Got a Preselected Green Amex letter today....

[pritchardhallhokie]

So, I got a preselected letter from Amex today for a green card.  My scores are a bit lower than they were a month ago due to usage.  I have a 660/661 TU/EQ w/ a 71% uti.  AAOA about 7 years, 4 cards right now, all in good standing (I have a Cap 1, Orchard bank, and 2 first premier <-- UGGG).  This would be the perfect card to replace the first premier cards!  I also have the last negative on my account happening 7 months ago ( a stupid oversight on a 60 day late for student loans that has since really hurt me less and less).  My last collection was 3.2 years ago.  I can probably afford the inq., I have 1 on TU and 2 on EQ that happened around 5 months ago.

I have some questions: 

1.  Does preselected usually mean I'll get approved? 

2.  What's the usual starting CL for a new Amex cardholder with my score?

3.  Is this something you guys would go after?

4.  Should I pay off my ccs to get around 7% uti to get a much higher score therefore getting a higher CL?

Thanks so much guys!

[BundiFan]

with a your most recent baddie only being 7 months ago I wouldn't think your chances aren't that good

[pritchardhallhokie]

You said you wouldn't think they weren't that good?  Not being a smartass, but were you using a double negative to mean that I WOULD have a good chance or that I wouldn't have a good chance?

Also, this is a preselected letter.  Wouldn't that typically mean I would have a shot?

[favre_2_free]

I was preselected for a Gold Card with less than desirable CR's, and decided to do it because I had nothing to lose.  I got it, and at first my spending availabilty was around $1000, and not it says I have $7500 availability. 

[pritchardhallhokie]

Thanks favre, do you remember what your scores were at the time?

[favre_2_free]

I didn't have anything besides FAKO's, and I'm pretty sure they were lower than yours.  I just remember thinking I wouldn't get it, but had nothing to lose by applying.  It was the first time I had ever gotten anything perselected from AMEX.

PS...this was just in December.

[pritchardhallhokie]

Thanks favre, and you went from 1000 to 7500 in just a few months?

[favre_2_free]

Theres a button to test your spending availablity, since there is no limit, and it needs to be PIF every month.  So I periodically check it, and yes, I started around 1k, and I just tested it for $7500 and it said I'd be approved.  I've also tried a higher number and it was denied.

[pritchardhallhokie]

Does anyone  else have any experience with this situation?

Thanks!!

[FicoScore626]

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@pritchardhallhokie wrote:

Does anyone  else have any experience with this situation?

Thanks!!

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I got declined for the Zync card after receiving a preselected offer.. My student loan late payments were at least 2 years old.. But my utilization was high at the time. Around 50% I think. My Experian PLUS score was 626.. My Equifax and TransUnion FICOs were in the 640 - 660 range.