AMEX Approval w/o a score!! Get this: less than 2 weeks ago, my eldest son got an AMEX Gold preapproval in the mail. Now, mind you, he only started building his credit in june 2001 (that's right...this year), so he doesn't even have a credit score yet (FICO says it takes 6 months before it can be calculated). A couple of piddling CC's had turned him down for just that reason, so I told him not to get his hopes up. But I gave him the phone number you folks provided me to call to check on status. And today, it said "congratulations. Your application for the AMEX Gold has been approved. You should receive you card(s) within the next 7 to 10 days. Unbelievable! And he had 8 hard inquiries on his Equifax, too, which AMEX pulled along with Experian. Here's how his credit aco****s look (remember, no scores yet): 1) Sears $1500 limit (paid in full each month. he likes workout equipment and fishing junk) 2) Chase MC (secured) $300 limit - $0 balance 3) Capital One (secured) $500 limit (but only reporting his high balance and I'm not sure what that is). 4) Target Guest Card $300 limit, $0 bal. (Joint on my card) 5) AMEX Optima Platinum (authorized user on my boyfriend's card) no pre-set limit $1509 bal. 6) Spiegel $400 limit. $0 bal (pays in full every month) 7) Kohl's $300 limit, $86 bal. (He works there.)
Re: AMEX Approval w/o a score!! Congrats! 1. There's no such thing as a person with 7 accounts, 8 inquiries and no score. The score was generated at the time he applied, as was Amex's proprietary score. 2. There's no such thing as an Optima Platinum w/ no preset limit. Saar
Re: AMEX Approval w/o a score!! Call Am/Ex at the new accounts number. He can find out his score from them.
Re: AMEX Approval w/o a score!! I'll tell him. But I'm not so sure this is an impossibility. Back in April and May when he tried to apply for credit, all applications were denied due to "unable to verify a credit profile". t the time, that included AMEX Blue. When he requested a copy of his credit reports, the answer came back from all 3 of the bureaus "no credit profile on file". I saw it with my own eyes. And to this day when he request a Beacon/FICO score from Equifax, it basically says "unable to comply as no score exists for this file yet." Same with Trans Union and Experian. I talked to the good folks at Fair Issac and they said basically the same thing and that it would be calculated and show up on the sixth anniversary of the dated of his credit file. Some of the CC's that took a chance on him even said they were unable to get a score but would reconsider if he provided proof of income, SSN, current address and photo ID. Sears, was one of these as I recall. Once he mailed off the info he got a card. But I'll tell him to call and see what AMEX says.
Re: AMEX Approval w/o a score!! Hope, I have been thinking about this for a minute and here is my thought. He has no credit, so he's not a "bad" credit risk. He's proven himself with the small accounts he's acquired. He probably has a higher score than someone who has had perfect credit for the last 40 years. He's never been over the limit, never been late, etc. He's done well, so far. That's it. Hope it makes sense. Just got up from a nap, still woozy.
Re: AMEX Approval w/o a score!! Erica, that's what I'm thinking, too. As you said, he's never been late, never been over the limit, keeps his ratios fairly low, but "exercises" his credit. That made him a "delicious prospect" to Spiegel, Sears and the others (Spiegel was his first card, even before he got his Chase MC or Cap1 VISA). Oh well, he put me down as an AU, so my score's about to take another hit. Hope it's not too bad, I'm thinking of buying a new car.
Re: AMEX Approval w/o a score!! Unfortunately, lender logic doesn't work that way. I've also started fresh on 2000, and 6 months after that, I still couldn't qualify for a damn Target. Some issuers will simply auto-decline an applicant w/ a short credit history, regardless of score. Saar
Re: AMEX Approval w/o a score!! Dang! Sorry about your troubles, Saar. And, oh yeah, I always confuse our AMEX Optima card. You were right. The limit is $3X,XXX. But we only use it rarely and only for big-ticket items and pay it off in full when we do. Anyway, "Sonny" is an AU on that one. You think that helped?
Re: AMEX Approval w/o a score!! It obviously didn't hurt Charging big-ticket items on an Optima Platinum when you pay in full is a crime against nature! You should have that card converted to the Amex Starwood Platinum, and you'll get precious Starwood points for every $ you spend! These can be redeemed in any Starwood (Sheraton, Westin, etc.) hotel chain and in almost any airline. Saar
