Mixed reports for American Express eligibility

ricksname

Hi all,

I've recently been looking into applying for a American Express Platinum everyday card. I don't have any outstanding debt, always pay my current credit card balance in full every month, and was pleased to see that the MSE eligibility calculator gave me a 95% chance of being approved for the card.

As I was about to apply, I noticed that Amex have their own eligibility calculator on their website, so thought it wouldn't be a bad idea just to get a second opinion from the source. I entered exactly the same information as I did to MSE, but was only rated 2.5/10 by American Express!

I'm now very reluctant to apply, as it seems that maybe my chances aren't so good after all. Can anyone offer any advice here? Is the MSE calculator known for over-estimating people's chances?

Thanks in advance!

Anthorn

ricksname wrote: »

Hi all,

I've recently been looking into applying for a American Express Platinum everyday card. I don't have any outstanding debt, always pay my current credit card balance in full every month, and was pleased to see that the MSE eligibility calculator gave me a 95% chance of being approved for the card.

As I was about to apply, I noticed that Amex have their own eligibility calculator on their website, so thought it wouldn't be a bad idea just to get a second opinion from the source. I entered exactly the same information as I did to MSE, but was only rated 2.5/10 by American Express!

I'm now very reluctant to apply, as it seems that maybe my chances aren't so good after all. Can anyone offer any advice here? Is the MSE calculator known for over-estimating people's chances?

Thanks in advance!

Most likely a variation in the algorithms used and which CRA(s) they soft searched.

According to MSE you have a 5% chance of being rejected and according to Amex you have a 7.5/10 chance of being rejected. However what is more likely to happen is that Amex will be unable to make an instant decision and will refer it.

If in doubt, apply.

ricksname

Anthorn wrote: »

Most likely a variation in the algorithms used and which CRA(s) they soft searched.

According to MSE you have a 5% chance of being rejected and according to Amex you have a 7.5/10 chance of being rejected. However what is more likely to happen is that Amex will be unable to make an instant decision and will refer it.

If in doubt, apply.

Thanks for this. I'd previously thought that a rejected credit card application could have a negative impact on credit rating. A quick google has suggested this might not be the case, but again I'm finding conflicting information. If I just make the one application hopefully it shouldn't have much of an impact even if I'm not successful?

MallyGirl

it will just show as a search - neither rejected nor accepted

PRAISETHESUN

When you make an application a hard search will be left on your credit file. Whilst a single search every few months isn't too much to worry about, several searches in a short period can signal to lenders that you are desperate for credit and will discourage them from lending to you. Lenders don't see if you were successful or not, but if a new credit account doesn't appear a month or two after a recent search then they can probably put 2 and 2 together and realise that it was most likely declined. If you have no credit applications coming up in the near future (3-6 months) I'd probably take a stab at it personally. The whole point of a good credit file is to be able to take advantage of good offers when they become available...

NaughtiusMaximus

ricksname wrote: »

Is the MSE calculator known for over-estimating people's chances?

In my experience it varies. When I was coming in to the last year of my DMP I wanted to apply for a credit card, primarily to rebuild my credit file a little as I knew I'd be applying for a joint mortgage within a year of exiting the DMP. My first application was for an Aqua card, 95% chance of acceptance according to MSE, I was rejected. After waiting 3 months I then applied for a Vanquis card with an 80% chance of acceptance, and I was successful with a starting credit limit of £500.

Fast forward 18 months or so, by which point I'd been out of the DMP for a year and had been a (joint) home owner for a couple of months, I decided to apply for an AMEX card to take advantage of the cashback. The MSE calculator only gave me a 50% chance of being accepted, not only was I accepted but they gave me a £9,900 credit limit.

maxximus75

Just rememver. It doesnt just go on your history but if you are a good "fit" as a customer for that particular product. The end result for the credit card company is in some way, you will make them money.



There is a lot more that goes into making a credit decision apart from what is just on your credit reports.