As others have said there are a lot of variables to consider. when I apply although I have a Fico of 770, I will ensure
* Utilization is 1% (no more, no less)
* 6 months since the last credit app
* No recent enquires on EX in the last year
* No major derogs
AMEX have been hammering me with Green, Gold and Blue Sky offers, but I will not app until the above goals have been achieved (all but the 6 months since last credit app) are already acomplished.
Starting Score: 770
@MagicShot wrote:
@flipdc wrote:When i got the welcome letter from Discover last week. with the new law they have to tell you the factors on why it was approved / or denied. the letter has the FICO score of 689. Then i signed uo with the score tracker thru discover for 9.99 to pull all my credit score from all 3 bureu. I have 727 EX, 708 EQ and 708 TU. I went to creditboard.com to see what credit bureu they used to pull your credit history which majority of them is Experian, so i saw all this post which lead me to believed that i will get approved after seeing the others getting approved with lower score under 700.
I believe the discover score tracter is a PLUS score not FICO.
Discover does it through Truecredit, which is part of Experian. It is indeed a PLUS score from FICO. PLUS scores don't correlate that well with your FICO scores (plural, one based on the info from each bureau). Now the same Discover letter that tells you your FICO score, should have an area that say which credit bureau's information they used to determined your approval. They should, because they are now obligated to provide that infomation too. You can also use that letter to pull a credit REPORT for free to make sure nothing is amiss. Finally, in my opinion, the Discover score tracker is a big waste of money. You can get score tracker on myfico for $14.99 a month, but at least you are going from 0% usefulness to 33% usefulness for $5 more. If you want to get a general idea of your credit worthiness, use Credit Karma or Credit Sesame - both are free and one pulls TransUnion and the other pulls Experian. I have been using free pulls from apps and the annual free reports and the state free reports to get my credit reports.
Incorrect. Please refrain from giving out incorrect information, especially to someone new to the credit game. A good foundation is the key to success.
Truecredit is a part of TransUnion. Transunion uses a Transrisk Score. Any score that is not a FICO is considered a FAKO (pronounced FAKE-OH) and is pure rubbish and does not mean a thing.
To the OP, your EX FICO is probably more in-line with the FICO score that Discover provided you in their letter. The best chances of being approved for Amex is 700+ FICO. A FAKO score can be off as much as 100 points of what your real FICO score is.
Incorrect. Amex can, and does, approve within an EXTREMELY broad range of FICO scores. The fact is, their use of FICO scoring is cursory at best. Very low 600 scores can be approved for any Amex product. Very high 700 scores can be denied. BK's can be approved. Accounts that have had Amex issues in the past can be approved. Nobody knows how they make their decisions, so, if you want in with Amex, just keep trying and you'll get in.
@aftermath wrote:
@dp321 wrote:
@MagicShot wrote:
@flipdc wrote:When i got the welcome letter from Discover last week. with the new law they have to tell you the factors on why it was approved / or denied. the letter has the FICO score of 689. Then i signed uo with the score tracker thru discover for 9.99 to pull all my credit score from all 3 bureu. I have 727 EX, 708 EQ and 708 TU. I went to creditboard.com to see what credit bureu they used to pull your credit history which majority of them is Experian, so i saw all this post which lead me to believed that i will get approved after seeing the others getting approved with lower score under 700.
I believe the discover score tracter is a PLUS score not FICO.Discover does it through Truecredit, which is part of Experian. It is indeed a PLUS score from FICO. PLUS scores don't correlate that well with your FICO scores (plural, one based on the info from each bureau). Now the same Discover letter that tells you your FICO score, should have an area that say which credit bureau's information they used to determined your approval. They should, because they are now obligated to provide that infomation too. You can also use that letter to pull a credit REPORT for free to make sure nothing is amiss. Finally, in my opinion, the Discover score tracker is a big waste of money. You can get score tracker on myfico for $14.99 a month, but at least you are going from 0% usefulness to 33% usefulness for $5 more. If you want to get a general idea of your credit worthiness, use Credit Karma or Credit Sesame - both are free and one pulls TransUnion and the other pulls Experian. I have been using free pulls from apps and the annual free reports and the state free reports to get my credit reports.
Incorrect. Please refrain from giving out incorrect information, especially to someone new to the credit game. A good foundation is the key to success.
Truecredit is a part of TransUnion. Transunion uses a Transrisk Score. Any score that is not a FICO is considered a FAKO (pronounced FAKE-OH) and is pure rubbish and does not mean a thing.
To the OP, your EX FICO is probably more in-line with the FICO score that Discover provided you in their letter. The best chances of being approved for Amex is 700+ FICO. A FAKO score can be off as much as 100 points of what your real FICO score is.
Sigh* it was small technicality, sometimes replying from the top of my brain does distort the information a bit. Now to redeem myself, i found this http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/m-p/662549...
it's the forum's guide to credit monitoring service. So Discover's monitoring service is more in line with freecreditreport.com, it is a part of Experian and it is a PLUS score model. TransUnion also uses VantageScore, which happens to be what Truecredit actually provides.
Anyway, my point was the most important credit score is a FICO score, any other score is useless unless it is free. So I maintain my opinion that the OP shouldn't be bothered with Discover's credit score monitoring service. Instead exploit the free credit reports available (federal, some states, and whenever you app) to see the full report and use myfico to pull your fico score when you must know your scores.
@p- wrote:Incorrect.... Just kidding, that just looked like fun.
Good luck!
Wow, a person with a sense of humor on here. Did you take a wrong turn or sumfin?
