Starting limits are not directly proportional to credit scores. Scores are a risk assessment, but many other factors are taken into account with underwriting. Someone with a well-seasoned profile with many older high limit revolving accounts and $250k annual income will almost certainly have a higher starting limit with a 720 Experian FICO 8 score than someone with a thin and fairly newer credit history, no experience with higher limit cards, 800+ scores, and $40k income.
If one has a clean credit history without a ton of new accounts, Amex can be pretty generous with starting lines. 700 would likely result in an approval, although that typically means there are other factors going on that might give them pause and could result in a lower starting line. Generally, the better the scores the better the approval and terms, but it's far from the sole factor.
@CreditBob wrote:Would anyone happen to know if the higher your Fico score that Amex pulls, then the higher the starting credit limit? In other words if you applied with a 750 credit scored compared to a 700 score would there be a difference in the limit that they would give you? Also, I have three cards with a $ 8K, 2750K, & a 1500K limit. Would they go off of those credit limits? or is it the score with annual income of $ 50K plus? I will be new to the applying for a Delta Skymiles Card. Any feedback would be appreciated.
Yes that would be a major factor in setting the amount of your starting limit.
@CreditBob wrote:Would anyone happen to know if the higher your Fico score that Amex pulls, then the higher the starting credit limit? In other words if you applied with a 750 credit scored compared to a 700 score would there be a difference in the limit that they would give you? Also, I have three cards with a $ 8K, 2750K, & a 1500K limit. Would they go off of those credit limits? or is it the score with annual income of $ 50K plus? I will be new to the applying for a Delta Skymiles Card. Any feedback would be appreciated.
The nice feature of AMEX revolvers, even if they start you out with a low limit, the cardholder often has a path to request CLI. So from a potential for future growth in limits, AMEX is one of the best.
@FinStar wrote:
@SouthJamaica wrote:
@CreditBob wrote:Would anyone happen to know if the higher your Fico score that Amex pulls, then the higher the starting credit limit? In other words if you applied with a 750 credit scored compared to a 700 score would there be a difference in the limit that they would give you? Also, I have three cards with a $ 8K, 2750K, & a 1500K limit. Would they go off of those credit limits? or is it the score with annual income of $ 50K plus? I will be new to the applying for a Delta Skymiles Card. Any feedback would be appreciated.
Yes that would be a major factor in setting the amount of your starting limit.
It isn't, as mentioned upthread. AI algorithms will factor an individual's credit score (depending on the industry model), but time and time again we've seen that even a very high score doesn't yield a high limit for a variety of profiles. At best, scoring models (depending on the lender) can be used to drive product pricing (i.e. the Price You Pay For Credit notices); but even so, data points have shown that it's still all profile specific. So, it can help, but it's not the main driver for most UW algorithms. Other factors play a role such as income, existing tradeline management/history, profile depth, banking relationship/assets (if or as applicable), etc.
FWIW, the 'Price You Pay For Credit' notices never include a reason as to why an individual didn't receive the highest limit, instead, it displays a score and how a lender arrived at the product's pricing or APR, not the limit.
I didn't say it was the only factor, I said it was a major factor.