Chances for AMEX [Update: Approved]

[credit_guy]

Hi everyone,

I've been wanting an AMEX for a while, my goal is to get the SPG. I was wondering if you guys can shed some light on what you think my chances are, and what I should do now, if anything.

I'm in my mid-20s, currently with a score of 709 (TU) and 700 (EQ). My scores could be higher except I've had a couple of late/missed payments and "derogatory descriptions" from 2 accounts (an auto loan and a credit card) in the past - before I understood how important credit scores are. I've been trying to do everything right, but it'll be another couple of years before those fall off. My last late payment happened 3 years and 9 months ago.

I have 3 credit cards right now,

HSBC Platinum - $5,000 limit

Chase Freedom - $2,200 limit

Chase Sapphire Preferred - $11,500 limit

I've had the HSBC Platinum and Freedom for a long time now, but the CSP was applied for and approved 2 months ago. My util currently sits at 1%, and I never carry a balance - a part of this is just due to bad experiences in the past. My annual base salary sits at $120,000, with bonuses it jumps to around $200,000.

Like I said, I'd really like to have an AMEX; SPG would be great because I'd like to start traveling more in the future. I do understand SPG is a revolver and one of their more prestigious cards, which makes me wary about applying with past baddies.

Any advice you guys have would be great, thanks!

[chnceit]

Buddy you got a damn good chance. I honestly think the CSP is harder to get than the SPG.

Good luck!

[credit_guy]

Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.

[Revelate]

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@credit_guy wrote:
Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.

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Amex SPG isn't that hard of a card to get anymore compared to where it was in the past; depending on the dates you were looking at (ignore anything pre-July '12 as there was a major shift in June of that year) as it likely is not relevant for current underwriting guidelines.

I can't see any reason for a denial in your case for a SPG.  If you want the card I'd take a shot at it personally.

[Omri]

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@credit_guy wrote:
Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.

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I am one of those people. I apped for CSP and SPG around the same time about 3 months ago, and I got accepted for CSP, but denied for SPG with an EX of 748.  I *did*, however, have a couple of recent inquiries (on EX: one a month before and one the same day for the CSP app, which I applied for first), and I think that's probably what scared them off.

[credit_guy]

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@Omri wrote:

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@credit_guy wrote:
Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.

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I am one of those people. I apped for CSP and SPG around the same time about 3 months ago, and I got accepted for CSP, but denied for SPG with an EX of 748.  I *did*, however, have a couple of recent inquiries (on EX: one a month before and one the same day for the CSP app, which I applied for first), and I think that's probably what scared them off.

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This is definitely what scares me - your score is higher than mine yet you were denied. I was also under the impression that it takes some time (couple of days) for inquiries to show up. Correct me if I'm wrong, but AMEX should've only seen the EX pull a month before.

[mnavas]

Usually, if you do an instant decision application, Hard inquiries will show up in your report (s) immediately as soon as you hit the "Submit" bottom....

[credit_guy]

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@mnavas wrote:
Usually, if you do an instant decision application, Hard inquiries will show up in your report (s) immediately as soon as you hit the "Submit" bottom....

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Wow definitely did not know that.

I saw this just now and feel very tempted (even though it has nothing to do with my situation): http://ficoforums.myfico.com/t5/Credit-Cards/approved-for-SPG/td-p/1877197

[jsickz32]

Im 21, aaoa of 1 year, about 4 inqs on ex in last 6 months, ex score of 701 and utl of 1%. Hope that helps

[mnavas]

Also, If you were an Amex cardmember and get denied for a second Amex card request,  you'd get a soft pull (last AR) and hard pull if you get approved