AMEX Green "in progress" with FICO 609

[rubbinitout]

Quick background on myself:

I have three charge-offs from 2010 on my profile - two are private student loans from SM and the third is an old Bank One/Chase Disney Visa. I am an AU on a Chase Freedom card with my wife since 2011, but no other revolving credit. I decided to go all-in and apply for an AMEX in my quest to reestablish a decent credit profile. 

Initially they denied me, and of course the primary reason listed was the charge-off accounts. Also, my FICO was pulled at 609. Anyway, I decided to write a letter to Andrew Skinner (VP of new accts) explaining the circumstances of my past history and reasons why now is the right time to enter into a mutually beneficial relationship and reestablish myself with AMEX. Some of these include finally in high salary job, entered into payment plans for neg accts, etc. I even sent a copy of my W2.

I recently checked the status, and it has now updated from "denied" to "in progress." Do you think I have better than a 10% chance in actually receiving an approval for this card? Or will I inevitably receive a second NO again?

Any color commentary from others would be nice... thanks!

[yudeology101]

I'm really pulling for you on this one, but coming from 10+ apps just to get my foot in the door w/ AMEX,  your chances are pretty slim as AMEX rarely overturns their decision unless there are any errors in your report.  Many of my past apps have been gone through the EO before, and i've seen the "declined" to "in progress" but it was very unfortunate that they all ended up being turning into "declined"....YMMV though, i'm pulling for ya and keep us updated as i would like to know the outcome of this. 

IMHO, your scores are pretty low for any AMEX cards right now, and your chargeoffs may seem pretty new to AMEX still (although it's about 4yrs old).  Best of luck to you.

[Anonymous]

I would probably say it's going to be a no. Your FICO score is a little low for an AMEX and the baddies are still pretty recent in AMEX's eyes. 

[TheGardner]

As unlikely as it is I really hope you get it. Would kind of take the heartless mechanics out of Amex lol

Good luck bud

[yudeology101]

Well, there's was a member who was approved for the Green like a month ago w/ around 590ish FICO score....as so the member said...still trying to find that thread. 

[rubbinitout]

Thanks for the quick replies - I'll definitely update this thread as the decision is rendered.

I suppose someone somewhere has sweet-talked their way into an approval that shouldn't have occurred, right?

[Gornet]

Is the green card a good intro card for students who never had a cc before?

[Anonymous]

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@Gornet wrote:

Is the green card a good intro card for students who never had a cc before?

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It can be if you are a little intimidated right now by credit as it forces you to PIF every month. Allowing you not to be worried about carrying a balance and going into debt.

[Transmogrifying_Bee]

Although on the very low end, a credit score of around 609 is not impossible for obtaining the Amex Green card.  Statistics on Credit Karma indicate that 7% of successful applicants for the Green card had credit scores of 600 or LESS (1560 people sample size).  Unfortunately, the three fairly recent charge-offs are another matter . . . !

[elbori357]

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@yudeology101 wrote:

I'm really pulling for you on this one, but coming from 10+ apps just to get my foot in the door w/ AMEX, 

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Hello yudeology,

Could you elaborate on the "coming from 10+ apps to get in" part?

The reason why I ask is that I have applied 2 times for the BCE card and both times have been decline. I do not know the real reason( letter said based on my low EX credit score). Not sure if I should continue to apply until approval or plain give up. Now I don't care much for the BCE, now I would like their new one.  I applied the first time in Jan 2013 and the second time on a spree in Feb 2014.

Thoughts

Thanks