Trying to find the minimums for Green

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im_mr_awesome
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Trying to find the minimums for Green

Postby im_mr_awesome » Tue May 21, 2013 7:12 pm

I app'd and got the 14 day answer. I called and received a reason of my Experian FICO being too low, at 625. The reasons given for that score are AAoA (my oldest is at almost 4 years, but my AAoA is only 1.5), my revolving balances are too high (I'm sitting at 75% now) and my loan balances are too high (I owe 25.6k on my car, of 26k). I also have about 20k in student loans, though I'm not sure those affect my score too much since they're payment deferred right now.

So if you're looking for a minimum, you need higher than a 625 or at least have a higher AAoA and revolving balances. I'm going to app again in about 6 months or so, after I've requested CLIs on my Discover it and Citi Diamond Preferred cards. I'll also be dropping some new accounts so my AAoA will go up. It'll be interesting to see how my relationship with AMEX develops, if a relationship ever begins.

Anyone know the rough stats of their credit profile when approved for AMEX? I'm not expecting approval under a score of ~700.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680


MemberSince99
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Postby MemberSince99 » Tue May 21, 2013 7:24 pm

More than likely if you had paid down your utilization to under 10%, your score would have been in the approval range as is. Your car loan utilization is a VERY small factor in your overall score, MUCH lower than your revolving utilization, which to be honest in applying for Amex is simply too high, even if your score was 100 pts higher you'd have a tough sell with that one.

I suggest getting your utilzation under 10% and waiting 6 months, then trying again. In your sig you have 4 cards opened last month, and one card opened the month before that, so you have a lot of new credit and you've already filled it. You have to consider how that looks to any lender. If you pay it down to under 10% and give it a good solid 6 months I'd be willing to bet you can get Green. It's not like the score required is all that high, I've heard of people around 670ish getting it. Since you've taken the hits for your cards I'd be careful about just closing them, unless your Cap One has an annual fee, then I could see ditching that one. Your other new accounts are mostly desirable lenders (Chase, Citi, Discover) who you should try to keep.

im_mr_awesome
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Postby im_mr_awesome » Wed May 22, 2013 6:32 pm

My plan is to cut out the worst cards (Cap 1 Classic Platinum, CreditOne--why I app'd for this, I have no clue) and work toward CLIs and rate reductions on my prime cards--Discover It, Citi Diamond Preferred. Half my debt is with Cap 1 for my Best Buy financing card, which I should have paid off by January. I'll probably app for a Green or maybe Gold in February or March.

I think I have a pretty solid profile for a 22 year old, but I need to let my accounts age. I have decent cards for now, so I think I can sit.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

MemberSince99
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Postby MemberSince99 » Wed May 22, 2013 7:45 pm

I agree you do have a wonderful profile for a 22 year old, or someone of any age as there are many folks twice your age who would like to have your cards.

I do see you getting it in time so don't give up just give it a bit of time, go for it NO later than December and you should get it once you pay down your current cards.

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Snowman
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Postby Snowman » Wed May 22, 2013 9:15 pm

Awesome- I think you do have a good chance to go for it, maybe right now is not the right time. Amex, from what I hear, likes under 5% utilization, and since they pull EX, the typical score for an Amex card approval is 680+. But IME, they prefer to have customers who have 700+ scores + high income. You do have some nice cards, so it'll only be a matter of time before you get it. Remember, it is all about self-control, patience, and being wise when it comes to apping. Good luck!
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

swipe_masta
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Postby swipe_masta » Thu May 23, 2013 12:26 am

im_mr_awesome wrote:Anyone know the rough stats of their credit profile when approved for AMEX? I'm not expecting approval under a score of ~700.


I got my BCE with APR of 19.9% (which doesn't really matter cause I pay in full) with 736 EX and about the same AAoA as you. I can't help but notice that you have a lot of debt. What is your income or what did you put as your income on you app may I ask? This also might impact approval.

im_mr_awesome
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Postby im_mr_awesome » Thu May 23, 2013 5:13 pm

My income is pretty modest right now at under $30k, but I just added on my parents income and said $100k since I put about half of their bills on my cards for free rewards. It was my idea, and their stuff is always PIF, so I don't mind it. A few years ago, I was pretty reckless with my Best Buy card and bought a bunch of stuff I didn't need. I'm now working to fix my stupid 19 year old blunders. My Best Buy card is 4k of my 12k of cards, and it's over limit by about 70 dollars right now. Once I pay that off, the other cards will tumble pretty quickly. In case anyone wondered, I had a cosigner with 780+ score when I got my Best Buy card, hence the highest limit I've ever seen on a retail card.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

swipe_masta
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Postby swipe_masta » Thu May 23, 2013 11:25 pm

Honestly, I would focus on paying off debt (unless it's some kind of loan like car which you should be making min payments) then figuring out where you stand. Being over your limit hurts you, so focus on that. I would "garden" the cards you have now and raise the CLs a little. Just remember that Amex Green is a charge card which means you have to pay your balance in full every month! If you don't think you can handle that, I suggest going for a regular credit card. BCE is really nice. You are smart to reap the rewards of paying bills with your cards tho!

im_mr_awesome
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Posts: 179
Joined: Fri Apr 12, 2013 4:47 pm
Location: Indianapolis, IN

Postby im_mr_awesome » Thu May 23, 2013 11:54 pm

Exactly. I'm paying almost double the minimum payment on my over limit card right now to get it under control. Once it's to a manageable state, I'm focusing on paying my balance transfer cards (Discover IT and Citi Diamond Prerferred). After the balance transfer cards are paid off, I'll keep my debt on the Best Buy card as a lot of stuff is still in 0% financing. As certain financing offers approach expiration, I'll balance transfer that debt onto one of my 0% cards and pay it off like a madman.

This weird sorta-snowball should have my debt well under 30% within 12 months.

As for my car, it's a 72 month loan at 4.something%, so I'm not too worried about it. As soon as my scores are above ~720 and all inquiries have dropped, I'm going to try refinancing my car through PenFed to lower my payments. They're $420 a month right now, and I know they could be lower.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680



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