topic Re: American Express preapproval in Credit Card Applications

American Express preapproval

Working-on-Credit1 — Sat, 10 Apr 2021 22:53:50 GMT

Question I go to Amex preapproval site from time to time. I always get message that No cards are a match for me. I figured I would try again just to see. This is what I got not sure if I should apply or not. I have a bankruptcy on my report discharged 2015.

Re: American Express preapproval

Anonymous — Sat, 10 Apr 2021 01:25:51 GMT

Go for it! Worst that can happen is a no. I bet is an approval though.

Re: American Express preapproval

dragontears — Sat, 10 Apr 2021 01:41:39 GMT

You are past the 5 year 1 month minimum waiting period after BK that Amex requires, as long as you didn't include them in your BK your odds are good for approval (assuming there is a fixed APR in the terms)

Re: American Express preapproval

Anonymous — Sat, 10 Apr 2021 02:40:29 GMT

Well don’t leave us hanging!! Hit that apply button lol

Re: American Express preapproval

Anonymous — Sat, 10 Apr 2021 02:40:50 GMT

Agreed with the above. Qualifying questions:

Whats your EX FICO8 score?

overall utilization?

inqyiries in the last 6/12 months?

most recent derog?

Amex application

Working-on-Credit1 — Sat, 10 Apr 2021 05:01:29 GMT

Sorry for the long post

I got called Amex received a preapproval the rep told me cards I was preapproved for. She then proceeded with the application read the terms and disclosures to me. She then said she was waiting on the reply then tells me that I have to speak to another dept so they can verify some information. The next rep tells me that they pulled my Experian report and that I have a fraud alert. I thought he meant he couldn't see the report. He said I need to contact Experian and have them put my phone number on my credit file and once they do give it 24hrs then gave me a number to call Amex back. I hope I didn't waste my time and a hard pull for nothing. Smh

Re: Amex application

coldfusion — Sat, 10 Apr 2021 08:39:25 GMT

With a fraud alert on your credit reports - if it's on one it should also be on the reports from the other to major CRAs - creditors are going to take extra steps to verify that it's really you applying for the card. If there are discrepancies in your application vs. what is in your credit report you risk failing verification tests; obviously there was a mismatch in phone numbers so out of caution AMEX noped your application.

This isn't something to shake your head over, every creditor will do this in order to protect themself and the potential victims from further fraud.

If you don't know why the fraud alert is in place you can ask Experian when you contact them to correct the phone number in your credit report. Don't be surprised if you have to follow up with a letter including something like a copy of your drivers license and a utility bill with your name on it.

As long as there is a fraud alert in place your applications for credit will be subjected to this higher level of scrutiny so if you plan to continue to apply for credit it behooves you to address this.

Re: American Express preapproval

Anonymous — Sat, 10 Apr 2021 15:23:34 GMT

the thread title is "preapproval" but the post says "prequalified". Absent a hard pull, can someone explain the specifics of the difference? I've always thought of "prequalified" as nothing more than an enticement based on the lender's marketing information. Preapproved seems like they've actually run some numbers. Of course one could still be denied once all the cards are on the table.

Re: American Express preapproval

OmarGB9 — Sat, 10 Apr 2021 17:32:30 GMT

@Anonymous wrote:
the thread title is "preapproval" but the post says "prequalified". Absent a hard pull, can someone explain the specifics of the difference? I've always thought of "prequalified" as nothing more than an enticement based on the lender's marketing information. Preapproved seems like they've actually run some numbers. Of course one could still be denied once all the cards are on the table.

Honestly the two terms can pretty much be used interchangeably these days, as different lenders use both terms. Usually it means they "actually ran some numbers" and a person has met some preliminary qualifying criteria.

Re: American Express preapproval

coldfusion — Sat, 10 Apr 2021 17:38:55 GMT

It varies from lender to lender but the difference tends to be along the lines that a prequalification is based on a less detailed review of your specific credit profile so while the odds of approval are still in your favor the accuracy in predicting approval/denial isn't as high as with a preapproval. You can have a prequalification or preapproval and still be denied.

Re: Amex application

Working-on-Credit1 — Sun, 11 Apr 2021 03:43:03 GMT

It was on all 3 but I had them removed I wish there was a phone number for Experian where you can actually speak to someone. Amex told me once I speak with Experian and have the fraud alert removed and phone number on file with them yo wait 24hrs then call the verification dept back. They even sent me a welcome offer blue cash card email.

Re: American Express preapproval

Working-on-Credit1 — Sun, 11 Apr 2021 04:01:27 GMT

Fraud alert on my ex file and Amex says to have alert removed and update phone number on ex file. They said after I do that wait 24hrs then call their verification dept. so I am not to sure about an approval. But any other time I applied they straight out denied me. So will keep fingers crossed.

Re: American Express preapproval

FinStar — Sun, 11 Apr 2021 05:08:09 GMT

@Working-on-Credit1,

Two threads on the same topic have been merged. Please refrain from posting multiple threads and/or cross-posting in different areas on the same subject as it is against our TOS and it can lead to confusion by the community. Since you are discussing your AmEx overall experience from end-to-end, multiple threads are not necessary. Thank you for your understanding on this.

-FS

Re: American Express preapproval

Working-on-Credit1 — Sun, 11 Apr 2021 23:05:01 GMT

EX Fico 8 - 746

Utilization- 1%
Inquiries- 2

Derog- Bankruptcy 5yrs 4 months

Re: Amex application

Anonymous — Mon, 12 Apr 2021 04:49:14 GMT

@Working-on-Credit1 wrote:
It was on all 3 but I had them removed I wish there was a phone number for Experian where you can actually speak to someone. Amex told me once I speak with Experian and have the fraud alert removed and phone number on file with them yo wait 24hrs then call the verification dept back. They even sent me a welcome offer blue cash card email.

Live Person: 1 (714) 830-7000

Re: American Express preapproval

Working-on-Credit1 — Tue, 13 Apr 2021 02:37:07 GMT

I got it!!! Low limit but got my food in the door. I'm happy!!

Re: American Express preapproval

Remedios — Tue, 13 Apr 2021 02:40:22 GMT

Congrats on your new card.

Feel free to start an approval thread if you wish to do so.