Starting Score: EQ 717 EX 724 TU 736
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 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
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!
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
