Veda Credit Scores and American Express Applications (esp Plat Charge)

[blueythecat]

Hi all,


I was hoping to pick the knowledgeable brains here on Veda scores and what anecdotal evidence exists on how these might correlate to AMEX approving (or otherwise) new cards. Whilst I fully understand that AMEX may or may not use the Veda score when assessing applications, there is probably some correlation between Veda scores and the AMEX approval criteria.


So with that background, here we go with my question: I'm looking to apply for the AMEX Platinum Charge card with the current 120k point offer. Given this card has no limit and is at the top of the AMEX range I'd assume AMEX have pretty strict credit criteria for approving this card. Valid assumption, thoughts? I also did a dummy run through the AMEX application process and it doesn't ask about assets etc like a lot of other applications, thus I assume AMEX heavily weight "credit scores" and annual income when assessing applications.


In preparation for applying, I did a Veda score check with the free online service and it came out in the "Good" range (ie mid 600 points). I've applied for two cards this year (Feb and Jun), both approved, and about 1.25 a year on average over the past 5 years. My annual income will come in about 20% over AMEX's listed minimum income for the plat charge. Based on these numbers what do people think my chances of success are? Secondly how does this correlate with others here that have applied and succeeded (or failed)?


Finally I'd also like to apply for the Plat Edge under the free Priceline offer before that expires in Dec. Am I really pushing my luck given my current credit score and the fact it would be my fourth application in 12 months?


A quick summary of the main points for the time poor:


1. Do we think AMEX have especially strict approval criteria for the Plat Charge?
2. Do the collective here think that a credit score of mid 600's plus annual income 20% over the minimum would succeed with a Plat Charge app?
3. How do these numbers correlate with others experience with AMEX applications (both successful and not)?
3. What are the chances of following it up with a successful fourth app for a Plat Edge?


Once again I totally understand that this is all based on anecdotal evidence and that AMEX approval processes are known only to them. However I feel there my be some value in others experiences in this field, if only for interest sake.

Either way I'll report back my results here for others once it's done (or not if I don't go ahead).

In the interests of simplicity here is a summary of my situation (feel free to copy and reply (no fields are mandatory - I'll start a Google Docs spreadsheet if there is enough interest):
Veda Credit Score: 650
Experian Credit Score: 600
Credit Card applications in last 6 mths: 1
Credit Card applications in last 12 mths: 2
Credit Card applications in last 5 yrs: 9
Other credit applications 6 mths: 0
Other credit applications 12 mths: 0
Other credit applications 5 yrs: 0
Annual income (feel free to use a range eg $150k-$180k): $120k


American Express Referral links if you're interested in the 120k pts offer (or others) can be found in the referrals forum or via the direct thread links below:
AMEX Platinum Charge Card: 120,000 points $1200 annual fee
AMEX Platinum Edge Credit Card: 15,000 points, $195 annual fee, includes free domestic flight

Let the conversation flow....

 

[Cynicor]

Amex don't seem to use Veda. They aren't that strict if you earn enough, especially if you have other Amex cards and a good history.

I'd go for the charge, then the edge as companion. Should be fine- if you get one you'll likely get the other.

 

[DC3]

When I obtained the Platinum Charge card less than 12 months ago, the Edge was not an option for the companion card. I asked, and was told that the only companion card was the Reserve card, and not Edge.

My three applications, Charge, Reserve and Edge landed 3 separate hits on my Veda file. AMEX will check your Veda file, but what use they make of it, who knows?

 

[exceladdict]

All of my amex cards have resulted in Veda entries, including a corporate card I was once duped in to getting at a previous employer, grr.

I have also found amex to be less interested in evidence of income (read: asked for no proof at all), etc than the banks are; suggesting a heavier weighting on credit files etc and probably that the data matches what you've provided (address, employer, etc).

 

[blueythecat]

Interesting first set of replies. I reckon with enough data points we could provide a good collection of anecdotal evidence that the AFF community to use to make a guess if they'll get approved or not. Obviously it wouldn't be perfect, but it have a guess at it being better than nothing.

I have also found amex to be less interested in evidence of income (read: asked for no proof at all), etc than the banks are; suggesting a heavier weighting on credit files etc and probably that the data matches what you've provided (address, employer, etc).

This is kind of what I was thinking based on the questions in the application form.

Keep the post coming in

 

[Dr Ralph]

Do AMEX use VEDA?

 

[get me outta here]

My recent AMEX Velocity card application popped up as an enquiry on my Veda file.

Do AMEX use VEDA?

 

[DC3]

AMEX uses Veda? Well they certainly give your Veda file a work-out.

 

[blueythecat]

We might have drifted slightly off topic here, along the does AMEX use Veda lines. So to gently bring us back on topic, I'm still keen to get some opinions on the main two thrusts of the topic:


- Given my info what do people think about the chances of getting approved?
- How do other peoples numbers stack up for those who have applied for AMEX cards, both approved and declined?

 

[get me outta here]

Looking at your original post, if it were me, I'd go for the application as you've only had 1 application in the last 6 months.

We might have drifted slightly off topic here, along the does AMEX use Veda lines. So to gently bring us back on topic, I'm still keen to get some opinions on the main two thrusts of the topic:


- Given my info what do people think about the chances of getting approved?
- How do other peoples numbers stack up for those who have applied for AMEX cards, both approved and declined?

 

[blueythecat]

Looking at your original post, if it were me, I'd go for the application as you've only had 1 application in the last 6 months.

I'm leaning towards that too.

 

[ajd]

All of my amex cards have resulted in Veda entries, including a corporate card I was once duped in to getting at a previous employer, grr.

Really? :/ Guess I'd better check my Veda file again then - I recently started at a new employer which requires Corporate Amex cards for every employee in Aus/NZ - not impressed if it shows up as another credit enquiry.

 

[exceladdict]

Really? :/ Guess I'd better check my Veda file again then - I recently started at a new employer which requires Corporate Amex cards for every employee in Aus/NZ - not impressed if it shows up as another credit enquiry.

Yep. It showed up under commercial, but still an enquiry. Might have been D and B or Veda or both, but definitely at least one of them.

 

[blueythecat]

Good news (for me at least). I applied for the Platinum Charge and was instantly approved. Yay! Clearly AMEX wasn't too concerned about, what I thought, could be a less than favourable credit file.

The card took about a week to arrive, very fancy packaging (hardly $1200 worth though).

Activation was easy and now I'm on the AMEX MR points train, will be interesting to see how the ride is.

For anyone thinking about applying for the Platinum charge, I'd have to recommend it given the current signup bonus point offer. If you are after a referral see the referrals thread or my signature below.

Will post back here at the end of month to let you know what impact the application had on my credit score. Happy for other people to share their data points too....

 

[DC3]

Yes, 60 second approval is not unusual. You will still get a Veda hit. Well I did anyway.

 

[blueythecat]

.... You will still get a Veda hit. Well I did anyway.

Indeed I should imagine so, the question is what effect does it have on my Veda score, will have to wait the few days until Nov to find out.

 

[exceladdict]

Indeed I should imagine so, the question is what effect does it have on my Veda score, will have to wait the few days until Nov to find out.

I would be very interested in this if you don't mind sharing.

 

[blueythecat]

I would be very interested in this if you don't mind sharing.

Indeed will happily share once Nov rolls around - stay tuned (ok possibly not that exciting! )

 

[greenfrog86]

The charge card is an interesting scenario as you're not applying for a set amount of credit... So they may be quite comfortable approving most people who meet the minimum eligibility as they can refuse charges over their initial comfort level until you've built a spending and payment history.

In terms of Veda's score, this will change over the coming year as more organisations take advantage of the ability to report payment behaviour. Veda will use this as an input for their score.

 

[yohy?!]

Previously your credit score and income would determine your first months spending limit. After that you would build your spending pattern to increase your limit in the background (for extraordinary purchases prepayment or asset proof is sometimes needed).

The point being for charge products I wouldn't expect your Veda score to have any bearing on approval (beyond not having any negative/derogatory entries). Just meet the income requirement and I'd expect you'll be approved.