I was approved for an AMEX Gold on January 16th, 2018. I wanted to share a summary of my credit report when I applied. Perhaps this could aid those who wish to apply as well. This was a cold application (no pre-qualifications or pre-approvals).
Capital One Quick Silver Mastercard: $6300 Credit Line
Bank of America Visa: $2000 Credit Line
OneMain Financial (Loan): Balance of $2240 from $3000
5% utilization on revolving accounts. 3 accounts open in good standing (above). 5 accounts closed in good standing. 4 accounts closed with negative/deragatory remarks (below). Total of 12 accounts overall. Average Age of Accounts: 1 year 7 months on open accounts (Credit Karma) / 6 years 3 months with closed accounts Included (MyFICO). Oldest account: 2007 - 2015. 0 collections or judgments (both fell off in 2017). Disclaimer: My home mortgage starting November 2017 is yet to be reported to any credit bureau.
Salary: 70k (Asked by AMEX on application)
FICO 8: EQ 679, TU 691, EX 703
Bankcard 8: EQ 675, TU 705, EX 713
Bankcard 5, 4, 2: EQ 683, TU 706, EX 748
Inquiries: EQ 4, TU 3, EX 4
ACS/BOA: EQ/TU/EX - 120 Days Delinquent in 2011
USA Funds: EQ - 90 Days Delinquent in 2011
NFCU: EQ/TU/EX - 90 Days Delinquent in 2011
Capital One: TU - 90 Days Delinquent in 2009
This morning on January 17th, 2018, myFICO alerted me that my Experian report has a new inquiry from AMEX. I will update with more information if and when they send the score version they used from Experian. Edit - January 20, 2018: Got the card. It is beautiful, shiny and gold, but no paper Experian score sheet. Definitely an Experian hard pull though.
I surely thought that these 90/120 day delinquencies would return an instant denial. Perhaps AMEX factors in the age of these accounts. I was growing impatient and thought I'd apply in spite of the negatives, and if rejected, apply again in a few months when they dropped off.
For the rebuilders, I started from 2015 with scores of 540 - 570 . It has been a slow process, but I am happy to have my first AMEX.
I hope this information was useful to those looking to apply.
Note that in the first month or two you should start seeing preapprovals when visiting the card pages when you're logged in! You may have to click the apply button to see the approval text but that isn't an application. Some folks get approved for new cards with only a SP but you should likely wait 1-2 months for them to start SP'ing your reports.
Did you have any prequalification offers from their prequalify page before applying?
Thank you! It was a cold application (no pre-qualifications or pre-approvals).
Once I earn those 25k bonus points and those negatives fall off my report, I will be applying for the Chase Sapphire Preferred. I would be ecstatic if I were pre-qualified for that.
Hi Instanmusic....Congratulations! I am curious about the negatives. I thought those would drop off at 7 years. Surely the 2009 derog should have dropped off by now. Also, at least some of the 2011 ones I would think by now as well. Did you check into that? I've read MyFicors being pro-active and contacting the bureuas to remove derogs when the 7 years aproached. In your case though, the 2009 one at the very least should have dropped off via the 'system' by now.