- Posts: 0
- Joined: Tue Nov 08, 2011 12:15 am
- Location: United States
I just wanted to share my story because it shocks, pleases, and amuses me.
Yes, I've recently applied for an American Express Gold Card (regular, not Premier Rewards) and have been approved, even though I've had a rocky credit history.
So, I went to the military straight out of high school. I spent four years and got a car loan and a few credit accounts. Getting out of the military, I met my wife and got her a car as well.
We were making payments, making okay money...
Everything was going fine until we decided to trade in my oldest car (a Ford Mustang) for a safer car for my wife to drive. The people we traded my Mustang in to were very sheisty and going out of business. They took my car, sold us another one, and didn't pay for my trade-in. I was, in effect, paying on three car notes. THREE!
Needless to say I fell behind and had our two cars repossessed. The Mustang was no longer in my possession, so they couldn't put that in my credit file as a repossession. And by some stretch of luck, the sheisty car dealership that sold us the third car must have screwed up their paperwork. So I only have one car repo on my credit since 2008. Not that having any repossessions on my credit report is something to cheer about, but I'm still thankful because having two or three repos on it would've been much, MUCH worse!
Since then, my wife and I have been taking the bus to work for a couple years now. Just last year, my wife was able to get a car for us to get around. Like my name says, I've been using my credit cards and slowly Rebuildin my credit profile.
Lately, I've been starting to get credit card offers in the mail again. As a safety mechanism, I automatically throw such correspondence in the shredder because I didn't want to overload myself with more credit cards.
Just last week, my wife was beaming at me, showing me something very peculiar...
An American Express Gold Card offer mailer.
My first reaction was to take the thing and shred it, but my wife had told me how growing up she and her sister saw the Gold Card only in the hands of businessmen and celebrities. She was really excited for some reason.
I studied more into the Gold Card. I look at the points and rewards systems, the payment and return protections, the extended warranty protections. One thing I really liked seeing was the financial tracking and paying bills while still earning points for things I would like in the future. Then I started to get excited, too!
But I was like, "This is the first offer I've ever been given from American Express. And it's a Gold Card! But why me? My credit is still horrible!"
With the repossession and my previous credit missteps, my Experian score was 574 at the beginning of this year. However, lately my wife and I have been diligent with automatic bill payments and paying off balances 80-100% of the way each month and my score rose up to 622 recently. A big improvement, I admit, but it's not even 700. It was A NOTHING CREDIT SCORE.
Still, a couple of days ago, I applied for my Gold Card on a whim online...
and I WAS APPROVED!?
This really is puzzling.
Me, being approved for a Gold Card, with a 622 credit score and a repossession on my credit file!?
Everyone and everything tells me that I need "Excellent Credit" to get this card.
Correct me if I'm wrong, but 622 is FAR FAR FROM EXCELLENT, am I right?
In any case, I am still happy. I can wait to find this card in my mailbox and use it.
Wisely, of course.
I guess honest financial efforts don't go unnoticed, even though the credit may still be crappy. I guess going in the UP direction is what counts.
Please, lend me your thoughts.
And thank you for bearing with me. =)