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From Capital One $500 limit to American Express

Established Contributor

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

 



FICO (TU/EX/EQ): 737/743/739 - Total CL 244+K
Message 11 of 58
Established Member

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 Smiley Happy

 

Message 12 of 58
Valued Contributor

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. Smiley Happy


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 13 of 58
Moderator Emeritus

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
July 2013 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

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 14 of 58
Highlighted
Established Member

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. Smiley Happy


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. Smiley Happy

 

Message 15 of 58
Established Contributor

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), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),
Message 16 of 58
Established Contributor

Re: From Capital One $500 limit to American Express

Congrats

Message 17 of 58
Established Contributor

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
Message 18 of 58
Established Member

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!

Message 19 of 58
Established Member

Re: From Capital One $500 limit to American Express


Credit314 wrote:

Congrats


Thanks Smiley Happy

Message 20 of 58