topic Re: AMEX BCE and a general question in Credit Cards

AMEX BCE and a general question

codimom — Thu, 28 Jun 2012 23:10:06 GMT

i took a gamble... after not appying for ANY credit for a few years, I have gone off the wagon and appied for, and received approval for, the AMEX BCE card (based on what I read here, and trying to get a nice looking report). So... AMEX approved the app and i got the letter today with my score and what they used in deciding my score.

If you simply read the FICO portion of the letter, you'd swear it was a rejection! The question I have is based on the portion "key factors that adversely affected your FICO score"... The ones that confuse me is this... proportion of revolving balances to revolving credit limits is too high. Before the bce, i have 3 open credit lines, and all have a zero balance. In 3 years, none have been over 50% of the total limit. What could they possibly be seeing? Also they said too few accounts paid as agreed.. they ALL are. So the second question is.. even though I was approved should I go and pull the experian report to see if i can find what they saw?

I'm going back to no apps for a while... hopefully at least a year...

Re: AMEX BCE and a general question

Anonymous — Thu, 28 Jun 2012 23:13:24 GMT

I wouldn't read too much into it. I got that same letter with my recent Blue approval and it had similar stuff, despite me having 2% reported utilization and whatnot. They have to put something there, so they just put something there. It shouldn't cause any concern.

Re: AMEX BCE and a general question

Anonymous — Fri, 29 Jun 2012 00:37:15 GMT

We all get that same blurb in the disclosure paperwork they send us. It should say: "Key factors that can adversely affect anyone's FICO® score." I think that would take some of the confusion out of their disclosure comments.

Re: AMEX BCE and a general question

codimom — Fri, 29 Jun 2012 01:39:06 GMT

Thanks. I have been so hyper-focused on rebuilding I tend to over think it.

Re: AMEX BCE and a general question

CK_Charles_Lover — Fri, 29 Jun 2012 01:43:18 GMT

@ Codimom

Because you got the letter it means that you did not get the best credit terms they offer they have to do this now its the law. You probably got the higher APR as in the 20.24% or 22.24% APR. Not a big deal because you probably got year no interest anyway and you can call in a year when its over and ask to have it lowered. Anyway since you got the letter and not the best terms you can go to Experian (guessing since it was Amex) right now like the letter says and you can get your report free for 90 days as long as you got an adverse action in the last 60 days. It reports everyday too, its wonderful.

http://www.experian.com/reportaccess/#requestReport

Re: AMEX BCE and a general question

codimom — Fri, 29 Jun 2012 01:53:20 GMT

AHA! that was going to be my next question.. when are reports normally updated yes it was experian.. and as far as I know they are the only card that ever told me what my score actually is (or at least the one they used)

Re: AMEX BCE and a general question

CK_Charles_Lover — Fri, 29 Jun 2012 01:56:09 GMT

Every day. You can look for 90 days.

Re: AMEX BCE and a general question

codimom — Fri, 29 Jun 2012 02:15:20 GMT

and wow, that was illuminating! seems when Capone bought my hsbc account... they never moved the balance!!!!! showing open, with a balance... which does not exist here in the real world.

Re: AMEX BCE and a general question

CK_Charles_Lover — Fri, 29 Jun 2012 02:35:17 GMT

Hmmmm , you should call them. That maybe what Amex means about "too few accounts paid as agreed".

Re: AMEX BCE and a general question

codimom — Fri, 29 Jun 2012 02:48:32 GMT

its showing 'paid/never late' but its showing a balance that does not exist. I will call them.

Re: AMEX BCE and a general question

jsucool76 — Fri, 29 Jun 2012 03:00:27 GMT

Quick thanks for the free reports for FCRA, I actually had no idea that you could do that within 90 days of being denied credit. Another reason I'm happy I lurk these forums for information.

Re: AMEX BCE and a general question

Anonymous — Fri, 29 Jun 2012 03:17:19 GMT

Op, what score and apr did you get? Remember about Amex cli policy.

Re: AMEX BCE and a general question

CK_Charles_Lover — Fri, 29 Jun 2012 03:38:14 GMT

@JSU

Your welcome! Remember to write down (or take a pic with your phone like I do) your report number then you can log in for 90 days.

Re: AMEX BCE and a general question

codimom — Fri, 29 Jun 2012 14:06:54 GMT

The FICO that was on the letter is an Experian... 689. enlighten me about the CLI for ax?

Re: AMEX BCE and a general question

Anonymous — Fri, 29 Jun 2012 17:14:32 GMT

@codimom wrote:
The FICO that was on the letter is an Experian... 689. enlighten me about the CLI for ax?

Use the card fairly lightly and PIF or even faster. In 61 days, you are eligible for CLI for up to 3X of your credit line. This will be soft inquiry based CLI. If you are going to use the AMEX heavily, just pay it often. You want to look like responsible borrower to AMEX. After the CLI in 61 days, you are eligible for soft based CLI requests every 6 months. You can quickly build up your CL with AMEX and therefore put pressure on existing and new card issuers to do the same.

Re: AMEX BCE and a general question

codimom — Fri, 29 Jun 2012 17:20:58 GMT

Thank you! I had planned on using it as my 'daily' card... replacing my debit card.. I intend to pay in full every month.. but looks like I'll do it like I do my store cards.. use them, and pay them off either immediately at the counter (kohls) or online as soon as it appears on my account page.

Re: AMEX BCE and a general question

Anonymous — Fri, 29 Jun 2012 17:27:38 GMT

Yeah. Just need to do it during this CLI period. Once you hopefully get your full 3X CLI, you can pay PIF by due date instead of often.

Re: AMEX BCE and a general question

codimom — Wed, 11 Jul 2012 14:56:49 GMT

A quick update. i entered a dispute for that balance on the HSBC that turned into CAP1... they updated it to show zero, that it was TRANSFERRED/closed and show the correct 0 balance.

Now off to find that back door number for AMEX to ask if they can change my membership date... my original card (although corporate) shows member snce 2004! I would love to have that date as my date for my AAoA!

Re: AMEX BCE and a general question

Anonymous — Wed, 11 Jul 2012 15:03:47 GMT

@codimom wrote:
A quick update. i entered a dispute for that balance on the HSBC that turned into CAP1... they updated it to show zero, that it was TRANSFERRED/closed and show the correct 0 balance.
Now off to find that back door number for AMEX to ask if they can change my membership date... my original card (although corporate) shows member snce 2004! I would love to have that date as my date for my AAoA!

Good luck. I have heard mixed messages on whether they consider corporate cards in establishing member date so don't be upset if they say no.

Also, you asked earlier what "too few trade lines paid as agreed" means: It is basically saying you have too few accounts (not enough trade lines) that are reporting for you. How many total credit/charge cards do you have and reporting actively?

Finally, make sure to check all three bureaus for that same mistake with the HSBC to Cap One balance.

Re: AMEX BCE and a general question

codimom — Wed, 11 Jul 2012 15:25:17 GMT

I stayed far away from credit cards for a long time.. I allowed someone to drag me down into as close to bk as you can probably get without actually pulling the trigger, so I have been in major rebuild mode for a while. Its almost like being overweight, then losing the weight but still see yourself as a heavy person? Thats kind of how I've been with my credit cards. Anyway... here is what I currently have... all with a zero balance. (in age order)

Kohls 100 limit (totally screwed this one up 3 years ago.. long story... but in good standng now)

Target 1000cl

Chase Slate 1800 cl (descreased from 3500 when I paid it off the first time)

Cap 1/HSBC transfer. 3500CL

Barclays Frontier card 4500 CL

Amex BCE 2000 cl

So I'm rebuilding slowly....any suggestions?