topic Re: Amex with 4 months credit history in Credit Cards

Amex with 4 months credit history

Anonymous — Mon, 25 Aug 2014 07:08:59 GMT

Hi everyone,

I received my first credit card in May and as of today I totalize 4 months of credit history, Yesterday I was able to get a score from Experian (722) for the first time and I know this is the one Amex check first and TU (704) I know it does not mean a lot but I'd rather have an Amex charge card than credit cards.

My reported utilization is 9% (Dscover $1k CL, Cap1 $500 CL, and BofA secured $500 CL).

I have a total of 5 inquiries of the only application I will do will be for an Amex charge card.

I actually already have 1 from them and got denied but 4 months ago I had no credit score, I could not even get a credit report or credit karma.

So I basically have 2 questions,

Does Amex really not approved application with less then 6 months credit history? So I should really wait?

If I apply now and get denied then wait another 2-3 months, can they tell I have too many inquiry even though half of them will be for the same card (PRG)?

I am just so annoted to deal with those 3 credit cards who have diffrent statement cut off date (report to the CBs)

Thank you for your thoughts!

Will.

Re: Amex with 4 months credit history

taxi818 — Mon, 25 Aug 2014 13:19:56 GMT

Well if you really want amex you will wait. To be safe. I would wait until the 9 month mark. It's not only the score they seek. But solid payment history. You should have all other cards paid infull. Excent 1. And that one card should have extreme low utilization. Then your chances will be good. Good luck.

Re: Amex with 4 months credit history

js0319 — Mon, 25 Aug 2014 13:23:27 GMT

If you got a score from Experian, then it is a FAKO score. You need to get your FICO scores from MyFICO.com. Also, I would hold off until at least 6 months to show more history.

Re: Amex with 4 months credit history

shakalaka — Mon, 25 Aug 2014 13:25:48 GMT

I did get a charge card after 6 month and AFTER my first real FICO (not FAKO) score had been generated. I really would wait another 2 month.

Re: Amex with 4 months credit history

TheClub — Mon, 25 Aug 2014 13:35:50 GMT

Not only willl 4 months not be enough but I'll assume you have some recent accounts as well. Which means your AAOA are extremely low. If it's safe to conclude that some of those 5 inqs on your report are also very recent, I would advise to hold off for about another 8 months and build your profile a little more. Not just for AMEX but for you. Unless you want a bunch of $500 CL credits cards.

Good luck with whichever route you choose.

Re: Amex with 4 months credit history

Creditaddict — Mon, 25 Aug 2014 14:26:59 GMT

did you check pre-qual on amex' site to see if you got any offers?

If you can pull EX Fico from here on myfico.com than I would apply if you can't I would wait 6-7 months to generate a fico score.

but if amex is the last card you want for the next 6-12 months than I would say the INQ now and possibly an INQ in another 3 months if declined today are not a big deal and go for it!

I would also recommend if you are trying for just a charge card that if you find yourself instantly approved, you go back in and apply for a credit card product too since amex seems to approve a charge and credit card back to back with same pull.

Re: Amex with 4 months credit history

Anonymous — Mon, 25 Aug 2014 14:33:57 GMT

I applied for AMEX BCP at the 11ish month mark. Fico was about 750 and 1 inq, perfect payments, low util. Got approved!

Re: Amex with 4 months credit history

Closingracer99 — Mon, 25 Aug 2014 15:02:17 GMT

@taxi818 wrote:
Well if you really want amex you will wait. To be safe. I would wait until the 9 month mark. It's not only the score they seek. But solid payment history. You should have all other cards paid infull. Excent 1. And that one card should have extreme low utilization. Then your chances will be good. Good luck.

No need to wait 9 months ... They have proven to like 6 months of history.

Re: Amex with 4 months credit history

Closingracer99 — Mon, 25 Aug 2014 15:05:05 GMT

@TheClub wrote:
Not only willl 4 months not be enough but I'll assume you have some recent accounts as well. Which means your AAOA are extremely low. If it's safe to conclude that some of those 5 inqs on your report are also very recent, I would advise to hold off for about another 8 months and build your profile a little more. Not just for AMEX but for you. Unless you want a bunch of $500 CL credits cards.

Good luck with whichever route you choose.

My AAoA was about 3 months when I got my First Amex the BCE. Got it at the 5 month mark and with about 24 Inq's about 6 of them were from June of that year. Got a $1,000 limit. It is all YMMV but Amex isn't really inq sensitive like other companies are and do like to see History going as far past 6 months

Re: Amex with 4 months credit history

shakalaka — Mon, 25 Aug 2014 15:05:20 GMT

6 and a FICO Score should be fine, but 4 and a FAKO? I would wait. Just my 2 cents.

Re: Amex with 4 months credit history

taxi818 — Mon, 25 Aug 2014 15:05:25 GMT

But he's has experian plus score. Not even fico yet. So you think he will get approved with that and 4 months history total?

Re: Amex with 4 months credit history

Closingracer99 — Mon, 25 Aug 2014 15:10:41 GMT

@taxi818 wrote:
But he's has experian plus score. Not even fico yet. So you think he will get approved with that and 4 months history total?

I got approved with 5 months and a hit in AAoA because I got approved for the Amazon store card in August. Approved for Discover in June and Amex BCE in Nov. His FAKO score should be close to where his score should be since I wouldn't expect it be in the 500's. Given the fact he is going after a Charge card which are generally easier then their credit cards I would say he would have a decent chance at 5 months most likely at 6. Not saying he should do it now but 9 months i think is way past ready point imo

Re: Amex with 4 months credit history

Creditaddict — Mon, 25 Aug 2014 15:24:02 GMT

seems to be some confusion here with fako vs fico... it's not an issue with fico being close to the fako in this case, Fico scores are just not generated until someone has "somethi9ng" on their credit file for a full 6 months... If op truly has no fico ex yet than most likely will need to wait until month 7 of the first card they got to make sure enough time to report for ex to pick it up and start generating a score.

but like i said in my first post, check pre-qual.

Re: Amex with 4 months credit history

Closingracer99 — Mon, 25 Aug 2014 15:25:58 GMT

@Creditaddict wrote:
seems to be some confusion here with fako vs fico... it's not an issue with fico being close to the fako in this case, Fico scores are just not generated until someone has "somethi9ng" on their credit file for a full 6 months... If op truly has no fico ex yet than most likely will need to wait until month 7 of the first card they got to make sure enough time to report for ex to pick it up and start generating a score.
but like i said in my first post, check pre-qual.

Yes And if his FAKO is 700 I would assume his EX FICO will end up being no worse then 650. 650 I can see with no baddies getting approved for a Charge card in 6 months

Re: Amex with 4 months credit history

09Lexie — Mon, 25 Aug 2014 18:54:23 GMT

@Closingracer99 wrote:
@Creditaddict wrote:
seems to be some confusion here with fako vs fico... it's not an issue with fico being close to the fako in this case, Fico scores are just not generated until someone has "somethi9ng" on their credit file for a full 6 months... If op truly has no fico ex yet than most likely will need to wait until month 7 of the first card they got to make sure enough time to report for ex to pick it up and start generating a score.
but like i said in my first post, check pre-qual.
Yes And if his FAKO is 700 I would assume his EX FICO will end up being no worse then 650. 650 I can see with no baddies getting approved for a Charge card in 6 months

As CA pointed out, having a FAKO does not mean you have a FICO score. Whether or not OPs FAKO is 650 or 850, without a FICO score it will be another decline.

Re: Amex with 4 months credit history

bdhu2001 — Mon, 25 Aug 2014 19:07:49 GMT

@Creditaddict wrote:
seems to be some confusion here with fako vs fico... it's not an issue with fico being close to the fako in this case, Fico scores are just not generated until someone has "somethi9ng" on their credit file for a full 6 months... If op truly has no fico ex yet than most likely will need to wait until month 7 of the first card they got to make sure enough time to report for ex to pick it up and start generating a score.
but like i said in my first post, check pre-qual.

Okay. What are you guys meaning about check pre-qual? Is there some e-mail, is it the cards that rotate at the top of the screen, is it only if you're already an AMEX customer and they recommend additional cards?

Re: Amex with 4 months credit history

09Lexie — Mon, 25 Aug 2014 19:33:55 GMT

bdhu2001 wrote:

Creditaddict wrote:

but like i said in my first post, check pre-qual.

Here's the thread with the link

http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-Pre-Approval-Checks/td-p/2601497

Re: Amex with 4 months credit history

bdhu2001 — Mon, 25 Aug 2014 19:40:54 GMT

@09Lexie wrote:
@bdhu2001 wrote:
@Creditaddict wrote:
seems to be some confusion here with fako vs fico... it's not an issue with fico being close to the fako in this case, Fico scores are just not generated until someone has "somethi9ng" on their credit file for a full 6 months... If op truly has no fico ex yet than most likely will need to wait until month 7 of the first card they got to make sure enough time to report for ex to pick it up and start generating a score.
but like i said in my first post, check pre-qual.
Okay. What are you guys meaning about check pre-qual? Is there some e-mail, is it the cards that rotate at the top of the screen, is it only if you're already an AMEX customer and they recommend additional cards?
Here's the thread with the link
http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-Pre-Approval-Checks/td-p/2601497

Thank you.

Re: Amex with 4 months credit history

Closingracer99 — Mon, 25 Aug 2014 20:01:24 GMT

@09Lexie wrote:
@Closingracer99 wrote:
@Creditaddict wrote:
seems to be some confusion here with fako vs fico... it's not an issue with fico being close to the fako in this case, Fico scores are just not generated until someone has "somethi9ng" on their credit file for a full 6 months... If op truly has no fico ex yet than most likely will need to wait until month 7 of the first card they got to make sure enough time to report for ex to pick it up and start generating a score.
but like i said in my first post, check pre-qual.
Yes And if his FAKO is 700 I would assume his EX FICO will end up being no worse then 650. 650 I can see with no baddies getting approved for a Charge card in 6 months
As CA pointed out, having a FAKO does not mean you have a FICO score. Whether or not OPs FAKO is 650 or 850, without a FICO score it will be another decline.

I still wouldn't say an auto decline. Amex has it's own methods and as would say income would play a bigger role?

Re: Amex with 4 months credit history

09Lexie — Mon, 25 Aug 2014 20:09:13 GMT

@Closingracer99 wrote:
@09Lexie wrote:
@Closingracer99 wrote:
@Creditaddict wrote:
seems to be some confusion here with fako vs fico... it's not an issue with fico being close to the fako in this case, Fico scores are just not generated until someone has "somethi9ng" on their credit file for a full 6 months... If op truly has no fico ex yet than most likely will need to wait until month 7 of the first card they got to make sure enough time to report for ex to pick it up and start generating a score.
but like i said in my first post, check pre-qual.
Yes And if his FAKO is 700 I would assume his EX FICO will end up being no worse then 650. 650 I can see with no baddies getting approved for a Charge card in 6 months
As CA pointed out, having a FAKO does not mean you have a FICO score. Whether or not OPs FAKO is 650 or 850, without a FICO score it will be another decline.
I still wouldn't say an auto decline. Amex has it's own methods and as would say income would play a bigger role?

Of course there's more to an approval than a FICO score but if OP doesn't have one, there is nothing to base his credit profile on in which income/assets can help. No score generally means nothing on a report. It takes six months to generate a credit report; these are the minimum items required:

1. At least one account that has been open for six months or more

2. At least one undisputed account that has been reported to the credit bureau with in the past six months

3. No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).