topic Re: What's the latest with AMEX in Credit Cards

What's the latest with AMEX

MontegoMack — Mon, 11 Nov 2013 18:32:38 GMT

AMEX has seemingly changed their requirements for their cards and I'm wondering what score minimums that they are allowing for approval for their Delta Gold and PRG.

Anyone have an idea?

Re: What's the latest with AMEX

09Lexie — Mon, 11 Nov 2013 18:43:51 GMT

What are you basing this on?

Re: What's the latest with AMEX

MontegoMack — Mon, 11 Nov 2013 18:46:03 GMT

Based on what I've read on this site/these boards, they've become less exclusive as they once were. They've become more inviting to people who have less than stellar scores and credit.

Thoughts?

Re: What's the latest with AMEX

espnjunkie — Mon, 11 Nov 2013 18:56:27 GMT

I haven't really seen any significant change. Rule of thumb is near excellent to excellent credit for amex approval. YMMV but they are not offering subprime products

Re: What's the latest with AMEX

MontegoMack — Mon, 11 Nov 2013 18:58:57 GMT

I wasn't indicating that they offer subprime. All I want to know is what the consensus is -from the folks here- on what the minimum scores are for AMEX.

Re: What's the latest with AMEX

Luscher — Mon, 11 Nov 2013 19:01:31 GMT

I don't think there underwriting has changed. the view of amex is that they are prestigious and extremely hard to be approved for but i think since you came to the site you realize thats not true, its just the image they have built for themselves.

Re: What's the latest with AMEX

Anonymous — Mon, 11 Nov 2013 19:03:33 GMT

When people here say that Amex has become less exclusive, they are often comparing to the somewhat distant past, rather than say last year. At one point (and its from this period that the reputation still persists) Amex charge card was almost exclusively the province of either the wealthy or the business professional. Now Amex is much more a mass market product (like most other cards), but again, not a recent change.

Re: What's the latest with AMEX

09Lexie — Mon, 11 Nov 2013 19:05:32 GMT

You'll get answers all over the place. Without knowing the entire credit profile including assets, I cannot see how you'll get a consensus. They may not be exclusive but tbh I don't think they ever were IMO.

What seems to hold true is not bk friendly and little to no recent derogs. CS are subjective and if they approve a 620 for one app, they can just as easily deny a 675 for another

Re: What's the latest with AMEX

MontegoMack — Mon, 11 Nov 2013 19:05:00 GMT

Regardless of mass marketing, history, distant past and all...

What is the trend seen today that would indicate a minimum score range (to be even more general and allow for error) for approval for the Delta Gold and PRG?

Re: What's the latest with AMEX

Duncanrr — Mon, 11 Nov 2013 19:08:29 GMT

Delta would probably be 650-670 range.

Revolvers are probably 720 range.

(This is based off what Ive seen and my own personal experience. Of course, variations in individual credit and asset portfolio will influence this (up or down).

Re: What's the latest with AMEX

Anonymous — Mon, 11 Nov 2013 19:08:33 GMT

@MontegoMack wrote:
Regardless of mass marketing, history, distant past and all...

What is the trend seen today that would indicate a minimum score range (to be even more general and allow for error) for approval for the Delta Gold and PRG?

What answer are you expecting that would be meaningful in any way? There are things like whogavemecredit and credit pulls and creditkarma that might give you some sampling, but any replies here are going to be based on a fairly small sample, with possibly some bias (more likely to report acceptance than rejection maybe).

Re: What's the latest with AMEX

Luscher — Mon, 11 Nov 2013 19:10:57 GMT

OP, why don't you give us your details, like AAOA, Score, Income, baddies. etc and then we can better help you

Re: What's the latest with AMEX

MontegoMack — Mon, 11 Nov 2013 19:15:45 GMT

Thank you for all your replies. I understand that there's no definitive answer. I'll keep reading and enjoying the vast knowledge that everyone is willing to share. Thanks for continuing to clarify matters that are often a bit fuzzy: credit, credit worthiness, acceptance and rejection.

Re: What's the latest with AMEX

sjt — Mon, 11 Nov 2013 19:31:12 GMT

@MontegoMack wrote:
AMEX has seemingly changed their requirements for their cards and I'm wondering what score minimums that they are allowing for approval for their Delta Gold and PRG.

Anyone have an idea?

I havent noticed any significant change, but Amex has their own internal scoring and its not just based on FICO score. They are going to look at income, assets, credit, and credit "blemishes" and how you have handled credit since those blemishes.

Re: What's the latest with AMEX

navigatethis12 — Mon, 11 Nov 2013 20:05:37 GMT

@espnjunkie wrote:
I haven't really seen any significant change. Rule of thumb is near excellent to excellent credit for amex approval. YMMV but they are not offering subprime products

I'd say a Zync with a 200 or 500 limit isn't exactly stellar. From reports, they don't require excellent credit to be approved for their products. People with lates or other derogatory information have reported getting approved. All you need is a pulse.

Re: What's the latest with AMEX

MontegoMack — Mon, 11 Nov 2013 20:08:56 GMT

What's this? A dissenting voice?

Hmmmm.... Seems to big a broad score range between needing excellent credit to just needing a pulse.

Re: What's the latest with AMEX

Revelate — Mon, 11 Nov 2013 20:25:23 GMT

@MontegoMack wrote:
What's this? A dissenting voice?

Hmmmm.... Seems to big a broad score range between needing excellent credit to just needing a pulse.

You need more than a pulse, but what I define as excellent credit, well Amex doesn't require that.

I think Duncan's close with his 650ish floor; that applies to virtually all charge cards and I might've said 660ish floor for Delta but as everyone's profile is different and we don't have access to even the FICO score version Amex is likely using, let alone their internal score model which we are confident exists, so it's hard to say with any substantial degree of certainty, but there is a large volume of anecdotal evidence which supports this.

I haven't being paying much attention lately and I don't have time to go datamine some of the approval sites, but I don't think it's materially changed in either case in near 18 months, and at least for the charge cards, likely from much longer before that. Roughly 6/12 is when we saw BCP/SPG trend much lower (roughly 720 -> 680 in my estimation) for their minimum underwriting requirements.

Re: What's the latest with AMEX

espnjunkie — Mon, 11 Nov 2013 20:30:04 GMT

Amex no longers offers the Zync card, so I don't think it really applies right now

Re: What's the latest with AMEX

Anonymous — Mon, 11 Nov 2013 20:31:35 GMT

Rev: the guess was that BCP went lower because of the cap introduction, reducing Amex's exposure to risk. What happened with the SPG to make it drop?

Re: What's the latest with AMEX

espnjunkie — Mon, 11 Nov 2013 20:38:42 GMT

Amex likely had to put the BCP 6% cap at $6,000.00 because of the arbitrage situation with purchasing gift cards. There is not sales tax on those so it's a free 6 bucks a pop for a 100 dollar card