topic Re: AMEX Pre-Approval- Cash Mag- am I good? in Credit Card Applications

AMEX Pre-Approval- Cash Mag- am I good?

Anonymous — Sun, 05 Aug 2018 10:11:22 GMT

Morning!

Checked out AMEX pre qual site, entered my info and it said congrats you are pre approved for the offer below. It was for the Amex cash Magnet. 15 months 0% for purchases and balance transfers. It also quoted me an APR of 18.29 I believe. It was a fixed number not a range. I’ve read that’s extra good.

I feel like I’ve read AMEX pre approvals are as good as gold, but would love some additional info. As an FYI I cold app in May 2018 for Blue cash after not having pre approval and was declined. I’m now about 690 Fico. Three total cards, two with $0 balance and one with $4500 out of $7500 taking advantage of a BT offer. So util is 45%. Thanks for advice and thoughts!

Re: AMEX Pre-Approval- Cash Mag- am I good?

Jnbmom — Sun, 05 Aug 2018 10:15:54 GMT

AMEX preapprovals are usually good to go

What were the reasons why the denied when you cold apped?

Re: AMEX Pre-Approval- Cash Mag- am I good?

Anonymous — Sun, 05 Aug 2018 10:29:44 GMT

Fico was 637 then. Says ratio of card balances too high. I had a card I closed that had $6500 out of $6500 credit line, I’ve since paid that off. Also had an open credit card with $1100/$1500 on it due to 0% apr but that’s now $0/1500
Also said length of time accounts established, so that concerns me since it’s only been two months. My oldest open card is little over 7 years. I didn’t remember but I had a 30 day late once in August 2017 and that was a reason.

Writing all that out has me concerned. Fixed apr though makes me think I’m likely good but probably a 500-1000 limit.

Re: AMEX Pre-Approval- Cash Mag- am I good?

Jnbmom — Sun, 05 Aug 2018 10:26:18 GMT

@Anonymous wrote:
Fico was 637 then. Says ratio of card balances too high. I had a card I closed that had $6500 out of $6500 credit line, I’ve since paid that off. Also had an open credit card with $1100/$1500 on it due to 0% apr.
Also said length of time accounts established, so that concerns me since it’s only been two months. My oldest open card is little over 7 years. I didn’t remember but I had a 30 day late once in August 2017 and that was a reason.

Writing all that out has me concerned. Fixed apr though makes me think I’m likely good but probably a 500-1000 limit.

Yes I agree, it is probably a solid approval but you may get low SL, but it will grow

Re: AMEX Pre-Approval- Cash Mag- am I good?

SomewhereIn505 — Sun, 05 Aug 2018 11:33:32 GMT

I think that is a solid prequal. The only thing I see is they might be ifffy on your util.

I apped AmEx and was initially denied. A few months (and points) later, I was able to get in. Once I got in with AmEx, it opened up more and grew quickly.

Re: AMEX Pre-Approval- Cash Mag- am I good?

Anonymous — Sun, 05 Aug 2018 11:37:52 GMT

Thanks for the feedback. That’s what I was concerned about. If this was a discover pre qual, which I checked out and they pre qual too 14 months 0% apr I would feel darn near 100%.

However I really want to get in with Amex. Does anyone know if Amex will PC a card like the cash magnet to a charge card like gold or platinum after a few years?

Re: AMEX Pre-Approval- Cash Mag- am I good?

AverageJoesCredit — Sun, 05 Aug 2018 12:25:21 GMT

You wont need to PC to a charge card once you are in, you should be able to app for one and most likely get it on sp. With few cards, your chances of low limit on the mag are good however, we have seen Amex give people with not alot of cards, a high limit so you might get a really good sl. At least you know with Amex card growth has high potential Good luck

Re: AMEX Pre-Approval- Cash Mag- am I good?

Anonymous — Sun, 05 Aug 2018 12:37:18 GMT

Actually I think you will be approved with a decent starting limit.

If the numbers you stated are accurate, it appears you currently have 3 credit cards with limits totaling $10,500 (1,500 + 1,500+ 7,500) and you have one balance of $4,500. That gives you an individual utilization of 60% and an aggregate utilization of 42%. While those utilization percentages are higher than the ideal 28.9% I don't think it will deter Amex from approving you for the card. There are several data points scattered throughout these forums where Amex approved cards with large balances being carried. And if you're denied you can always call the recon line and explain that you're carrying a 0% APR balance and that you're considering transferring it to Amex.

The reason Amex initially declined you was because of a combination of a low Experian score and two maxed out credit cards but it appears you've addressed both issues. Amex will take chances and approve a score of around 640 with a low starting limit but the additional issue of maxed out cards (usage above 88.9% is considered maxed out) would have caused them to take a pass.

Re: AMEX Pre-Approval- Cash Mag- am I good?

Anonymous — Sun, 05 Aug 2018 17:41:59 GMT

Apply to two cards in the same day and it only takes one hard credit pull? That seems surprising. Go through same application process ?

Re: AMEX Pre-Approval- Cash Mag- am I good?

AverageJoesCredit — Sun, 05 Aug 2018 18:04:06 GMT

2 for 1 is an option but caution you it's not a 100% a sure thing nor is it guaranteed to be 1 hp. Especially if you are not a current or previous member.

Re: AMEX Pre-Approval- Cash Mag- am I good?

CCrew — Mon, 06 Aug 2018 10:35:51 GMT

Amex is a strange bird also. Case in point is I have a BCE, with a starting SL of 10k that they 3x'ed. Got an invitation to app for the Magnet when it came out, scores across the board about 10pts higher (720's) than they were when I got the BCE, and I have a utilization of 0%. I run a lot of $ across the BCE but always pay before the statement date. The SL on the new Magnet card was $1k. Go figure.

Re: AMEX Pre-Approval- Cash Mag- am I good?

Anonymous — Mon, 06 Aug 2018 13:05:56 GMT

As a heads up. I am going to apply through pre approval route, after my card that is carrying a promotional balance is paid off in a couple weeks and it reports. That way there is a better picture and maybe BCE will be an option as well. I will report back.

Re: AMEX Pre-Approval- Cash Mag- am I good?

Anonymous — Tue, 07 Aug 2018 05:05:06 GMT

Because I’m lame, I checked AMEX pre approval. Same cash magnet offer but two other offers. A BCE card with 15k points offer and 18.74% interest rate. Then the grand daddy that I’ve been wanting. Premier rewards gold card pre approval with 50k points sub and first year annnual fee waived.

Can that be right? I need to check my Fico but I didn’t think I was in the 700s. Is a charge card “easier” than a revolver like magnet or bce?