topic Re: Help with AMEX in Credit Card Applications

Help with AMEX

06GTS197 — Thu, 23 Jun 2016 14:15:19 GMT

Last year i went on an app spree and was approved for several cards. The only one that wasn't approved was from AMEX. It was the last in line on the app train so I wasn't suprised of the decline. However they did offer me a faboulous secured card which I didn't accept.

For the last couple of months AMEX has been bombing my mailbox with pre-approvals for their various cards offered. They're the last major credit card company that I don't have a card with.

Is this a good sign for approval with AMEX.

Thanks

Edit: My score are EQ: 799 TU: 786 EXP: 789

Re: Help with AMEX

Anonymous — Thu, 23 Jun 2016 14:36:11 GMT

@06GTS197 wrote:
Last year i went on an app spree and was approved for several cards. The only one that wasn't approved was from AMEX. It was the last in line on the app train so I wasn't suprised of the decline. However they did offer me a faboulous secured card which I didn't accept.

For the last couple of months AMEX has been bombing my mailbox with pre-approvals for their various cards offered. They're the last major credit card company that I don't have a card with.

Is this a good sign for approval with AMEX.

Thanks

Edit: My score are EQ: 799 TU: 786 EXP: 789

Yes it's a good sign but not a guarantee of an approval. If your current EX score is anywhere near the 789 you list in your signature, you shouldn't have any problem getting approved.

Re: Help with AMEX

Anonymous — Thu, 23 Jun 2016 16:18:14 GMT

Try there prequal site and see if anything comes up there,thats how i got in with them.

Re: Help with AMEX

RonM21 — Thu, 23 Jun 2016 21:28:47 GMT

@Anonymous wrote:
@06GTS197 wrote:
Last year i went on an app spree and was approved for several cards. The only one that wasn't approved was from AMEX. It was the last in line on the app train so I wasn't suprised of the decline. However they did offer me a faboulous secured card which I didn't accept.

For the last couple of months AMEX has been bombing my mailbox with pre-approvals for their various cards offered. They're the last major credit card company that I don't have a card with.

Is this a good sign for approval with AMEX.

Thanks

Edit: My score are EQ: 799 TU: 786 EXP: 789
Yes it's a good sign but not a guarantee of an approval. If your current EX score is anywhere near the 789 you list in your signature, you shouldn't have any problem getting approved.

IRrish is right, it doesn't guarantee approval. I have to believe the only reason for a decline was your recent apps, if your scores were in the same range they are now. I would think as liong as they aren't still concerned about new accounts, your approval odds would be high.

Re: Help with AMEX

06GTS197 — Mon, 04 Jul 2016 18:47:15 GMT

So I did AMEX prequal and they're offering 2 gold cards and a green card. No interest in those because of the annual fee unless I'm missing something about these cards. I was hoping for the blue cash everyday card. Would odds be good on the BCE even though it wasn't an offer?

Re: Help with AMEX

Anonymous — Mon, 04 Jul 2016 20:48:52 GMT

How many inquiries do you have?

Re: Help with AMEX

creditguy — Mon, 04 Jul 2016 21:54:34 GMT

Just be aware that while pre quals are generally solid, not receiving one does not mean you can't be approved for the card you want. Many people have received zero pre qual offers and applied anyway then getting approved. If you want a specific card, go for it. The worst they can do is decline you.

Re: Help with AMEX

SouthJamaica — Tue, 05 Jul 2016 00:52:38 GMT

@06GTS197 wrote:
Last year i went on an app spree and was approved for several cards. The only one that wasn't approved was from AMEX. It was the last in line on the app train so I wasn't suprised of the decline. However they did offer me a faboulous secured card which I didn't accept.

For the last couple of months AMEX has been bombing my mailbox with pre-approvals for their various cards offered. They're the last major credit card company that I don't have a card with.

Is this a good sign for approval with AMEX.

Thanks

Edit: My score are EQ: 799 TU: 786 EXP: 789

Yes it is, and with your outstanding scores you will likely be approved for whichever card you go for.

Re: Help with AMEX

SouthJamaica — Tue, 05 Jul 2016 00:54:06 GMT

@06GTS197 wrote:
So I did AMEX prequal and they're offering 2 gold cards and a green card. No interest in those because of the annual fee unless I'm missing something about these cards. I was hoping for the blue cash everyday card. Would odds be good on the BCE even though it wasn't an offer?

Yes your odds would be good for the BCE.

I would use the offer that comes in the mail, though.

Re: Help with AMEX

Anonymous — Tue, 05 Jul 2016 04:03:14 GMT

I think you've got a good chance.

The odds would be in your favor to use the mailer. That's how I got approved.

Re: Help with AMEX

Anonymous — Tue, 05 Jul 2016 04:31:53 GMT

Just wanting to clarify something here...

The Green, Gold, and Platinum cards all have 0% interest because they are not credit cards, rather they are charge cards. Big difference.

If you get a charge card, you will have to pay the entire statement balance in full upon the due date - You cannot carry any balance.

All of the other American Express cards are revolving credit cards that do allow you to carry a balance.

I just wanted to maked sure you knew what you were applying for before getting into trouble.

Re: Help with AMEX

Aprile421 — Tue, 05 Jul 2016 14:50:56 GMT

I applied for an amex BCP the other day. Before I applied I went to the pre qual site and it said it could not find any offers for me even though amex had been sending me mailers for the Platinum Delta Amex and BCE. I went ahead and applied anyway and I was approved for a BCP. Your scores are quite a bit better than mine so I would think you would have no problem. They pulled Experian for my application.

Re: Help with AMEX

06GTS197 — Tue, 05 Jul 2016 17:33:48 GMT

@Anonymous wrote:
How many inquiries do you have?

EQ:2

TU:4

EX: 5

All a year old from previous app spree.

Re: Help with AMEX

06GTS197 — Tue, 05 Jul 2016 17:38:33 GMT

@Anonymous wrote:
Just wanting to clarify something here...

The Green, Gold, and Platinum cards all have 0% interest because they are not credit cards, rather they are charge cards. Big difference.

If you get a charge card, you will have to pay the entire statement balance in full upon the due date - You cannot carry any balance.

All of the other American Express cards are revolving credit cards that do allow you to carry a balance.

I just wanted to maked sure you knew what you were applying for before getting into trouble.

Did not know that such a thing existed as charge cards. How do they factor into FICO? Still caterogized as revolving or what?

Re: Help with AMEX

JamP — Tue, 05 Jul 2016 19:26:25 GMT

Just a data point here.

Both my ED and BCE were approved from Mailers received a week apart with a specific APR, both 12.99%.

Your scores are much better the mine are/were but I began with toy limits and still trying to get my BCE over 5k.

Re: Help with AMEX

Anonymous — Tue, 05 Jul 2016 23:17:08 GMT

On my latest MyFico credit report it shows up under the "Revolving Accounts" section - Probably just because there's not really a good other place to stick it.

These types of cards are what you will see most people refer to as "NPSL" cards or "No Preset Spending Limit". It's also why you hear people say "He can buy a private jet on his Platinum card because there's no limit" or something along those lines.

The reality is you do have a spending limit, but you don't really know what that limit is from month to month. For example:

I got my Premier Rewards Gold card in March - I didn't really put much spend on the card and at the end of the month I used the "Check my spending power" tool and they would only approve me for up to $500. Fast forward several months after spending quit a bit on that card and paying it off before statements cut and everything, I just checked it and they will approve me for $15,000. So your "limit" will vary from time-to-time as they gague your usage on the card.

As for how it factors in your FICO scores, it reports no credit limit, so this is sometimes a henderance in how your overal utilization is factored in because it would appear that you are using more credit than you actually are.

I hope all this made some sort of sense, I'll let anyone else clarify anything I missed or anything.

Re: Help with AMEX

Anonymous — Wed, 06 Jul 2016 19:23:50 GMT

They have no limit and are ideal. You pay in full each month and may not carry debt. Amex adjusts your soft limit whenever needed.

Re: Help with AMEX

CreditDunce — Thu, 07 Jul 2016 15:00:48 GMT

FICO used to factor in Amex Charge cards in your revolving utilization. They used the highest usage field in place of the credit limit. In current FICO models, Amex charge cards are still considered revolving, but they do not factor into utilization. Letting a large balance report does not hurt your utilization. Amex charge cards are only counted in the number of revolving trade lines with a balance.

I should add revolving utilization and number of cards reporting a balance do not have memory. You do not need to have perfect utilization / only one card reporting a balance every month. You only need to optimize your credit report before you app. Of course, you should always PIF all of your cards regardless of the FICO consideration. There is no credit mix benefit with FICO for having charge cards. They count the same as any other revolving credit line.

Not to complicate matters... but Amex may approve you for Pay Over Time (POT). It is a feature where Amex allows you to not pay if full some charges. I would not use it since it is at a very high interest rate. Amex occasionally will offer some MR points if you add the feature. You can add the feature but not use it.

Note: The above applies to any charge card, not just Amex. Amex charge cards are reported as credit cards on your credit report. Most store cards are reported as charge cards on your credit report.