

Congrats

Established Contributor
migliogiorni
Posts: 657
Registered: ‎06-27-2012

Re: From Capital One $500 limit to American Express

W0W congrats very awesome.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Established Member
twelfthjoe2
Posts: 152
Registered: ‎09-17-2012

Re: From Capital One $500 limit to American Express


TheConductor wrote:

AMEX does their own internal scoring, so you must have looked a little better than your FICO score to their model.  

 

No one can say for certain what's in that scoring model, but it's not hard to guess at some of it based on what they ask on the applications.  They ask for income, yes, but also whether you have savings, checking, 401k, or investment accounts, and what their total value is. Since charge cards don't let you revolve a balance, your ability to pay in full is a prime factor.

 

I suspect having a diverse set of non-credit accounts boosts your likelihood of getting a charge card since the more liquid accounts you have the more likely you have the ability to access sufficient savings to cushion a bad month.

 

Another thing I suspect they do, and what probably worked in your favor, is use your address to get the median income for your area, and determine where your income falls on the spectrum for your location and age group.  In your case, your income may not feel huge, but it's well above average for a 21-year-old, as is having a professional supervisory position.

 

I got the Zync when my FICO scores were notably worse than they are now, and I think what won them over was my having above average income for my age, a job with manager in the title, and a pretty substantial sum socked away in my savings, HSA, 401k, and non-retirement investments.

 

In essence, they gambled (correctly) that despite a couple of past mistakes when I was unemployed, my means and savings indicate I can always be relied on to fully pay my debts.

 

As for what happened when they put you on hold...even before--but especially since--the 2008 mortgage-backed securities crisis, smart lenders would avoid letting an underwriting decision be made by just one person. The rep you spoke to probably presented a recommendation to a supervisor, who then approved it.

 

Congrats!!  Treat them well and pay like clockwork, and enjoy that platinum concierge service!!


WoW that's a lot of helpful information. Thanks!

Established Member
twelfthjoe2
Posts: 152
Registered: ‎09-17-2012

Re: From Capital One $500 limit to American Express


Credit314 wrote:

Congrats


Thanks :smileyhappy:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+