topic Re: Weird!!! look inside about amex in Credit Cards

Weird!!! look inside about amex

erin62777 — Thu, 23 May 2013 16:20:39 GMT

Hi all,

Pulled my fico equifax and have a 606 score. 27 accounts, 5 credit cards, max limit is 1000, all maxed out. Student loans, mortgage, 2 car payments. 35 years old. longest credit is 17 years. 4 lates in past 10 years. 2 from studernt loans, 1 from mortgage (7 months ago--was doing refinance, payment missed) and 1 from being an authorized user which im disputing to get taken off. 1 inquiry in past year, no collections, no public records, etc.

When i run the simulator said paying off cc's will bring scores to 695-735. I intend to pay these off within a few months.

Anyways, amex green came in mail last week, said apply. I applied last week, boom got approved NPSL card here saturday

Today, just got mail. Amex GOLD in there, pre appoved, said what the heck, let me try for it. APPROVED! NPSL! with a 606! score?

income is 105216 (2012 taxes). anyways, isnt the score really low for amex to approve it?

pretty excited. dont think i will apply to anymore!

Re: Weird!!! look inside about amex

Anonymous — Thu, 23 May 2013 16:27:10 GMT

Does seem on the low end, but that's their issue!

One possibility is that for whatever reason your EX score (assuming they pulled that) is quite a bit higher.

Re: Weird!!! look inside about amex

Revelate — Thu, 23 May 2013 16:28:01 GMT

Welcome to the forums! Congratulations as well!

That said, there's quite a bit more to an underwriting decision beyond FICO scores, but I suspect Amex's internal risk model (and even the FICO score they pulled), likely doesn't have you at a 606 at all. Also between your incomes and your debts, looks like you carry a trivial balance in comparison. Would recommend paying them off honestly, those balances aren't doing you any favors FICO-wise as the simulator suggests.

To be honest, I look at what you posted and I'm not thinking 606, and from Amex's eyes, pretty evident they view you as a potentially good customer. FWIW if I were running a lending arm, I'd be thinking that too. FICO scores don't tell the entire picture, and compared to many, your profile is actually pretty good.

Re: Weird!!! look inside about amex

blk8 — Thu, 23 May 2013 16:35:57 GMT

@erin62777 wrote:
Hi all,

Pulled my fico equifax and have a 606 score. 27 accounts, 5 credit cards, max limit is 1000, all maxed out. Student loans, mortgage, 2 car payments. 35 years old. longest credit is 17 years. 4 lates in past 10 years. 2 from studernt loans, 1 from mortgage (7 months ago--was doing refinance, payment missed) and 1 from being an authorized user which im disputing to get taken off. 1 inquiry in past year, no collections, no public records, etc.

When i run the simulator said paying off cc's will bring scores to 695-735. I intend to pay these off within a few months.

Anyways, amex green came in mail last week, said apply. I applied last week, boom got approved NPSL card here saturday

Today, just got mail. Amex GOLD in there, pre appoved, said what the heck, let me try for it. APPROVED! NPSL! with a 606! score?

income is 105216 (2012 taxes). anyways, isnt the score really low for amex to approve it?

pretty excited. dont think i will apply to anymore!

Score is a little on the low end, but your score doesn't always give them the big picture.

You have a mortgage, no derogatory marks, and 1 inq in the past 12 months with a 6 figure income. APPROVED!

Re: Weird!!! look inside about amex

LS2982 — Thu, 23 May 2013 16:40:05 GMT

AMEX typically pulls EX on charge cards so your is likely higher than 606.

CONGRATS!!!

Re: Weird!!! look inside about amex

CS800 — Thu, 23 May 2013 16:43:13 GMT

Congrats !!

+1 on what LS said above.

Re: Weird!!! look inside about amex

Anonymous — Thu, 23 May 2013 16:48:52 GMT

AMEX factors into account more than just your FICO score. I was denied a BCP with a 750 credit score because my internal risk score was off the charts. Note to anyone, if they extend the extended pay option to you on your charge card, do no use it, and if you do, pay it off asap :-P

Re: Weird!!! look inside about amex

Anonymous — Thu, 23 May 2013 17:36:45 GMT

Check the paperwork when you receive the cards in the mail. Usually it will tell you what CB they pulled from and what the score was. It may be higher than your score here.

Re: Weird!!! look inside about amex

thom02099 — Thu, 23 May 2013 18:57:14 GMT

@Anonymous wrote:
Check the paperwork when you receive the cards in the mail. Usually it will tell you what CB they pulled from and what the score was. It may be higher than your score here.

That's only provided if you are denied or not given the best terms. In this case, with 2 NPSL cards, AMEX likely won't provide a score, though they may cite a source for their decision.

Re: Weird!!! look inside about amex

boomhower — Thu, 23 May 2013 19:21:40 GMT

Congrats but why get two charge cards? They overlap alot in usage plus you have two AF's.

Re: Weird!!! look inside about amex

jamesdwi — Thu, 23 May 2013 19:31:35 GMT

Time cures almost all fico problems, 17 year history with credit and only 4 minor glitches in 10 years, makes you an ideal canidate, for just about any card. Then toss on the $100k plus income would most likely make most creditors besides JP Morgan drool to have you as a customer.

Welcome to the forum..

Re: Weird!!! look inside about amex

erin62777 — Thu, 23 May 2013 21:10:20 GMT

Hi all,

Thanks for all the kind words.

The only reason I got 2 amex's was because I tried for the 1st in an attempt to see if I could get one. #2, when today I got the mail and seen the gold and the points and stuff, I said to myself, this would be much better for me than the green would and maybe I could get a free hotel room or airline or something!?

So, I decided to apply thinking I probably would get denied and that was fine but took like 10 seconds and said approved, setup my account manager and that was that.

I guess I wasnt too frugal with my money and probably didnt think about paying the cards off, rather spend it here or there. Now that I see how its a detriment to my score, I will make sure I pay them off. My income will only rise as I got a recent promotion and my score should too. Few months will be my goal to pay them off.

Mortgage has been clean except for when I refinanced 7 months ago, missed a payment and it hit. Had a mortgage for 6 years this June. 2 car payments, 1 car is 475 a month and is paid off next march and other car I owe will be paid off march 2017 (335 payment). never missed a payment on the cars, never missed a CC payment.

Student loans had late payment on 2 of them. totally my fault there. payment came, mail thrown in a pile, then realized oh **bleep**....

the other I was on my in laws store cc (not sure why!!!) anyways, they stopped paying, then went bankrupt. Appears on mine. I am disputing it I thought I read I could get it off? I at least hope so!!!

Finally at my age I think I am growing up. I save now and max out my 401k, I mainly just blow my money on travelling and eating out to be honest!

Well I appreciate these forums, I have learned a lot from a lot of people here.

Re: Weird!!! look inside about amex

webhopper — Thu, 23 May 2013 22:45:51 GMT

If you travel a lot, I could see the benefit in having two charge cards, especially if one is Platinum and one is Gold or PRG. Free companion ticket when you fly first class or business class is a nice feature, as is airline lounge access. PRG is just for the MR points.

Re: Weird!!! look inside about amex

myjourney — Fri, 24 May 2013 00:57:27 GMT

Congrats and welcome to the forum

Re: Weird!!! look inside about amex

Anonymous — Fri, 24 May 2013 05:19:45 GMT

Chh27 wrote:
Check the paperwork when you receive the cards in the mail. Usually it will tell you what CB they pulled from and what the score was. It may be higher than your score here.

That's only provided if you are denied or not given the best terms. In this case, with 2 NPSL cards, AMEX likely won't provide a score, though they may cite a source for their decision.

Good to know - So if they cited my credit score in an approval, I wasn't given the best terms, e.g. not the lowest interest rate? I know the other terms were not reduced, like the 0% intro for example. Sorry to hijack the thread!

Re: Weird!!! look inside about amex

thom02099 — Fri, 24 May 2013 18:35:32 GMT

@Anonymous wrote:
@Anonymous wrote:
Check the paperwork when you receive the cards in the mail. Usually it will tell you what CB they pulled from and what the score was. It may be higher than your score here.

That's only provided if you are denied or not given the best terms. In this case, with 2 NPSL cards, AMEX likely won't provide a score, though they may cite a source for their decision.

Good to know - So if they cited my credit score in an approval, I wasn't given the best terms, e.g. not the lowest interest rate? I know the other terms were not reduced, like the 0% intro for example. Sorry to hijack the thread!

For a revolver, yes; for a charge card, no. Even the supposed revolvers that are NPSL (meaning they may or may not report a credit limit); if you're not given the best terms, you're supposed to get a score. HOWEVER, it may or may not be a FICO. Depends on what they used to determine credit worthiness.