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Valued Member
Posts: 55
Registered: ‎09-26-2012
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Pathway to getting this card? (SPG)

[ Edited ]

My score is 650-700. I have a low debt ratio and my longest account is 3 years old. I really want this card and/or others like it. I've already been declined for it though. (no surprise). I have 2 credit cards. My oldest has a $200 CL (BankAmericard Visa) and my new one I got this week has a $300 CL (CAP1 MC). I also have $10,000 in student loans on my report. I'm still a student. Also, I have no baddies-- only a lot of inquires. I know this will take some time. What does my pathway look like to getting this card?

 

CARD: https://www.creditkarma.com/creditcard/CCAmericanExpressCard82?originEvent=222394882

 

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Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
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Re: Pathway to getting this card? (SPG)

How old is your oldest cc? What is your AAoA? What income, if any, do you have? And lastly, how many inquiries on each report and how old are they?

I've not been a student for a while so not familiar with the products but I believe Discover and Citi offer some good student cards. Also, you may want to app for Amex Green card (I would say zync but don't think it's available anymore).


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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Contributor
Posts: 567
Registered: ‎10-04-2012
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Re: Pathway to getting this card? (SPG)

Realistically, your pathway to this card involves being employed. What reasons did Amex give for the decline?

 

They also hate excessive inquiries, as do most prime lenders.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Contributor
Posts: 2,280
Registered: ‎07-23-2012
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Re: Pathway to getting this card? (SPG)


Elcid89 wrote:

Realistically, your pathway to this card involves being employed. What reasons did Amex give for the decline?

 

They also hate excessive inquiries, as do most prime lenders.


yes employed is a factor. well having a substainable income is. 

without having specifics we can't really provide info. 

 

are those the only two things on your reports? 

and someone correct me if im wrong. i believe that card needs a 5k limit? 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$6,400
Citi DC $10,000
Citizens Mastercard$7,000
Frequent Contributor
Posts: 348
Registered: ‎08-17-2012
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Re: Pathway to getting this card? (SPG)

I would work on raising exisiting limits before giving it another try. Amex revolvers generally have a minimum cl of 1k (not sure on the spg though), with 2k being far more common.

 

Since you're still a student, I would look at citi and discovers student cc's first as they are more likely to grow from a cl perspective than your exisiting tradelines

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Contributor
Posts: 567
Registered: ‎10-04-2012
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Re: Pathway to getting this card? (SPG)

[ Edited ]

creditnocash wrote:

Elcid89 wrote:

Realistically, your pathway to this card involves being employed. What reasons did Amex give for the decline?

 

They also hate excessive inquiries, as do most prime lenders.


yes employed is a factor. well having a substainable income is. 

without having specifics we can't really provide info. 

 

are those the only two things on your reports? 

and someone correct me if im wrong. i believe that card needs a 5k limit? 


Nah, I have heard that they will issue a starting limit as low as $1,000 with this product, although it hardly seems like it would be worth their time given the startup bonus.

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Contributor
Posts: 2,280
Registered: ‎07-23-2012
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Re: Pathway to getting this card? (SPG)

Best case scenario is to finish school gardening your cards and app when you have a little higher aaoa and most of your inquries have ethier fallen off or are non factor to your score (over a year old)

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$6,400
Citi DC $10,000
Citizens Mastercard$7,000
Regular Contributor
Posts: 141
Registered: ‎07-01-2012
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Re: Pathway to getting this card? (SPG)

First step is to get a green AMEX. This will get you in and requires 30-50 points lower score than an AMEX revolver. Gold Delta next. This card is relatively achievable and can be started with a low limit then grow infinitely.

 

SPG is AMEx top revolver so don't mess up the two above mentioned cards and pay pay pay your bills on time. With these two cards top Chase and Citi cards will also come soon, but again pay pay pay your bills on time. Your history and low utilization will become even more important than your income.

 

 

All Thanks to myFico:
AMEX Business Platinum (NPSL) | AMEX Business SPG ($25,000) | Citi Hilton Honors Reserve ($14,000) | US Bank Cash+ Visa Signature ($13,500) | AMEX H. Honors ($6,000) | FNBO Platinum MC $6,000) | Citi Diamond Preferred ($4,700) | Citi Double Cash ($3,200) | Chase Freedom ($3,000)
Valued Member
Posts: 55
Registered: ‎09-26-2012
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Re: Pathway to getting this card? (SPG)

[ Edited ]

Just got off work. I do have an income of $25,000. Thank you CreditEd. This is exactly what I was looking for. I have a lot of recent inquires that won't have an affect one year from now. My AAoA is maybe 1.5 years with the oldest being 3 years. 

 

So is this my plan then?: 

 

AMEX Green   --> Gold Delta --> SPG 

 

When should I apply for AMEX Green? I just got a line of credit from CAP1 and my score is a lil below 700 with a ton a inq's.

 

When after should I apply for Gold Delta?

 

Finally, when should I realistically expect to have the SPG?

Valued Contributor
Posts: 2,280
Registered: ‎07-23-2012
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Re: Pathway to getting this card? (SPG)


Objectivist wrote:

Just got off work. I do have an income of $25,000. Thank you CreditEd. This is exactly what I was looking for. I have a lot of recent inquires that won't have an affect one year from now. My AAoA is maybe 1.5 years with the oldest being 3 years. 

 

So is this my plan then?: 

 

AMEX Green   --> Gold Delta --> SPG 

 

When should I apply for AMEX Green? I just got a line of credit from CAP1 and my score is a lil below 700 with a ton a inq's.

 

When after should I apply for Gold Delta?

 

Finally, when should I realistically expect to have the SPG?


what is your expected income after college? 25k is a little low i think. 

 

and is the 1.5 years with the new card/s you just got? 

since you dont have any backdating you could app for green anytime. 

but note there is an annual fee after the first year. 

 

depending on income id say 2/3+ years and youd be good. 

3+ solid years of on time payments and low util. no inquries would be awesome for spg. 

the better thing is if you do get the green every other app you do with amex will be a soft pull if denied. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$6,400
Citi DC $10,000
Citizens Mastercard$7,000
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