Just Received American Express Card

[Anonymous]

I think this is my first real credit card I received; in the package that came with the American Express it came with a document with answers to questions like, "What is a credit report." It also noted that I can get a free credit report simply because I have that piece of paper. Strange, since I thought that was only for people who were denied credit. On the back of this piece of paper it also gave my Experian FICO score. Is this really a free accurate FICO score I never had to pay for? 

Anyhow, my curiousity is that on that same page, there is a section called, "Key factors that adversely affected your FICO score." For me it was, "Length of time accounts have been established, Length of time revolving accounts have been established, Too many inquiries last 12 months (I have 5)" So my question is, it would seem that if I didn't have any factors that adversely affected my credit score I would gain only about 3 points back for each of the 5 hard inquiries, so that's 15 points and...I don't have a long credit history so how many points can I get with that?

My current Experian score is 732 so even if I didn't have 5 hard inquiries, an additional 15 points added to my currrent EX score wouldn't mean so much at 747? How many more points can I receive for established revolving accounts and length of time accounts have been established. In otherword, what would the be score be like without the adverse factors they described above? All my 5 CC accounts are 6 months old. Can someone project my score?

[Anonymous]

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@Anonymous wrote:

I think this is my first real credit card I received; in the package that came with the American Express it came with a document with answers to questions like, "What is a credit report." It also noted that I can get a free credit report simply because I have that piece of paper. Strange, since I thought that was only for people who were denied credit. On the back of this piece of paper it also gave my Experian FICO score. Is this really a free accurate FICO score I never had to pay for?  Yes. It is an experian Fico 08.

Anyhow, my curiousity is that on that same page, there is a section called, "Key factors that adversely affected your FICO score." For me it was, "Length of time accounts have been established, Length of time revolving accounts have been established, Too many inquiries last 12 months (I have 5)" So my question is, it would seem that if I didn't have any factors that adversely affected my credit score I would gain only about 3 points back for each of the 5 hard inquiries (not always true), so that's 15 points and...I don't have a long credit history so how many points can I get with that?

My current Experian score is 732 so even if I didn't have 5 hard inquiries, an additional 15 points added to my currrent EX score wouldn't mean so much at 747? How many more points can I receive for established revolving accounts and length of time accounts have been established. In otherword, what would the be score be like without the adverse factors they described above? All my 5 CC accounts are 6 months old. Can someone project my score?

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You are looking at things too black and white. This is a case where a score doesnt always matter.  The fact you had added so many new accounts and that most of yours dont have a elong history is whats at issue, not your numerical score per se. 

To better answer your last question, do you have TU or EQ scores?  Also what is your AAOA?  Any bad items?  If all you have are these 5 inquiries and 5 accounts that are 6 months old and thats all thats on your report.... in a year you will be golden.

[Anonymous]

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@Anonymous wrote:

To better answer your last question, do you have TU or EQ scores?  Also what is your AAOA?  Any bad items?  If all you have are these 5 inquiries and 5 accounts that are 6 months old and thats all thats on your report.... in a year you will be golden.

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I don't have any baddies. I think you're right; in a year I'll be fine. It is the new accounts that is negatively impacting my score. My score is similar all across, 10-15 or less.

[NRB525]

First, congrats on the AMEX.

Second, you didn't get the best APR, so they have to include that letter and you get the free credit report because you were denied credit, in the sense that you were denied the best APR available on the card.

Third, the list of reasons may or may not relate to your particular situation, they may or may not be actionable, but the bank MUST provide something on the Reasons Letter unless you are at 850, which is the only place you can be and not have anything affecting your score negatively. Look at the reasons, then think through whether they make any sense before considering taking any action. Often there's not anything you can really do about the reasons.

[Anonymous]

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@NRB525 wrote:

First, congrats on the AMEX.

Second, you didn't get the best APR, so they have to include that letter and you get the free credit report because you were denied credit, in the sense that you were denied the best APR available on the card.

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I received the maximum APR. I guess when my credit score goes from 732 to say 780 I can ask for a lower APR? I think the 5 new accounts in 6 months is what affected me. I never carry a balance anyhow. Its just fun to improve matters.

[NRB525]

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@Anonymous wrote:

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@NRB525 wrote:

First, congrats on the AMEX.

Second, you didn't get the best APR, so they have to include that letter and you get the free credit report because you were denied credit, in the sense that you were denied the best APR available on the card.

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I received the maximum APR. I guess when my credit score goes from 732 to say 780 I can ask for a lower APR? I think the 5 new accounts in 6 months is what affected me. I never carry a balance anyhow. Its just fun to improve matters.

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No need to wait. As you get some history with them, say after a month, use the chat feature to ask for an APR reduction. They are surprisingly easy to get. With my HHonors card, I got that in April, then on July 10, went from 19.24% to 17.24%, and on August 9, from 17.24% to 15.24%. Got a reduction on the SPG from 19.24% to 16.24% about a month after getting the card. Others have asked their way down to very low rates. Just keep asking periodically.

[Open123]

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@Anonymous wrote:

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@NRB525 wrote:

First, congrats on the AMEX.

Second, you didn't get the best APR, so they have to include that letter and you get the free credit report because you were denied credit, in the sense that you were denied the best APR available on the card.

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I received the maximum APR. I guess when my credit score goes from 732 to say 780 I can ask for a lower APR? I think the 5 new accounts in 6 months is what affected me. I never carry a balance anyhow. Its just fun to improve matters.

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Because my CRAs usually show tons of activity, I usually get high APRs too.  However, a phone will always reduce them.  You can make the effort if you want, but if you regularly PIF, I wouldn't even bother.

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

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@NRB525 wrote:

First, congrats on the AMEX.

Second, you didn't get the best APR, so they have to include that letter and you get the free credit report because you were denied credit, in the sense that you were denied the best APR available on the card.

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I received the maximum APR. I guess when my credit score goes from 732 to say 780 I can ask for a lower APR? I think the 5 new accounts in 6 months is what affected me. I never carry a balance anyhow. Its just fun to improve matters.

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No need to wait. As you get some history with them, say after a month, use the chat feature to ask for an APR reduction. They are surprisingly easy to get. With my HHonors card, I got that in April, then on July 10, went from 19.24% to 17.24%, and on August 9, from 17.24% to 15.24%. Got a reduction on the SPG from 19.24% to 16.24% about a month after getting the card. Others have asked their way down to very low rates. Just keep asking periodically.

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I asked for my Capital One Quicksilver VISA and Mastercard, both opened 5/15. I never carry a balance and always pay multiple times per month and use their cards for the 1.5% cash back. My last statement balance always show something like $25 dollars on both accounts. When I asked them for a APR reduction with the online chat, they took 4-5 minutes to review my account. They then replied that they have nothing for me and that if I wanted to make a large purchase they may reduce my APR. It seems they only want to reduce APR with people who plan to carry a balance but I'm not interested in paying interest. He also said to check my statment periodically to see if my APR has been reduced, implying that I shouldn't ask again?

[Anonymous]

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@Open123 wrote:

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@Anonymous wrote:

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@NRB525 wrote:

First, congrats on the AMEX.

Second, you didn't get the best APR, so they have to include that letter and you get the free credit report because you were denied credit, in the sense that you were denied the best APR available on the card.

---

I received the maximum APR. I guess when my credit score goes from 732 to say 780 I can ask for a lower APR? I think the 5 new accounts in 6 months is what affected me. I never carry a balance anyhow. Its just fun to improve matters.

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Because my CRAs usually show tons of activity, I usually get high APRs too.  However, a phone will always reduce them.  You can make the effort if you want, but if you regularly PIF, I wouldn't even bother.

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Chatting or calling to lower APR is a good thing to do when you're 'bored' credit wise, even if you PIF. It can sometimes keep one from apping.  

[Anonymous]

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@Open123 wrote:

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@Anonymous wrote:

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@NRB525 wrote:

First, congrats on the AMEX.

Second, you didn't get the best APR, so they have to include that letter and you get the free credit report because you were denied credit, in the sense that you were denied the best APR available on the card.

---

I received the maximum APR. I guess when my credit score goes from 732 to say 780 I can ask for a lower APR? I think the 5 new accounts in 6 months is what affected me. I never carry a balance anyhow. Its just fun to improve matters.

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However, a phone will always reduce them.  You can make the effort if you want, but if you regularly PIF, I wouldn't even bother.

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On my American Express Blue Cash credit card that I recently received? I've seen PIF often, what is the acronym for?