Will I qualify for an Amex? (detailed scenario)

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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ClubMead
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Will I qualify for an Amex? (detailed scenario)

Postby ClubMead » Fri Mar 23, 2012 12:15 am

I have been rebuilding my credit for the past two years and am looking to this board’s veterans for some advice. I would like to get an AMEX (gold preferably, but will settle for green and upgrade in 13 months if needed).

My relevant credit information is as follows:

FAKO scores: Range from 650 – 695 (Ex is highest; TU and Eq are within a point or two of each other)
Income: $155,000.00 (4..5 years at current position)
Age: 37

Installment Debt:
$65,000.00 – Student Loans
$15,500 – Car Loan

Revolving Debt:
Oldest Acct: 1994
Newest Acct: 2011

Existing Credit Cards, Balances and Credit Limits:
Discover………$550.00…..CL $3,200.00
Capital One…...$0.00……..CL $1,750.00
Orchard Bank…$0.00……..CL $400.00
Sears……....….$0.00……..CL $800.00
Bank of Amer…$0.00……..CL $1,000.00 (secured)

Utilization Rate: 7.7%

Problem Areas: Late payment on installment loan in April 2011, otherwise no late payments for almost 4 years; Charge off with date of first delinquency January 2006. 3-4 inquiries in the past 2 years (the car loan and a couple of cards in 2011)

What do you guys think? Any chance of success or am I a couple of years away?
My Wallet:

AMEX Platinum - NPSL (obtained in 2012; Backdated to 1989)
AMEX Gold Business - NPSL (obtained 2006; Backdated to 1989)
Chase Sapphire Preferred - $30,000.00 (Obtained 2012)
Discover - $3,900.00 (Obtained 1994)
Bank of America - $5,000.00 (Obtained 2011)
Capital One - $7,500.00 (Obtained 2011)


Crashem
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Postby Crashem » Fri Mar 23, 2012 10:54 am

You are close to qualifying for their charge cards but my guess is that you won't. You might get their counteroffer of getting a secured Zync card which I have heard some people getting. I don't think you need to wait a couple of years to apply. Why bother as a rejection will just generate a inquiry which will disappear in 2 years anyway. As FYI, AMEX mostly pulls Experian.

Some advice before you apply:

1) You probably have a few points more to get from getting your Discover balance below 10% of its limit so $350 but make sure one card reports something. Also, make sure you know when the credit cards report to bureaus if you are spending on them.

2) You need to talk to your installment loan and see if you can get them to remove the late payment. Many will do so and it will bring your score up a bit. Or maybe dispute it as well. Often they don't keep payment records that far back. Otherwise once that late payment hits 5+ years, you should see a little bump.

3) How long till the hard inquires fall off?

4) You aren't really getting real FICO scores. I find FAKO scores to be highly inaccurate in any case. If you think the info is the same on all the bureaus, then go to myfico and buy one real FICO score (I would say TU). You might be surprised. Also I find this tool useful. You can use it to try different scenarios:

FICO® Score Estimator

Once you get your FICO score and assuming it isn't high enough, go to creditkarma.com and have it monitor you. It will also give you a FAKO score, but don't worry what the score is (since you already have the TU real FICO score from myfico.) but pay attention to how it moves. You can update it daily.

In any case, if you can get FICO to above 680, you should have a really good shot. AMEX has its own scoring model based on information it pulls from Experian mostly. Don't bother waiting 2 years to apply. Just get your scores as high as possible in short term and apply (do it over the phone). If they reject you, call up the reconsideration number. Even in your current situation, you should be close.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

ClubMead
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Location: Florida, USA

Thanks Crashem ... one more question if I could ...

Postby ClubMead » Sat Mar 24, 2012 1:23 am

I appreciate the advice, so I hope you can answer one more question for me:

What is the difference with AMEX in applying for gold vs. applying for platinum? That is, if I am willing to pay the extra annual fee, is the criteria the same? Or do I need an even higher FICO score? Or do I need to prove myself to be a good customer with the gold first?

I know, it seems I want to run before I can walk, but I am excited by the improvements I have made (after I was so monumentally stupid before) and really want the benefits associated with the platinum card ... and the ego stroke isn't bad either!

Thanks again for the advice and insight.
My Wallet:

AMEX Platinum - NPSL (obtained in 2012; Backdated to 1989)
AMEX Gold Business - NPSL (obtained 2006; Backdated to 1989)
Chase Sapphire Preferred - $30,000.00 (Obtained 2012)
Discover - $3,900.00 (Obtained 1994)
Bank of America - $5,000.00 (Obtained 2011)
Capital One - $7,500.00 (Obtained 2011)

JCarter
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Location: Virginia

Postby JCarter » Sat Mar 24, 2012 11:23 pm

Gold has different criteria versus Platinum, as the "no preset spending limit" is higher within their systems. They consider you (no matter how right or wrong) a better credit risk at Platinum.

Money card
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Postby Money card » Sun Mar 25, 2012 1:10 am

But if he travels on business and the company pays the bills. it's easier to get a platinum because his/her co-workers probably have the platinum card. Where the gold card you see people all over use this card. It might be a harder card to get. as compared to the platinum, you usually see people use the card at restaurants, hotels, car rentals.

But if this person doesn't travel you might be right, it might be harder for the platinum card.

ClubMead
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Update ... got some real scores from MyFICO

Postby ClubMead » Mon Mar 26, 2012 12:18 pm

Hello again

I bought my scores from MyFICO.com and thought I would provide more information and resubmit my question to the community

Equifax - 666
TransUnion - 659

Do I have a shot or should I wait?

Thanks
My Wallet:

AMEX Platinum - NPSL (obtained in 2012; Backdated to 1989)
AMEX Gold Business - NPSL (obtained 2006; Backdated to 1989)
Chase Sapphire Preferred - $30,000.00 (Obtained 2012)
Discover - $3,900.00 (Obtained 1994)
Bank of America - $5,000.00 (Obtained 2011)
Capital One - $7,500.00 (Obtained 2011)

Crashem
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Location: San Francisco, CA

Postby Crashem » Mon Mar 26, 2012 1:32 pm

I think you are real close.

Do you scores include the things I mentioned? If not, go fix it. Get that late payment off. Talk to the lender and see if you can get a goodwill removal. And/or dispute it. Get that discover utilization below 10%. Also I didn't see your answer to the number of hard inquiries you have and when.

Also, some bad information on this board. I thought it was a established fact that approval for gold and platinum are the same. Your charge card limit is dependent on your credit/income and history with them (if any).

So get the stuff you can get up in the short term and apply by PHONE. If you get rejected, ask for reconsideration.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

ClubMead
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Location: Florida, USA

Postby ClubMead » Mon Mar 26, 2012 1:42 pm

Thank you Crashem

To answer your questions:

I made an online payment today to zero out the Discover Card balance (total utiliazation rate will be 0.00%), but it is not reflected on the score/report I ordered today.

The late insallment payment was for a student loan with Sallie Mae, and they told me they are sorry but there is nothing they can do for me.

I have 3 hard inquiries in October 2011 for car loans (does that count as one or as 3 separate if they are on the same day?) and 2 in February 2011 for credit cards (the Capital One and the Orchard Bank cards).

While I am certainly going to take your advice, I am curious as to why I you feel so strongly about applying by phone ...
My Wallet:

AMEX Platinum - NPSL (obtained in 2012; Backdated to 1989)
AMEX Gold Business - NPSL (obtained 2006; Backdated to 1989)
Chase Sapphire Preferred - $30,000.00 (Obtained 2012)
Discover - $3,900.00 (Obtained 1994)
Bank of America - $5,000.00 (Obtained 2011)
Capital One - $7,500.00 (Obtained 2011)

Crashem
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Location: San Francisco, CA

Postby Crashem » Mon Mar 26, 2012 2:11 pm

Great on the payment. You need to find out when Discover reports to the credit bureaus. You need to control your utilization reporting for when you obtain credit. You want to get to ideal utilization (small balance on one card and zero balance on all others) for when you apply.

As for any negative information, dispute it with the bureaus. AMEX uses Experian primarily. Disputes by mail have more success but make sure you have report number from Experian as they often try to dodge mail disputes by claiming their inability to confirm who you are.

As for the inquires, the auto loan ones should be counted as one. AMEX uses it own scoring model with Experian data from what I can see.

I have seen more success applying by phone. You are really close. Your only decision now is whether or not to wait for the results of your disputes before applying. But you need to control that utilization reporting for when you apply. Your income to debt ratio should be good so that is positive and important to AMEX in my experience. Even if you get rejected, let me know on thread. I help you with the reconsideration so I think you are real close.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Money card
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Postby Money card » Mon Mar 26, 2012 9:53 pm

ClubMead wrote:Hello again

I bought my scores from MyFICO.com and thought I would provide more information and resubmit my question to the community

Equifax - 666
TransUnion - 659

Do I have a shot or should I wait?

Thanks


you have 3 great executive credit cards you have a Discover , capitol1 and Bank of america. as long as your not filing for bankruptcy.
I think you have a shot.

when I applied in Oct of 2010 for the Green card , this is what I had for cards.

Exxon/Mobil charge card
Discover credit card
Capitol1 credit card

the only difference between you and me is I had 1 bank card and you have 2. you have a store card I have gas.

does the student loan and car loan amount show up on your report? or are they just listed.
we both have the oldest account the same year.

other than the loans if I had to view your report I would give you the basic gold.



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