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AMX APPROVALS

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New Contributor

Re: AMX APPROVALS


@Shoot2Thrill wrote:

 




Congrats on your approval and auto CLI, can you share some data points when you applied for Amex Cash Magnet. Its my next target and I have an itchy trigger finger. 



Credit Cards:

Store Acounts:

AU Cards:

Business Cards:

Auto Loans:



Future Cards:

Future Business Cards:

Closed Cards:
Message 21 of 30
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Regular Contributor

Re: AMX APPROVALS

DP?? Not sure what you mean? I am new here

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Message 22 of 30
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Regular Contributor

Re: AMX APPROVALS

At the time of that application I had 741 FICO, 733 TU, 725 EQ income mid $20's

I am also a small business owner past 19 years

Hope this helps

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Message 23 of 30
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New Contributor

Re: AMX APPROVALS


@Shoot2Thrill wrote:
At the time of that application I had 741 FICO, 733 TU, 725 EQ income mid $20's

I am also a small business owner past 19 years

Hope this helps

Thanks, it does



Credit Cards:

Store Acounts:

AU Cards:

Business Cards:

Auto Loans:



Future Cards:

Future Business Cards:

Closed Cards:
Message 24 of 30
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Community Leader
Senior Contributor

Re: AMX APPROVALS

@Shoot2Thrill,

 

DP = data point

sub = SUB = sign-up bonus

Message 25 of 30
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Regular Contributor

Re: AMX APPROVALS

Okay

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Message 26 of 30
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Regular Contributor

Re: AMX APPROVALS

My brother said for high balances pay at least 2% of the balance to keep score from being too affected, is this true?

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Message 27 of 30
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Regular Contributor

Re: AMX APPROVALS

You know when I apllied for that AMEX Magnet card dipsticks hit me with 8 point HP instead of the normal 4%

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Message 28 of 30
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Senior Contributor

Re: AMX APPROVALS


@Shoot2Thrill wrote:
My brother said for high balances pay at least 2% of the balance to keep score from being too affected, is this true?

With respect to balances, your score will be affected based upon your utilization as a percentage of your limits both on a per trade-line basis and an aggregated basis.  While any amount of utilization can influence your score there are a few key spots, 8.9%, 28.9%, and 79.9% being the most common.

 

While I'm not sure of any "rules" regarding paying 2% of your balance on a month, I would venture to guess this would be a tactic to keep you in the lender's good graces.  Of course, most credit cards have a 1-2% minimum payment each month anyway.  Ideally, you want to be paying more than the minimum to keep from suffering any AR.



FICO 8 Scores (10/5/20) | Equifax: Unk. | TransUnion: 735 | Experian: 763 | Goal: CSR. I'll get you my pretty!
Gardening Since: 9/4/20 | Want cool stuff in your siggy? Visit http://mfgarden.club for more details.
Message 29 of 30
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Senior Contributor

Re: AMX APPROVALS


@Shoot2Thrill wrote:
You know when I apllied for that AMEX Magnet card dipsticks hit me with 8 point HP instead of the normal 4%

"8 point HP", are you saying that you suffered a decrease of 8 points when the HP posted?

 

Assuming I'm reading this right, I'll point out that everyone is affected by HPs differently.  How many new accounts you have, the age of those accounts, how solid your history is, etc. all influence how an HP will interact with your score.  There was a point in time where HPs didn't affect me at all, now I'm sure I'll suffer at a 5 point hit on my next HP.



FICO 8 Scores (10/5/20) | Equifax: Unk. | TransUnion: 735 | Experian: 763 | Goal: CSR. I'll get you my pretty!
Gardening Since: 9/4/20 | Want cool stuff in your siggy? Visit http://mfgarden.club for more details.
Message 30 of 30
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