topic Re: Delta Gold AMEX--Approval Odds? in Credit Cards

Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 16:57:28 GMT

Hello all, I am new to MyFICO. I am a frequent traveller and have recently started solely using Delta (I live in a hub). It seems like it will take me ages to get to medallion status on my own, so I would like to get the Delta Sky Miles AMEX. I am worried about applying though without knowing my odds. Could you take a look at my info and give me a rough idea of my odds?

650 Transunion, 655 Equifax (I think it is low because of utilization and lack of credit history)

Utilization: 40% (I am working to get this lowered!)

0 Derogatry marks

15 total accounts (most of those are student loans)

100% payment history (I pay double payments each month)

4 Years Credit HIstory

6 Hard Pulls

$37K in student loans

$1,400 in credit cards

No other debts

I make $40k a year

I do not want to get a hard pull and have no AMEX to show for it!

Thank you

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 17:10:50 GMT

I was approved 2 weeks ago with worse stats than you have, I'd say go for it.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 17:23:57 GMT

@Anonymous wrote:
Hello all, I am new to MyFICO. I am a frequent traveller and have recently started solely using Delta (I live in a hub). It seems like it will take me ages to get to medallion status on my own, so I would like to get the Delta Sky Miles AMEX. I am worried about applying though without knowing my odds. Could you take a look at my info and give me a rough idea of my odds?

650 Transunion, 655 Equifax (I think it is low because of utilization and lack of credit history)
Utilization: 40% (I am working to get this lowered!)
0 Derogatry marks
15 total accounts (most of those are student loans)
100% payment history (I pay double payments each month)
4 Years Credit HIstory
6 Hard Pulls

$37K in student loans
$1,400 in credit cards
No other debts

I make $40k a year

I do not want to get a hard pull and have no AMEX to show for it!

Thank you

Welcome to MyFICO

Are you getting those scores from CreditKarma? I ask because you don't provide your Experian score (CK does not provide one). If so, you really should get your Experian FICO 08 score because Amex uses that solely for credit applications and the CK scores are a different model, Vantage 3.0.. From the description you give of your existing credit profile you probably will get approved but you need to get your utilization down below 30% at a minimum to maximize your chances. Good luck if you do apply and let us know the results.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 17:28:08 GMT

Have you tried their pre-qualification? See if anything pops up for you! Good luck!

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 17:37:12 GMT

Yes I am using credit karma. I am new to the "credit monitoring" game and CK was recommended to me. I know that it does not pull my Experian, but I have been leery of paying one of the online websites to pull it. How far apart are Experian FICOs and CK? I may invest in that so know my odds better.

I am diligently working to get my utilization lower. I should have it to 30% in the next month. I will let you all know if I decide to apply/get approved before then.

Thank you! I am glad to be here and work hard on my credit!

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 18:02:34 GMT

Just go to the "credit pulls database" and see what type of others with similar scores to yours have had when applying for the card you are considering.

In general, whenever I see an "approval odds" type thread 9 times of 10 the person starting the thread has one of those "on the cusp" type scores that could really go either way. In such a situation, my advice is always the same. Don't apply now. Wait 6 months and assuming you exhibit sound credit behavior (on time payments, utilization low, no applying for credit, etc.) your scores/profile will be improved which will increase your approval odds and approval terms.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 18:19:34 GMT

It's kinda known around here that the Delta Gold from Amex is one of the easiest cards to be approved for! Go for it!

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 18:31:08 GMT

@Anonymous wrote:
Yes I am using credit karma. I am new to the "credit monitoring" game and CK was recommended to me. I know that it does not pull my Experian, but I have been leery of paying one of the online websites to pull it. How far apart are Experian FICOs and CK? I may invest in that so know my odds better.
I am diligently working to get my utilization lower. I should have it to 30% in the next month. I will let you all know if I decide to apply/get approved before then.

Thank you! I am glad to be here and work hard on my credit!

Credit Karma and your FICO score can be very far apart. Discover actually gives you a free FICO score, even if you aren't a card member. I think they use Experian, which is also what AmEx would be pulling when you apply. It's worth a look as Karma isn't going to give you a true idea of your score. But the Delta card is known as one of the easiest to get approved for.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 18:31:38 GMT

@Anonymous wrote:
Yes I am using credit karma. I am new to the "credit monitoring" game and CK was recommended to me. I know that it does not pull my Experian, but I have been leery of paying one of the online websites to pull it. How far apart are Experian FICOs and CK? I may invest in that so know my odds better.
I am diligently working to get my utilization lower. I should have it to 30% in the next month. I will let you all know if I decide to apply/get approved before then.

Thank you! I am glad to be here and work hard on my credit!

The answer to that question is ... it's hard to say. Currently my CKs and my true FICOs are in the same ballpark. When I started rebuilding, my CK scores were inflated, anywhere between 50 to 100 points over what the true scores were. As my FICOs improved, they're closer, but still, the heart of the issue is, Credit Karma scores aren't true FICO scores ... and one more thing, the score Capital One provides cardholders each month is the same as CK scores, so they're not true FICOs

Re: Delta Gold AMEX--Approval Odds?

NRB525 — Tue, 25 Apr 2017 18:57:38 GMT

I'm going to guess that you may be OK even now. With no missed payments and low CC limits, with several years history, you may get a card. It might be a $1k limit like some, I got $2k to start, but from there the CLI are predictable, and the Delta benefits are the same regardless of CL.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 19:07:01 GMT

Wow, I went ahead and pulled the discover FICO score and was pleasantly surprised to see it a bit higher than CK! 661! Thank you for this information.

I think I may take some advice from above and wait a couple of months until my credit is closer to 700, and then apply. I want the best CL possible!

Re: Delta Gold AMEX--Approval Odds?

NRB525 — Tue, 25 Apr 2017 19:13:30 GMT

If you wait, you likely will get the same $1k-$2k limit that you would get now. AMEX likes to start you out low and get to know you. Some can get higher starting limits, but they generally have much thicker files than yours, more history with larger limits to show.

Your choice, but I'd go for it, because the worst case scenario is you don't get a card, then you have the clear message you need to wait to apply later.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 19:20:44 GMT

Do it now so that your 3X CLIs will be sooner as well!

Re: Delta Gold AMEX--Approval Odds?

AllCredit — Tue, 25 Apr 2017 19:32:03 GMT

So are you going to apply now that you know your EX score?

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 19:44:35 GMT

@NRB525 wrote:
If you wait, you likely will get the same $1k-$2k limit that you would get now. AMEX likes to start you out low and get to know you. Some can get higher starting limits, but they generally have much thicker files than yours, more history with larger limits to show.

Your choice, but I'd go for it, because the worst case scenario is you don't get a card, then you have the clear message you need to wait to apply later.

While I can understand this perspective, my advice would still be to wait for the OP. While my file was reasonably thick and decently aged, I applied for my first Amex card ever last June. They obviously had no history with me, and I only had one other credit card at the time and it had a $3000 limit. I was going to apply when I had about a 700 score, but waited until I go it to around 730 first and was approved with a $10k limit. Had I applied with the 700 score, would I have received that $10k SL? Who knows. Possibly, but likely not. I can assure you it wouldn't have been higher though. To me, it was worth sitting tight a while longer and waiting to app at the right time. Fast forward 64 days and I had a $30k credit line when 3 months earlier my highest CL was $3k. Had I pulled the trigger when my score was 700, maybe my SL would have been $7k, then after the 3X CLI I'd have been at $21k. All of these things are profile specific, no doubt, but unless the OP is in dire need of a card at this exact moment I really don't see a downside in waiting a bit longer to get his scores and profile stronger.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 19:56:43 GMT

Thank you BrutalBodyShots, this is my thought.

Delta is currently offering 50k miles if you apply for the gold card (and spend $1000 blahblahblah). This offer doesn't expire until May 19th. I will do as much as I can to raise my FICO before then (short time I know) and then apply for it. I would hesitate to wait any longer, because I REALLY want those sky miles

Re: Delta Gold AMEX--Approval Odds?

negg — Tue, 25 Apr 2017 20:14:43 GMT

This was my 3rd cc I app'd for after getting my crap together. My credit was worse then yours and got approved for $4000. I think my score was around 640ish with cap1 and secured visa from the bank.

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Tue, 25 Apr 2017 23:28:45 GMT

@Anonymous wrote:
Thank you BrutalBodyShots, this is my thought.
Delta is currently offering 50k miles if you apply for the gold card (and spend $1000 blahblahblah). This offer doesn't expire until May 19th. I will do as much as I can to raise my FICO before then (short time I know) and then apply for it. I would hesitate to wait any longer, because I REALLY want those sky miles

Sounds like a reasonable plan. If you tweak your utilization you may be able to squeeze a bit more out of your scores. That 50k miles bonus, is that a special promo? What is the bonus usually for that card?

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Wed, 26 Apr 2017 02:11:14 GMT

@Anonymous wrote:
@Anonymous wrote:
Thank you BrutalBodyShots, this is my thought.
Delta is currently offering 50k miles if you apply for the gold card (and spend $1000 blahblahblah). This offer doesn't expire until May 19th. I will do as much as I can to raise my FICO before then (short time I know) and then apply for it. I would hesitate to wait any longer, because I REALLY want those sky miles
Sounds like a reasonable plan. If you tweak your utilization you may be able to squeeze a bit more out of your scores. That 50k miles bonus, is that a special promo? What is the bonus usually for that card?

The standard offer is 30K miles on the Gold card. Amex offers different bonuses all the time, 40K, 50K and I believe I've seen 60K Also, Delta SkyMiles are consdiered one of the lower value miles for redepmtion. Just as an example, the Pointsguy has the vaued currently at 1.2 cents per miles vs 1.9 for Alaskan. However, likes all reward miles/points, the true value is dependent on how you use them., so they can be worth more if you're smart

Re: Delta Gold AMEX--Approval Odds?

Anonymous — Wed, 26 Apr 2017 14:06:06 GMT

OP, IME the Amex pre-qualification site is pretty solid. Sounds like you already checked that if you have a 50K offer for the Delta. You will get it if you decide to app.