First Grats on the approval and welcome. 
Second, that does seem like a pretty huge difference in scores, though keep in mind car dealers typically don't use FICO 08 scores. They use "Auto enhanced" scores which can vary greatly from your 08 scores, and unfortunately consumers have no way to see these scores. That said, I commend you on your Amex Approval at 651, as Amex typically likes scores above 670+. And yes the lower starting limit and maxed APR suggests they're "giving you a chance" to see what you have, so they definitely liked *something* about you.
Second, yes three cards is recommended for optimal FICO scoring, however I would hold off on applying for anymore Amex cards or any other credit cards for that matter, because as I mentioned above, you got in by the skin of your teeth (IMO), so I would use the card as my daily driver, and PIF as much as possible to show Amex you're responsible, then in 6 months or so, you should be golden for another credit card with Amex or any other bank you wish.
P.S. Credit Karma is good for monitoring reports and inquiries and general credit knowledge, but don't pay attention to the scores they provide and DEFINITELY do not listen to their recommendations about which cards to apply for. It's literally just all marketing. Not saying you're doing this, just more of a heads up.
Second, that does seem like a pretty huge difference in scores, though keep in mind car dealers typically don't use FICO 08 scores. They use "Auto enhanced" scores which can vary greatly from your 08 scores, and unfortunately consumers have no way to see these scores. That said, I commend you on your Amex Approval at 651, as Amex typically likes scores above 670+. And yes the lower starting limit and maxed APR suggests they're "giving you a chance" to see what you have, so they definitely liked *something* about you.
Second, yes three cards is recommended for optimal FICO scoring, however I would hold off on applying for anymore Amex cards or any other credit cards for that matter, because as I mentioned above, you got in by the skin of your teeth (IMO), so I would use the card as my daily driver, and PIF as much as possible to show Amex you're responsible, then in 6 months or so, you should be golden for another credit card with Amex or any other bank you wish.
P.S. Credit Karma is good for monitoring reports and inquiries and general credit knowledge, but don't pay attention to the scores they provide and DEFINITELY do not listen to their recommendations about which cards to apply for. It's literally just all marketing. Not saying you're doing this, just more of a heads up.
@OmarGB9 wrote:
First Grats on the approval and welcome.
Second, that does seem like a pretty huge difference in scores, though keep in mind car dealers typically don't use FICO 08 scores. They use "Auto enhanced" scores which can vary greatly from your 08 scores, and unfortunately consumers have no way to see these scores. That said, I commend you on your Amex Approval at 651, as Amex typically likes scores above 670+. And yes the lower starting limit and maxed APR suggests they're "giving you a chance" to see what you have, so they definitely liked *something* about you.
Second, yes three cards is recommended for optimal FICO scoring, however I would hold off on applying for anymore Amex cards or any other credit cards for that matter, because as I mentioned above, you got in by the skin of your teeth (IMO), so I would use the card as my daily driver, and PIF as much as possible to show Amex you're responsible, then in 6 months or so, you should be golden for another credit card with Amex or any other bank you wish.
P.S. Credit Karma is good for monitoring reports and inquiries and general credit knowledge, but don't pay attention to the scores they provide and DEFINITELY do not listen to their recommendations about which cards to apply for. It's literally just all marketing. Not saying you're doing this, just more of a heads up.
Yes we do have a way. Included in the scores you receive at MyFico when you subscribe to the quarterly reports or purchase an individual or 3 bureau report are your scores for mortgage , Bankcard enhanced and auto enhanced scores .
@Anonymous wrote:
@OmarGB9 wrote:
First Grats on the approval and welcome.
Second, that does seem like a pretty huge difference in scores, though keep in mind car dealers typically don't use FICO 08 scores. They use "Auto enhanced" scores which can vary greatly from your 08 scores, and unfortunately consumers have no way to see these scores. That said, I commend you on your Amex Approval at 651, as Amex typically likes scores above 670+. And yes the lower starting limit and maxed APR suggests they're "giving you a chance" to see what you have, so they definitely liked *something* about you.
Second, yes three cards is recommended for optimal FICO scoring, however I would hold off on applying for anymore Amex cards or any other credit cards for that matter, because as I mentioned above, you got in by the skin of your teeth (IMO), so I would use the card as my daily driver, and PIF as much as possible to show Amex you're responsible, then in 6 months or so, you should be golden for another credit card with Amex or any other bank you wish.
P.S. Credit Karma is good for monitoring reports and inquiries and general credit knowledge, but don't pay attention to the scores they provide and DEFINITELY do not listen to their recommendations about which cards to apply for. It's literally just all marketing. Not saying you're doing this, just more of a heads up.Yes we do have a way. Included in the scores you receive at MyFico when you subscribe to the quarterly reports or purchase an individual or 3 bureau report are your scores for mortgage , Bankcard enhanced and auto enhanced scores .
+1
True but you can't see those update in real time like your regular FICO scores. Plus I don't know if you can get them anywhere else besides here on MyFICO.
@KSK1912 wrote:
@Anonymous wrote:As for the second amex, since you are new, there is one reason you may want to apply sooner than later. Since you just got your new account, 6 months later when you apply for another card, that being any other credit card not just amex, you will add a new account to a credit history that is already very young, which will cut your avarage age of accounts in half. While you are approved for one card, you may want to consider applying for the other soon, and have both of these accounts age together. If the worst of the worst happens and assume you get declined, this is not the end of the world. I know people here in the comunity with 800 fico scores and apply for a certain card once a month, for 3 months, just to get approved on the fourth try. This is your call, but i would consider applying for the second card, maybe even a barclays Rewards mastercard, or apple rewards card, which has somewhat better approval odds with slightly better starting limits. I did exactly the same thing, and got a slight hit at the beginning but now i do have several accounts that are all aging together, and a year from now, i can open 2 new accounts and the impact of those accounts on the age of my credit will be next to none for the fact that i have so many accounts to offset that impact.
I only partially agree with this. First, OP's score is quite low; he/she barely got approved for the BCE. Note that the offer for the ED wasn't sent after the BCE approval, which means it was using his/her old score. With the new account, the AAoA and number of inquiries have already taken a hit, lowering the score further. Pre-approvals usually only stay good if your credit report remains the same; I think OP should check the Amex pre-qual site to see if any offer still stands.
Secondly, applying for ED (or even the Barclay rewards) might not make sense for OP depending on his/her spend. My opinion is you should only apply for cards you actually plan on using, so some consideration of budget and what categories you'll be spending in should come before applying for any other cards. OP: if you're looking for a general spend card, you could check out CapitalOne's prequal and see if you can get a pre-approved QS1. If you see a set APR you should be golden.
And congrats on the BCE!
@Anonymous wrote:
@KSK1912 wrote:
@Anonymous wrote:As for the second amex, since you are new, there is one reason you may want to apply sooner than later. Since you just got your new account, 6 months later when you apply for another card, that being any other credit card not just amex, you will add a new account to a credit history that is already very young, which will cut your avarage age of accounts in half. While you are approved for one card, you may want to consider applying for the other soon, and have both of these accounts age together. If the worst of the worst happens and assume you get declined, this is not the end of the world. I know people here in the comunity with 800 fico scores and apply for a certain card once a month, for 3 months, just to get approved on the fourth try. This is your call, but i would consider applying for the second card, maybe even a barclays Rewards mastercard, or apple rewards card, which has somewhat better approval odds with slightly better starting limits. I did exactly the same thing, and got a slight hit at the beginning but now i do have several accounts that are all aging together, and a year from now, i can open 2 new accounts and the impact of those accounts on the age of my credit will be next to none for the fact that i have so many accounts to offset that impact.
I only partially agree with this. First, OP's score is quite low; he/she barely got approved for the BCE. Note that the offer for the ED wasn't sent after the BCE approval, which means it was using his/her old score. With the new account, the AAoA and number of inquiries have already taken a hit, lowering the score further. Pre-approvals usually only stay good if your credit report remains the same; I think OP should check the Amex pre-qual site to see if any offer still stands.
Secondly, applying for ED (or even the Barclay rewards) might not make sense for OP depending on his/her spend. My opinion is you should only apply for cards you actually plan on using, so some consideration of budget and what categories you'll be spending in should come before applying for any other cards. OP: if you're looking for a general spend card, you could check out CapitalOne's prequal and see if you can get a pre-approved QS1. If you see a set APR you should be golden.
And congrats on the BCE!
I totally agree with you, one exception is that if you are new to this game, or you are a rebuilder, you usually do not have too many options. Sometimes you should put away what card suits you best, but rather get what you can for the moment, and another 6 months, score increase, better looking file, and now you have better options. 6 months ago, i was writing letters after letters for a recon, which most of them i did not even mail because i knew i would have no luck. Now at least i have a little more leverage, because if i ever need to call in for a cli, i have the luxury to say " Well my X card limit is $4K, so that's the reason i am using it more as i do not have to make several payments thru out the month to keep it using it, can you match it" While back, the conversation was usually " I will take any small limit you guys are willing to give me so that i can prove myself to you" But i totally get your point and you are right with what you are saying.