topic Re: AMEX APPROVAL REQUIREMENT? in Credit Cards

AMEX APPROVAL REQUIREMENT?

Anonymous — Thu, 20 Mar 2014 02:48:29 GMT

What are the credit score requirements for an Amex card? What are my chances with my scores below? If I have a chance which one should I go for. My annual salary (if it matters) is $101,500. I currently have 2 credit cards with $2000CL each - ($20 total balance on one card)..paid on time every mo. I keep balances below 7% of CL and pay before statement is released...never charge anything until statement balance is reported. I have several student loans with $115K total balance, paid on time/nvr late ($832 per mo.) Mortgage: $186k ($1666 per mo) paid on time (had issues with late payments in 2012; which is holding back my score) but have been on time since 9/2012. Car loan: $31k ($401 per mo.) Paid on time/nvr late and a personal loan balance $9831 ($184 per mo) paid on time/nvr late.

Also, I have a tax lien that was recently released AND withdrawn - disputed it with CRA's this past week and waiting for it to be deleted before I apply for an AMEX. Hoping once it's gone my score will go up. Any thoughts? should I wait until I have 24 months of timely mortgage payments before applying? Would love to have a platinum card for the travel benefits since I travel a lot but thinking I need to be well into the mid-700's. Link below has Amex platinum avg. score at 711 w/lowest in mid-600's.

http://www.moneyunder30.com/credit-cards/american-express

My scores are:

FICO: EX681; TU666; EQ672

Lender Pull 2/14/14: 703TU

CreditKarma: Fako TU680

EX: Fako: 685

Re: AMEX APPROVAL REQUIREMENT?

Anonymous — Thu, 20 Mar 2014 02:54:08 GMT

@Anonymous wrote:
What are the credit score requirements for an Amex card? What are my chances with my scores below? If I have a chance which one should I go for. My annual salary (if it matters) is $101,500. I currently have 2 credit cards with $2000CL each - ($20 total balance on one card)..paid on time every mo. I keep balances below 7% of CL and pay before statement is released...never charge anything until statement balance is reported. I have several student loans with $115K total balance, paid on time/nvr late ($832 per mo.) Mortgage: $186k ($1666 per mo) paid on time (had issues with late payments in 2012; which is holding back my score) but have been on time since 9/2012. Car loan: $31k ($401 per mo.) Paid on time/nvr late. I have a tax lien that was recently released AND withdrawn - disputed it with CRA's this past week and waiting for it to be deleted before I apply for an AMEX. Hoping once it's gone my score will go up. Any thoughts? should I wait until I have 24 months of timely mortgage payments before applying? Would love to have a platinum card for the travel benefits since I travel a lot but thinking I need to be well into the mid-700's. Link below has Amex platinum avg. score at 711 w/lowest in mid-600's.

http://www.moneyunder30.com/credit-cards/american-express

My scores are:

FICO: EX681; TU666; EQ672
Lender Pull 2/14/14: 703TU
CreditKarma: Fako TU680
EX: Fako: 685

I would wait. Once you're tax lien gets deleted, you should be over 700 which will put you in a better spot for scoring and a public record not showing. If by released,you mean you just paid it, it might look 'fresh" (date of last activity) on your CR and that might hurt your chances. After it's deleted and you can confirm it's deleted on EX, I would go to the preapproval link on AMEX's website and see if it spits out an offer. If it does, you're most likely fine to apply for whatever you want. I have a paid state tax lien from 2008 showing on EX only (go figure, by far my lowest score) and I was just approved for the BCP (Blue Cash Preferred). The prescreened offers showed the Gold, Green and Blue Sky for me but I applied for the card I wanted.

I wouldn't worry about paying your mortgage for 24 months. You should be fine once that tax lien is gone.

FYI - AMEX pulls EX. If your app is borderline, they might pull another along with it. For me, they just pulled EX.

Good luck and keep us posted!

Re: AMEX APPROVAL REQUIREMENT?

Anonymous — Thu, 20 Mar 2014 03:15:03 GMT

Thanks axledobe....

By released - I meant the IRS released it from my land records AND the public recordings. They also withdrew the lien from public records through the Secretary of State UCC public records which is the cause of it being on reflected with the CRA's in the first place. Once it was withdrawn, I disputed it with the CRA's so when they go to verify the records they will not exist anymore and will have to delete it all together. I also have withdrawal documentation from the IRS.

I will definitely wait until it's off my credit report before applying as I'm eagar to see what happens to my credit score. I praying for a boost. I've been working really hard to get into the 700's.

Re: AMEX APPROVAL REQUIREMENT?

hot4u — Thu, 20 Mar 2014 03:31:16 GMT

Re: AMEX APPROVAL REQUIREMENT?

takeshi74 — Thu, 20 Mar 2014 12:49:37 GMT

@Anonymous wrote:
What are the credit score requirements for an Amex card?

Rrgardless of creditor it's not just about score. The lien is your major issue and you'll probably be good to go once it's gone.

@Anonymous wrote:
If I have a chance which one should I go for.

As always with these questions if you want feedback you need to provide what you're looking for.

Re: AMEX APPROVAL REQUIREMENT?

Anonymous — Sun, 23 Mar 2014 05:26:50 GMT

UPDATE:

Received my letter of withdrawal from the IRS and submitted it to all 3 CRA's. So far Equfax has responded - deleted it from my report and my FICO score increased 47 points from 672 to 719! I am so happy - I've been working diligently on my credit since July 2013. Started in the high 500's.

Now waiting for TU and EX to delete!

Started (July, 2013) EX: 580/EQ: 579/TU: 532 (FICO)

Current (March, 2014): EX: 680/EQ: 719/TU: 666 (FICO)

(Feb, 2014) Lender Pull: TU: 703

Re: AMEX APPROVAL REQUIREMENT?

Kenny — Sun, 23 Mar 2014 08:28:21 GMT

I agree with the others -- you should get the PRG when the lien is removed from all -- I would be safe and wait until all are deleted, because you never know if Amex will double or triple pull you since this is your first Amex.

Great job on your journey this far -- after this lien will be gone you are heading to the grassy land with sunshine! lol The future is your's my friend. lol

Re: AMEX APPROVAL REQUIREMENT?

alvon123 — Sun, 23 Mar 2014 11:52:44 GMT

@Anonymous wrote:
UPDATE:

Received my letter of withdrawal from the IRS and submitted it to all 3 CRA's. So far Equfax has responded - deleted it from my report and my FICO score increased 47 points from 672 to 719! I am so happy - I've been working diligently on my credit since July 2013. Started in the high 500's.

Now waiting for TU and EX to delete!

Started (July, 2013) EX: 580/EQ: 579/TU: 532 (FICO)
Current (March, 2014): EX: 680/EQ: 719/TU: 666 (FICO)
(Feb, 2014) Lender Pull: TU: 703

congrats, once experian is clear you should be ready to app for AMEX.

Re: AMEX APPROVAL REQUIREMENT?

Uppingmyscore — Sun, 23 Mar 2014 12:27:26 GMT

That's a great jump in your CS....Way to go!!! Keep us posted if you decide to apply.

Re: AMEX APPROVAL REQUIREMENT?

Anonymous — Thu, 27 Mar 2014 13:47:54 GMT

Okay so all 3 CRA's has removed the tax lien but sadly I didn't get the bump I was expecting from TU and EX. Below are the results:

Before/After tax removals

FICO EQ: 672/719

FICO TU: 666/666 (I do still have a medical judgement lien from 2010 on TU. Status is: Paid/Satisfied 8/2011. Also showing 8 Inqs affecting score but s/b 4 because 1/2 were 2013 card loan apps submitted the same day. Not sure why TU FICO method is not the same as EX and EQ when counting INQ. They should not count after July 2013. What's weird is I refinanced my car with my credit union Feb 2014 -they did a lender pull which was 703 for TU. Not sure if it was an auto enhanced or something else but it was way higher than FICO or FAKO scores I'm seeing now.

FICO EX: 681/693

So back to my original question: with my scores now at EQ719/EX693/TU666....should I wait or try AMEX now? Not sure if they approve apps in the 600's.

Re: AMEX APPROVAL REQUIREMENT?

injustifiiable — Thu, 27 Mar 2014 13:51:39 GMT

@Anonymous wrote:
Okay so all 3 CRA's has removed the tax lien but sadly I didn't get the bump I was expecting from TU and EX. Below are the results:

         Before/After tax removals
FICO EQ:   672/719
FICO TU:    666/666 (I do still have a medical judgement lien from 2010 on TU. Status is: Paid/Satisfied 8/2011. Also showing 8 Inqs affecting score but s/b 4 because 1/2 were 2013 card loan apps submitted the same day. Not sure why TU FICO method is not the same as EX and EQ when counting INQ. They should not count after July 2013. What's weird is I refinanced my car with my credit union Feb 2014 -they did a lender pull which was 703 for TU. Not sure if it was an auto enhanced or something else but it was way higher than FICO or FAKO scores I'm seeing now.
FICO EX:    681/693

So back to my original question: with my scores now at EQ719/EX693/TU666....should I wait or try AMEX now? Not sure if they approve apps in the 600's.

My EX was 662 according to them...I was able to get a charge card at least, but they considered that too low for a revolver. You can try for both on the same day and it would be one pull...Charge card first, then a revolver after the charge card approval (the Delta one is one of the "easier" ones to get).

Try that...

Re: AMEX APPROVAL REQUIREMENT?

Anonymous — Thu, 27 Mar 2014 15:31:24 GMT

Thanks injustifiable -

Can you let me know when you applied and what your score was when you applied. Which card did they give you? Did you apply online or call in?

Which cards did they approve you for?

Re: AMEX APPROVAL REQUIREMENT?

TVP125 — Thu, 27 Mar 2014 16:44:30 GMT

I was approved for the Gold last week with an EX of 647, I think you have a shot..

Re: AMEX APPROVAL REQUIREMENT?

Anonymous — Thu, 27 Mar 2014 17:58:42 GMT

APPROVED - for the Premier Rewards Gold Card!!!!!!! YES, YES, YES!

I have a Corporate Green card that has excellent standing since 2/2006. Will Amex backdate my membership with them? Will that be reflected on my credit report? If so, will it help my score?