Question regarding the effect of missed payements

dgmjr2018

For the past three months now, I've had a negative streak of payements on my credit file (first an arrears notice on my student account for being over the agreed overdraft by 2 pounds, then on a utilities account that I'm an authorised user on). 

My question is simple, assume I go on a 4-5 month positive streak with the payements, will it be enough to offset the back-to-back blow I took from March to May, as I would like to apply for an American express card to use as my everyday card. 

cymruchris

dgmjr2018 said:

For the past three months now, I've had a negative streak of payements on my credit file (first an arrears notice on my student account for being over the agreed overdraft by 2 pounds, then on a utilities account that I'm an authorised user on). 

My question is simple, assume I go on a 4-5 month positive streak with the payements, will it be enough to offset the back-to-back blow I took from March to May, as I would like to apply for an American express card to use as my everyday card. 

It'll be a balance of many things that decides whether American Express will accept you as a new customer, and even without the missed payments they are quite picky compared to many providers. In answer to the question around impact though, the longer they are in the past with a perfect history since, the lesser the impact they have on lending decisions. That said, from your mention that you just want to leave it a few months, they may have a swaying factor in American Express's decision. Have you tried the eligibility checker on their website directly to see what the indication of success is out of 10?

dgmjr2018

cymruchris said:

dgmjr2018 said:

For the past three months now, I've had a negative streak of payements on my credit file (first an arrears notice on my student account for being over the agreed overdraft by 2 pounds, then on a utilities account that I'm an authorised user on). 

My question is simple, assume I go on a 4-5 month positive streak with the payements, will it be enough to offset the back-to-back blow I took from March to May, as I would like to apply for an American express card to use as my everyday card. 

It'll be a balance of many things that decides whether American Express will accept you as a new customer, and even without the missed payments they are quite picky compared to many providers. In answer to the question around impact though, the longer they are in the past with a perfect history since, the lesser the impact they have on lending decisions. That said, from your mention that you just want to leave it a few months, they may have a swaying factor in American Express's decision. Have you tried the eligibility checker on their website directly to see what the indication of success is out of 10?

At the moment, both Experian and AMEX are giving me a 0% chance of getting accepted, whilt back in February I had a 1.5/10 chance to get the gold card and the free BA card

cymruchris

dgmjr2018 said:

cymruchris said:

dgmjr2018 said:

For the past three months now, I've had a negative streak of payements on my credit file (first an arrears notice on my student account for being over the agreed overdraft by 2 pounds, then on a utilities account that I'm an authorised user on). 

My question is simple, assume I go on a 4-5 month positive streak with the payements, will it be enough to offset the back-to-back blow I took from March to May, as I would like to apply for an American express card to use as my everyday card. 

It'll be a balance of many things that decides whether American Express will accept you as a new customer, and even without the missed payments they are quite picky compared to many providers. In answer to the question around impact though, the longer they are in the past with a perfect history since, the lesser the impact they have on lending decisions. That said, from your mention that you just want to leave it a few months, they may have a swaying factor in American Express's decision. Have you tried the eligibility checker on their website directly to see what the indication of success is out of 10?

At the moment, both Experian and AMEX are giving me a 0% chance of getting accepted, whilt back in February I had a 1.5/10 chance to get the gold card and the free BA card

To be fair your chances at the moment then are slim. Only use the Amex checker - as that uses the credit reference agency data married up against their internal scoring mechanisms, and will give the most accurate answer in terms of eligibility. Experian uses its own data to try and work out your eligibility compared to customers in similar financial positions who have applied for, and successfully gotten a card. They don't know exactly what Amex are looking for, and are just guessing. (It's fair to say that the indication won't be far out - but don't apply because Experian says 90 percent and Amex says 2 out of 10 - Amex will know best! - I should add that according to ALL the CRA's that work with Amex - I get a 95 percent chance of approval - whereas Amex themselves say I've got a 5/10 chance which is quite a different percentage!)

dgmjr2018

I've read on various other forums that Experian's elegibility checker is quite off, and people with near perfect scores get rejected for AMEXs.

Anyways, I am fairly confident that 4 months from now, things will be looking in the upside. I will also check barclaycard and see what they say I'm eligible for

Casskale

dgmjr2018 said:

I've read on various other forums that Experian's elegibility checker is quite off, and people with near perfect scores get rejected for AMEXs.

Anyways, I am fairly confident that 4 months from now, things will be looking in the upside. I will also check barc,according and see what they say I'm eligible for

AMEX are one of the pickiest lenders out there. They're unlikely to view your 4-month on-time streak as nullifying your 3-month late payment streak.  They don't require "near-perfect scores" but they do require people paying on time and having a reasonable income.

Sorry.