AMEX Approval Letter

[osbranger]

I got my approval letter and my AMEX card today. 2 questions:

1. It says I can get a copy of my credit report without charge for 60 days after this notice. I think I will do it because I usually monitor my score on CK and idk how accurate or official that is. It says I can get my report from Experian. If I do it will it reduce my score for inquiring about my score?

2. Can I control when my billing cycle ends/starts. If I want to wait till the end of the month to activate my card, will my billing cycle start then?

~OSB

[Revelate]

First question: no, it won't affect your score for any self-pulled report.  Won't get a score associated with it but will see what EX has in it's database for you.

Second one I'm not certain; I've never gone looking to change my statement date with Amex nor did I track when I actiivated it vs. when the statement date actually is; however, given that my application date and my statement date are more than a week apart close to two actually as I didn't choose to activate the account immediately, it might have some merit.

[lhcole77]

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@osbranger wrote:

I got my approval letter and my AMEX card today. 2 questions:

1. It says I can get a copy of my credit report without charge for 60 days after this notice. I think I will do it because I usually monitor my score on CK and idk how accurate or official that is. It says I can get my report from Experian. If I do it will it reduce my score for inquiring about my score?

2. Can I control when my billing cycle ends/starts. If I want to wait till the end of the month to activate my card, will my billing cycle start then?

~OSB

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I changed my bill cycle with a simple request via online chat

[takeshi74]

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@osbranger wrote:

It says I can get a copy of my credit report without charge for 60 days after this notice. I think I will do it because I usually monitor my score on CK and idk how accurate or official that is. It says I can get my report from Experian.

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As indicated above your report won't include a score.  You'd have to pay Experian for a score and it would be a FAKO anyway.  As always, FAKO's and FICO use different models so you can't rely on a FAKO to determine your FICO.  Even FICO uses a number of different models.  If you're curious about your EX FICO then you'd need to get it from myFICO.

[RobertEG]

That is an interesting statement on an APPROVAL letter.

The entitlement to a free copy of your credit report from the CRA withing 60 days is a requirment when the creditor sends a DENIAL letter.

Unless others have seen that from AMEX, I would suspect that might have been erroneously included in the approval letter.

I would be curious to see if the CRA fills the request, as they are not required to do so under the FCRA.....

[lhcole77]

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@RobertEG wrote:

That is an interesting statement on an APPROVAL letter.

The entitlement to a free copy of your credit report from the CRA withing 60 days is a requirment when the creditor sends a DENIAL letter.

Unless others have seen that from AMEX, I would suspect that might have been erroneously included in the approval letter.

I would be curious to see if the CRA fills the request, as they are not required to do so under the FCRA.....

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My understanding is that a person is also eligible for report when best terms were not granted.

[osbranger]

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My understanding is that a person is also eligible for report when best terms were not granted.

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Do you think this could pertain to me? When I applied I wasnt approved immediately, it took them about 5 days to make a decision.

Is it bad for me if they granted me an account if best terms were not granted?

[lhcole77]

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@osbranger wrote:

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My understanding is that a person is also eligible for report when best terms were not granted.

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Do you think this could pertain to me? When I applied I wasnt approved immediately, it took them about 5 days to make a decision.

Is it bad for me if they granted me an account if best terms were not granted?

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This could be what happened. It is not bad for you.

When I was approved for AMEX and Citi cards I did not receive my FICO score or free report offer from them in the mail because I was approved with best terms.

When I was approved for Barclay's I was not approved with best terms and received my TU FICO 760 score and info on how to get free report within 60 days.

[RobertEG]

If their approval is for terms that are less favorable than those generally available, they must include a Notice of Risk-Based Pricing with their approval letter.

If you did not receive a Notice, it is presumed that your terms were at the current favorable level.  Otherwise, they were not in compliance with the risk-based pricing regulations.

[takeshi74]

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@osbranger wrote:
Is it bad for me if they granted me an account if best terms were not granted?

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Aside from not getting the best terms available, no.

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@RobertEG wrote:

That is an interesting statement on an APPROVAL letter. 

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I received the same note on a recent CLI with AmEx.  CLI was granted but they counteroffered.  Experian states this on their own site:

What is an adverse action?
You have experienced an adverse action if you have been declined credit, employment or insurance, received an adverse action notice or if you received a notice that the terms of credit offered to you may be less favorable than the terms offered to consumers who have better credit histories.