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Visitor
Posts: 3
Registered: ‎05-28-2009
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what score to get a Fidelity Amex or Schwab Visa rewards card

Hi all,

 

First post - so go easy on me! I have searched the forums but can't find an answer for this. I'm interested in the Fidelity American Express card that has 2% rewards cashback into a Fidelity investment account, or the Schwab VISA rewards card (2nd choice).

 

My Equifax FICO is 721; my Experian FICO is 709 - not great but not bad. Yet I've been turned down for both cards in the last three months (I've never been turned down for a credit card before!)

 

Does anyone know what other criteria they might be looking at? Anyone with a similar or lower score gotten approval for these cards? Anything else I might be missing?

 

Thanks a lot,

truckbodyguy

 

 

Epic Contributor
Posts: 28,032
Registered: ‎10-23-2007
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Re: what score to get a Fidelity Amex or Schwab Visa rewards card

how did you get a EX Fico?

what other cards do you currently have? debt? 

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Visitor
Posts: 3
Registered: ‎05-28-2009
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Re: what score to get a Fidelity Amex or Schwab Visa rewards card

Creditaddict wrote:

how did you get a EX Fico?

what other cards do you currently have? debt

 

I get my Experian FICO through Quizzle.com - a pretty cool site.

I have (about) $40,000 available credit with 7 different cards (mix of visa, mcard, amex); using very little ($2,000?); with balances paid in full monthly

A HELOC line of credit against my home for $50k of which I'm using $22k

No mortgage.

Epic Contributor
Posts: 28,032
Registered: ‎10-23-2007
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Re: what score to get a Fidelity Amex or Schwab Visa rewards card

but it's not a true Fico is it? didn't think you could get them anymore for EX.

but sounds like you need to call and recon Schwab. 

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Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
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Re: what score to get a Fidelity Amex or Schwab Visa rewards card

[ Edited ]
No way that it's a FICO Experian score.

I'm working through the Quizzle registration... what a pain...

OK, it's something called Experian's National Credit Equivalency Score, with a range of 360 - 840. It's a proprietary score, aka a FAKO. Not a PLUS score, not a Vantage score, but yet another FAKO.

Here's the link. Notice that it is different from the Experian Fair/Isaac Risk Model, which is a FICO score.

scroll down for chart comparing differing scoring formulae

FWIW, which is pretty much nothing at all, my "National Credit Equivalency Score" is a 752, and my Quizzle score is a 95.


eta: sorry, OP, I didn't mean to blast you or anything. Smiley Sad I just got all excited about discovering a FAKO that was new to me.

Have you done a search here for typical qualifying scores and profiles for these cards? I think I remember them being pretty tough to get.

Click the "Advanced" button to the right of the search box and type in the card names (just one each time). Down below, select "Credit Cards" where it says "Return only posts from". I think you should get a decent amount of hits, because there's been a lot of chatter about these cards, especially lately. Hope that helps...
Message Edited by haulingthescoreup on 05-28-2009 04:31 PM
* 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
Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
0

Re: what score to get a Fidelity Amex or Schwab Visa rewards card

[ Edited ]
If you already have a BoA card, they might take part of that limit to make a Schwab card for you. As long as the CL is at least $5K, it doesn't matter what the limit is.

I got approved (they reallocated) with an EX FICO that was probably between 780 and 800, but I'd think you'll probably be able to get one with a clean file and scores over 720.

ETA: The Schwab is actually superior to the Fidelity unless you need to use it at somewhere that's Amex only.
Message Edited by athensguy on 05-28-2009 07:39 PM
Contributor
Posts: 99
Registered: ‎08-20-2008
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Re: what score to get a Fidelity Amex or Schwab Visa rewards card

I got denied for the Schwab Invest First Card Yesterday.  My EQ was 795 and TU was 768 at the time. My experian score had always been within 3 points of my TU score. The reports are currently identical except for inquiries. EX currently has the Schwab Inquiry, and an Inquiry from Macys from August 2008. That is the difference between the 2 as of today.

 

So apparently Schwab is looking for more than your FICO scoreas my scores shouldnt get me denied for anything. My credit file is thin though, only 4 items on my reports, and only 1 of which is open.

Visitor
Posts: 3
Registered: ‎05-28-2009
0

Re: what score to get a Fidelity Amex or Schwab Visa rewards card

Guys,

Thanks for the replies, and sorry for the newbie question - but a "recon" - is that just calling Schwab or Fidelity and asking for a re-consideration?

 

thanks for helping a rookie,

 

Truckbodyguy 

Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
0

Re: what score to get a Fidelity Amex or Schwab Visa rewards card


truckbodyguy wrote:

Guys,

Thanks for the replies, and sorry for the newbie question - but a "recon" - is that just calling Schwab or Fidelity and asking for a re-consideration?

 

thanks for helping a rookie,

 

Truckbodyguy 


Yup. Call and see if there's anything you can do to get a card. Their customer service is good.
Contributor
Posts: 99
Registered: ‎08-20-2008
0

Re: what score to get a Fidelity Amex or Schwab Visa rewards card

Earlier this year I was denied for the Schwab and Fidelity cards and I had scores in the 790-804 range. I have a pretty thin credit file though. At the time I only had three closed credit cards, a closed auto loan and a Macys card on my report. I got denied for both of those and ended up applying for a BoA Cash Rewards Visa and got approved for that. I was thinking about applying for the Fidelity card again maybe next year.  Since the new BoA card knocked me down to the 780 range, I figure Ill wait till that ages a year and the inquries are gone.  Anyone think I might have an easier time the next go around?

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