No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I really want this card but I'm worried about being approved and was wondering if anyone has any ideas. My Equifax FICO is 701 currently, but should go up a little before I would be applying due to my last collection being deleted. I'll list the other things that I think may work for or against me:
PROS
45k per year income and my only debt is $8300 left on my car
4 accounts in good standing with little to no balance on any of them, no late payments
Only 2 inquiries on EX report
CONS
Old CapOne account that was settled for less than full balance in 08, closed
All current accounts are only 1.5-2 years old
10 inquiries on TU report (only 2 in past year)
I am wondering if I'll be OK to apply now or should I wait until July when 8 of my TU inquiries will drop off. I think my plan will be to wait for FICO to hit my target of 720 and just bite the bullet. Any advice would be appreciated.
Chris
The relatively recent 'settled for less' acct may be even more problematic for amex than the inqs. YMMV.
You won't get approved. That one derog is enough for AMEX to say no. I had one derog and got declined. The next month, I applied again, after I got the derog deleted and got approved for $2000. Got a CLI 3 months later to $2600.
Have you tried the pre-selected card site first, to see if any offers are available. I think that last derog will probable hurt you also especially too since you want a non-charge card. Have you thought about seeing if you would be able to at least get a charge card just to get your foot in the door and then you could build a relationship with AMEX for better cards down the road.
I would try there pre approval link first before i apply. It's just a soft.
@DI wrote:You won't get approved. That one derog is enough for AMEX to say no. I had one derog and got declined. The next month, I applied again, after I got the derog deleted and got approved for $2000. Got a CLI 3 months later to $2600.
As the great Lee Corso would say, "not so fast". I was approved for a $3000 AMEX Blue Cash 2 months ago with similar scores. Approx. 720 EX and high 600s on TU & EQ (which are irrelevant since AMEX typically pulls EX) I also had about a 35% total UTIL. On my EX report, I had one 30 day late on a Cap1 2.5 years ago and two 30 day lates on an Orchard just over 2.5 years ago.
I got an instant approval...not really sure why I applied in the first place. I guess I just wanted that high from the anticipation of the response after hitting the "submit" button on the CC app. To my surprise though, instant approval. One other factor, I have had an AMEX Gold card since October 2009 (which I ran a few hundred dollars on every month and paid off days after the balance reported every time)
@BP2003 wrote:As the great Lee Corso would say, "not so fast". I was approved for a $3000 AMEX Blue Cash 2 months ago with similar scores. Approx. 720 EX and high 600s on TU & EQ (which are irrelevant since AMEX typically pulls EX) I also had about a 35% total UTIL. On my EX report, I had one 30 day late on a Cap1 2.5 years ago and two 30 day lates on an Orchard just over 2.5 years ago.
I got an instant approval...not really sure why I applied in the first place. I guess I just wanted that high from the anticipation of the response after hitting the "submit" button on the CC app. To my surprise though, instant approval. One other factor, I have had an AMEX Gold card since October 2009 (which I ran a few hundred dollars on every month and paid off days after the balance reported every time)
I had like 30 inquiries on my EX report when they approved me for the Amex Gold this past week. I know there tight but hey there might be a chance of approval.
Just realize that American Express doesn't use FICO scores. They have their own home-grown scoring algorithm, and they go by your reports, especially Experian. (Sometimes they pull EQ and/or TU as well.)
Get your reports as clean as possible before applying with American Express.
October 2008.. Applied for Delta Skymiles credit card from American Express.. file pulled, EX, Fico score if I remember it right.. High 680's, Derog on report.. 3 judgments 4-5 yrs unpaid. 2 chargoffs 5-6 year. Income, 43K
Outcome: Approved 8K highest TL at the time.
I found it shocking I was approved
@Anonymous wrote:October 2008.. Applied for Delta Skymiles credit card from American Express.. file pulled, EX, Fico score if I remember it right.. High 680's, Derog on report.. 3 judgments 4-5 yrs unpaid. 2 chargoffs 5-6 year. Income, 43K
Outcome: Approved 8K highest TL at the time.
I found it shocking I was approved
October 2008? Try that again now. I dare ya.