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EX 685 Score Good Enough for AMEX?

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EX 685 Score Good Enough for AMEX?

I currently don't have an AMEX card and would love to get one to establish and build a relationship with them. I decided to see if I'm prequalifed for anything and 3 popped up with them being AMEX Cash Magnet, AMEX Everyday, and Gold Delta SkyMiles. I was looking at the AMEX Blue Cash Everyday because of the 3% Groceries and 2% Gas, me and my fiance would primarly use it on those categories or maybe AMEX has better cards with those categories.

 

I pay all my credit cards in full so if a charge card is needed to get higher benefits I would do it.

Starting Score: 585
Current Score: 740
Goal Score: 800


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Message 1 of 21
20 REPLIES 20
Valued Contributor

Re: EX 685 Score Good Enough for AMEX?

An Experian FICO 8 score of 685 is sufficient to qualify for an Amex card; the usual cutoff point is 670 where your credit rating changes from Fair to Good.
Amex pre-qualifications are usually solid so you should have no problem getting approved. Telhe starting limit may be on the lower end but you can request a CLI after 61 days.




Message 2 of 21
Contributor

Re: EX 685 Score Good Enough for AMEX?

So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?

Starting Score: 585
Current Score: 740
Goal Score: 800


Take the myFICO Fitness Challenge

Message 3 of 21
Senior Contributor

Re: EX 685 Score Good Enough for AMEX?

Keep in mind that 2 people with vastly different credit profiles can have the identical FICO 8 score. A EX FICO 8 score of 692 infers that your profile is strong enough for likely approval but there obviously something specific to yours that the automated system did not like..

 

Once you get the official denial you should call and recon,  it'll get reviewed by an underwriter.

(8/2019)
FICO 8 (EX) 793 (TU) 808 (EQ) 794
FICO 9 (EX) 822 (TU) 827 (EQ) 844

$800K+ club
Message 4 of 21
Community Leader
Senior Contributor

Re: EX 685 Score Good Enough for AMEX?


@Adreno wrote:

So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?


Sorry OP for the decline. Usually they give more than one reason. Was this the only reason given?

 

Also, sometimes we forget that the entire credit profile matters and DTI too—not just score alone. So can you give us some DPs so we can help you decipher the cause. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 21
Contributor

Re: EX 685 Score Good Enough for AMEX?


@CreditInspired wrote:

@Adreno wrote:

So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?


Sorry OP for the decline. Usually they give more than one reason. Was this the only reason given?

 

Also, sometimes we forget that the entire credit profile matters and DTI too—not just score alone. So can you give us some DPs so we can help you decipher the cause. 


The reason I'm is 

 

The number of accounts that have or had a delinquency. - My EX report is squeaky clean, nothing has been late. 

The ratio of loan balances to the loan amounts is too high. - Not exactly sure?

The length of time your accounts have been established. - I can see this being the reason for denial

There are too many credit inquiries on your report in the last 12 months. - I can see this as well because I was car rate shopping in Feburary 2019


Chase Freedom $0 / $500 I opened in July 2019

Capital One QS1 $0 / 500 I opened January 2019

Discover Cash Back $0 / $2000 I opened January 2019

Apple Credit Card (not reported, no HP): $0 / $5000

Amazon Store Card $0 / $3000 I opened July 2019

RBFCU Cash Rewards $10 / $3000 - PAID OFF I opened May 2019

Fingerhut $50 / $1500 - PAID OFF I opened July 2017

 

The paid off accounts haven't reported yet which I don't know if they can internally see it's already paid off or not. The automated system when I called to check my application status because I was attempting to do the recon, the system said reason being my score was too low. :0

Starting Score: 585
Current Score: 740
Goal Score: 800


Take the myFICO Fitness Challenge

Message 6 of 21
Community Leader
Super Contributor

Re: EX 685 Score Good Enough for AMEX?

Weitd, you have what seems a prime thin file that often times Amex likes to approve. Garden 6 months and let all your new accounts age you most likely will see different results.
#ChaseCreditCardHobby Enthusiast
2022
!
Message 7 of 21
Community Leader
Senior Contributor

Re: EX 685 Score Good Enough for AMEX?


@Adreno wrote:

@CreditInspired wrote:

@Adreno wrote:

So I decided to apply for the BCE card and was denied, reason being was my credit score actually being EQ 692. Isn't that typically high enough for that credit card or is the system bugged?


Sorry OP for the decline. Usually they give more than one reason. Was this the only reason given?

 

Also, sometimes we forget that the entire credit profile matters and DTI too—not just score alone. So can you give us some DPs so we can help you decipher the cause. 


The reason I'm is 

 

The number of accounts that have or had a delinquency. - My EX report is squeaky clean, nothing has been late. 

The ratio of loan balances to the loan amounts is too high. - Not exactly sure?

The length of time your accounts have been established. - I can see this being the reason for denial

There are too many credit inquiries on your report in the last 12 months. - I can see this as well because I was car rate shopping in Feburary 2019


Chase Freedom $0 / $500 I opened in July 2019

Capital One QS1 $0 / 500 I opened January 2019

Discover Cash Back $0 / $2000 I opened January 2019

Apple Credit Card (not reported, no HP): $0 / $5000

Amazon Store Card $0 / $3000 I opened July 2019

RBFCU Cash Rewards $10 / $3000 - PAID OFF I opened May 2019

Fingerhut $50 / $1500 - PAID OFF I opened July 2017

 

The paid off accounts haven't reported yet which I don't know if they can internally see it's already paid off or not. The automated system when I called to check my application status because I was attempting to do the recon, the system said reason being my score was too low. :0


Yep, score alone never tells the whole story. That is a lot of new accounts in 2019. IMHO, I think you should garden for 6-12 months, and then reapply. Also, remember to keep a minimum of 6 mos betwen CC applications. 

 

GL2U

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 8 of 21
Contributor

Re: EX 685 Score Good Enough for AMEX?

Here's an update

 

I called the recon line, he didn't seem like much help but excellent customer service. He asked if I wanted to a place a note on why I deserve it. I gave him the reason then he said wait 2-5 business days for the underwriters decision. So I checked after I woke up and seen a big fat denial, I called to ask for the reason why they said "my score is too low for this type of credit card, consider the Everyday AMEX." I asked so it's not for the recent openings or inquiries? He said that could play a factor but what I'm seeing its just the score isn't high enough to qualify.

Starting Score: 585
Current Score: 740
Goal Score: 800


Take the myFICO Fitness Challenge

Message 9 of 21
Valued Contributor

Re: EX 685 Score Good Enough for AMEX?

I think the denial reason is this: “The ratio of loan balances to the loan amounts is too high.

 

If you just got a vehicle, your DTI might be too high.


Message 10 of 21
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