topic Re: Chances for AMEX [Update: Approved] in Credit Card Approvals

Chances for AMEX [Update: Approved]

credit_guy — Fri, 15 Feb 2013 02:54:36 GMT

Hi everyone,

I've been wanting an AMEX for a while, my goal is to get the SPG. I was wondering if you guys can shed some light on what you think my chances are, and what I should do now, if anything.

I'm in my mid-20s, currently with a score of 709 (TU) and 700 (EQ). My scores could be higher except I've had a couple of late/missed payments and "derogatory descriptions" from 2 accounts (an auto loan and a credit card) in the past - before I understood how important credit scores are. I've been trying to do everything right, but it'll be another couple of years before those fall off. My last late payment happened 3 years and 9 months ago.

I have 3 credit cards right now,

HSBC Platinum - $5,000 limit

Chase Freedom - $2,200 limit

Chase Sapphire Preferred - $11,500 limit

I've had the HSBC Platinum and Freedom for a long time now, but the CSP was applied for and approved 2 months ago. My util currently sits at 1%, and I never carry a balance - a part of this is just due to bad experiences in the past. My annual base salary sits at $120,000, with bonuses it jumps to around $200,000.

Like I said, I'd really like to have an AMEX; SPG would be great because I'd like to start traveling more in the future. I do understand SPG is a revolver and one of their more prestigious cards, which makes me wary about applying with past baddies.

Any advice you guys have would be great, thanks!

Re: Chances for AMEX

chnceit — Thu, 14 Feb 2013 08:06:40 GMT

Buddy you got a damn good chance. I honestly think the CSP is harder to get than the SPG.

Good luck!

Re: Chances for AMEX

credit_guy — Thu, 14 Feb 2013 14:31:34 GMT

Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.

Re: Chances for AMEX

Revelate — Thu, 14 Feb 2013 15:02:13 GMT

@credit_guy wrote:
Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.

Amex SPG isn't that hard of a card to get anymore compared to where it was in the past; depending on the dates you were looking at (ignore anything pre-July '12 as there was a major shift in June of that year) as it likely is not relevant for current underwriting guidelines.

I can't see any reason for a denial in your case for a SPG. If you want the card I'd take a shot at it personally.

Re: Chances for AMEX

Anonymous — Thu, 14 Feb 2013 15:09:37 GMT

@credit_guy wrote:
Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.

I am one of those people. I apped for CSP and SPG around the same time about 3 months ago, and I got accepted for CSP, but denied for SPG with an EX of 748. I *did*, however, have a couple of recent inquiries (on EX: one a month before and one the same day for the CSP app, which I applied for first), and I think that's probably what scared them off.

Re: Chances for AMEX

credit_guy — Thu, 14 Feb 2013 15:40:25 GMT

@Anonymous wrote:
@credit_guy wrote:
Thanks for the reassurance! I thought the CSP was a harder card to get too, but I did see a lot of posts where others have applied for both and were denied for SPG.
I am one of those people. I apped for CSP and SPG around the same time about 3 months ago, and I got accepted for CSP, but denied for SPG with an EX of 748. I *did*, however, have a couple of recent inquiries (on EX: one a month before and one the same day for the CSP app, which I applied for first), and I think that's probably what scared them off.

This is definitely what scares me - your score is higher than mine yet you were denied. I was also under the impression that it takes some time (couple of days) for inquiries to show up. Correct me if I'm wrong, but AMEX should've only seen the EX pull a month before.

Re: Chances for AMEX

mnavas — Thu, 14 Feb 2013 16:03:51 GMT

Usually, if you do an instant decision application, Hard inquiries will show up in your report (s) immediately as soon as you hit the "Submit" bottom....

Re: Chances for AMEX

credit_guy — Thu, 14 Feb 2013 17:20:52 GMT

@mnavas wrote:
Usually, if you do an instant decision application, Hard inquiries will show up in your report (s) immediately as soon as you hit the "Submit" bottom....

Wow definitely did not know that.

I saw this just now and feel very tempted (even though it has nothing to do with my situation): http://ficoforums.myfico.com/t5/Credit-Cards/approved-for-SPG/td-p/1877197

Re: Chances for AMEX

jsickz32 — Thu, 14 Feb 2013 17:26:54 GMT

Im 21, aaoa of 1 year, about 4 inqs on ex in last 6 months, ex score of 701 and utl of 1%. Hope that helps

Re: Chances for AMEX

mnavas — Thu, 14 Feb 2013 17:33:40 GMT

Also, If you were an Amex cardmember and get denied for a second Amex card request, you'd get a soft pull (last AR) and hard pull if you get approved

Re: Chances for AMEX

Anonymous — Thu, 14 Feb 2013 17:35:45 GMT

@credit_guy wrote:

@mnavas wrote:
Usually, if you do an instant decision application, Hard inquiries will show up in your report (s) immediately as soon as you hit the "Submit" bottom....

Wow definitely did not know that.

Yeah, I just went on an app spree, and I checked my EX between each app (EX was pulled for two of them), and they showed up immediately.

Re: Chances for AMEX [Update: Approved]

credit_guy — Fri, 15 Feb 2013 03:01:09 GMT

Felt inspired after I got home today, so I put in an app online. After I hit submit, I was told to wait up to a minute, but after some wait I landed on a page asking me to verify my address. For whatever reason my address would not go through on this form, so I ended up calling the number in the application status email they sent me. The very nice rep. at New Accounts helped me confirm my address (not sure why I needed to call to confirm since this was all done by her on the backend). After a few anxious minutes on the phone, I congratulated me on being approved and that she's placed my card on rush order for me. Thanks for all the advice everyone!

Re: Chances for AMEX [Update: Approved]

mnavas — Fri, 15 Feb 2013 03:32:45 GMT

Comgrats!! What's the Credit Limit? and Welcome to the AMEX familly

Re: Chances for AMEX [Update: Approved]

credit_guy — Fri, 15 Feb 2013 04:06:24 GMT

@mnavas wrote:
Comgrats!! What's the Credit Limit? and Welcome to the AMEX familly

Thanks! The rep on the phone wasn't able to tell me a credit limit, so I've no idea at this point. I guess I'll wait for the card to find out. She did say if I'm not satisfied with the credit limit, I can ask for it to be upped after 60 days.

Re: Chances for AMEX [Update: Approved]

Anonymous — Fri, 15 Feb 2013 04:14:39 GMT

@credit_guy wrote:
@mnavas wrote:
Comgrats!! What's the Credit Limit? and Welcome to the AMEX familly
Thanks! The rep on the phone wasn't able to tell me a credit limit, so I've no idea at this point. I guess I'll wait for the card to find out. She did say if I'm not satisfied with the credit limit, I can ask for it to be upped after 60 days.

Congrats the SPG is a great card even though they increased C&P redemption it's still great coz of all the transfer partners....Welcome !!!!

Re: Chances for AMEX [Update: Approved]

mnavas — Fri, 15 Feb 2013 04:48:18 GMT

I think your account hadn't been created on Amex system by the time you spoke with the CSR . Call this number (888) 826-3471 and the Automated System will tell you what your credit line is....

Re: Chances for AMEX [Update: Approved]

Anonymous — Fri, 15 Feb 2013 06:45:39 GMT

Congrats on the approval!

Re: Chances for AMEX [Update: Approved]

BKFireFly — Fri, 15 Feb 2013 07:23:41 GMT

Congrats.

Re: Chances for AMEX [Update: Approved]

Anonymous — Fri, 15 Feb 2013 13:03:04 GMT

Congrats! Glad you got it

Re: Chances for AMEX [Update: Approved]

youngandcreditwrthy — Fri, 15 Feb 2013 13:09:50 GMT

Congrats! Let us know what the limit is!!! Nice to see other 20 somethings getting their sh together :-)