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Valued Member
Posts: 49
Registered: ‎02-14-2011
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Chance of Amex approval?

What is the chance of getting an Amex Blue Cash Everyday Rewards card with:

725 Equifax, 730 Transunion.

No history of credit cards (No revolving accounts)

Only account history is student loans (~1-4 years old in range)

No annual income (yet)

 

I am asking because a friend of my mine wants to start building his credit, but I don't want him to waste an inquiry on Amex if any of you know from experience or other posts that the income or lack of history with other lenders will destroy any chances with Amex. 

 

If it does, do any of you have suggestions for what he should be doing now?

 

Thank you!

Moderator
Posts: 9,674
Registered: ‎01-28-2010
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Re: Chance of Amex approval?

[ Edited ]

 

No ~ I don't think that AMEX will approve him for either a revolving card or a charge card with no CC history.     He will need to establish revolving payment history first, at least 6 months, probably more likely 12 months of on~time payments.

 

Also the "no annual income" will likely be a problem.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
Posts: 470
Registered: ‎08-14-2012
0

Re: Chance of Amex approval?

He could possibly get a Zync card depending on his income. Probably not a BCE with no history with AMEX or other CC's.

The Zync was my first CC I obtained and the only other estabilished credit at that time were student loans.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
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Re: Chance of Amex approval?

No.

5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Valued Member
Posts: 49
Registered: ‎02-14-2011
0

Re: Chance of Amex approval?

So is the general consensus that with no income (no current job), no chance?

 

How about with the charge card?  Zync?  

 

Thanks for the replies, btw.   It is what I suspected, but I just wanted to be sure.  

Valued Member
Posts: 49
Registered: ‎02-14-2011
0

Re: Chance of Amex approval?

Although, interestingly I got my first credit card  (US Bank Cash Rewards) with no revolving history, just student loans - and no income.   4000 CL, too.   But that was almost six years ago - so I know things have changed in terms of giving cards to students. 

Community Leader
Valued Contributor
Posts: 1,406
Registered: ‎07-12-2011
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Re: Chance of Amex approval?

Chances are minimal at best.  Zync was designed for people with thin files.  Amex marketed it as such... upwardly mobile individuals with little established credit. (not bad credit)  But in this case, I see the "no income" as the biggest issue.  Amex is very much income sensitive.  They wanna know you can pay up.  :smileyhappy:


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSP 20.5K, TotalRewards 20.5K, QuickSilver 20K

Frequent Contributor
Posts: 470
Registered: ‎08-14-2012
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Re: Chance of Amex approval?

I think any CC company would have a difficult time justifying giving someone credit without any income.

Remember, you don't necessarily need employment to have income (however I think AMEX prefers employment). If your friend's parents support him (an allowance), that is considered income. As well as scholarships and other sources like that.

However, unless he generates some form of employment on his own I think AMEX (of any kind) is out of the picture for now. He would probably have a chance obtaining a student credit card from another company.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Valued Contributor
Posts: 1,990
Registered: ‎09-16-2011
0

Re: Chance of Amex approval?

The new credit law requires you to have income to make payments. So basicly its illegal to issue a person with no income a credit card. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Sally Mae5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 12/15/2014
Moderator Emeritus
Posts: 10,898
Registered: ‎12-30-2011
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Re: Chance of Amex approval?

[ Edited ]

KatherineLee wrote:

Although, interestingly I got my first credit card  (US Bank Cash Rewards) with no revolving history, just student loans - and no income.   4000 CL, too.   But that was almost six years ago - so I know things have changed in terms of giving cards to students. 


Yeah, completely different world these days: lenders got slapped pretty hard for their practices with regards to students :smileywink:

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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