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AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD

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AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD

Well I heard many rumors about the American express prepaid card helping users of such a card to get preaproval for a charge card. And I also find this info on this link http://www.bankrate.com/financing/credit-cards/a-learners-permit-for-credit/. Ok since I know. Many of you all have American express. Should know better if it is true or not please let me know thanks for the time guys
Seedling:
Message 1 of 15
14 REPLIES
Mega Contributor

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD


arredondo3417 wrote:
Well I heard many rumors about the American express prepaid card helping users of such a card to get preaproval for a charge card. And I also find this info on this link http://www.bankrate.com/financing/credit-cards/a-learners-permit-for-credit/. Ok since I know. Many of you all have American express. Should know better if it is true or not please let me know thanks for the time guys

It's too early to tell how this program is working because it hasn't been around long enough. They basically say 6 months they will SP you and see if your eligible. In a few more months, I'd imagine people will start piping up with offers if its legit.




EQ FICO 548 3/3/16
Message 2 of 15
Regular Contributor

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD

Bump. Just signed up for one before I read this thread.


Starting Score: <600 & No Score 2/2011
Current Score EQ : 726
Current Score (TU Walmart): 676
Goal Score: 750


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Message 3 of 15
Established Member

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD

On their own site, there was a bullet point within the specifics of the Make Your Move Program. It said something to the effect of only helping new people to credit, not people with past credit mishaps.  I was disapointed when I read it.


Starting Score:(3/2012) EQ 604,TU98 560
Current Score: (4/2012) EQ 612,TU98 595
Goal Score: 700


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Message 4 of 15
Moderator

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD


archieb wrote:

On their own site, there was a bullet point within the specifics of the Make Your Move Program. It said something to the effect of only helping new people to credit, not people with past credit mishaps.  I was disapointed when I read it.


Oh hrm, I'm nearly 100% confident that wasn't there when they released the program.  Have to see if I can find an old Google cached copy or similar I guess if I care enough to do so.

 

Disappointing to say the least.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 5 of 15
Regular Contributor

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD

I want to point something else out that didn't sit right with me at first.  I couldn't figure out why AMEX would advertise for you to use Direct Deposit on a Prepaid card.  I know all of this is speculation.  Do you think its due to income verification purposes down the road when you apply for a charge card?

 

 


Starting Score: <600 & No Score 2/2011
Current Score EQ : 726
Current Score (TU Walmart): 676
Goal Score: 750


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Message 6 of 15
Super Contributor

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD


buildingitbackup wrote:

I want to point something else out that didn't sit right with me at first.  I couldn't figure out why AMEX would advertise for you to use Direct Deposit on a Prepaid card.  I know all of this is speculation.  Do you think its due to income verification purposes down the road when you apply for a charge card?

 

 


Possibly, but I'd imagine the main reason is that funds orignating from a DD have a much lesser chance of being fraudulent or have the transaction reversed.  For instance, when you make a transfer from your bank, it is possible for the funds to be "bad," such as from "check kiting" or "forged check" that erroneously cleared etc...

Message 7 of 15
Moderator

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD


Open123 wrote:

buildingitbackup wrote:

I want to point something else out that didn't sit right with me at first.  I couldn't figure out why AMEX would advertise for you to use Direct Deposit on a Prepaid card.  I know all of this is speculation.  Do you think its due to income verification purposes down the road when you apply for a charge card?

 

 


Possibly, but I'd imagine the main reason is that funds orignating from a DD have a much lesser chance of being fraudulent or have the transaction reversed.  For instance, when you make a transfer from your bank, it is possible for the funds to be "bad," such as from "check kiting" or "forged check" that erroneously cleared etc...


Add that to the fact they have other uses for the money while it's sitting in your account (reserve requirements et. al).  That's the primary reason why effectively every banking institution now offers benefits if you have a direct deposit setup to one of their accounts.  Amex FSB is no different than BofA in this regard.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 8 of 15
New Contributor

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD

I just signed up for this card, lets see if I recieve any offers in 6 months! 

Cap1 500 Chase Freedom 5K Discover More 1.5K Amex Zync NPSL AMEX Hilton HHonors 2K
Utilization 7%
Tu Fico: 718 ( Disover More App 4/26/12)
Exp Fico 707 (Amex Pull 4/28/12)
Equifax Fico 681 (Chase 4/26/12 Pull)
Message 9 of 15
Mega Contributor

Re: AMERICAN EX PREPAID CARD HELPIN PREAPOVAL FOR CHARGE. CARD


KesMoosa wrote:

I just signed up for this card, lets see if I recieve any offers in 6 months! 


With your scores, you shouldn't need a prepaid.....




EQ FICO 548 3/3/16
Message 10 of 15