Buyer Beware - Amex Pre-approval

[Beefy1212]

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@PRose123 wrote:
The credit game changes daily. I personally don't want any new low cards because the banks will do just like the commenters did here with the original poster: think something went wrong and judge you on your latest approval(s) and your OVERALL credit profile. It's one reason why I got rid of most of my store cards. They are great for early padding but that's about it. Also, there are MANY different FICO models. SEVERAL count average age of OPEN credit cards.

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The credit game changes like rivers erode mountains.

My last 4 cards were for 8k, 500, 2500, 10,000

That my last 3 cards were not 500-1000 implies you are wrong. My last 2 cards were for the stated maximum the lender offers either as a starting limit or total. 

which FICO model only looks at open accounts? (Hint: this is a trick question none of them do) 

[cynicaldragon83]

It's the entitlement for me...

[Bmom]

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@Beefy1212 wrote:

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@NYC_Fella wrote:

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@Beefy1212 wrote:

Most st.....

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A little more info for you...

https://www.valuepenguin.com/how-does-your-credit-score-affect-auto-insurance-rates#:~:text=How%20mu....

"Worst states for drivers with bad credit

Poor credit raises rates the most for drivers in Arizona, by an average increase of 175%. Arizona is one of six states, along with Texas, New Hampshire, New Jersey, Minnesota and New York, where poor credit more than doubles your rates."

I couldn't find the breakdown of how it is scored other than to say the author of the credit scoring primer said it was, and I am going to assume he is right.

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Can confirm,  in NY they use your credit and score to determine car insurance rates. It's painful 

[Anonymous]

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@Bmom wrote:

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@Beefy1212 wrote:

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@NYC_Fella wrote:

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@Beefy1212 wrote:

Most st.....

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A little more info for you...

https://www.valuepenguin.com/how-does-your-credit-score-affect-auto-insurance-rates#:~:text=How%20mu....

"Worst states for drivers with bad credit

Poor credit raises rates the most for drivers in Arizona, by an average increase of 175%. Arizona is one of six states, along with Texas, New Hampshire, New Jersey, Minnesota and New York, where poor credit more than doubles your rates."

I couldn't find the breakdown of how it is scored other than to say the author of the credit scoring primer said it was, and I am going to assume he is right.

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Can confirm,  in NY they use your credit and score to determine car insurance rates. It's painful 

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And, as in the article, in MA (and others) they are not allowed to do this.   So one less thing to worry about, although I guess for some it would help...

[Beefy1212]

@Anonymous 

"And, as in the article, in MA (and others) they are not allowed to do this.   So one less thing to worry about, although I guess for some it would help..."

I would say credit scoring being used in 45/50 states I would guess for most it would help.

I also should have added Comenity bank also uses average bankcard credit limit as a metric for their internal scoring algorithm. Which I find somewhat interesting since Comenity issues so many store cards you would think they would be interested in all revolvers not just bankcards.

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[AyaMai]

"I work for WF and can tell you even our sales group doesn't understand/know why certain people are approved and others are not. One rep told me someone with an 800+ credit score was declined for a generic reason but someone with a 650 credit score was approved for multiple cards. The only thing they can think of is the guy with the lower credit score had a checking account with the bank."

I must have made the right move today, I opened a checking account $350 sign up bonus with my previous bank "First Interstate/Wells Fargo" which I closed two decades ago due to 4:00 PM cutoff time for deposits to be credited to my account were as Bank of America was 6:00 PM which is my current bank. My plan to apply for WF Choice Privilages Select Mastercard in 2024 since I stay at Choice Suites 1/3 of my hotels on my road trips besides Hilton & Marriot since I have their Amex cards. 

[GZG]

I want a day where all cards offer solid pre-approvals like the apple card so nobody has to go through this game of 'hoping' to be approved or not getting the limit you want. 

I'd even pay for the option 

[markbeiser]

First world problems.

My AmEx BCE started with a $1k limit in October 2022, two 3x CLIs later already has it up to $9k in April 2023.

[FireMedic1]

@Alucardthe OP hasn't been here in 3 weeks. Gone way off topic. Let it ride on out. Maybe @Alucard will come back and contribute again.

[PRose123]

You show TWO of the credit cards I canceled; Petal and Credit One's American Express. Those two cards without any of the 'real' American Express cards can hurt your profile if an underwriter does a manual review. The limits will NEVER be large. I now have over $500K in credit once I got rid of most of the lower end cards. My average age of credit is low but i will get approved on ANY manual review - and for a larger limit.