topic Re: Unexpected AmEx Approval in Credit Card Approvals

Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 15:42:03 GMT

I'm on cloud 9 at the moment!!! Let me explain:

A few years back while in college I didn't do right by American Express, I ran up a hefty $9000 credit card and then settled for a little under 25% of the original amount. At the time I thought settling would be the best thing to do, but I didn't realize that the company I would later work for uses American Express corporate cards for company expenses. AmEx gave me the benefit of removing the negative tradeline from all of my credit reports which was a HUGE favor they didn't have to do but not opening up a new card until my balance was zeroed out. So the last year or so I decided to work with American Express on paying off the remainder of the balance even though I was under no obligation to do so. I've reduced the bill down to roughly $500 and have read so much on these forums that AmEx does not forgive until you owe them absolutely nothing which I witnessed earlier this year when I applied for a card and received a letter saying I was not approved until my past debts were fulfilled. They didn't even run a credit check. Fast forward to today and someone must have forgiven me because even though my balance is not fully paid off, they manually approved me for a new revolving AmEx card!

According to the AmEx Status Check Results:

Status of Application: "Approved"

Next Step: "Congratulations! Your application has been approved and you should receive your new card within 7-10 days.
If you requested a balance transfer to this card, click here to view the status of that transfer"

I would like to know the terms of the card and the limit but I dare not call in... or should I?

Re: Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 15:25:11 GMT

I wonder whether it will have a new membership date or the original date I joined.

Re: Unexpected AmEx Approval

Anonymous — Mon, 05 Nov 2012 15:34:15 GMT

Congrats. That nice to hear. Good luck with the card.

Re: Unexpected AmEx Approval

GABrown — Mon, 05 Nov 2012 15:37:40 GMT

Thats the first time i have heard of this...Thats really awesome and congrats as well!!!

Re: Unexpected AmEx Approval

youngandcreditwrthy — Mon, 05 Nov 2012 15:50:56 GMT

Call them!!!! Now don't try for a cli until it's completely paid off... Ive seen ops get approved with old debts from Amex but then denied the 61day 3xcli bc of the old debt lol!

Re: Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 15:55:49 GMT

I'll definitely go for the 61-day 3X CLI but by that time I will have fully paid back the old debt.

I'm still on the fence about calling in. What would I say lol: I'm calling to check the status and terms of my new card? I can see the rep now saying hold on while we check into this as you have a previously closed account associated with this SSN...

Re: Unexpected AmEx Approval

Repo-ed — Mon, 05 Nov 2012 16:00:14 GMT

Log into americanexpress.com and the date at the top of the main screen will tell you your member since year.

Re: Unexpected AmEx Approval

Happychap — Mon, 05 Nov 2012 16:02:50 GMT

Congrats! However, please note that usually in cases like this you will be automatically flagged for FR. once you settle they are willing to issue another card but don't be surprised of you find your unable to use the card straight away or shortly after. Keep a backup card on hand.

Re: Unexpected AmEx Approval

youngandcreditwrthy — Mon, 05 Nov 2012 16:05:22 GMT

The reps aren't credit analysts though... They really can't aa you or anything, I wouldn't think....not 100%.

Haha what if they Financial Review you.
Oh f***!!!

:-P jk!

Re: Unexpected AmEx Approval

beb86 — Mon, 05 Nov 2012 16:13:37 GMT

AMEX uses inhouse collections which is a benefit when you want to do right by them...Congrats... what card did you get approved for

Re: Unexpected AmEx Approval

Anonymous — Mon, 05 Nov 2012 16:15:14 GMT

Congrats

Re: Unexpected AmEx Approval

distantarray — Mon, 05 Nov 2012 16:17:55 GMT

@GABrown wrote:
Thats the first time i have heard of this...Thats really awesome and congrats as well!!!

yep me too first time I heard of someone paying in full after they settled

Re: Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 16:19:34 GMT

@beb86 wrote:
AMEX uses inhouse collections which is a benefit when you want to do right by them...Congrats... what card did you get approved for

I applied for and was approved for Blue from American Express.

Re: Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 16:19:59 GMT

@youngandcreditwrthy wrote:
The reps aren't credit analysts though... They really can't aa you or anything, I wouldn't think....not 100%.

Haha what if they Financial Review you.
Oh f***!!!

:-P jk!

Financial Review? What would that do?

Re: Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 16:21:09 GMT

@Repo-ed wrote:
Log into americanexpress.com and the date at the top of the main screen will tell you your member since year.

I logged in and was able to find the original date:

"THANK YOU FOR BEING A CARDMEMBER SINCE 2005"

Re: Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 16:22:20 GMT

@distantarray wrote:
@GABrown wrote:
Thats the first time i have heard of this...Thats really awesome and congrats as well!!!
yep me too first time I heard of someone paying in full after they settled

lol I haven't fully PIF but just about. I should have never settled to begin with, I made the debt so I should pay the debt.

Re: Unexpected AmEx Approval

iCoop — Mon, 05 Nov 2012 16:29:11 GMT

@youngandcreditwrthy wrote:
Call them!!!! Now don't try for a cli until it's completely paid off... Ive seen ops get approved with old debts from Amex but then denied the 61day 3xcli bc of the old debt lol!

So I called and spoke with a new card rep. The rep said that my account terms had not fully generated yet but was able to tell me the estimated CL on my Blue card will be around $3,500 and no estimate can be given for APR.

Re: Unexpected AmEx Approval

youngandcreditwrthy — Mon, 05 Nov 2012 18:15:34 GMT

Financial Review is where they make you give them permission to ask the IRS for your tax returns:-/. Don't worry about it... Just be cautious with how you use the account.

I got an initial line of $3500 tooo!!!!! Yay!! Got mine approved on Oct 1st!!!:-D

Re: Unexpected AmEx Approval

Epcot — Mon, 05 Nov 2012 20:51:17 GMT

Congrats, that's great!

Re: Unexpected AmEx Approval

iCoop — Sun, 11 Nov 2012 00:04:28 GMT

Update:

I received my congratulations letter from AmEx today stating my FICO score which they obtained from Experian. As of November 4 it was a 702. The key factors that contributed to my FICO score:

Serious delinquency

Length of time accounts have been established

Proportion of loan balances to loan amounts is too high

Too many inquiries last 12 months

APR: Still unknown

Credit Limit: $2,500