Should I apply for the American Express Everyday Credit Card?

[Anonymous]

Hello, I'm 18 years old, I got my first credit card back in October and it was a Chase Freedom card with a $500 limit, In October I signed up for 3 more cards all in the same week, Which the others are Capital One Secured $200 limit (I should have signed up for Quicksilver but I hate their annual fee!) Discover IT secured $200 and Lowes store card with a $400 limit. I had all of the cards since October, Chase is MAXED out at $495 balance but I'll be paying that in full once i get the statement (my daily card is the freedom so thats why its maxed out) I have no balances on Discover or Capital one when i did i always paid in full each month when statement came out, My Lowes card has a $250 balance thats due to me taking advantage of the 18 months of no interest. I make $15,000/year as a college student. I checked Credit karma and it said my scores were 617 but thats because my credit card utilization is at 65%. So should I app? if i even do get approved i bet my credit limit will be low ($500) so should i app now or wait? if i do wait how long? Thanks!!

[azguy13]

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@Anonymous wrote:

Hello, I'm 18 years old, I got my first credit card back in October and it was a Chase Freedom card with a $500 limit, In October I signed up for 3 more cards all in the same week, Which the others are Capital One Secured $200 limit (I should have signed up for Quicksilver but I hate their annual fee!) Discover IT secured $200 and Lowes store card with a $400 limit. I had all of the cards since October, Chase is MAXED out at $495 balance but I'll be paying that in full once i get the statement (my daily card is the freedom so thats why its maxed out) I have no balances on Discover or Capital one when i did i always paid in full each month when statement came out, My Lowes card has a $250 balance thats due to me taking advantage of the 18 months of no interest. I make $15,000/year as a college student. I checked Credit karma and it said my scores were 617 but thats because my credit card utilization is at 65%. So should I app? if i even do get approved i bet my credit limit will be low ($500) so should i app now or wait? if i do wait how long? Thanks!!

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In my opinion, even if you paid down your balances, your report would still be too thin and score too low to get in with Amex at this point. Is there a specific reason you want to get in with Amex right now? It is great that you got in with Chase as Chase doesnt generally like to be the first. 

[Anonymous]

I want the card due to the rewards, Like you get 10K reward points after spending 1K in 3 months, If i were to sign up for the blue cash everyday you get $150 cashback after spending $1K in first 3 months, Anyways I just want to get my foot in the door with AMEX, So you dont think they will even approve me with a low CL like $500? Thanks!

[azguy13]

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@Anonymous wrote:

I want the card due to the rewards, Like you get 10K reward points after spending 1K in 3 months, If i were to sign up for the blue cash everyday you get $150 cashback after spending $1K in first 3 months, Anyways I just want to get my foot in the door with AMEX, So you dont think they will even approve me with a low CL like $500? Thanks!

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I am stating that with your UTL, AAoA, lack of TLs, and lower income, it will be tough. However, stranger things have definitely happened. Have you tried searching other "approval odds" threads on the forum via the search feature? A lot of times, the original poster will update us on if he/she was approved (if they even app'd at all). 

[zerbherb]

Hey im also in college. Discover was my first, the amex everyday was second. My income at the time was 8k. I was approved for 2k right off the bat. But my scores were all low 700's and there now all mid 700's and my income is 22k now. 

Check for pre qualify with amex. They were giving me the prg and went for the everyday instead.

[azguy13]

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@zerbherb wrote:

Hey im also in college. Discover was my first, the amex everyday was second. My income at the time was 8k. I was approved for 2k right off the bat. But my scores were all low 700's and there now all mid 700's and my income is 22k now. 

Check for pre qualify with amex. They were giving me the prg and went for the everyday instead.

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I am only pointing this out because the irony is too much; but it is they're, not there, haha. (I only laugh because you specifically mention you are in college)

For real though, it sounds like you had a good experience getting an Amex in college. If the OP decides to go for it, I hpe he gets the same results! 

[OmarGB9]

OP I would wait until your accounts age and your UTIL drops and your scores rise. Trust me, it's worth the wait. The better your stats, the higher limit and lower APR you'll get.

[Anonymous]

Back in October I signed up for the discover it card a few days after apping for the chase freedom, I got denied but counter offered with the discover it secured so I deposited $200 and have a $200 credit limit, I called in to recon but the main reason I was denied was due to insufficient credit history, that's when I had no credit score at all and chase didn't start to report until mid November when I got my first statement.

[zerbherb]

Discover loves clean new files. Chase must have worried them. Should have went with discover first bro.

[Anonymous]

I was looking on multiple threads and users were saying that you need to have at least 6 months of credit history is this correct? Before apping for any AMEX cards? My first card was in October so not even 3 months of history total yet.