topic Re: Am I pushing it with Amex? in Credit Card Applications

Am I pushing it with Amex?

DangerNoodle — Tue, 29 May 2018 03:25:15 GMT

Hello all,

My first card with Amex was the BCE, which I was approved for $2000 on 3/2/18.

I then applied for the Platinum card, which I was approved for NPSL on 3/3/18.

I did a 3x CLI on my BCE card on 5/2/18, and was approved for $6000

Later, I applied for the Hilton Honors card, and was approved for $1000 on 5/7/18.

The last card I want from Amex is the Gold Delta Skymiles, because of a targeted 60k point signup bonus for me.

I plan to apply for it tonight, but I don't want to risk getting an FR/shudown because of too much credit.

I'm 18 with a 15k income, I have 8 inquiries and about 10 cards opened in the last 12 months. Amex says I am pre-approved for the card.

Should I go for it? Thank you for any input!

Re: Am I pushing it with Amex?

pipeguy — Tue, 29 May 2018 04:20:09 GMT

@DangerNoodle wrote:
Hello all,

My first card with Amex was the BCE, which I was approved for $2000 on 3/2/18.
I then applied for the Platinum card, which I was approved for NPSL on 3/3/18.
I did a 3x CLI on my BCE card on 5/2/18, and was approved for $6000
Later, I applied for the Hilton Honors card, and was approved for $1000 on 5/7/18.

The last card I want from Amex is the Gold Delta Skymiles, because of a targeted 60k point signup bonus for me.
I plan to apply for it tonight, but I don't want to risk getting an FR/shudown because of too much credit.
I'm 18 with a 15k income, I have 8 inquiries and about 10 cards opened in the last 12 months. Amex says I am pre-approved for the card.

Should I go for it? Thank you for any input!

Absolutely not!

You have a 15k income and you are paying a lot of money in AF's to AmEx now ($550 alone for the Platinum and looking to add more) - I have no idea how you expect to meet spending bonuses on the cards you have now with a poverty level income. I assume you live at home with your parents but even just the AmEx platinum on a $15k gross income? If AmEx looks closer and including the requirements of the Card Act, I'd be surprised if they leave any of your cards open. Did you use $15k as your annual income on the applications?

I'm not trying to be disrespectful but seriously exercise restraint.

Card Act of 2009:

Section 226.51 includes special rules for consumers under 21 years of age (young consumers), as determined on the date the application or request to increase a credit limit is submitted. A card issuer generally cannot issue a card to a young consumer unless the consumer has submitted information showing an independent ability to make the minimum payments, as determined in §226.51(a). As an alternative, an account can be opened for a young person if a person who is at least 21 years of age agrees to be secondarily or jointly liable with the young person for the account and provides financial information indicating the ability to make the required minimum periodic payments, as set forth in §226.51(a).

Re: Am I pushing it with Amex?

DangerNoodle — Tue, 29 May 2018 04:43:43 GMT

Thanks for the input. I generally just give my new cards to my parents to use normally and pay to meet the minimum spend.

I'm actually starting a new part time job (currently in college as well), which will be paying me $23,400 fixed annually. Not sure if I should report that to Amex since I can't really prove it until I pay taxes next year. And yes, I did report 15k to them, which is provable via 4506T.

I'll definitely admit though, I have fallen into a slight addiction of applying for credit cards just to have them.

Re: Am I pushing it with Amex?

Anonymous — Tue, 29 May 2018 04:47:04 GMT

+ 1000 @pipeguy

Re: Am I pushing it with Amex?

Anonymous — Tue, 29 May 2018 04:54:28 GMT

Yes put your new income. If that's your job and that's your income, you should absolutely put it down.

I would apply for it. The worst they can say is no.

Re: Am I pushing it with Amex?

Pikaboo-icu — Tue, 29 May 2018 04:59:01 GMT

@DangerNoodle wrote:
Thanks for the input. I generally just give my new cards to my parents to use normally and pay to meet the minimum spend.
I'm actually starting a new part time job (currently in college as well), which will be paying me $23,400 fixed annually. Not sure if I should report that to Amex since I can't really prove it until I pay taxes next year. And yes, I did report 15k to them, which is provable via 4506T.

I'll definitely admit though, I have fallen into a slight addiction of applying for credit cards just to have them.

The first step is admitting you have a problem; now off to rehab!

Seriously, it can be addictive..

The rush of the app- the high of a new approval or the low of a denial..

Think about your future! You must exercise restraint and use your credit wisely..

Too much too soon is too much too soon, if ya know what I mean.

Believe me (and ask many others here) it can come back to bite you in the behind!

Remember those shiny little cards represent real GREEN dollars leaving your wallet..

Re: Am I pushing it with Amex?

pipeguy — Tue, 29 May 2018 11:25:15 GMT

@DangerNoodle wrote:
Thanks for the input. I generally just give my new cards to my parents to use normally and pay to meet the minimum spend.
I'm actually starting a new part time job (currently in college as well), which will be paying me $23,400 fixed annually. Not sure if I should report that to Amex since I can't really prove it until I pay taxes next year. And yes, I did report 15k to them, which is provable via 4506T.

I'll definitely admit though, I have fallen into a slight addiction of applying for credit cards just to have them.

I took the time to look over some of your previous posts and I think you are either caught up in the moment or you are playing a dangerous game that has a high probability to not end well. In your sig you show AAoA to be 5 years which would put you at 13 and your oldest account at 19 years (you said you were 18) so I'll assume your parents added you as an AU as an infant - that's all good. You also said you've opened 8+/- accounts within the last year - I'll assume after you turned 18 which calls into question the 5 year AAoA. What is more disturbing is the fact that you said you are handing out AU's to 3 other relatives including a 16-year-old - you do realize that YOU are responsible for any charges should they not pay or pay late.

The highlighted statement above suggests that your credit cards seem to be "community property" within your family, an equally dangerous game because again YOU are responsible and you make $15k a year. I'll assume that your parents fulfilled the Card Act requirements of guaranteeing payment for your charges because $15k a year certainly won't cover all that spending, while that may be your fall back plan to the "family credit cards" it raises red flags to lenders for a full-time freshman college student.

With all due respect, this is a worrisome thread especially if it spawns others to try to duplicate your "success". I'm not going to comment further on this thread but I fear for your future credit-life.

Re: Am I pushing it with Amex?

SouthJamaica — Tue, 29 May 2018 11:56:12 GMT

@DangerNoodle wrote:
Hello all,

My first card with Amex was the BCE, which I was approved for $2000 on 3/2/18.
I then applied for the Platinum card, which I was approved for NPSL on 3/3/18.
I did a 3x CLI on my BCE card on 5/2/18, and was approved for $6000
Later, I applied for the Hilton Honors card, and was approved for $1000 on 5/7/18.

The last card I want from Amex is the Gold Delta Skymiles, because of a targeted 60k point signup bonus for me.
I plan to apply for it tonight, but I don't want to risk getting an FR/shudown because of too much credit.
I'm 18 with a 15k income, I have 8 inquiries and about 10 cards opened in the last 12 months. Amex says I am pre-approved for the card.

Should I go for it? Thank you for any input!

Yes you're pushing it.

No you should not go for it.

You should stop applying for things for awhile.

Re: Am I pushing it with Amex?

Anonymous — Tue, 29 May 2018 16:19:14 GMT

OP, please take the excellent advice given and hold off on any more cards. In addition to the reasons given above regarding income and AUs, who you are responsible for, credit card debt is insidious if you don't keep on top of it. Those tiny minimum payments look so manageable until you realize it's out of control and your balance isn't going down at all. It really can and does go sideways very quickly without discipline.

If you can't PIF every month, you're heading for trouble sooner or later, especially without some years of experience in managing your finances and credit. Treat your credit cards exactly as you would a debit card, and don't spend a penny more than you would in cash.

I had a Platinum card when I was 21, for similar reasons to you. I might as well have taken $350 annual fee at the time and set paper money on fire. The people who were "impressed" by it are long gone from my life, and they certainly didn't make the hard earned money I wasted worth it in the long run. Think long term, build a strong credit profile slowly and impress someone who matters, such as a future SO/spouse, with your impressive savings account and ability to qualify for an excellent mortgage. I wish I had, and I can tell you my wife would have been much more impressed with better financial resources than ANY credit card. Just my 2c.

Re: Am I pushing it with Amex?

DangerNoodle — Tue, 29 May 2018 18:31:28 GMT

I can understand where a lot of you are coming from, but I just want to set the records straight: I always pay in full on time, and I never spend more than I know I'll be able to pay off at the end of the month. I think carrying balances and paying interest is one of the dumbest things one can do.

I know that hearing "18 years old" and "10+ credit cards" in the same sentence may scare some people to death, but I just want to make it clear that I am extremely responsible with my payments.

Also, I'm not paying for the platinum card to impress people, as that's absolutely delusional, but because I get the uber credits (which I use frequently) and the travel perks. I'm not technically paying at all because the benefits I get pay for itself and they're still things I would have been paying for regardless of whether or not I have the card.

I know how a lot of people get caught up in this game and end up in a lot of debt, but I know for a fact that's not something I'd ever play around with. I think of my cards as guns, they're great tools if used responsibly, but disastrous if used recklessly.

Thanks for everyone's input, I think I'll wait this one out for a bit.

Re: Am I pushing it with Amex?

ToughFistFight — Tue, 29 May 2018 18:39:13 GMT

If my daughter told me she had as many credit cards as you and were handing them to me and pops to make the spend, I would go sideways. It looks like your parents did you a sweet favor by setting you up with a great credit score, but they are not doing you any favors now. Im curious, but more concerned for your future. My 24 year old makes more than you annually, is a full time pre-med student and has one card, which is not even close to yours. Please slow down and check out the bankruptcy forum. For whatever reason they have fallen on hard times, they are an example of what can go wrong really fast. GIANT YELLOW YEILD SIGN.

Re: Am I pushing it with Amex?

Pikaboo-icu — Tue, 29 May 2018 19:28:58 GMT

@ToughFistFight wrote:
If my daughter told me she had as many credit cards as you and were handing them to me and pops to make the spend, I would go sideways. It looks like your parents did you a sweet favor by setting you up with a great credit score, but they are not doing you any favors now. Im curious, but more concerned for your future. My 24 year old makes more than you annually, is a full time pre-med student and has one card, which is not even close to yours. Please slow down and check out the bankruptcy forum. For whatever reason they have fallen on hard times, they are an example of what can go wrong really fast. GIANT YELLOW YEILD SIGN.

AMEN and are we related? LOL

My son is 24 and makes 32,000. his starting salary and he has ONE card, he charges gas & fast food and PIF..

I've actually tried to talk to him about getting at least one more and he says "No Way", not right now..

He drives the car we bought for him so no car payment.. A few small student loans for the little we didn't cover..

He is super responsible, does not drink or spend much.. If he started suddenly collecting cards of that caliber, his father & I would likely have a melt down. And I would NEVER use my son's CC's, not even at his invitation/urging. Not happenin'.

CHEERS

Re: Am I pushing it with Amex?

Anonymous — Tue, 29 May 2018 20:10:44 GMT

@DangerNoodle wrote:

Thanks for everyone's input, I think I'll wait this one out for a bit.

Good choice IMO! Best of luck to you.

Re: Am I pushing it with Amex?

Anonymous — Tue, 29 May 2018 22:27:43 GMT

Go for it... don't let anyone talk you out of your pursuit.

@DangerNoodle wrote:
I can understand where a lot of you are coming from, but I just want to set the records straight: I always pay in full on time, and I never spend more than I know I'll be able to pay off at the end of the month. I think carrying balances and paying interest is one of the dumbest things one can do.

I know that hearing "18 years old" and "10+ credit cards" in the same sentence may scare some people to death, but I just want to make it clear that I am extremely responsible with my payments.

Also, I'm not paying for the platinum card to impress people, as that's absolutely delusional, but because I get the uber credits (which I use frequently) and the travel perks. I'm not technically paying at all because the benefits I get pay for itself and they're still things I would have been paying for regardless of whether or not I have the card.

I know how a lot of people get caught up in this game and end up in a lot of debt, but I know for a fact that's not something I'd ever play around with. I think of my cards as guns, they're great tools if used responsibly, but disastrous if used recklessly.

Thanks for everyone's input, I think I'll wait this one out for a bit.

Re: Am I pushing it with Amex?

MrDisco99 — Tue, 29 May 2018 23:02:14 GMT

So... let's set aside whether it's appropriate to have 10 cards when you're 18 and do without the judgement and condescending comments... and let's just look at the question that was asked and the data...

Amex has a 2/90 rule... 2 revolvers in a 90 day period. If you apply for another revolver now you will be auto-denied.

However, if you've been responsible and have good history so far, I don't see why you couldn't get an Amex Delta Gold once that BCE is past 90 days old in a few days. The fact that you have a pre-approval and they gave you a 3x CLI implies Amex likes you so far. There's a pretty good chance they won't even hard pull your credit.

Re: Am I pushing it with Amex?

Anonymous — Tue, 29 May 2018 23:36:00 GMT

Nothing anyone has said is condescending. Just because it is not what someone wants to hear does not make it is condescending or a judgement. The OP asked the question "Am I pushing it with AMEX" and everyone responded with their opinion to that question.

There are many people, who have filed bankruptcy and/or are in a hole with their credit and trying to dig themselves out, who would have been so grateful for the advice given in this thread.

Cheers!

@MrDisco99 wrote:
So... let's set aside whether it's appropriate to have 10 cards when you're 18 and do without the judgement and condescending comments... and let's just look at the question that was asked and the data...

Amex has a 2/90 rule... 2 revolvers in a 90 day period. If you apply for another revolver now you will be auto-denied.

However, if you've been responsible and have good history so far, I don't see why you couldn't get an Amex Delta Gold once that BCE is past 90 days old in a few days. The fact that you have a pre-approval and they gave you a 3x CLI implies Amex likes you so far. There's a pretty good chance they won't even hard pull your credit.

Re: Am I pushing it with Amex?

DangerNoodle — Wed, 30 May 2018 00:22:33 GMT

@MrDisco99 wrote:
So... let's set aside whether it's appropriate to have 10 cards when you're 18 and do without the judgement and condescending comments... and let's just look at the question that was asked and the data...

Amex has a 2/90 rule... 2 revolvers in a 90 day period. If you apply for another revolver now you will be auto-denied.

However, if you've been responsible and have good history so far, I don't see why you couldn't get an Amex Delta Gold once that BCE is past 90 days old in a few days. The fact that you have a pre-approval and they gave you a 3x CLI implies Amex likes you so far. There's a pretty good chance they won't even hard pull your credit.

Thank you so much for the info. I didn't even know about their 2/90 rule.

I appreciate people's concern, but I can assure you all that I have 100% trust in myself and my parents. Having a good relationship with your parents requires both the child and the parent to hold up their end of the bargain, and I can safely say that's the case for me.

Re: Am I pushing it with Amex?

AverageJoesCredit — Wed, 30 May 2018 00:18:45 GMT

"Am I Pushing it with Amex" does not ask for facts but implies wanting opinions of people more experienced than an 18 year old would have with Amex . Majority of people here only want to help with advise or wisdom especially to an 18yo on begining journey. I wish I had people to learn from at that age.

Take what you will from said advise but dont spurn it. Not everyone would be so kind to caution, well ,caution. Just an average thought for way too many average days

Re: Am I pushing it with Amex?

Anonymous — Thu, 31 May 2018 16:00:35 GMT

No one is answering OPs question.

OP is not doing anything wrong! He used his $15k income to apply. It's up to AMEX to decide if that income is enough for approvals, not us.

If OP can meet the spending and handle the AFs by sharing the cards with his/her parents, who cares how many cards he/she is applying for. OP, if you want the card, go for it. Make sure to update your income on your account. Keep coming back and read a lot on this forum so you can stay responsible withi your cards and never fall into the black hole.

Re: Am I pushing it with Amex?

DangerNoodle — Sat, 02 Jun 2018 08:05:57 GMT

@Anonymous wrote:
No one is answering OPs question.

OP is not doing anything wrong! He used his $15k income to apply. It's up to AMEX to decide if that income is enough for approvals, not us.

If OP can meet the spending and handle the AFs by sharing the cards with his/her parents, who cares how many cards he/she is applying for. OP, if you want the card, go for it. Make sure to update your income on your account. Keep coming back and read a lot on this forum so you can stay responsible withi your cards and never fall into the black hole.

This is the biggest thing I came here looking for advice on.

I'm starting this job on the 11th of this month, and while it is a $23,400 salary, it will be the first job I've had this year (left my previous job in December at a supermarket because it sucked, decided to pursue something that pays higher, finally landed a job at BofA), so realistically I will only be reporting the usual $15,000 on my tax return for 2018. What I don't want to do is end up getting an FR sometime this year or even through April 2020 (which I wouldn't rule out as a possiblity, especially considering my profile, age, and income) and only have $15,000 to prove via 4506-T even though I am getting paid $23,400.

Should I still report $23,400 to Amex even though the earliest tax return that would be shown on is 2019? Do they accept other proof of income besides a 4506-T? Or should I just stick to $15,000 because it is easily provable with a 4506-T?

I think I'm really overthinking this, but I just want to play it safe as Amex is my favorite CC issuer and I wouldn't want to ruin my relationship with them.