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I’m thinking of taking advantage of the 60k BAPP offer.
A company I control currently holds a Gold Business Amex card, which I expect to close soon (after getting joining offer), said company is ceasing to trade.
I am also in gainful employment, 100k+. I have a partner I live with and am “linked to” (also with fine credit score etc) who is also gainfully employed.
I have some minor credits cards (total limit 21k, utilisation 25%), a mortgage (~200k) and 4 hard searches, latest September 2023. I have nothing exciting/bad in my credit report on ClearScore, my score looks good on Experian.
When I go through things like Experian it thinks I am likely to be able to get an Amex, but when I do the Amex eligibility checker, it says no.
I am of two minds:
– The Amex elibility checker is incorrect, but why would it be worse than e.g. Experian
– The Amex eligibility checker does not “like” the business Amex and that’s why I’m getting rejectedIs it possible/likely that closing the business Amex will help, if so how long will it take?
Amex has its own criteria when deciding to give (or not) a card.
They care not one iota what the likes of Experian thinks you might qualify for.
My past experiencer is when Clearscore says you will be approved there is a very high chance you will be. I experienced this for a card product last year. Dont know about Experian.
If you have a good credit score one speculative application wont hurt in any meaningful way i.e. score may drop for a few months by few points. So unless you are mortgaging it should be just fine.
Amex has its own criteria when deciding to give (or not) a card.
Well, that’s what I was hoping to get the wisdom of the crowds here to help me understand what’s going on here, and whether an application makes sense (or not).
They care not one iota what the likes of Experian thinks you might qualify for.
The reason I mention Experian in particular is because American Express eligibility checker actually refers to them to see why I am unlikely to be accepted, which is annoying when there is then nothing there.
My past experiencer is when Clearscore says you will be approved there is a very high chance you will be. I experienced this for a card product last year. Dont know about Experian.
Yeah, I checked ClearScore and it has 95% for me for Amex
If you have a good credit score one speculative application wont hurt in any meaningful way i.e. score may drop for a few months by few points. So unless you are mortgaging it should be just fine.
Yeah, mortgage is sorted, so might try that after I get the business Amex closed.
Ignore if the fictitious numbers drop. They’re not seen or used by ANY lenders.
Credit Scores in the UK are a marketing gimmick to make you apply for things and provide a sense of self satisfaction in achieving the elusive 999 score.
It’s likely they will have access to your company details including returns so if you are running a company as a contractor, say, and it is closing because your contracts are all now, inside IR35, it may conclude your company is doing badly. That’s the only thing I can see with the above.
Not sure why you are spending all this time worrying about something which may or may not happen – just apply for it already! You won’t actually know the outcome until you do.
Not sure why you are spending all this time worrying about something which may or may not happen – just apply for it already! You won’t actually know the outcome until you do.
I would argue that’s not great advice as if you do apply and get rejected, a hard search will be applied to your credit report. The Amex eligibility checker is likely the closest you’ll get and if that says no – why put your hand in the fire to check it’s hot.
I would argue that’s not great advice as if you do apply and get rejected, a hard search will be applied to your credit report.
That’s only a problem in certain circumstances which don’t apply here (see above).
Got a new mobile phone recently? Swapped utility provider? Taken out some insurance and paying in installments? Hard searches for all of them.
Get 5 hard searches in a week on your credit file and it might set off alarm bells if you apply for credit. I’d be shocked if any less than that caused you problems.
Get 5 hard searches in a week on your credit file and it might set off alarm bells if you apply for credit. I’d be shocked if any less than that caused you problems.
I think this might be the answer. My Experian updated. I opened a Santander bank account (without overdraft) but still got a hard search, and actually 2 accounts were opened (the application “failed” first time, but still opened account), and similarly with Virgin (only one account, now closed, used for switching).
Luckily only 1 hard search, but Experian thinks that the “age of my credit account average” has gone down which is a negative (with the two new Santander accounts) and opened new “lines of credit” (just the bank accounts, which don’t have overdraft, but I guess that’s just how they’re coded/they implicitly have an overdraft probably still).
A tad annoying, but more understandable. Interestingly, Experian now in fact showing less 95% approvals for Amex (only for the “less premium” cards). I’ve started the process of closing one of the Santander accounts (and Virgin already gone) + closing my Amex Business as I’ve now received sign up bonus, so hopefully that will help.
I am guessing Amex gets the latest information on my credit file from Experian/others, not the monthly (ClearScore weekly?) updates I receive? I ask because the BA deal runs out 11th June, and my Experian won’t update again before then. I am tempted to stick in an application just before the deadline hoping that some of these things clear up (I know the hard searches won’t disappear, but can hope the current accounts close out) and cross my fingers.
I thought I would update the thread for some anecdata.
I decided to apply today, 7th June, ahead of the 11th June deadline so I could appeal if necessary (though I guess the clock might have still run out).
My “credit score” had gone up a smidge since (not that it matters!), I have closed the business Amex and my second Santander account (but this does not show yet). Regardless, the eligibility checker still showed me as “”unlikely to get an Amex” and Experian agreed for the Premium Plus, but ok for the free one.
I chanced for the Premium Plus, and went through without a hitch.
I still find it weird that the Amex eligibility checker got it wrong. My circumstances have been a bit changeable (but always good), maybe that tripped it up, or just “computer says no”.
Anyway, excited to have some more Avios to use for using our upcoming booking with 2 Barclays upgrade vouchers, and I guess another companion voucher!
I thought I would update the thread for some anecdata.
I decided to apply today, 7th June, ahead of the 11th June deadline so I could appeal if necessary (though I guess the clock might have still run out).
My “credit score” had gone up a smidge since (not that it matters!), I have closed the business Amex and my second Santander account (but this does not show yet). Regardless, the eligibility checker still showed me as “”unlikely to get an Amex” and Experian agreed for the Premium Plus, but ok for the free one.
I chanced for the Premium Plus, and went through without a hitch.
I still find it weird that the Amex eligibility checker got it wrong. My circumstances have been a bit changeable (but always good), maybe that tripped it up, or just “computer says no”.
Anyway, excited to have some more Avios to use for using our upcoming booking with 2 Barclays upgrade vouchers, and I guess another companion voucher!
I ran a bank and worked on a lot of these “checkers”… When a hard search is done it takes into account a lot more stuff at the back end
Work in the industry here, so just want to help clear things up and dispel any myths.
The eligibility checker on lenders websites should give a more accurate chance of acceptance than on comparison websites. Their onsite checkers should be more aligned to the data capture in the main application form, whereas comparison sites try to work for many lenders.
The acceptance criteria is genuine. Ie, if it says 80% chance, this really does mean that 8 of every 10 people with a similar credit profile to you, will be accepted. It’s all calibrated regularly to ensure fairness.
Lenders are unlikely to actually reject “unprofitable” customers. They’d struggle to justify this to any regulator.
Hope this helps
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