@Salahh wrote:Hey everyone,
Working to rebuild my credit after years of not touching it. At 525 Experian right now, with 2 derogs (double reported to 4 total). I first applied for Amex Gold and was denied. I have a vague memory from 10 years or so ago of accepting a deal for partial payment on an Amex card, but being told I wouldn't be eligible for Amex in the future...
Also applied for various other cards, all denied, with 1 HP inq.
I am pre-approved for a Discover It card, which would require me to deposit the amount of credit I'd have available.What do you all think? Is there still a way to get an Amex? Are there any other cards you would look into?
THANK YOU
Welcome @Salahh
If you can get in with Disco secured. Go for it. Do what you can to get the baddies in the past. That score it will be rough to get approved. What are the baddies. We can help clean it up.
Anything is possible... but, at 525, your focus should be squarely on what you can do to improve your file and scores. A secured Discover card (and possibly one more secured card) will help with that. Using them responsibly, PIF and TIME will do great things. For now stop applying, all the HPs send out a red flag that you're seeking credit, and possibly too much at that so lenders are going to be apprehensive about giving an approval.
Amex can have a very long memory if you've burned them. Did you burn them, if so how much? Either way I wouldn't start looking at Amex until you're in the 640s at least.
I'm not sure I understand the double reported baddies though... Or what else you might have going on. The more information you provide, the more people here will be able to help you, and lots of them have been where you are, and worse, including myself so...
@Salahh wrote:Thank you. I provided a bit more information in my last message above.
The Amex memory is very vague, it was so long ago. But, if I had to estimate, I would say it was probably around $1600 and negotiated down to $800 or so. But I do have that vague memory of the CSR telling me that I wouldn't be eligible for Amex in the future.
I did ask about it when I called in to apply, but was told that there was nothing showing negatively on their side prior to applying.
You are not blocked by Amex but I think you dont have a shot at Amex yet. I would focus on rebuilding profile with couple secured cards and letting baddies age off. As @JoeRockhead said time will do wonder.
@Salahh wrote:6 closed accts, 2 in collection
4 baddies:
1 acct over 60 days late
1 acct with missed payment
0 current accts payed as agreed
Ratio of revolving balances to credit limits: 123%
Payment history: good
Amt of debt: poor
Length of credit history: very good
Amount of new credit: very good
Credit mix: very good
Thank you 🙏
Like I said, focus on what you have control over. Try to get the collections paid and get current on everything. Focus on maintaining your accounts and most of all...try to be patient and allow time do its thing.