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Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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AMEX prepaid card-any benefit?

I had applied for AMEX and was denied. Recently, I asked them to resend my rejection letter and today I receive email saying since I was denied why not get their prepaid card.

Is there any benefit to my next AMEX app if I have this card and Have history of using this card responsibly? I know the card doesn't impact my CR.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: AMEX prepaid card-any benefit?


Duncanrr wrote:
I had applied for AMEX and was denied. Recently, I asked them to resend my rejection letter and today I receive email saying since I was denied why not get their prepaid card.

Is there any benefit to my next AMEX app if I have this card and Have history of using this card responsibly? I know the card doesn't impact my CR.


I don't think that their Pre~paid card will increase your odds of approval.   They might soft your reports more often however, which could potentially lead to a pre~approval for a charge card in the future, for whatever that is worth.    It will still come down to your credit reports when you apply.... 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
Posts: 39
Registered: ‎06-27-2012
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Re: AMEX prepaid card-any benefit?

Actually it does help. They have a program called Make Your Move that allows you to graduate to a regular charge card.




Starting Score: 565
Current Score: 660
Goal Score: 780

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: AMEX prepaid card-any benefit?


LOC wrote:

Actually it does help. They have a program called Make Your Move that allows you to graduate to a regular charge card.


The make your move program does not graduate AMEX prepaid cards into charge cards.     All that it offers is the possiblity that it will lead to a future pre~approval to apply for a charge card.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Contributor
Posts: 932
Registered: ‎06-12-2012
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Re: AMEX prepaid card-any benefit?

^+1

 

Don't listen to that guy, your AMEX Prepaid will NEVER graduate! 

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Valued Member
Posts: 39
Registered: ‎06-27-2012
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Re: AMEX prepaid card-any benefit?

It is not a guarantee but it allows you to establish financial history that will increase your chances of getting a charge card with them.




Starting Score: 565
Current Score: 660
Goal Score: 780

Valued Member
Posts: 39
Registered: ‎06-27-2012
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Re: AMEX prepaid card-any benefit?

[ Edited ]

It worked for me... i was approved for a Zync card NPSL after using a prepaid card for three months.




Starting Score: 565
Current Score: 660
Goal Score: 780

Super Contributor
Posts: 6,621
Registered: ‎04-07-2008
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Re: AMEX prepaid card-any benefit?

Maybe it does give AMEX some insgith as to how you manage your payments, etc

 

But one will still ahve to go through a credit hard pull etc to qualify for a charge/revolver.

 

 




Valued Contributor
Posts: 1,954
Registered: ‎03-30-2012
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Re: AMEX prepaid card-any benefit?


LOC wrote:

It worked for me... i was approved for a Zync card NPSL after using a prepaid card for three months.


How were your reports looking at the time? If they were looking decent before you started using the prepaid card and the same after 3 months, you probably could've gotten approved even without having to use the prepaid card.

Scores 5/13/2014: TU FICO: 639 | EQ FICO: 645| EX AMEX FICO: TBD

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $2500 | Amazon Rewards Visa: $1500 | Chase Freedom: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1600 | Target: $700 | J.Crew $9950
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Registered: ‎06-12-2012
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Re: AMEX prepaid card-any benefit?

LOC - Was there a clear connection between your approval and your prepaid card? I am willing to bet it was coincidence.

JP Morgan Select $10k | Citi TY Premier $15k | PenFed PlatRewards $22k | BofA AMEX $15k | Chase Freedom $20k | Discover IT $10k | Barclay Arrival+ 25k | AMEX SPG $10k | NASA Platinum-Advantage $10k | CapOne Quicksilver $5k | Amazon Card $10k | NASA PLOC $30k @ 8.25% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
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