What did I do wrong?

Anonymous · ‎08-19-2014

I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

keithB · ‎08-19-2014

@Anonymous wrote:
I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[img]http://i62.tinypic.com/2gxmf83.jpg[/img]

Looks like lack of current accounts is your problem. But $6k is great - especially at 18!!!! Use the card and do the 61 day credit increase and you'll be at possibly $18K!!!!!

yfan · ‎08-19-2014

Your FICO score isn't the only factor in determinin your credit limit. Additional factors like length of credit history (which you seem to have none to speak of) matter just as much. Thin files won't get big limits. You are an 18 year old with a $6,000 credit limit. That is damn good.

Anonymous · ‎08-19-2014

@Anonymous wrote:
I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

You didnt do anything wrong. It looks like they just want to see a thicker credit report file for you. The word adverse seems very negative but its standard on these types of messages. At 18 years of age I'd consider this a definite win so congrats!

Anonymous · ‎08-19-2014

@Anonymous wrote:
I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

CLs are based on much more than just score, income being an obvious one. $6K is not low, you can see people here with much lower starting CLs.

The adverse factors seem to be just that you have a thin file. You don't have enough revolving (other credit cards) history, or installment (auto loan, student loan etc) history.

But bear in mind that unless your score is 850 or near, the algorithm will always produce some negative factors. So fixing them doesn't always move the score greatly, and in this case you would need to open new accounts, which would decrease the score in the short term.

peaceonearth · ‎08-19-2014

@Anonymous wrote:
I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]

Wait,, I thought you could not get a credit under the age of 18.

shane82388 · ‎08-19-2014

Haha... $6000 AMEX approval at 18, where you theoretically should have essentially zero credit history... "What did I do wrong?!"

Hahaha, absolutely nothing. More like like what did you (or someone else) do right to right to make that happen?! Middle aged people are clicking their their heels for a $1500 appoval from AMEX on here a lot of the time.

Congrats.

keithB · ‎08-19-2014

@peaceonearth wrote:
@Anonymous wrote:
I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]
Wait,, I thought you could not get a credit under the age of 18.

I'm guessing he turned 18 in March. If you are talking credit score, I think AU is a different story - I don't know for sure.

Anonymous · ‎08-19-2014

@peaceonearth wrote:
@Anonymous wrote:
I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]
Wait,, I thought you could not get a credit under the age of 18.

I'm 18, and my card arrived today, I activated it, and tested it out.

keithB · ‎08-19-2014

@Anonymous wrote:
@peaceonearth wrote:
@Anonymous wrote:
I applied for an amex delta account, but i only got approved for $6K and I received my card today, and it had a disclosure saying that my "FICO score is 794" I thought from my reading and research here that it's a good score and i should be getting a much higher CL. I just turned 18 recently and my birthday was in March. It said there were adverse key factors affecting my score and I want to know how to fix them? I am attaching a picture of the letter here. Please help

[IMG]http://i.imgur.com/RP4bLXL.jpg[/IMG]
Wait,, I thought you could not get a credit under the age of 18.
I'm 18, and my card arrived today, I activated it, and tested it out.

Well you should thank your parents for making you an AU on their cards and getting you started on your credit journey