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BorrowWell Amex ratings

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[OP]
Jr. Member
Feb 22, 2009
151 posts
24 upvotes
Toronto

BorrowWell Amex ratings

So i did the borrow well thing, says my rating is 681, when i got o the creditcard section
it says i have a HIGH likelihood of getting an AMEX, but it says that for ALL of them

does anyone have any experience with borrow well??
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Aug 4, 2003
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I would not put any stake in that information. Borrowell is trying to earn referral from AMEX to cover the cost of providing the service. Unless Borrowell signs an agreement guaranteeing the approval, I would take that recommendation with a grain of salt.
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[OP]
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Feb 22, 2009
151 posts
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Toronto
i assumed the same, do you have any idea what card i should be applying for with a 680 score? i have the basic cap1 card right now with no benefits
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More information is needed. How old is that C1 card? Any derogatory information on your bureau records? Anything else reporting or reported beside that C1? Such as a post-paid cell plan etc under your name?
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Did they recommend an Amex credit or charge card?

Someone just posted recently that Gold (charge card) is a good first target since you have to pay it off in full each month they are more liberal.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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ace604 wrote: Did they recommend an Amex credit or charge card?

Someone just posted recently that Gold (charge card) is a good first target since you have to pay it off in full each month they are more liberal.
681 and possibly only one existing credit account. I don't think that boat is going to sail.

ace, borrowell lists all AMEX personal cards and is not selective. For me, all have "HIGH" likelihood of approval. I can tell you, my likelihood is assured. Its a sham and no real analytics behind it.

Its probably a simple if statement. LOL.
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Oct 2, 2015
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The lowest score I've personally seen approved for an Amex charge card is 675. Unless you have derogatory info on your report, you'll be fine.

Amex is very liberal with charge cards because they can adjust your internal credit limit without notifying you or obtaining your consent. That is one of the key differences between a charge card and a credit card (the latter has a visible limit that customers are more sensitive to seeing change).
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McMaggot wrote: 681 and possibly only one existing credit account. I don't think that boat is going to sail.

ace, borrowell lists all AMEX personal cards and is not selective. For me, all have "HIGH" likelihood of approval. I can tell you, my likelihood is assured. Its a sham and no real analytics behind it.

Its probably a simple if statement. LOL.
Ya I wasn't really commenting on whether their recommendation engine was anything more than a broken clock being right twice a day ... more this:
Nimbusplane wrote: The lowest score I've personally seen approved for an Amex charge card is 675. Unless you have derogatory info on your report, you'll be fine.

Amex is very liberal with charge cards because they can adjust your internal credit limit without notifying you or obtaining your consent. That is one of the key differences between a charge card and a credit card (the latter has a visible limit that customers are more sensitive to seeing change).
... the fact that IF it had randomly recommended Gold charge card, it could have been "right" (by accident) :)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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I am 99.9999999999999% certain the OP will not get approved because it is not just about the score but how many credit accounts reporting is also significant and our friend here only seems to have one. Anyway, you two have the last word. :)
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McMaggot wrote: I am 99.9999999999999% certain the OP will not get approved because it is not just about the score but how many credit accounts reporting is also significant and our friend here only seems to have one. Anyway, you two have the last word. :)
LOL. I'm not even that certain OP *only* has one card based on what was posted.

I defer final word to Amex. I was never really making any credit assessment on OP, just speaking in general terms anyways. So I'm not disagreeing with you. Nor agreeing.

Actually all I originally wrote was a question and rehash of someone else's post that claimed Amex Gold is possibly more liberally approved since it's a charge card.

OP. You should apply via GCR for $50 and let us know what happens.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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Jun 19, 2016
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moltender wrote: So i did the borrow well thing, says my rating is 681, when i got o the creditcard section
it says i have a HIGH likelihood of getting an AMEX, but it says that for ALL of them

does anyone have any experience with borrow well??
Hi @moltender

Thanks for checking out our newly launched Recommendations section. And thanks to everyone else for the feedback - helps us get smarter about this service.

Our idea is to generate personalized recommendations based on the form you fill out when you get your free credit score. We only want to recommend products that we believe will benefit you and that you may qualify for.

Our ‘Likelihood of Approval’ ratings are indications based on a number of factors from each person’s profile. We are constantly improving our recommendations engine as we learn more. We would love to hear more to improve the experience further. Cheers!
[OP]
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Feb 22, 2009
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Toronto
thanks for all the feedback. and wow Borrowwell actually saw this also, LOL,
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moltender wrote: i assumed the same, do you have any idea what card i should be applying for with a 680 score? i have the basic cap1 card right now with no benefits
Do you any other credit accounts beside that C1? Cell phone bill perhaps? Any derogatory information on your bureau record?
Loose lips sink ships. | Her Majesty's Naval Service
[OP]
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Feb 22, 2009
151 posts
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Toronto
humm, i got the c1, bell services at home, ( assuming my bussiness services dont count), i have had a few late payments but do pay way more then my min payments on the c1

was going to pull a full equifax soon and check on the rest
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moltender wrote: humm, i got the c1, bell services at home, ( assuming my bussiness services dont count), i have had a few late payments but do pay way more then my min payments on the c1

was going to pull a full equifax soon and check on the rest
If you are carrying a balance Gold Amex is not for you. It's a charge card, not a credit card. You have to pay it back in full each month.

Well, technically you don't have to ... but if you don't they go crazy on you with like 30% interest. I don't know if they'll let you keep using it after that or what they do.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
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ace604 wrote: LOL. I'm not even that certain OP *only* has one card based on what was posted.
moltender wrote: humm, i got the c1, bell services at home, ( assuming my bussiness services dont count), i have had a few late payments but do pay way more then my min payments on the c1

was going to pull a full equifax soon and check on the rest
Oh lookeee here. Looks like OP does only have one account on his credit bureau because Bell home service does not report. :P

I think you missed it in one of his earlier posts when he said he had a basic non-reward C1 account and now we learn our friend has missed payments and carries a balance on the only card available.

Ya, that Borrowell algorithm is very sophisticated. It takes Tianhe-2 10 hours to compute your likelihood of approval.

OP, if you are looking for a second credit card, your best hope is Candian Tire or Walmart.
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Oct 24, 2016
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moltender wrote: i assumed the same, do you have any idea what card i should be applying for with a 680 score? i have the basic cap1 card right now with no benefits
Hi Moltender,

I have a score of 695 (before, I had a score of 685) and I was pre-approved for an Amex Red card with a $4400 Limit. Unforenetly, I was not pre-approved for $5000, which I could have gotten the Gold card.

I just want into SoctiaBank, and set-up a saving account since I wanted to have 2 banks. After grabbing my employment income, she told me that I was pre-approved for a credit card. The good news is that it was a soft check and not a Hard check. However, if you decide to just apply, you should be fine. If you decide to go into the branch, bring your pay stub documents just in case.
Member
Sep 9, 2016
204 posts
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Toronto
Robbinhoodz wrote: Hi Moltender,

I have a score of 695 (before, I had a score of 685) and I was pre-approved for an Amex Red card with a $4400 Limit. Unforenetly, I was not pre-approved for $5000, which I could have gotten the Gold card.

I just want into SoctiaBank, and set-up a saving account since I wanted to have 2 banks. After grabbing my employment income, she told me that I was pre-approved for a credit card. The good news is that it was a soft check and not a Hard check. However, if you decide to just apply, you should be fine. If you decide to go into the branch, bring your pay stub documents just in case.
In a few months assuming your account is in good standing they will give you a higher limit at which point you can upgrade.(mine happened after 8 months (5k to 7.5k)
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Nimbusplane wrote: The lowest score I've personally seen approved for an Amex charge card is 675. Unless you have derogatory info on your report, you'll be fine.

Amex is very liberal with charge cards because they can adjust your internal credit limit without notifying you or obtaining your consent. That is one of the key differences between a charge card and a credit card (the latter has a visible limit that customers are more sensitive to seeing change).
I agree with that. 680 is, while not "excellent" or "very good," still a decent credit score. Assuming no collections, past bankruptcy(cies) or missed/late payments and/or high credit utilization relative to your credit availability, I think Borrowell is right in saying the likelihood of approval is "high". It's not a guarantee but, assuming you're working with regular income to support the credit limit and/or minimum payments, American Express will take a look at the whole picture. Their credit policies may call for income verification based on certain credit score thresholds, I'm not sure, so don't try and "fudge things" on that side to try and "force" an approval as that would be a "knock" against you in any future application(s), potentially. :)

To put it into perspective, HSBC Bank Canada's minimum credit score requirement for a "class code 3 (or higher)" debit card (i.e., slightly higher withdrawal/point-of-sale limits and no or less holds on deposits at the ATM or in-branch) was their own internal "220" and a "680" 'beacon' score. 200/600 essentially meant "no credit report" or no credit history. So, I would characterize anything above 600 as "fair" and anything above 680 as "good," 720 or higher as "very good", 780 or higher as "very great" and above 800 as "credit rockstar". :)

Cheers,
Doug
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ace604 wrote: Did they recommend an Amex credit or charge card?

Someone just posted recently that Gold (charge card) is a good first target since you have to pay it off in full each month they are more liberal.
That's an important distinction. American Express actually differentiates "charge cards" from "credit cards," something I didn't know until a couple years ago and I've worked in the banking industry and always assumed "charge card" was an old-fashioned term for "credit card". Charge cards are, essentially, cards that require full payment whereas credit cards, full payment is optional. Charge cards typically carry higher rates and fees if you miss a payment or don't pay it in full so it's critical you only spend what you can afford to repay that month. AMEX, as it is colloquially known, makes its money on the interchange and merchant processing fees, something most credit cards do today which, in actuality, many people actually use their "credit cards" as the de facto "charge cards". Still, as far as Equifax and TransUnion are concerned, paying your balance in full on a "charge card" is hugely beneficial as they report like a credit card on your credit bureau, so that's an option especially if you either have never had a credit card, don't have someone to co-sign on one for you or have a secured credit card with a really low limit and finding it tough to "breakthrough" that credit score threshold to graduate to an unsecured one despite making payments every month. ;)

Cheers,
Doug

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