topic Re: EX 685 Score Good Enough for AMEX? in Credit Card Applications

EX 685 Score Good Enough for AMEX?

Anonymous — Sat, 14 Sep 2019 06:24:15 GMT

I currently don't have an AMEX card and would love to get one to establish and build a relationship with them. I decided to see if I'm prequalifed for anything and 3 popped up with them being AMEX Cash Magnet, AMEX Everyday, and Gold Delta SkyMiles. I was looking at the AMEX Blue Cash Everyday because of the 3% Groceries and 2% Gas, me and my fiance would primarly use it on those categories or maybe AMEX has better cards with those categories.

I pay all my credit cards in full so if a charge card is needed to get higher benefits I would do it.

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Sat, 14 Sep 2019 06:46:07 GMT

An Experian FICO 8 score of 685 is sufficient to qualify for an Amex card; the usual cutoff point is 670 where your credit rating changes from Fair to Good.
Amex pre-qualifications are usually solid so you should have no problem getting approved. Telhe starting limit may be on the lower end but you can request a CLI after 61 days.

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Sat, 14 Sep 2019 10:04:04 GMT

So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?

Re: EX 685 Score Good Enough for AMEX?

coldfusion — Sat, 14 Sep 2019 11:10:28 GMT

Keep in mind that 2 people with vastly different credit profiles can have the identical FICO 8 score. A EX FICO 8 score of 692 infers that your profile is strong enough for likely approval but there obviously something specific to yours that the automated system did not like..

Once you get the official denial you should call and recon, it'll get reviewed by an underwriter.

Re: EX 685 Score Good Enough for AMEX?

CreditInspired — Sat, 14 Sep 2019 11:14:44 GMT

@Anonymous wrote:
So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?

Sorry OP for the decline. Usually they give more than one reason. Was this the only reason given?

Also, sometimes we forget that the entire credit profile matters and DTI too—not just score alone. So can you give us some DPs so we can help you decipher the cause.

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Sat, 14 Sep 2019 11:30:12 GMT

@CreditInspired wrote:
@Anonymous wrote:
So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?
Sorry OP for the decline. Usually they give more than one reason. Was this the only reason given?

Also, sometimes we forget that the entire credit profile matters and DTI too—not just score alone. So can you give us some DPs so we can help you decipher the cause.

The reason I'm is

The number of accounts that have or had a delinquency. - My EX report is squeaky clean, nothing has been late.

The ratio of loan balances to the loan amounts is too high. - Not exactly sure?

The length of time your accounts have been established. - I can see this being the reason for denial

There are too many credit inquiries on your report in the last 12 months. - I can see this as well because I was car rate shopping in Feburary 2019

Chase Freedom $0 / $500 I opened in July 2019

Capital One QS1 $0 / 500 I opened January 2019

Discover Cash Back $0 / $2000 I opened January 2019

Apple Credit Card (not reported, no HP): $0 / $5000

Amazon Store Card $0 / $3000 I opened July 2019

RBFCU Cash Rewards $10 / $3000 - PAID OFF I opened May 2019

Fingerhut $50 / $1500 - PAID OFF I opened July 2017

The paid off accounts haven't reported yet which I don't know if they can internally see it's already paid off or not. The automated system when I called to check my application status because I was attempting to do the recon, the system said reason being my score was too low. :0

Re: EX 685 Score Good Enough for AMEX?

AverageJoesCredit — Sat, 14 Sep 2019 11:59:54 GMT

Weitd, you have what seems a prime thin file that often times Amex likes to approve. Garden 6 months and let all your new accounts age you most likely will see different results.

Re: EX 685 Score Good Enough for AMEX?

CreditInspired — Sat, 14 Sep 2019 12:25:55 GMT

@Anonymous wrote:
@CreditInspired wrote:
@Anonymous wrote:
So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?
Sorry OP for the decline. Usually they give more than one reason. Was this the only reason given?

Also, sometimes we forget that the entire credit profile matters and DTI too—not just score alone. So can you give us some DPs so we can help you decipher the cause.
The reason I'm is

The number of accounts that have or had a delinquency. - My EX report is squeaky clean, nothing has been late.
The ratio of loan balances to the loan amounts is too high. - Not exactly sure?
The length of time your accounts have been established. - I can see this being the reason for denial
There are too many credit inquiries on your report in the last 12 months. - I can see this as well because I was car rate shopping in Feburary 2019
Chase Freedom $0 / $500 I opened in July 2019
Capital One QS1 $0 / 500 I opened January 2019
Discover Cash Back $0 / $2000 I opened January 2019
Apple Credit Card (not reported, no HP): $0 / $5000
Amazon Store Card $0 / $3000 I opened July 2019
RBFCU Cash Rewards $10 / $3000 - PAID OFF I opened May 2019
Fingerhut $50 / $1500 - PAID OFF I opened July 2017

The paid off accounts haven't reported yet which I don't know if they can internally see it's already paid off or not. The automated system when I called to check my application status because I was attempting to do the recon, the system said reason being my score was too low. :0

Yep, score alone never tells the whole story. That is a lot of new accounts in 2019. IMHO, I think you should garden for 6-12 months, and then reapply. Also, remember to keep a minimum of 6 mos betwen CC applications.

GL2U

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Wed, 18 Sep 2019 03:05:56 GMT

Here's an update

I called the recon line, he didn't seem like much help but excellent customer service. He asked if I wanted to a place a note on why I deserve it. I gave him the reason then he said wait 2-5 business days for the underwriters decision. So I checked after I woke up and seen a big fat denial, I called to ask for the reason why they said "my score is too low for this type of credit card, consider the Everyday AMEX." I asked so it's not for the recent openings or inquiries? He said that could play a factor but what I'm seeing its just the score isn't high enough to qualify.

Re: EX 685 Score Good Enough for AMEX?

shoegal — Wed, 18 Sep 2019 04:36:11 GMT

I think the denial reason is this: “The ratio of loan balances to the loan amounts is too high.”

If you just got a vehicle, your DTI might be too high.

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Wed, 18 Sep 2019 16:34:35 GMT

Just to clarify, your score is too low for them to approve with the amount of recent activity on your CR. Otherwise you probably might have been approved with another starter card, had you opened fewer accounts this past year. As well as not had so many HP's.

As advised above, it's time to garden and let those account age and grow. I'm surprised by the Chase card, you appear to be borderline on 5/24.

Re: EX 685 Score Good Enough for AMEX?

SEAlifer — Wed, 18 Sep 2019 19:53:24 GMT

@Anonymous wrote:
@CreditInspired wrote:
@Anonymous wrote:
So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?
Sorry OP for the decline. Usually they give more than one reason. Was this the only reason given?

Also, sometimes we forget that the entire credit profile matters and DTI too—not just score alone. So can you give us some DPs so we can help you decipher the cause.
The reason I'm is

The number of accounts that have or had a delinquency. - My EX report is squeaky clean, nothing has been late.
The ratio of loan balances to the loan amounts is too high. - Not exactly sure?
The length of time your accounts have been established. - I can see this being the reason for denial
There are too many credit inquiries on your report in the last 12 months. - I can see this as well because I was car rate shopping in Feburary 2019
Chase Freedom $0 / $500 I opened in July 2019
Capital One QS1 $0 / 500 I opened January 2019
Discover Cash Back $0 / $2000 I opened January 2019
Apple Credit Card (not reported, no HP): $0 / $5000
Amazon Store Card $0 / $3000 I opened July 2019
RBFCU Cash Rewards $10 / $3000 - PAID OFF I opened May 2019
Fingerhut $50 / $1500 - PAID OFF I opened July 2017

The paid off accounts haven't reported yet which I don't know if they can internally see it's already paid off or not. The automated system when I called to check my application status because I was attempting to do the recon, the system said reason being my score was too low. :0

Yeah, the five new cards in 2019 probably did you in. I agree with the other posters that you should garden for around 6 months. Add it to your signature, I love seeing it grow and change

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Thu, 19 Sep 2019 01:41:23 GMT

@Anonymous wrote:
An Experian FICO 8 score of 685 is sufficient to qualify for an Amex card; the usual cutoff point is 670 where your credit rating changes from Fair to Good.

There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word. You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff. Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile. I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Thu, 19 Sep 2019 02:55:53 GMT

@Anonymous

YMMV as all profiles are different, but i'm willing to bet that it is the loan or something in your profile that spooked them. I was approved the BCE and then the EDC same day on a 672 and i had tons of new accts and INQ's as well. Anything over 670 is high enough for the BCE, altho that would be a low 500 SL in most cases. Comb thru your reports, something doesnt seem right for a 692 to get shot down unless they have upped the req's alot in the past 12 months.

Re: EX 685 Score Good Enough for AMEX?

M_Smart007 — Thu, 19 Sep 2019 15:23:38 GMT

@Anonymous wrote:
@Anonymous wrote:
An Experian FICO 8 score of 685 is sufficient to qualify for an Amex card; the usual cutoff point is 670 where your credit rating changes from Fair to Good.

There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word. You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff. Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile. I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.

+1 This ^^^^^^^^^^^^^^^^^^^

I check the SP's any time I app, and this is more common than people realize.

I regularly check my SP's on EX & EQ.

@Anonymous,

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Thu, 19 Sep 2019 15:44:46 GMT

@Anonymous wrote:
@Anonymous wrote:
An Experian FICO 8 score of 685 is sufficient to qualify for an Amex card; the usual cutoff point is 670 where your credit rating changes from Fair to Good.

There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word. You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff. Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile. I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.

Then no doubt that you should communicate that "fact" to American Express and also let them know how misleading their score categories are; because that's exactly how they describe credit scores on their website.

Re: EX 685 Score Good Enough for AMEX?

CreditInspired — Thu, 19 Sep 2019 17:30:36 GMT

And exactly how Experian describes scores too
https://www.experian.com/blogs/ask-experian/wp-content/uploads/experian-different-score-ranges.png

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Thu, 19 Sep 2019 18:08:41 GMT

@M_Smart007 wrote:
@Anonymous wrote:
@Anonymous wrote:
An Experian FICO 8 score of 685 is sufficient to qualify for an Amex card; the usual cutoff point is 670 where your credit rating changes from Fair to Good.

There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word. You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff. Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile. I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.
+1 This ^^^^^^^^^^^^^^^^^^^

I check the SP's any time I app, and this is more common than people realize.
I regularly check my SP's on EX & EQ.

@Anonymous,

Sorry to hijack, but what is the easiest way to check SPs?

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Fri, 20 Sep 2019 02:21:07 GMT

@Anonymous wrote:
Then no doubt that you should communicate that "fact" to American Express and also let them know how misleading their score categories are; because that's exactly how they describe credit scores on their website.

It's 100% a fact, as identical scores can be arrived at from an infinite combinations of CR data. I'm well aware of the pretty chart you pasted above along with the fluff charts provided by almost all CMS sources. Some of them will show the same ranges, some will some different ones. It really doesn't matter, as again, profile data > score.

You can have someone with a thick/aged/filthy file that possesses a 760 score, then someone with a thin/young/clean file that possesses a 720 score. The 760 isn't "very good" relative to the 720 being "good" if you're the type of lender that hates negative items and/or is all about people that are just getting into credit.

Re: EX 685 Score Good Enough for AMEX?

Anonymous — Fri, 20 Sep 2019 02:48:02 GMT

For added entertainment, here are some examples of pretty images one can find when searching for Fico credit score "ratings" or ranges. The rating of "Excellent" depending on where you look can start at 720, 750, 760 or 800 just based on the limited sample size of fluff images found in this thread.