Dreaming of an AMEX

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stefanm84
 
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Dreaming of an AMEX

Postby stefanm84 » Wed Feb 17, 2016 8:24 am

Hello all,

so I've been working hard to recover my credit from a student loan I let fester for almost 9 years. I finally consolidated, started making payments opened a Military starcard (650), capone secured (200), Navyfed secured (1000), and a Capone quicksilver one (500) which will increase in June. I've managed to bring my scores from a sad 450~ Average to a now solid 605 Equifax, 569 Transunion, and 610 Experian. the student loans were transferred to Navient, and the older accounts are showing up closed on all of my records, with the miss payment history dated back a few years ago. on top of that I also have a tax lien dated from 2010 that has been paid for, and wont fall off till 2020.
on my credit reports its showing I have 9+ years credit history, and nothing in collections other then the derogatory remark of the tax lien.
also, I have only 2 inquires on my Experian and only the closed accounts, and the new consolidated account are showing in good standing.
my question is I predict if I keep my utilization down, my scores should be over 650+ in the next few months. will I have any issues applying for one of the charge cards, and ED cards through AMEX? Thank you in advance for all of your honest answers.


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Vattené
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Re: Dreaming of an AMEX

Postby Vattené » Wed Feb 17, 2016 11:34 am

I'm no expert, but I would go for it once your FICOs are over 650. It doesn't just come down to a number (there will be people over 700 that got denied and people under 650 that got approved), but the worst parts of your credit history will be a few years in the past and the most recent years will all be solid. Nothing's guaranteed, but I'd estimate your approval chances will be good by then, and if you know you definitely want an Amex then it will be worth a shot. Also, when you do apply I'd go for the charge card you want first because the underwriting criteria are less strict than the ED.
-Vattené
FICO-8:
EX - 805 (2/17) | TU - 787 (2/17)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

takeshi
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Re: Dreaming of an AMEX

Postby takeshi » Wed Feb 17, 2016 2:27 pm

No idea. It's never just about score. Derogs tend to have a significant impact and hold one's scores down so I'd recommend looking into whatever you can do to get them removed versus just waiting for them to fall off.

stefanm84 wrote:will I have any issues applying for one of the charge cards, and ED cards through AMEX?

Make sure you've carefully researched Membership Rewards and can make use of redemption methods that maximize reward value. Also make sure you have sufficient spend to take advantage of MR before deciding on MR cards.

stefanm84 wrote:my question is I predict if I keep my utilization down, my scores should be over 650+ in the next few months.

Why do you think your scores will increase from keeping your utilization down? If you significantly decreased revolving utilization that could lead to a scoring increase.

ingramjuan
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Re: Dreaming of an AMEX

Postby ingramjuan » Tue Feb 23, 2016 8:17 pm

stefanm84 wrote:on my credit reports its showing I have 9+ years credit history, and nothing in collections other then the derogatory remark of the tax lien. also, I have only 2 inquires on my Experian and only the closed accounts, and the new consolidated account are showing in good standing.
my question is I predict if I keep my utilization down, my scores should be over 650+ in the next few months. will I have any issues applying for one of the charge cards, and ED cards through AMEX? Thank you in advance for all of your honest answers.


You never know with any CC agency on what's a good score to apply. I would have to assume from experience your whole credit file is also looked other than a score, as Vattene mention in one of the threads listed above you never know. If I was in your situation I would see if I can get the tax lien removed as well as wait for one of the inquires fall off.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

Elijahmex
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Re: Dreaming of an AMEX

Postby Elijahmex » Tue Mar 01, 2016 4:57 pm

From experience derogs really hurt & Amex does not like to see any on your report when you apply. That could possibly lower your chances of getting approved. Derogs also have a significant impact on score growth even if your attitude is right. My scores didnt really improve while I had a derog and as soon as I got it removed my score jumped 38 points granted I had a very thin file back then with just one credit card.

Call the credit bureaux one by one & try to get that derog removed like I did. You have absolutely nothing to lose trying to get rid of them.

Wish you luck, hope it works out for you.
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Dcyphrz
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Re: Dreaming of an AMEX

Postby Dcyphrz » Thu Mar 03, 2016 5:25 pm

Vattené wrote:... the underwriting criteria are less strict than the ED.

I never knew that. Good info. :)
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EX 756 - TU 776 - EQ 749

ndwilli6
 
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Re: Dreaming of an AMEX

Postby ndwilli6 » Sun Mar 27, 2016 3:07 pm

Hey,

I just applied and got approved for the AMEX (Enjoy Your New Blue Cash Everyday® from American Express Membership!) CARD. $10,000.00 LIMIT. Credit score 719. It looks like they pull from experian. I paid down a lot of other credit cards about $7,000.00 last month and my score raised from 659 to 719. In fact, I checked it yesterday and it was a 708, and today 719. Continue working on getting the credit score and you shouldn't have a problem. Another thing I believe AMEX love to see are assets (checkings, savings, CDs, stocks, and bonds). I have all so I believe that helped too! Hope that helps!

SumTingWongFoo
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Re: Dreaming of an AMEX

Postby SumTingWongFoo » Mon Mar 28, 2016 9:25 pm

I was in the same boat, was thinking for quite sometime about getting a AMEX card. After a few months I applied for the Amex BCE and was denied. That ended that dream pretty quickly... at least for now. :cool:

Elijahmex
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Re: Dreaming of an AMEX

Postby Elijahmex » Tue Mar 29, 2016 7:33 am

SumTingWongFoo wrote:I was in the same boat, was thinking for quite sometime about getting a AMEX card. After a few months I applied for the Amex BCE and was denied. That ended that dream pretty quickly... at least for now. :cool:


Loolol. Don't give up on the dream. I too was denied back in September when I applied. I waited 5 months for my scores to go up and got approved for a charge card a few weeks ago. Just work on improving your chances.
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SumTingWongFoo
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Re: Dreaming of an AMEX

Postby SumTingWongFoo » Tue Mar 29, 2016 9:04 am

Elijahmex wrote:
SumTingWongFoo wrote:I was in the same boat, was thinking for quite sometime about getting a AMEX card. After a few months I applied for the Amex BCE and was denied. That ended that dream pretty quickly... at least for now. :cool:


Loolol. Don't give up on the dream. I too was denied back in September when I applied. I waited 5 months for my scores to go up and got approved for a charge card a few weeks ago. Just work on improving your chances.



If I applied for a charge card instead, will they let you convert to a BCE or credit after some time with good history?



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