06-04-2013 07:33 AM
I've been an authorized user on an AmEx card for about a year and a half. Always pay in full, it has a high CL. My scores are in the low 600's. Will be chances be better forming my own relationship with Amex? I'd like to app for the Gold Card once a few more negatives drop off next month. I've heard of people being approved with scores right around 600. I should have jumped on the Zync bandwagon while it was still there!
06-04-2013 07:50 AM
It is good that you are an AU. That will help you with Amex. However paying on time helps the actually person whose card it is more than it helps you. I would be very surprised if you were approved for your own Amex with scores around 600. I would recommend waiting til your scores are about 650 or even 680 before applying. 600 though it could happen seems like a real reach to me to be approved for an Amex, even an Amex green. I was recently denied with EX fico of 644... Good luck. Of course individual results will vary and if you don't have many inquires then you aren't giving up much by applying. I will be interested to hear what other people on this forum have to say about your situation.
06-04-2013 11:47 AM
Definitely wait for those baddies to fall off. Do you have any other cards that carry a balance? If so, work on the utilization. And get that score to bump up a bit more. You may be borderline, and yes it's a SP, but make it worth your while. Could you look at another type of card to establish yourself a bit more, as your ACM status will not change, but a bump in score will get you in the right direction..
06-04-2013 01:23 PM
thanks for the input. What do you mean it's a SP?
A SP = a Soft Pull.
It means that if you apply for an Amex card while already being a member of Amex that they will use a soft credit inquiry that does not affect your credit score in order to determine your eligibility for a new Amex card (I believe you need to be logged into the Amex site and apply through there). If they approve you, then they will do a HP (Hard Pull) of your credit report which will lower your score.
06-04-2013 01:31 PM
I would likewise wait till your scores are higher.
That said, the way Amex tracks AU's (ACM's in their lingo) I strongly suspect that being an AU with Amex helps you far more with Amex than an AU from any other lender helps you with that lender.
06-04-2013 02:53 PM - edited 06-04-2013 02:54 PM
I had no idea that because I was an AU it would only be a soft pull to apply for an AmEx on my own. It won't effect their card or our account at all?
You will only be soft pulled if you are rejected. If you are approved, you will be soft pulled and then hard pulled.
Edit: Also, as stated before, be sure you're logged into your Amex account and apply through their site.
10-22-2013 04:21 AM