Trying to get AMEX APPROVAL

Ladymajestic2000 · ‎04-27-2022

Currently my Fico Score 8 is exp 667 equi 624 transu 633. I'm currently about to get my last 2 collections deleted across all 3 bureaus. I have 1 late on my auto loan from dec 2019 & 7 lates on my Cap One Platinum card with latest late payment being Mar 2020. Other than that, my credit profile is good. Do you think once I have both collections off I'll get approved for AMEX Gold. I'll also like to mention I'm 22

NRB525 · ‎04-28-2022

Welcome to the forums!

It is likely the removal of the collections will help your scores, so waiting for that makes sense.
The CapOne lates, are those each 30 day lates? I'm not sure what AMEX policy is on recent lates, but they may hinder an approval.

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
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

FireMedic1 · ‎04-28-2022

How many cards do you have now? Score is a bit low for them. Your age doesnt really matter. Its your credit profile age that matters. You already got back the most points you could with the last 30 day once it passed 2 yrs. Once those collections are toast. Report back what your scores are then. List out all accounts in the meantime.

And. Upgrade your Plat to the QS here:https://www.capitalone.com/?external_id=%2Fproductupgrade

bigseegar · ‎04-28-2022

@Ladymajestic2000 wrote:
Currently my Fico Score 8 is exp 667 equi 624 transu 633. I'm currently about to get my last 2 collections deleted across all 3 bureaus. I have 1 late on my auto loan from dec 2019 & 7 lates on my Cap One Platinum card with latest late payment being Mar 2020. Other than that, my credit profile is good. Do you think once I have both collections off I'll get approved for AMEX Gold. I'll also like to mention I'm 22

More than liikely you'll have a hard time getting approved for an AmEx card with Collections and/or all those lates on your report. Also AmEx will depend on your salary as well. But like I said and I'm huge AmEx person, I think you'll have an uphill battle even with the Collections off as they won't like those multiple Lates.

Brian_Earl_Spilner · ‎04-28-2022

You can probably be approved right now. They may put you on a leash for a while depending on how you handle your profile, but if you're willing to jump through hoops like a possible spending limit placed on the account, there really isn't much stopping you besides how recent the lates are.

jcooks · ‎04-28-2022

I was able to get Amex Gold approval with a collection showing and 27+ lates in April last year. The collection was almost falling off, but I still decided to settle for less and pay for delete after getting approved. Most of the lates were about 5 years old at the time of applying. I believe my scores were in the 670 range. For a few years, I went very minimally, had an auto loan (which required a cosigner and even then had a 6.59 rate) from cap one never missed a payment and 2 credit cards totaling $1500 credit line from cap one that I never missed a payment. All other cards were closed. I was literally at a point when I was in the garden for many years not by choice but I couldn't get approved and just continued to make payments on my current cards and let the baddies fall off. The Amex approval was just a blind attempt without even knowing the exacts of my credit profile as it was in the back of my mind how destroyed it was. The instant approval is what got me to start repairing my credit. I'm currently sitting at ~760 with 7 late payments that are about to fall off with no other derogs. I have about 57k in total credit line, 2 Amex charge cards, an auto loan at 2.49 interest and always PIF.

I would say it would be possible. My age of accounts is probably what helped me. Oldest account was 17 years which was a student loan. Had 3 auto loans reporting. It would depend on the rest of your profile.

Remedios · ‎04-28-2022

@FireMedic1 wrote:
How many cards do you have now? Score is a bit low for them. Your age doesnt really matter. Its your credit profile age that matters. You already got back the most points you could with the last 30 day once it passed 2 yrs. Once those collections are toast. Report back what your scores are then. List out all accounts in the meantime.
And. Upgrade your Plat to the QS here:https://www.capitalone.com/?external_id=%2Fproductupgrade

"Two years" is for an isolated 30 day late, and even in those cases it's partial scoring recovery, there are still points to be gained when it falls off.

Multiple late payments are treated differently by scoring algorithm.

lupes · ‎04-28-2022

Amex is generally easier than some of the other issuers such as Chase. However, those lates might be an issue standing in the way of your approval. Have you checked if Amex has pre-qualified offers for you on their website? This might give you a better indication.

FICO8: EX 756 / TU 765
CC (old to new): BofA Travel Rewards $2,200 / Amex Delta Gold $3,000 / Chase Freedom Unlimited $1,400 / Apple Card $10,00 / Amex Morgan Stanley Platinum NPSL / Amex Hilton Surpass $15,000 / Chase Marriott Bonvoy Boundless $18,000

jkjklkjkl · ‎04-28-2022

Have you checked their website to see if they have any preapproved offers for you?

Ladymajestic2000 · ‎04-28-2022

@NRB525 wrote:
Welcome to the forums!
It is likely the removal of the collections will help your scores, so waiting for that makes sense.
The CapOne lates, are those each 30 day lates? I'm not sure what AMEX policy is on recent lates, but they may hinder an approval.
All of those lates on my cap one card are all 2+ years old. They're spread out on the basis of months. 05/2019-06/2019, Nov 2019-Dec 2019. 01/2020-03/2020