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Amex Prequalify Questions. Don't Mean to Beat a Dead Horse.

dustin31g
Frequent Contributor

Re: Amex Prequalify Questions. Don't Mean to Beat a Dead Horse.

@daveg38 

 

Normally I would say 90% is the accuracy. YMMV. A friend of my did the Amex Pre Qualify and he had 3 open collections, 1 open unpaid charge off, and a string of recent lates and got approved. His FICO EXP 08 was 641 and he got the BCP at $3K. It is so weird how there algorithms work. I have seen people on this forum with excellent credit, no inquires, low utilization, and no new accounts and get denied. So you never ever know. 

Message 11 of 15
Remedios
Moderator

Re: Amex Prequalify Questions. Don't Mean to Beat a Dead Horse.


@Wile wrote:

@daveg38  Have you ever reviewed your report with LN? They are not a credit report, rather LN report contains information about all your addresses so far, phone numbers...insurance policies...insurance claims ..your driving license number...your gender...about anyone person who was additional policyholder with you..and many more other stuffs than credit accounts...Those info is also important to most lenders to know who you are and what is background...Like almost every bank and credit union check check system to know if you have ever been put in their system as a banned person, similarly most lenders do check other information...Amex is the worse in doing that as they check many reports from all kinds of agencies...and then Discover...

 

Have you not heard that many people were denied credit cards by credit unions and even from banks based on information contained in LN just because someone has too many phone numbers or addresses therein? I just got my LN report only last week for the first time in my life and I was shocked to know that it has 500 times my all addresses since I was born and phone numbers too...all my auto insurance polices (past and present)...all the claims filed on those insurance policies whether by me and other party...and many more information...my family members' name is there too as they were on my auto policies one time...my driving license number...their driving license info...everything is there...

 

I found 1000 different kinds of phone numbers as well..Those were not mine...It took me 3 hours to be on the phone with customer service to make them deleted all those incorrect and inaccurate information from their databank...and some information I needed to dispute as one of the auto insurance policies is showing up there states that I was on fault...so thanks God that I was able to take care of everything...and auto policy is in dispute right now and it will take time...meanwhile I called Geico...that auto policy company that I had many years ago and spoke to their supervisor to let them know that they incorrectly reported me at fault for the accident occurred very long time ago...Its good that I still have documentation about that accident...Supervisor acknowledged and already sent me a letter to correct that and he said that he is going to correct that inaccurate info with LN as well. So, do order your report from LN..You can do it online and free of charge...


What do you mean by "the worse for checking"

 

Of course they are going to use all the tools at their disposal to garner a better image of customer's finances. 

Many collections agencies will delete after the payment, which is great for consumer, but it presents completely inaccurate picture on how they handle their finances and bills.

Some subrime lenders will even remove COs in exchange for payment. 

Inaccurate financial picture is associated with higher default risk, and that risk is baked in for all of us to various extent. 

Smaller CRAs that deal with near prime/subprime borrowers have a whole another data set that is not available on the three major credit reporting agencies such as presence of payday loans. 

If I was a lender, I'd want to know. 

 

We can go on like this forever, but the bottom line is, this is how it's going to be. 

Advancements in technology and narrowly specialized products by CRAs and data aggregators such as LN made it possible, they won't turn the clock back and go to honor system. 

Discover will also pull Chex and Sage Stream, and good for them given the fact they are willing to extend credit in the situations where others won't. That's their way of mitigating the risk, given the risk they are taking. 

 

As far as demographic inaccuracies, they don't just show up, somebody reports inaccurate information and it stays until consumer correct it. That part is our responsibility, ensuring that data on any report is accurate and up to date. 

Message 12 of 15
daveg38
Established Contributor

Re: Amex Prequalify Questions. Don't Mean to Beat a Dead Horse.

Thank you all for the valuable information.

 

When I hit the 5+1 mark next month, I'm going to cold app and see what happens, provided my scores are where they need to be. I will keep my Sage, LN and all other secondary credit reports froze unless Amex asks me to unthaw.

Ch7 Discharge: 5/14/2016 | Amex HH $1000 (AU), Mission Lane $750, Williams-Sonoma $500, Credit One $400, Express $250
Message 13 of 15
RobotDR
Established Member

Re: Amex Prequalify Questions. Don't Mean to Beat a Dead Horse.

A few data points here.

 

I had been checking amex preapproval a couple times a week or so, for a few months. Always nothing. Earlier this week I was finally prequalified for 3 delta sky miles cards: gold, blue, and platinum. I apped for gold and got a 1k limit instant approval.

 

EQ 646, TU 640, EX 640 FIco 8.

 

I have two collections, and I'm an authorized user on a charged off card for 20k maxed out.

 

Student loans and car loan all in good standing. 3 other revolving cards all in good standing. no lates for last 5 years, and the lates were on the card i'm an authorized user for.

Message 14 of 15
BrooklynDrip
Valued Member

Re: Amex Prequalify Questions. Don't Mean to Beat a Dead Horse.


@Wile wrote:

@daveg38 

 

Have you ever reviewed your report with LN? They are not a credit report, rather LN report contains information about all your addresses so far, phone numbers...auto insurance policies...auto insurance claims ..your driving license number...your gender...and about any person who was ever an additional policyholder with you..and many more other stuffs than credit accounts...Those info is also important to most lenders to know who you are and what is your background...Almost every bank and credit union Chex system to know if you have ever been put in their system as a banned person, similarly most lenders do check other information...Amex is the worse in doing that as they check many reports from all kinds of agencies...and then Discover...

 

Have you not heard that many people were denied credit cards by credit unions and even from banks based on information contained in LN just because someone has too many phone numbers or addresses therein? I just got my LN report only last week for the first time in my life, and I was shocked to know that it has 500 of my all addresses since I was born, and phone numbers too...all my auto insurance polices (past and present)...all the claims filed on those insurance policies whether by me or  other party...and many more information...my family members' name is there too as they were on my auto policies one time...my driving license number...their driving license info...everything is there...

 

I found therein 1000 different kinds of my phone numbers as well even though those were not mine...It took me 3 hours to be on the phone with customer service to make them deleted all those incorrect and inaccurate information from their databank...and some information I needed to dispute as one of the auto insurance policies is showing up there states that I was at fault...so thanks God that I was able to take care of everything...and auto policy is in dispute right now and it will take time...meanwhile I called Geico...the auto insurance company that I had many years ago and spoke to their supervisor to let them know that they incorrectly reported me at fault for the accident occurred very long time ago...Its good that I still have documentation about that accident...Supervisor acknowledged and already sent me a letter to correct that inaccurate information,  and he said that he is going to send correction info to LN as well. So, do order your report from LN..You can do it online and free of charge...


I was today years old when I learned about LN😯. I’ll definitely pull my report.

Jan 19, 2021 New to Gardening - Doing a minimum of six months or until 10/10/21 which is 12 months post my oldest 2 HPs


Scores as of 1.1.21
Experian: 729 Transunion: 748 Equifax: 757
Current Cards:
Macy’s Store:
$8000 - CLI $100>$2K>$4K>$8K
Care Credit: $1800 (Sock drawer)
Discover It: $4500 - CUR 55%
Chase Freedom Unlimited: $500
AMEX Cash Magnet: $1000: Less than 5%
Chase Freedom Flex: $500
Amex Biz Cash Magnet: $2000

Wishlist Cards:

AMEX Marriott Bonvoy Brilliant || AMEX Platinum || AMEX Blue Cash Preferred || Wells Fargo Propel American Express || U.S.Bank Altitude Go || Chase Sapphire Preferred || Citibank Double Cash

https://m.imgur.com/7eJQLoF?r


https://m.imgur.com/5QX7J6E?r
Message 15 of 15
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