@Lin55 wrote:Also, with all your baddies I would've guessed your score would be in the low 600s or 500s. But the fact that you pretty much have a 700 FICO is probably what got you the card.
The OP didn't list the age of the derogatories: Amex uses a FICO '08 model and I know from my own experience on a mixed file that hits pretty much all the derogatory highlights other than a BK or a judgement, I was near 720 with all of them being 3 years old or more, and I got approved for a BCP when they were 2 years old.
Minimum underwriting on the BCE/P isn't that high anymore, 700 is above the floor (which might be on the order of 680) and if your income is reasonable and especially if you have a prior relationship boosting your internal Amex score, it's not a difficult card to obtain for people with somewhat ugly files if they can show call it a year of pristine payment history on a couple of revolving tradelines.
@OP, congrats!
@Anonymous wrote:AMEX BCE came with a 21.99 APR.
Key factors affecting my score:
- Serious Delinquency
- Length of time accounts have been established
- Proportion of loan balances to loan amounts is too high
- Too few accounts currently paid as agreed
- Too many inquiries in the last twelve months
EX FICO 696
Yet I have a 7000 dollar starting limit.
Thoughts?
Congrats
all that matter's is you got it
Believe me guys, I am not complaining
A little background info:
2 derogs paid off, DOFD 7/2007
1 collection for 56 bucks paid off, DOFD 6/2007 or so. My TU says its estimated to fall off in April of this year.
Deferred student loan opened 9/13
Auto loan opened 9/13
AMEX Green opened 8/2013.
Within the first month, I put a 5k down payment on it. I wasn't going to pay until the statement cut. I figured it would boost my score even more aside from paying it off before it cut, and since it's a charge card, it wasnt going to affect utilization. AMEX kept blowing my phone up and emailing me telling me I had to make a payment. Needless to say, they were freaking out. After the statement cut, I paid it off in a couple weeks. Every month since then, I have put less than 30 bucks per month on it. Most monbths were 4 bucks only. Who knew that paying off a 5k balance would boost my internal score exponentially? I became a risk to an asset overnight lol! I guess putting the down payment for 5k on it did its magic. Funny too because the dealer said he could onky accept 3k down payment for fraud purposes but swiped 5k anyways!
Congrats! Thanks for sharing.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
congrats
@Anonymous wrote:AMEX BCE came with a 21.99 APR.
Key factors affecting my score:
- Serious Delinquency
- Length of time accounts have been established
- Proportion of loan balances to loan amounts is too high
- Too few accounts currently paid as agreed
- Too many inquiries in the last twelve months
EX FICO 696
Yet I have a 7000 dollar starting limit.
Thoughts?
Amex Is very strange indeed, but congrats on your excellent starting limit. It must be all inclusive of that internal score. I'm waiting and hoping that Amex will up my limit on my BCE next month. I know that the charge cards are different, but I have a $6,200 balance on it now and used the check my spending tool for $25,000 today and it said approved. Hopefully they show me some love on March 9th when I ask for $19,800 on BCE.
(Formerly known as: Credit is my hobby (1.7M)/TCL objective)