Is it too late for a reconsideration?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
17 posts
stefunny21
Green Member
Green Member
 
Posts: 6
Joined: Sun Dec 18, 2011 10:38 pm
Location: Miami, FL

Postby stefunny21 » Sun Dec 18, 2011 10:53 pm

prady wrote:6 mos? :( Really?... i thought since my credit cleared up and score shot up i may have a chance. I wanted to apply b4 2011 end coz i heard amex will backdate it to report on my cc to jan 2011


Can you explain the backdate situation please?


ooxs
Centurion Member
Centurion Member
 
Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Mon Dec 19, 2011 6:37 am

The backdate the OPEN date of your account to the date you first became an American Express member.
EX. I applied in 2011 but had a Card in 1990, my accounts re reported as open since 1990.

Hope this help

ooxs
Centurion Member
Centurion Member
 
Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Mon Dec 19, 2011 6:39 am

Deighton wrote:I have USAA bank, they have somewhat of an AMEX card. Very different from others. Please read my post. I need help with an AMEX


What Question or concerns do you have? I am not sure i am understaning your request.

Deighton
Gold Member
Gold Member
 
Posts: 41
Joined: Sun Dec 18, 2011 12:56 am
Yahoo Messenger: dabillionaire@yahoo.com
Location: Elmont NY

Postby Deighton » Wed Dec 28, 2011 10:31 pm

Well my credit scores are around 606. Surprisingly I got approved for a lease on a vehicle. The vehicle costs $35k. That's just to show you where I am at. So I have applied for AMEX at least 3 times in the past 2yrs. I really would like to have one because it shows I am beyond credit worthy. I have 3 cards, I am at a 60% debt and 40% credit. What is the best way I can receive an AMEX? At least one that's at entry level.

ooxs
Centurion Member
Centurion Member
 
Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Wed Dec 28, 2011 11:01 pm

First of all 60% is a lot of credit and i am not surprised that you were approved for an auto loan of 35k. Frankly the bank can't believe you took the bait, with a fico score of 606 and 35K loan, you are paying for the millennium edition of korbel champagne the bank if breaking this New Year eve.
I personally don’t see your score rising above 680 which is the minimum I can recommend for American Express anytime soon. Spending 35k on an automobile and assuming you making more than 100k is alright but you will have to bring that balance substantially down for your score to jump and as for American Express, I will wait another year or two before applying.
If you don't make above 100K and spending 35K on a ride, i will worry less about American Express and more about spending habits. But back to the subject, It will work out but you need to reduce your credit use and stop applying, this will increase your score as you pay down the auto loan.

Deighton
Gold Member
Gold Member
 
Posts: 41
Joined: Sun Dec 18, 2011 12:56 am
Yahoo Messenger: dabillionaire@yahoo.com
Location: Elmont NY

Postby Deighton » Wed Dec 28, 2011 11:40 pm

Ok thanks. Also its a lease, but yes I did fall for the bait. But I owe about $3400 in debt, including my current cards. I have "third party" credit cards. I.E. First Premier Bank, Credit One Bank, and a Direct Rewards from Discover. My highest CL is $750.00. Not proud to say that.

ooxs
Centurion Member
Centurion Member
 
Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Thu Dec 29, 2011 10:30 am

My initial credit limit was 250 but with time and patience it kept increasing. What they’re looking for is not how much you spend (some folks assume this will prove to the bank that they need more) but how wise you spend, My bank BOA for example, knows how much i make and spend a month but they will deny me CLI requests, after taking control of my credit and avoiding the "pre-approved" baits, they’re begging me for business.

I know your score is 606 but they banks need you more than you need them. Avoid leasing, you can get a decent car and pay as much in cash as you can afford. If possibly pay only cash, i bought a used 2010 Escape with 14000 miles and a salvage title for 12,500.00 completely restored. Keep your cards usage under 25% and try avoiding First Premier Bank if they’re charging you maintained fees and AF.(I know they use to)

Pre-approved is not really pre-approved but an invitation to apply. You have credit and regardless of your credit limit, what you need to show is responsible used and you can do that with 750. You cannot fast trace but if you never miss a payment for the next 12 months, you score will be 650 to 675.

We are here to help and share ideas, please feel free to ask and share your experience.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests