681 and possibly only one existing credit account. I don't think that boat is going to sail.
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: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.
... the fact that IF it had randomly recommended Gold charge card, it could have been "right" (by accident)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).
LOL. I'm not even that certain OP *only* has one card based on what was posted.
Hi @moltender
Do you any other credit accounts beside that C1? Cell phone bill perhaps? Any derogatory information on your bureau record?
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.
Oh lookeee here. Looks like OP does only have one account on his credit bureau because Bell home service does not report. :P
Hi Moltender,
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)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.
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.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).
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.
