I've previously been denied an Amex LOC (line of credit) for having a short credit history. This month, my credit history shows a couple of 1-year-old tradelines. Experian score is still less than 700. Applied, received instant approval. Initial credit limit is $5,000. APR is Prime+3.99%. Credit line can be increased after 6 months. APR is determined based on credit history, the lowest they approve for is P+2.99%, so I'm not too far away from their best rate. There are no account fees. They pull Experian but there's no hard inquiry. http://banking.americanexpress.com/products/linesofcredit.jsp Saar
Congrats Saar. I went ahead and submitted a application. I did not get approved instantly, but I can confirm that amex pulled experian and that the inquiry was a "soft" one. my ce score is 667.
I just filled in my individual income. How so is there a difference, GEORGE? Please explain in more detail.. thanks.
YOUR INCOME...(INDIVIDUAL INCOME) HOUSEHOLD INCOME...(EVERYBODY IN THE HOUSE) I got a wife and two kids... Example if an application says INDIVIDUAL INCOME...say you make $25,000... Another application says HOUSEHOLD INCOME...wife makes $30,000...kids make $10,000 each... ONE APPLICATION YOU PUT $35,000...THE OTHER APPLICATION YOU PUT $75,000... YOU HAVE TO ANSWER THE QUESTION THAT IS ASKED...IF IT SAYS HOUSEHOLD INCOME AND YOU ONLY PUT YOUR INCOME...YOU LIED...AND YOU WILL GET A MUCH LOWER CREDIT LIMIT OR GET DENIED!!!
THE CREDIT CARD COMPANY ASKED THE QUESTION...EVEN IF IT IS NOT A JOINT ACCOUNT, YOU CAN USE THEIR INCOME!!! EXCEPT IN RARE CASES...most families "POOL" the money to pay the bills...so the income is "COMMUNITY PROPERTY".... When I was a cashier...I occasionally had couples pay 1/2 of the bill on "his" checkbook...and 1/2 on "hers"...I THOUGHT IT WAS STUPID...BUT THEY MUST HAVE HAD A GOOD REASON...I guess...
great Saar - wish I didn't still have the bad half of the report to deal with for another 2 yrs, but heck - that's the least of our concerns. arf- whimper - dogman
