Is a FICO 698 Credit Score Good Enough For AmEx Card?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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sdfd504
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Is a FICO 698 Credit Score Good Enough For AmEx Card?

Postby sdfd504 » Sun Nov 17, 2013 7:43 pm

Ok so I am 24 years old, just got a new job with an income of 45k, previous job was about half of that and I need help with building my credit score up. I have two credit accounts at this time with one being Discover IT (opened 07/13) 2k limit, and my first card Citi Student Forward card (10/12) $1500 limit. Credit check shows everything being ok with my accounts always paid off early but it says my credit history isn't long enough and I have high ratio of your revolving balances to your credit limits with it being 28%. I have no monthly bills at the time to help with the score due to living with a roommate and no bills in my name.

Would opening a Delta Gold Amex card hurt my score any since I opened my last card in July and would I be able to obtain the card with my score? I am starting to travel more now and would like to have the sky miles.


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otter
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Postby otter » Sun Nov 17, 2013 9:03 pm

The Delta Gold Amex is supposed to be the easiest revolving card to get from Amex, but I was denied in August for the card with a 713 EX FICO and the letter listed about five reasons. On a lark, I applied for the Green Card a couple months later and was approved. Less than a week later, I applied for a Blue Cash Everyday card(which is supposed to be harder than the Delta Gold to get) and was also approved. So you might be better off applying for a charge card(which seems to be easier to get) such as the Green or the Preferred Rewards Gold and once approved, apply for the Delta Gold. Amex seems to relax their criteria for members of the "Amex family."


sdfd504 wrote: I have no monthly bills at the time to help with the score due to living with a roommate and no bills in my name.


Having "bills in your name" does not affect your credit report/score in any way, unless those bills become seriously delinquent and go into collections.

sdfd504 wrote: Would opening a Delta Gold Amex card hurt my score any since I opened my last card in July and would I be able to obtain the card with my score? I am starting to travel more now and would like to have the sky miles.


Opening any card is likely to ding your score for a month or two at least, but in the long term can potentially help your score. That's especially true with Amex and especially at your age. Let's say you get approved for an Amex card today and remain an Amex card holder. Twenty years from now... Amex comes out with the "Amex Latinum Card." It comes with a 10% reward on fuel for your flying car. A few other cards have the same bonus but only Amex backdates, so the decision is easy. If you get the other cards, your score will go down since they report as new credit. If you get the Latinum card, your score is likely to go up since it will report as a twenty year old line of credit increasing your AAoA.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclay Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

sdfd504
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Postby sdfd504 » Sun Nov 17, 2013 9:29 pm

I am not looking to really open up anything beside the Delta Gold card for now as I don't need the card but it would just be nice to start earning miles. I guess I could wait a few more months and see where my score is then. It has jumped 40 points in 4 months already.


MemberSince99
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Postby MemberSince99 » Sun Nov 17, 2013 9:31 pm

You may be able to get it based on what I'm seeing. I think with Amex, honestly, the sooner you get that initial card the better for backdating purposes if you get others down the road.

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jumbo
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Postby jumbo » Mon Nov 18, 2013 10:06 am

Like MemberSince99 said, you may have a chance or getting Delta Gold. The first thing I'd do is getting the utilization low and not carrying a balance. I was recently approved for Delta Gold and its the highest CL I have of all my cards. I had AAoA of 2.5 years, first card in 2010, and FICO somewhere around 720 range. You have a decent income and thats always a plus.

And if you really like to gather Delta Skymiles, you can signup for Delta Skymiles on Delta's website and you can later use the same skymiles number when you get your AMEX Delta.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

sdfd504
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Postby sdfd504 » Mon Nov 18, 2013 11:57 pm

Well I ended up applying for the card tonight and got instant approval. Was happy to see in the forms that my FICO was actually 714 and got a 5k credit limit. Pretty happy as it is my highest to date.

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jumbo
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Postby jumbo » Tue Nov 19, 2013 10:37 am

Congratulations...!
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card


GoCreditGo!
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Postby GoCreditGo! » Tue Nov 19, 2013 10:40 am

Congrats! Did you discover why there was a discrepancy in your credit score?

sdfd504 wrote:Well I ended up applying for the card tonight and got instant approval. Was happy to see in the forms that my FICO was actually 714 and got a 5k credit limit. Pretty happy as it is my highest to date.

MemberSince99
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Postby MemberSince99 » Tue Nov 19, 2013 12:39 pm

Congrats! You got a nice starting limit and it may well grow with you. Be sure to read up on the 3X CLI at 61 days it's not guaranteed but you can go for a 3X CLI at 61 days after the card was approved and it will use the last time they softed you to determine approval, so that means BEHAVE no more inquiries and keep your utilization LOW from here until you get that CLI for best odds.

Don't mean to sound preachy just trying to help you have the best chance for it.

GoCreditGo!
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Postby GoCreditGo! » Tue Nov 19, 2013 1:26 pm

Does having a high CLI on one card affect the CLI on another card?

MemberSince99 wrote:Congrats! You got a nice starting limit and it may well grow with you. Be sure to read up on the 3X CLI at 61 days it's not guaranteed but you can go for a 3X CLI at 61 days after the card was approved and it will use the last time they softed you to determine approval, so that means BEHAVE no more inquiries and keep your utilization LOW from here until you get that CLI for best odds.

Don't mean to sound preachy just trying to help you have the best chance for it.



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