topic Re: Pre-selected American Express Green and Gold in Credit Cards

Pre-selected American Express Green and Gold

improvedcredit — Sat, 31 Mar 2012 02:13:22 GMT

Hello everyone

I have recently been receiving pre-selected offers for American Express green and gold. I have a deadline of mid April to respond. I was wondering if I should pull the trigger on any of these before receiving a hard pull on my credit report. As for my score.... I am at a 614 on my TransUnion and a 644 on my Equifax (pulled on MyFico.com) two weeks ago. So what I would like to know if a pre-selected offer from American Express mean a definite approval or a possible denial with these scores.

Please if anyone has been put in this position for applying for one of these great cards, please let me know what the end results were for your application process.

Thank you in advance...

Re: Pre-selected American Express Green and Gold

pizzadude — Sat, 31 Mar 2012 02:19:53 GMT

A pre~approval with AMEX or any other creditor is not a guarantee of approval. It really depends on the negatives that are showing on your credit report, and also what your revolving accounts look like now ~ how long have they been open, what are their limits.....

Re: Pre-selected American Express Green and Gold

LS2982 — Sat, 31 Mar 2012 02:22:29 GMT

@improvedcredit wrote:
Hello everyone

I have recently been receiving pre-selected offers for American Express green and gold. I have a deadline of mid April to respond. I was wondering if I should pull the trigger on any of these before receiving a hard pull on my credit report. As for my score.... I am at a 614 on my TransUnion and a 644 on my Equifax (pulled on MyFico.com) two weeks ago. So what I would like to know if a pre-selected offer from American Express mean a definite approval or a possible denial with these scores.

Please if anyone has been put in this position for applying for one of these great cards, please let me know what the end results were for your application process.

Thank you in advance...

What does your EX file look like??

If you have a clean file with no recent derogs and score above 670 I would say your good. Anything less might be a decline.

Re: Pre-selected American Express Green and Gold

Anonymous — Sat, 31 Mar 2012 02:26:22 GMT

Go for it. They are sending you marketing for a reason--they probably want your business. Oblige!

Re: Pre-selected American Express Green and Gold

gpeach — Sat, 31 Mar 2012 02:29:21 GMT

Don't waste an inquiry just yet. Do more research first. Your score seems quite low for them. But I could be wrong. Pre-selected is not pre-approval. Not even pre-approval means you will get it. My husband had a USAA pre-approval in his offers. Well they turned him down.

Re: Pre-selected American Express Green and Gold

improvedcredit — Sat, 31 Mar 2012 03:20:04 GMT

My Experian credit score as of a few weeks ago is 631 (pulled on the Experian website). So far as my revolving balances, I am below 30% utilization. I filed for new credit 5 months ago. I dont have any collections accounts, I have 3 charge offs from 5 years ago. Also to mention that a few months ago, I opened up a credit union account and they pulled my credit from TransUnion which shows that I score over 720 (they use the newest version of TransUnion scoring).

Re: Pre-selected American Express Green and Gold

LS2982 — Sat, 31 Mar 2012 13:16:57 GMT

@gpeach wrote:
Don't waste an inquiry just yet. Do more research first. Your score seems quite low for them. But I could be wrong. Pre-selected is not pre-approval. Not even pre-approval means you will get it. My husband had a USAA pre-approval in his offers. Well they turned him down.

Re: Pre-selected American Express Green and Gold

LS2982 — Sat, 31 Mar 2012 13:18:01 GMT

@improvedcredit wrote:
My Experian credit score as of a few weeks ago is 631 (pulled on the Experian website). So far as my revolving balances, I am below 30% utilization. I filed for new credit 5 months ago. I dont have any collections accounts, I have 3 charge offs from 5 years ago. Also to mention that a few months ago, I opened up a credit union account and they pulled my credit from TransUnion which shows that I score over 720 (they use the newest version of TransUnion scoring).

That 631 is a FAKO score, so your FICO may be higher. IMO I would hold off and work and getting the collections removed first.

Re: Pre-selected American Express Green and Gold

pizzadude — Sat, 31 Mar 2012 13:22:35 GMT

@improvedcredit wrote:
My Experian credit score as of a few weeks ago is 631 (pulled on the Experian website). So far as my revolving balances, I am below 30% utilization. I filed for new credit 5 months ago. I dont have any collections accounts, I have 3 charge offs from 5 years ago. Also to mention that a few months ago, I opened up a credit union account and they pulled my credit from TransUnion which shows that I score over 720 (they use the newest version of TransUnion scoring).

Can you clarify this ? Did you apply for new credit and were denied ? What are your current open CCs and their CLs, also have any of them been open longer than 5 months ?

Re: Pre-selected American Express Green and Gold

improvedcredit — Tue, 03 Apr 2012 01:38:14 GMT

I have been approved for 2 credit cards, one limit is 400, which went up 500 after I kept paying the balance off every month. The second card is 650 limit and I pay that balance off every month. I am also a authorize user for a bank of america card that has a limit of 2500 and I pay that balance off every two months. All cards have been in a 5 month period.

Re: Pre-selected American Express Green and Gold

Walt_K — Tue, 03 Apr 2012 02:13:55 GMT

@improvedcredit wrote:
Hello everyone

I have recently been receiving pre-selected offers for American Express green and gold. I have a deadline of mid April to respond. I was wondering if I should pull the trigger on any of these before receiving a hard pull on my credit report. As for my score.... I am at a 614 on my TransUnion and a 644 on my Equifax (pulled on MyFico.com) two weeks ago. So what I would like to know if a pre-selected offer from American Express mean a definite approval or a possible denial with these scores.

Please if anyone has been put in this position for applying for one of these great cards, please let me know what the end results were for your application process.

Thank you in advance...

These deadlines are meaningless. They are there to entice you to respond. There is no evidence that I am aware of that any creditor relaxes their approval standards for preapprovals. If they'll approve you now, they'll approve you after the offer expires. You should concentrate on positioning yourself as best as possible for an approval and not worry about whether that can be done prior to offer expiration.

Re: Pre-selected American Express Green and Gold

pizzadude — Tue, 03 Apr 2012 02:18:22 GMT

@improvedcredit wrote:
I have been approved for 2 credit cards, one limit is 400, which went up 500 after I kept paying the balance off every month. The second card is 650 limit and I pay that balance off every month. I am also a authorize user for a bank of america card that has a limit of 2500 and I pay that balance off every two months. All cards have been in a 5 month period.

You might want to wait a few more months before you apply ~ 5 months is a little bit lean IMO. And as Walt pointed out, there is no real deadline to apply by the end of the month, you can app anytime....

Re: Pre-selected American Express Green and Gold

FicoTron — Tue, 03 Apr 2012 04:40:30 GMT

I got a green invite a few ekes ago and a gold invite today. I have one questionable mark on my report which is an account which was charged off in 2006, but I paid it in 2011. I'm not sure weather to consider that a 6 year old CO, or a 1 year old CO. Anyone know?

Re: Pre-selected American Express Green and Gold

Anonymous — Tue, 03 Apr 2012 05:46:23 GMT

@FicoTron wrote:
I got a green invite a few ekes ago and a gold invite today. I have one questionable mark on my report which is an account which was charged off in 2006, but I paid it in 2011. I'm not sure weather to consider that a 6 year old CO, or a 1 year old CO. Anyone know?

http://www.ehow.com/about_5379511_chargeoff-date.html

That article explains how CO's work. Basically, it is on your account for 7 years, regardless of payment. So your charge off of 6 years old, not just one.

Re: Pre-selected American Express Green and Gold

FicoTron — Tue, 03 Apr 2012 06:04:48 GMT

My situation is a bit weird. It was marked as a CO in 2006, then when I paid it in 2011, they changed the 2006 mark to a 180 day late, then moved the CO to 2011, so on paper it looks like they charged it off on their records in 2011.

Re: Pre-selected American Express Green and Gold

FicoTron — Tue, 03 Apr 2012 06:08:20 GMT

See here, take a good look. They took both of those CO marks off and made them 180 and now moved the CO mark to December 2011, which you don't see. this was what it looked like before I paid it. http://ficoforums.myfico.com/t5/image/serverpage/image-id/1955i9A02F10E293F786F/image-size/original?px=-1&v=mpbl-1