topic Re: Is Amex Crazy? in Credit Card Approvals

Is Amex Crazy?

Anonymous — Tue, 22 Aug 2017 05:23:36 GMT

I recently applied for and was approved for a 1K Hilton honors card with Amex. I have three years of spotless history with them. (Never missed a payment). On the approval the APR is 20%. My fico score according to the "Adverse Action" notice with the card was 709. Fico says my score is 751. Thoughts? Is 700 crappy these days?

Re: Is Amex Crazy?

Anonymous — Tue, 22 Aug 2017 05:47:41 GMT

731 according to most recent Amex dashboard now.

Re: Is Amex Crazy?

Anonymous — Tue, 22 Aug 2017 07:31:50 GMT

Congrats 🤷🏽‍♀️

You mentioned you have 3 years of spotless history with them.....so I'm assuming you have other Amex cards. Maybe you hit your limit with Amex? Another factor could be overall utilization? Not sure without knowing more about your profile so I'm just guessing at this point.

Re: Is Amex Crazy?

Anonymous — Tue, 22 Aug 2017 07:39:28 GMT

7% ulil according to my fico. Two credit cards. The new account making my third. Two charge cards.

Re: Is Amex Crazy?

AverageJoesCredit — Sun, 27 Aug 2017 02:28:24 GMT

Im not sure i follow why you are asking if Amex is crazy. Is it because they approved you for 1k or the fact your apr is 20%?

Re: Is Amex Crazy?

Anonymous — Sun, 27 Aug 2017 02:39:18 GMT

The 20% APR.

Re: Is Amex Crazy?

K-in-Boston — Sun, 27 Aug 2017 03:05:59 GMT

Hop on chat and tell them you were recently approved but are disappointed with the APR you received. Sometimes the computer spits out an APR that may not make sense. Actually happened with my SPG. 15 years of running hundred of thousands through Amex, both of my Pay Over Time and Blue APRs were 15.x % but SPG approved at 17.x%. Took me two minutes to knock it down 2%.

Re: Is Amex Crazy?

Anonymous — Sun, 27 Aug 2017 03:28:05 GMT

Did that, talked to multiple departments. They would not budge. My guess is they don't like my installment loan balances.

Re: Is Amex Crazy?

Anonymous — Sun, 27 Aug 2017 14:35:35 GMT

@Anonymous wrote:
Did that, talked to multiple departments. They would not budge. My guess is they don't like my installment loan balances.

Do you plan on carrying a balance? If not, why do you care what the APR is?

Re: Is Amex Crazy?

Anonymous — Sun, 27 Aug 2017 14:51:03 GMT

@Anonymous wrote:
I recently applied for and was approved for a 1K Hilton honors card with Amex. I have three years of spotless history with them. (Never missed a payment). On the approval the APR is 20%. My fico score according to the "Adverse Action" notice with the card was 709. Fico says my score is 751. Thoughts? Is 700 crappy these days?

IIRC, 700 is the new average these days. Like everything, degree inflation, credit score inflation, etc. The adverse action notice is always sent unless you get the very best interest rate offered on that product. My guess is your guess is right. Pay things down and meanwhile 1K to 3K to 9K to 27K.....

Congrats on your new AmEx. Fwiw I think banks are tightening up a bit now. And no, I have no concrete proof, just past experience.

Re: Is Amex Crazy?

K-in-Boston — Sun, 27 Aug 2017 15:06:51 GMT

@Anonymous wrote:
Did that, talked to multiple departments. They would not budge. My guess is they don't like my installment loan balances.

Oh, disappointing. When you say installment loan balances do you mean the ratio of amount owed to original amount or dollar amount owed total? If it's the "utilization" of the loan (I know there is a more correct term that I can't think of at the moment, and it's not loan-to-value) at least that is something that is chipped away quickly, and you can certainly try asking again in a few months. If it has more to do with your DTI (debt-to-income) ratio due to the monthly amounts owed on those loans, that may be a more long-term thing to work out. Show them use on the card, though, and that should help your chances when you ask them again.

Re: Is Amex Crazy?

Anonymous — Mon, 28 Aug 2017 17:15:00 GMT

@Anonymous wrote:
The 20% APR.

I am not sure why you care about that rate. Even if you got the best rate it would be too high to carry a balance. Is there really any difference between 16 percent and 20 percent rates? Both rates tell you never under any circumstance carry a balance.

Re: Is Amex Crazy?

Gmood1 — Mon, 28 Aug 2017 17:31:48 GMT

There are folks here with 800 scores that get 20% APRs from Amex..The score doesn't gauruntee a low rate. As mentioned several times..what difference will it make? All of it is too high for my wallet. Be thankful for the approval. Congrats!

Re: Is Amex Crazy?

Anonymous — Mon, 28 Aug 2017 18:30:22 GMT

Congratulations on your new card! Echoing what our FICO fam commented.

Re: Is Amex Crazy?

LadyJEsq — Mon, 28 Aug 2017 19:25:15 GMT

Congrats OP! I agree wit Zipperhead, 700 seems to be the new average. My guess is, more and more people are becoming credit savvy, and therefore average scores are going up.

@Anonymous wrote:
Congratulations on your new card! Echoing what our FICO fam commented.

Hey sleepless, I see you have the purple it CC, how did you achieve that? I've wanted that card since I saw it on Discover's home page, but my only other options are blue and green. Did you have to call/SM them? The pink one does get tons of compliments, however purple is my favorite color and that card is just beautiful to me!

Re: Is Amex Crazy?

Anonymous — Tue, 29 Aug 2017 02:52:21 GMT

@LadyJEsq wrote:
Congrats OP! I agree wit Zipperhead, 700 seems to be the new average. My guess is, more and more people are becoming credit savvy, and therefore average scores are going up.
@Anonymous wrote:
Congratulations on your new card! Echoing what our FICO fam commented.
Hey sleepless, I see you have the purple it CC, how did you achieve that? I've wanted that card since I saw it on Discover's home page, but my only other options are blue and green. Did you have to call/SM them? The pink one does get tons of compliments, however purple is my favorite color and that card is just beautiful to me!

@Anonymous, @LadyJEsq! Disco came in many pretty invites, one outdoing the other. Purple is my fave, too, and the color is in the selection.