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Amex charge: go for Gold or minimize risk?

Established Member

Amex charge: go for Gold or minimize risk?

I want to get my foot in the door with Amex, and want to apply for a charge card. I am "pre-selected" for both Gold and Green. Ideally, I want to apply for the Gold, as the AF is waived for the first year, it's a 15k point bonus, and I think I would use the "exclusive events" benefits. My question is: even though I want the Gold, should I just play it safe and app for Zync? I already got denied from Amex for a revolver (SPG, which in hindsight, with my thin history, was a bad idea) a little over 30 days ago. Additional question: I know "pre-selected" is meaningless, but I think I read somewhere that it means you will only get soft-pulled if you apply using the existing offer. Is this true?

 

736 (FAKO - Credit Sesame)

729 (FAKO - Credit Karma)

714 EXP FICO (1 month old)

 

Accounts:

Orchard Bank, secured (13 months) - 5k CL

Capital One (6 months) - 750 CL

Discover (1 month) - 750 CL

 

Current Util (according to CS/CK): 2%

INQ on EXP: 6

Message 1 of 32
31 REPLIES
Established Contributor

Re: Amex charge: go for Gold or minimize risk?

I got the Zync, kept it for 9 months, and was invited/pre-approved for Amex Platinum. I decided to get the Gold instead. 

 

That's just the route I took and it worked well for me. And I'm actually planning on PC'ing my Gold back down to Zync because its not worth the AF in my opinion.

Discover IT $35K | FNBO Visa $30K | Cash+ Visa Sig $19.5K | Southwest Premier $16K | Priceline $15K | Citi Forward $14.3K | US Bank Plat $14K | Commerce Bank $13K | CSP $13K | CSR $10K | Sallie Mae World MC $10K | Lowe’s Consumer 10K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity Visa $7K | Citi Double Cash $6.5K | WF Cash Back Visa $5.4K | Capital One Cash Rewards $5K | AMEX BCE $3.9K | Freedom $2.5K | Younkers/Comenity $2.4K | Kohl’s 1.5K | Target $1.4K | EX FICO (from AMEX): 768, TU FICO (from Discover): 797, AAoA: 4.4 years
Message 2 of 32
Frequent Contributor

Re: Amex charge: go for Gold or minimize risk?

I too started out with the Zync, then around around 6 months later I think, might've even been 7, I got the Platinum card...I think you would be approved for teh Zync, you may want to go that route and then app for the Gold, or if you're not concerned taking burning an INQ, go ahead and app for the Gold now, you can always try a recon if you're denied...By the way from what I hear the SPG card is one of their hardest to get, I actually want the card myself since I mainly stay at Starwood hotels when I travel, I'll probably go for it alittle later in the year..Good luck, let us know how it turns out


AMEX Platinum NPSL | AMEX Zync NPSL | AMEX Delta Platinum $4000 | Travelocity Amex $4000 | CapOne No Hassle Rewards $2500 | BBRZ MC $800 | Local CU Visa $1000 | Kay $2000 | Citi Hilton HHonors Reserve $5000 | Chase Marriott Rewards $5000 | BankAmericard Travel Rewards Visa $7000 | Discover IT $1000
In the garden until 10/2014
Message 3 of 32
Established Member

Re: Amex charge: go for Gold or minimize risk?

Do you think a 7th INQ with a denial would tarnish my report/score much?

Message 4 of 32
Established Contributor

Re: Amex charge: go for Gold or minimize risk?

Green is worthless.  Gold, even more so.  I think you should skip Gold and go for the PRG if you don't like the looks of Zync.  I wish I had done that.  25k bonus points is pretty big.

 

13 months of history on the Orchard should be sufficient, but Amex has been known to deny because they didn't like the looks of your other creditors - subprime lenders like Orchard raise Amex's hackles.  If you really want a good shot, wait 6 months and get a CLI on the Discover to over $1000.

Message 5 of 32
Established Contributor

Re: Amex charge: go for Gold or minimize risk?

Might as well skip green and go for gold if you are pre-approved. 

 

Green is like a relic from the past like a statue of Caesar.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 6 of 32
Established Contributor

Re: Amex charge: go for Gold or minimize risk?

I'd go Gold. While it doesn't reap as many MR points as PRG, it is $50 per year less than PRG. And...you're already pre-selected for it.

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


Message 7 of 32
Contributor

Re: Amex charge: go for Gold or minimize risk?

Go for the gold...i also got the green and gold pre-approvals in the mail..i threw the green and kept the gold as a just in case...my scores were pretty low 600's and i still got the gold. 

My Wallet: AMEX Gold NPSL, AMEX BCE 1K, Express 1350, Victoria Secret 2250, Macy's 2000, Kay's 7600, Capital One 1400, Capital One 4000, Quicksilver One 3500; Quicksilver 3000; QVC 3500, Walmart 6000, Pier 1 1250, Kohl's 1500, JCrew 1550, JCPenny 3600, Discover 1500, Lowes 12000, Amazon 2400

Lender Pull: 2/16/13 TU: 672 EX: 681 EQ: 671
Current Scores: 2/6/15: TU 696 EX: 679 EQ: 658
Goal Score: 700
Message 8 of 32
Established Member

Re: Amex charge: go for Gold or minimize risk?

I forgot to mention that I want to get in with AMEX in 2012, given backdating. So I probably would not want to follow djrev4's advice wait 6 months and get the PRG.

 

The advice in this thread seems pretty split on Zync vs. Gold.

Message 9 of 32
Established Contributor

Re: Amex charge: go for Gold or minimize risk?

I think you're fine to apply for any charge card.  I would recommend the Premier Rewards Gold though, it is more useful and has a better signup bonus.  You can always downgrade it later if you want.  I'm pretty sure that the underwriting criteria for Amex charge cards is identical or nearly so, save for the $500 Zync counteroffer.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Message 10 of 32