Finally Backdating Success

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
18 posts
User avatar
PlyrStar93
Centurion Member
Centurion Member
 
Posts: 410
Joined: Wed Jun 04, 2014 1:06 pm
Location: Chicago

Postby PlyrStar93 » Mon Nov 10, 2014 12:11 am

CarefulBuilder14 wrote:The logo is eerily similar.


The fact Credit One having both name and logo similar to Capital One has confused several people. I even saw someone said he got a *Capital One* offer with $75 annual fee and $99 thereafter (or something like that) which I believed was actually a Credit One offer.

CarefulBuilder14 wrote:Both banks have a major part of their business in credit cards for subprime customers.


Capital One serves people with a wide span of credit rating, so from subprime to super-prime with a variety of product choices.

Credit One is basically for rebuilding and not other purpose, since it only has one Visa Platinum product listed on their page with different prices. However, someone at MyFico saw a MasterCard offer there when he/she logged in to online account.

To apply for a Credit One card, you have to get prequalified first, either by checking it online or getting a mail offer. Apping directly without the prequalification is not possible. It is impossible for someone with high credit rating to get prequalified online - they will get an electronic denial letter saying they didn't score well. With some kind of derogatory marks (though not way too serious) then it is possible to get prequalified.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.


User avatar
otter
Centurion Member
Centurion Member
 
Posts: 639
Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Mon Nov 10, 2014 4:42 am

CarefulBuilder14 wrote:While wondering why the OP wouldn't have closed the Credit One account already, I did a little further research on the bank.

I had heard others mention it before, but I didn't really understand the full extent to which Credit One was trying to imitate Capital One:

1. Both banks have a major part of their business in credit cards for subprime customers.

2. It was called the First National Bank of Marin from 1984 until 2006 when it became Credit One - a name close to the already well-established Capital One (which has been using its current name since 1994).

3. The logo is eerily similar.

I guess I'm late to the game on this one.


I had thought of mentioning to OP that now might be a good time to jettison the bottom three cards in their signature.

I don't know how Credit One has managed to stay out of trouble... if I started the Am Eggspress company tomorrow which issued cards with an iron age warrior's portrait in the middle of the card or another company called Shaze which issued a blue card called the Safire, I'd have a cease and desist letter in my mailbox within a week and then be in court a week later fighting a temporary injunction.

It's not just the name (Credit One is a generic enough name) it's everything... the logo, the font, the fact that they occupy the same space. There's an obvious attempt to confuse the consumer. The fact that the normally litigious Cap One hasn't sued (or at least a quick google search shows nothing) tells me Cap One might have done a deal with the devil. Credit One must be paying Cap One something to use the similar name/trademarks because otherwise it doesn't make sense.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3756
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Mon Nov 10, 2014 12:44 pm

PlyrStar93 wrote:To apply for a Credit One card, you have to get prequalified first, either by checking it online or getting a mail offer. Apping directly without the prequalification is not possible. It is impossible for someone with high credit rating to get prequalified online - they will get an electronic denial letter saying they didn't score well. With some kind of derogatory marks (though not way too serious) then it is possible to get prequalified.


Why would they turn down someone with good credit? A moron with good credit can still be a profitable customer. Credit One gets a lot of their fee income up front, so they aren't going to lose when someone gets savvy and cancels the card.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Mon Nov 10, 2014 1:04 pm

CarefulBuilder14 wrote:Why would they turn down someone with good credit? A moron with good credit can still be a profitable customer. Credit One gets a lot of their fee income up front, so they aren't going to lose when someone gets savvy and cancels the card.


I guess they already know that most people with great credit aren't going to want their garbage card and see a lot more profitability in trying to con people either new to credit or the rebuilders out there who have no other option.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

User avatar
otter
Centurion Member
Centurion Member
 
Posts: 639
Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Mon Nov 10, 2014 1:41 pm

CarefulBuilder14 wrote:Why would they turn down someone with good credit? A moron with good credit can still be a profitable customer. Credit One gets a lot of their fee income up front, so they aren't going to lose when someone gets savvy and cancels the card.


Sometimes, you don't want a customer who's "out of your league"... if you're McDonald's, you don't want Gordon Ramsey eating in your restaurant. I remember hearing about an online bank which paid high interest on their deposit accounts who capped their customers' account balances at $50,000. If a customer's balance went above that, they encouraged them to either move some of their money or even close their account. Their reasoning was that they could not provide the level of service the customer needed.

Why would Credit One reject someone with a great credit score? Why would the fugliest girl at school be leery when the captain of the football team asks her to prom? Something doesn't add up... perhaps Credit One gets suspicious when someone who could get any card wants their card. Every year people with great credit end up filing bankruptcy. Perhaps that person apping for Credit One knows they are really a month away from bankruptcy and that Credit One card will give them one last night on the town and will be IIB anyway. Perhaps they have a terminal illness and whatever debt they accumulate won't matter anyway. Or it could be Credit One doesn't want to deal with people with excellent credit. I imagine their bitchiest customers aren't the ones with credit problems, it's the ones who have already rebuilt and demand to have their APR reduced or their annual fee waived.

Or perhaps as I mentioned in a previous post, they have some sort of deal with Cap One and part of that deal is that they don't seek customers with good credit.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

User avatar
ScoreOnTheRise
Platinum Member
Platinum Member
 
Posts: 50
Joined: Fri Aug 15, 2014 10:10 pm
Location: Colorado

Re: Finally Backdating Success

Postby ScoreOnTheRise » Wed Aug 19, 2015 5:54 pm

ScoreOnTheRise wrote:Back in 1995 when I was still in high school I applied for and got an American Express green. Well, you shouldn't give kids cards, as I was completely irresponsible with it and within a year I blew it and the card was cancelled and I slowly paid it off during my college years. Thus began my credit history.

In 2008 I applied for and received a new American Express green (since upgraded to a PRG card). I was always unhappy with my new "member since" date, having been an old member, and then learned about backdating on this forum a few months ago.

I called Amex and they were unable to find my account. Some reps were more eager to help than others. I subsequently played a game of call center roulette over the next few months calling now and then, but never any real luck. Yesterday, it occurred to me that I might have the old card in an old box of crap from that time. After pulling out boxes from the basement and going through them, I was ecstatic to find the old card in a shoebox full of old concert ticket stubs and other nicknacks.

I called Amex and told them I had the account number and gave it to the rep, but regrettably she was unable to find it and I could tell I was disrupting her day as, unlike some other reps I spoke with, she made no attempt to escalate and probe other archival databases they seem to have.

I was poised to make a photo copy of the card and mail in a letter with it, but before doing that I thought I'd go to Amex's website and chat with a rep online. This rep was immediately helpful, told me he was processing my request with the card replacement department and that if they needed anything from me they would email me. He didn't even ask for the old account number or any other proof.

I got an email later yesterday evening telling me a replacement card is on the way. Then, out of curiosity I log into my Amex account and lo and behold I see "Member Since 1995".

I guess I should be happy, but I wonder if they even found my old account or simply took my word for it and did the backdating. After all my efforts, this seemed to cheapen the result.

Question, will this also change the age of this account in my CR? My statement actually cycles today, so I'm eager to see if this will show up in the next few days on my CR.


In June I applied for and got an Amex Blue Cash Everyday card. The card arrived with "Member Since 95". I finally saw this post to my credit after 2 billing cycles and sure enough, this is reported as if the account were 20 years old thus increasing my overall AAOA. I love it!
American Express PRG [NPSL]
Chase Sapphire Preferred [$25K]
American Express BCE [$20K]
Discover it [$18.5K]
Barclaycard Arrival World MC [$6K]
Citi Diamond Preferred MC [$4K]
Citi Home Depot Consumer Credit Card [$3K]
Citi Best Buy Visa [$2K]

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3756
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Finally Backdating Success

Postby CarefulBuilder14 » Wed Aug 19, 2015 6:34 pm

ScoreOnTheRise wrote:In June I applied for and got an Amex Blue Cash Everyday card. The card arrived with "Member Since 95". I finally saw this post to my credit after 2 billing cycles and sure enough, this is reported as if the account were 20 years old thus increasing my overall AAOA. I love it!

You're sure it's the BCE (opened June 2015) you're looking at on your credit report, and not the PRG?

It is generally believed that Amex stopped backdating on accounts opened after mid-March 2015. If backdating had resumed, news of it would probably be a 200-post thread on MyFico by now. I don't see one.

Amex takes 1.5 to 2 months to report new accounts, so it's possible that you're one of the first people to see this apparently revived practice. Maybe few MyFico people have been getting Amex cards lately.

*I wouldn't put too much importance on backdating, either way. Keep in mind BCE will only show payment history from 6/15 onwards. It'll boost your FICOs, but most applications for anything beyond a low-CL store card will treat it as opened in 2015. Having payment history on a card opened in 2008 will probably mean more than a 1995 backdate.*
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3756
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Finally Backdating Success

Postby CarefulBuilder14 » Fri Aug 21, 2015 5:43 pm

CarefulBuilder14 wrote:
ScoreOnTheRise wrote:In June I applied for and got an Amex Blue Cash Everyday card. The card arrived with "Member Since 95". I finally saw this post to my credit after 2 billing cycles and sure enough, this is reported as if the account were 20 years old thus increasing my overall AAOA. I love it!

You're sure it's the BCE (opened June 2015) you're looking at on your credit report, and not the PRG?

It is generally believed that Amex stopped backdating on accounts opened after mid-March 2015. If backdating had resumed, news of it would probably be a 200-post thread on MyFico by now. I don't see one.

Amex takes 1.5 to 2 months to report new accounts, so it's possible that you're one of the first people to see this apparently revived practice. Maybe few MyFico people have been getting Amex cards lately.

*I wouldn't put too much importance on backdating, either way. Keep in mind BCE will only show payment history from 6/15 onwards. It'll boost your FICOs, but most applications for anything beyond a low-CL store card will treat it as opened in 2015. Having payment history on a card opened in 2008 will probably mean more than a 1995 backdate.*

I see you've been active on other threads. Any update on this one?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests