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EX 685 Score Good Enough for AMEX?

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Valued Contributor

Re: EX 685 Score Good Enough for AMEX?

Just to clarify, your score is too low for them to approve with the amount of recent activity on your CR. Otherwise you probably might have been approved with another starter card, had you opened fewer accounts this past year. As well as not had so many HP's.

 

As advised above, it's time to garden and let those account age and grow. I'm surprised by the Chase card, you appear to be borderline on 5/24.






Message 11 of 21
Established 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


Yeah, the five new cards in 2019 probably did you in. I agree with the other posters that you should garden for around 6 months. Add it to your signature, I love seeing it grow and change Smiley Happy


AU




Starting Score: 651
Current Score: 683
Goal Score: 751

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Message 12 of 21
Super Contributor

Re: EX 685 Score Good Enough for AMEX?


@MaizeandBlue wrote:
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.


There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word.  You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff.  Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

 

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile.  I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.

Message 13 of 21
Community Leader
Super Contributor

Re: EX 685 Score Good Enough for AMEX?

@Adreno 

 

YMMV as all profiles are different, but i'm willing to bet that it is the loan or something in your profile that spooked them.  I was approved the BCE and then the EDC same day on a 672 and i had tons of new accts and INQ's as well. Anything over 670 is high enough for the BCE, altho that would be a low 500 SL in most cases.   Comb thru your reports, something doesnt seem right for a 692 to get shot down unless they have upped the req's alot in the past 12 months. 






Message 14 of 21
Super Contributor

Re: EX 685 Score Good Enough for AMEX?


@BrutalBodyShots wrote:

@MaizeandBlue wrote:
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.


There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word.  You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff.  Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

 

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile.  I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.


 +1  This  ^^^^^^^^^^^^^^^^^^^

 

I check the SP's any time I app, and this is more common than people realize.

I regularly check my SP's on EX & EQ.

 

@BrutalBodyShots,


 

Message 15 of 21
Senior Contributor

Re: EX 685 Score Good Enough for AMEX?


@BrutalBodyShots wrote:

@MaizeandBlue wrote:
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.


There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word.  You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff.  Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

 

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile.  I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.


Then no doubt that you should communicate that "fact" to American Express and also let them know how misleading  their score categories are; because that's exactly how they describe credit scores on their website.

 

Screen Shot 2019-09-19 at 10.33.56 AM.png





Message 16 of 21
Community Leader
Super Contributor

Re: EX 685 Score Good Enough for AMEX?

And exactly how Experian describes scores too
https://www.experian.com/blogs/ask-experian/wp-content/uploads/experian-different-score-ranges.png
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 17 of 21
New Contributor

Re: EX 685 Score Good Enough for AMEX?


@M_Smart007 wrote:

@BrutalBodyShots wrote:

@MaizeandBlue wrote:
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.


There's no such thing as a threshold were a credit rating changes from "fair" to "good" or any other designated word.  You may be going by a graphic provided by a CMS (or even Amex) but that's all fluff.  Profile will always be > Score and therefore you can't distinguish between two arbitrary "ratings" simply based on a number.

 

Another thing to keep in mind is that even though a lender may only HP one bureau, they can easily SP the other 2 at the same time to get a better picture of your overall profile.  I think too often people think that a lender will only "see" the one CR that they HP, but that's rarely the case when you look at SPs to go along with the HP.


 +1  This  ^^^^^^^^^^^^^^^^^^^

 

I check the SP's any time I app, and this is more common than people realize.

I regularly check my SP's on EX & EQ.

 

@BrutalBodyShots,


 


Sorry to hijack, but what is the easiest way to check SPs?  


Entering the garden as of 10/16/19. Garden Goal - 1 year

10/21/2019 Fico 8 Scores: TU 745, EQ 703, EX 702
Message 18 of 21
Super Contributor

Re: EX 685 Score Good Enough for AMEX?


@MaizeandBlue wrote:


Then no doubt that you should communicate that "fact" to American Express and also let them know how misleading  their score categories are; because that's exactly how they describe credit scores on their website.

 

Screen Shot 2019-09-19 at 10.33.56 AM.png


It's 100% a fact, as identical scores can be arrived at from an infinite combinations of CR data.  I'm well aware of the pretty chart you pasted above along with the fluff charts provided by almost all CMS sources.  Some of them will show the same ranges, some will some different ones.  It really doesn't matter, as again, profile data > score.

 

You can have someone with a thick/aged/filthy file that possesses a 760 score, then someone with a thin/young/clean file that possesses a 720 score.  The 760 isn't "very good" relative to the 720 being "good" if you're the type of lender that hates negative items and/or is all about people that are just getting into credit.

Message 19 of 21
Super Contributor

Re: EX 685 Score Good Enough for AMEX?

For added entertainment, here are some examples of pretty images one can find when searching for Fico credit score "ratings" or ranges.  The rating of "Excellent" depending on where you look can start at 720, 750, 760 or 800 just based on the limited sample size of fluff images found in this thread.

 

fico1.jpgFico2.jpegfico3.pngFico4.jpg

Message 20 of 21
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