cancel
Showing results for 
Search instead for 
Did you mean: 

OMG! AMEX GOLD CARD APPROVED (LOW FICO)

tag
Anonymous
Not applicable

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)


@pinkandgrey wrote:

Congratulations! Isn’t AMEX great? Enjoy that no-preset-spending-limit beauty!


Yes, I just love them hahaha!

Message 21 of 44
Anonymous
Not applicable

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)


@Anonymous wrote:

@Anonymous wrote:

Congrats on the approval, you said you're an Amex member. When you applied did you get a HP or SP?


Thank you so much! YES, I'm already a member and it was a SP


Man oh man, you sound like the devil himself. Congrats again on the approval.

Message 22 of 44
Anonymous
Not applicable

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)


@Anonymous wrote:

@Anonymous

congratulations on your approval!  

 

I'd like to offer some friendly advice.  You might already know this but I think it's always good to get outside input:

-Gold Card is awesome but it is a charge card so if you're having trouble paying down other credit balances I hope you're planning your purchases strategically.  You will get fees and possibly negative reporting if you do not pay at least the 'minimum payment' indicated on your statement....and the minimum is either the full balance or all purchases below $100 plus a portion of the Pay Over Time amount.  This can be tough for some folks used to carrying balances on a normal credit card.  I personally would have had a hard time with this concept if I had acquired the Gold Card earlier in life when I was poor at managing spend and balances

-I see you have $5k POT limit so I guess you've already factored the $4.5k+other spend being your next payment?

-I also opted in for POT feature with the mindset that it would be for 'emergency' purchases but noticed the following:

  -for me the POT feature was not immediately available.  If memory serves I was approved for the card 7/4, applied for POT either the same

   day or the day I received the card, which was like 7/7.  I'm pointing this out because I didn't pay attention to when you said you were approved

   and when you made the purchase, again you might already know this but I'd hate to see a fellow member get burned by combination of

   excitement, curiousity, and fine print.  

  -when I was approved for POT the APR was 19.99% variable, it's currently over 20% last I checked.  It's not as steep as a 25.74% Capital One or

   Chase variable APR but it's still pretty high, especially when there are plenty of credit unions with 7%-12% standard APRs, loans as low as 5%,

   and other cards with introductory 0% APRs on both purchases and balance transfers.  

@  -$5,000 -$9000 balance for a single cycle @Anonymous% APR can destroy any value of the 9,500 Membership Rewards points(I'm guessing this wasn't

   a single purchase at a US restaurant or supermarket)

 -if you just simply checked your spending power then disregard everything except as cautionary evaluation, then I misread your post.  and congratulations either way.  I tried to check spending power for 5,000 once and was denied, was told I had to call in and explain myself in order to be approved....LOL in other the $30k POT approval is pretty much worthless unless I want to make 30 x $100 purchases and then just totally not pay my bills.  

 

anyway, I've wasted a lot of money on interest in my life and just want to offer advice, hope you don't take this the wrong way.  If I had this forum or a person to make this stuff understandable years ago I would have saved my money and my credit rating.  

I hope you love your new card.  


Hey there! I appreciate your post and concerns however I have found that I manage myself better by using the charge card. I was on my sister Gold account for a few months. I wish I would have learned early in my years but hey, you live and learn. I'm working on paying down the revolving balances but trust me, I'm aggressively paying down the revolvers. Thank you so much! 

Message 23 of 44
Anonymous
Not applicable

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Congrats on the approval, you said you're an Amex member. When you applied did you get a HP or SP?


Thank you so much! YES, I'm already a member and it was a SP


Man oh man, you sound like the devil himself. Congrats again on the approval.


Hahaha! Hilarious 

Message 24 of 44
MartyWrite75
Valued Contributor

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)

Congratulations on your approval!

March 2024: Experian 762; Equifax 767; Transunion 769


Cards I Have:
Cap One QS: $600 (Sock drawer) || Cap One QS (#2): $6,200 (Sock drawer) || Discover It: $11,400 || Cap One Walmart: $600 (Sock drawer) || AMEX BCP: $8,900 || Amazon Prime Store Card: $10,000 || FNBO Rewards Visa: $2,600 || Discover Cash Back: $5,500 || Citi Custom Cash: $9,500 || Verizon VS Visa: $10,000 || Amex Hilton Honors: $10,000 || Amazon (Chase) Prime Rewards (VS): $9,500

Wishlist Cards:
Paypal Mastercard || Bread Mastercard

Gardening to 04/2024(ideally)
Total Utilization: 11%
Inquiries: Exp: (2) Trans: (1) Equif: (1)

Message 25 of 44
CreditRebuilder2020
Frequent Contributor

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)

 

Congrats! Just be careful with that spending power button with it being a new card. Amex may trigger a financial review if you get a little trigger happy with the high amounts. 

 

Amex seems to be taking some chances with their charge cards. I've seen several borderline sub prime FICO's get approved for the Gold Card recently, even my approval back in April for my AMEX Green Card, I had a 630 FICO. I applied with no expectation to get approved. 

 

I have loved my green card and can't wait to upgrade to the Gold in the coming year. 

 

 


X1 VISA SIG $15,500/ AMEX Gold / Petal 1 $3600 / Wells Fargo Active Cash VISA $3K / VENMO Visa $900 / Verizon Visa $2K / Apple Card $1500 SL / Wyndham Rewards Earner Visa $500 / WALGREENS Store $1K / Amazon Store $5000 SL/ Discover IT Chrome $2500K / BP Prime Rewards VISA $4350 / PayPal MC $3500 / BOA BankAmericard $2K / BOA Cash Rewards $1K / Cap One Savor One $1200 / Cap One QS1 $950 / Blaze MC $2250 / Credit One $850 / Credit One AMEX $1200 / OpenSky $600 / AvantCard $1000 / Discover IT Cash Back (Graduated) $400 / eBay MC $750
FEB '22 EX: 698 EQ: 700 TU: 713 | UTL: 23% | Total Credit Limit: $54000
Goal Score: 675 for all FICOS (ACHIEVED NOVEMBER 2021) | NEW GOAL SCORE: 725 for ALL FICOs
Message 26 of 44
CreditInspired
Community Leader
Super Contributor

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)

Welcome OP and congratulations to you. What a wonderful accomplishment!

I bet your sister will be excited too 😉

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 27 of 44
CreditInspired
Community Leader
Super Contributor

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)

@slowbut, I want to thank you for taking the time to provide excellent advice to a MYFICOer.

Years ago when AmX was only a charge card, that is exactly how I got into trouble. I was spending money like it was free money until when it came to pay the piper in full. I was unable to do so and ended up filing BK in 76, which included AmX. I was never so excited they let me back in this year.

Yep, I think OP will appreciate the advice.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 28 of 44
19eighty5
Senior Contributor

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)

Congratulations on your approval!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
What's in my wallet:


Message 29 of 44
Anonymous
Not applicable

Re: OMG! AMEX GOLD CARD APPROVED (LOW FICO)

+1 @slowbut @ creditinspired - Appreciate this advice given to OP as OP clearly stated that paying down revolvers, historically, has been an issue. Adding a product that literally allows one to compound that problem + adding a POT feature is clearly a red flag for anyone. Repeated denials is an indication of the need to really assess ones situation, but at the same time, some success like OP has had with the approval can be the turning point to find a way to address the bigger problem. A lot of us has seen the dark side of this game, so, for me, it's always wonderful to see the endless "congratulations" as well as the truths associated with the reality of what's at stake. Even though it may sting at times. 😊

Message 30 of 44
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.