@Anonymous wrote:Rev: the guess was that BCP went lower because of the cap introduction, reducing Amex's exposure to risk. What happened with the SPG to make it drop?
AFAIK, while I don't explicitly remember the cap introduction I'm confident it was after the underwriting drop (~6/12). Actually Google suggests the cap was announced 10/12, and introduced 1/15/13. Hah funny, coincides with my approval date for said BCP.
This is just a swag but I think it was the market recovering / macroeconmic shifts: Chase changed their underwriting almost identically on the CSP at nearly the same date at least as far as the databases and the anecdotal reports here suggested.
Evidently both lenders thought they could reach manage their risk/reward to their profit at that new lower FICO boundary; in Chase's model likely desiring to put more money in the field in their credit card portfolio also contributed.
@Anonymous wrote:I also belive you do not need good credit for amex. As long as you dont have bad credit. I have less then 1 yr credit history with low limit cards and a non credit card related collection and i was approved.
For a charge card it's generally held that around 6 months revolving history is sufficient. Been some less than that reportedly.
