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AMEX Approval Letter

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osbranger
Member

AMEX Approval Letter

I got my approval letter and my AMEX card today. 2 questions:

 

1. It says I can get a copy of my credit report without charge for 60 days after this notice. I think I will do it because I usually monitor my score on CK and idk how accurate or official that is. It says I can get my report from Experian. If I do it will it reduce my score for inquiring about my score?

 

2. Can I control when my billing cycle ends/starts. If I want to wait till the end of the month to activate my card, will my billing cycle start then?

 

~OSB

Message 1 of 10
9 REPLIES 9
Revelate
Moderator Emeritus

Re: AMEX Approval Letter

First question: no, it won't affect your score for any self-pulled report.  Won't get a score associated with it but will see what EX has in it's database for you.

 

Second one I'm not certain; I've never gone looking to change my statement date with Amex nor did I track when I actiivated it vs. when the statement date actually is; however, given that my application date and my statement date are more than a week apart close to two actually as I didn't choose to activate the account immediately, it might have some merit.




        
Message 2 of 10
lhcole77
Valued Contributor

Re: AMEX Approval Letter


@osbranger wrote:

I got my approval letter and my AMEX card today. 2 questions:

 

1. It says I can get a copy of my credit report without charge for 60 days after this notice. I think I will do it because I usually monitor my score on CK and idk how accurate or official that is. It says I can get my report from Experian. If I do it will it reduce my score for inquiring about my score?

 

2. Can I control when my billing cycle ends/starts. If I want to wait till the end of the month to activate my card, will my billing cycle start then?

 

~OSB


I changed my bill cycle with a simple request via online chat

Message 3 of 10
takeshi74
Senior Contributor

Re: AMEX Approval Letter


@osbranger wrote:

It says I can get a copy of my credit report without charge for 60 days after this notice. I think I will do it because I usually monitor my score on CK and idk how accurate or official that is. It says I can get my report from Experian.


As indicated above your report won't include a score.  You'd have to pay Experian for a score and it would be a FAKO anyway.  As always, FAKO's and FICO use different models so you can't rely on a FAKO to determine your FICO.  Even FICO uses a number of different models.  If you're curious about your EX FICO then you'd need to get it from myFICO.

Message 4 of 10
RobertEG
Legendary Contributor

Re: AMEX Approval Letter

That is an interesting statement on an APPROVAL letter.

The entitlement to a free copy of your credit report from the CRA withing 60 days is a requirment when the creditor sends a DENIAL letter.

Unless others have seen that from AMEX, I would suspect that might have been erroneously included in the approval letter.

 

I would be curious to see if the CRA fills the request, as they are not required to do so under the FCRA.....

 

Message 5 of 10
lhcole77
Valued Contributor

Re: AMEX Approval Letter


@RobertEG wrote:

That is an interesting statement on an APPROVAL letter.

The entitlement to a free copy of your credit report from the CRA withing 60 days is a requirment when the creditor sends a DENIAL letter.

Unless others have seen that from AMEX, I would suspect that might have been erroneously included in the approval letter.

 

I would be curious to see if the CRA fills the request, as they are not required to do so under the FCRA.....

 


My understanding is that a person is also eligible for report when best terms were not granted.

Message 6 of 10
osbranger
Member

Re: AMEX Approval Letter


My understanding is that a person is also eligible for report when best terms were not granted.


Do you think this could pertain to me? When I applied I wasnt approved immediately, it took them about 5 days to make a decision.

 

Is it bad for me if they granted me an account if best terms were not granted?

 

Message 7 of 10
lhcole77
Valued Contributor

Re: AMEX Approval Letter


@osbranger wrote:

My understanding is that a person is also eligible for report when best terms were not granted.


Do you think this could pertain to me? When I applied I wasnt approved immediately, it took them about 5 days to make a decision.

 

Is it bad for me if they granted me an account if best terms were not granted?

 


This could be what happened. It is not bad for you.

 

When I was approved for AMEX and Citi cards I did not receive my FICO score or free report offer from them in the mail because I was approved with best terms.

 

When I was approved for Barclay's I was not approved with best terms and received my TU FICO 760 score and info on how to get free report within 60 days.

Message 8 of 10
RobertEG
Legendary Contributor

Re: AMEX Approval Letter

If their approval is for terms that are less favorable than those generally available, they must include a Notice of Risk-Based Pricing with their approval letter.

If you did not receive a Notice, it is presumed that your terms were at the current favorable level.  Otherwise, they were not in compliance with the risk-based pricing regulations.

Message 9 of 10
takeshi74
Senior Contributor

Re: AMEX Approval Letter


@osbranger wrote:
Is it bad for me if they granted me an account if best terms were not granted?

Aside from not getting the best terms available, no.

 


@RobertEG wrote:

That is an interesting statement on an APPROVAL letter. 


I received the same note on a recent CLI with AmEx.  CLI was granted but they counteroffered.  Experian states this on their own site:

 

What is an adverse action?
You have experienced an adverse action if you have been declined credit, employment or insurance, received an adverse action notice or if you received a notice that the terms of credit offered to you may be less favorable than the terms offered to consumers who have better credit histories.
Message 10 of 10
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