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Amex asking for access to your bank accounts?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Super Contributor

Amex asking for access to your bank accounts?

I haven't had this happen to me and there is no way I am going to ever give Amex ongoing access to the contents of my bank accounts. Anyone had this happen to them during an app? https://www.doctorofcredit.com/american-express-requesting-bank-account-access-during-credit-card-ap...

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Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 1 of 28
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Senior Contributor

Re: Amex asking for access to your bank accounts?

Looks like another nail in the coffin for Amex ever being in my wallet. 

 

Unfortunately with UltraFICO, I think we will be seeing a lot more lenders asking for access to our banking accounts... It’s optional for now but time will tell how long it takes before it’s mandatory. 


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Message 2 of 28
Community Leader
Senior Contributor

Re: Amex asking for access to your bank accounts?

No.....and I hope it doesn’t. 

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Message 3 of 28
Super Contributor

Re: Amex asking for access to your bank accounts?


@Saeren wrote:

Looks like another nail in the coffin for Amex ever being in my wallet. 

 

Unfortunately with UltraFICO, I think we will be seeing a lot more lenders asking for access to our banking accounts... It’s optional for now but time will tell how long it takes before it’s mandatory. 


Honestly I will go back to using debit cards if that happened. I don't need credit card companies. If they want to play these games they can take a hike. Did just fine before without them and I would do just fine again. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 4 of 28
Senior Contributor

Re: Amex asking for access to your bank accounts?


@red259 wrote:

@Saeren wrote:

Looks like another nail in the coffin for Amex ever being in my wallet. 

 

Unfortunately with UltraFICO, I think we will be seeing a lot more lenders asking for access to our banking accounts... It’s optional for now but time will tell how long it takes before it’s mandatory. 


Honestly I will go back to using debit cards if that happened. I don't need credit card companies. If they want to play these games they can take a hike. Did just fine before without them and I would do just fine again. 


Highly unlikely to affect people with scores to support the card. My understanding is that when you give them access to an account, it’s because you’re on the border of not being approved. 

 

You pick the account and as long as there is $400 in there and no overdrafts in the last 3 months, you would get the maximum UltraFICO bonus. 

 

Technically you could just slap $400 in a CU savings and app for a card after a few months to get whatever boost UltraFICO gives. 

 

That said, I wonder if that Amex screenshot is a hoax. There’s never been anything that said UltraFICO would be ongoing access, just a quick assessment of finance handling. 

 

Although Amex regularly requests people’s tax information so I wouldn’t put this move past them :/


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Message 5 of 28
Super Contributor

Re: Amex asking for access to your bank accounts?

Yes, the DoC post does not say what this applicant sports for FICO 8. 623?
It is an option many posters here have asked for: “I pay my bills with cash all the time. Why doesn’t that help my FICO score?”
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 6 of 28
Senior Contributor

Re: Amex asking for access to your bank accounts?

To be fair, this still doesn’t help those people. It has nothing to do with bill pay and purely has to do with balances and no overdrafts for the last 3 months. 

 

Unfortunately this is a big can of worms that they just opened as credit companies will now be able to see what and how you spend your actual money on and how much you have instead of just what you make. That data is the holy grail for credit card companies. 


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Message 7 of 28
Valued Contributor

Re: Amex asking for access to your bank accounts?

Nope, Nada, NO, ain't happenin'.  bf-tomuchinfo.gif

 

They get all the access to my bank accounts I'll allow, when I pay my bill-




Message 8 of 28
Senior Contributor

Re: Amex asking for access to your bank accounts?


@Pikaboo-icu wrote:

Nope, Nada, NO, ain't happenin'.  bf-tomuchinfo.gif

 

They get all the access to my bank accounts I'll allow, when I pay my bill-


I dunno, if they are going to give me enough points, I don’t have a problem opening up a savings account with a CU and tossing $400 in there for a few months. 

 

But my other accounts? Yeah no. 


Scores 1/2019:
Scores 7/2019:

Hover over my cards to see my limits!
Goal cards:
Message 9 of 28
Senior Contributor

Re: Amex asking for access to your bank accounts?

Amex already peeks at my balances (or at least gets some ballpark figure), but at least I get $200 a year out of it.

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Message 10 of 28