topic Re: Second Credit Card --- First Amex? College Student in Credit Card Applications

Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 00:03:59 GMT

Hello All!

I was hoping to get some advice regarding what to do in terms of getting a second credit card. My credit history is 6 months old (began in September with a student loan (subsidized) ) and I got my first credit card - Discover it secured with a $500 limit back in December.

I am now generating a FICO score -695- which I got from Discover.

I was hoping to get an Amex as my second credit card and am open to almost anything in their lineup --- I'm leaning towards the charge cards (PRG) just because I know their underwriting is a little more lenient than their revolvers. I was wondering if 6 months is enough history to apply with, should I wait say three more months? Will it make a difference?

Also, if you have any experience apping for an Amex as a college student please share, I'd love to hear it!

Thank you to all in advance!

Re: Second Credit Card --- First Amex? College Student

jawbrkr — Fri, 13 Mar 2015 00:38:20 GMT

I can tell you this. I have not had access to credit in years. Everything bad on my record has since disappeared. So about 3 weeks ago I decided to get back into the credit card thing. Off the bat I applied to 3 cards. One of them was through Amex. I was so hesitant as I always figured an amex card would be almost impossible to get..especially with no credit history. So I applied anyway. They asked for my permission to request a copy of my most recent tax returns..perhaps to verify my salary. I gave them permission. I expected a denial. About week later, perhaps less, I was approved for Amex EveryDay card with a $5000 limit. I was floored. Totally unexpected. Maybe my salary had something to do with it. I earn just under 70k a year. I got that with no credit history. You have 6 months history and probably have a better chance. Good luck if you go ahead and apply.

Re: Second Credit Card --- First Amex? College Student

chalupaman — Fri, 13 Mar 2015 00:39:06 GMT

@Anonymous wrote:
Hello All!

I was hoping to get some advice regarding what to do in terms of getting a second credit card. My credit history is 6 months old (began in September with a student loan (subsidized) ) and I got my first credit card - Discover it secured with a $500 limit back in December.

I am now generating a FICO score -695- which I got from Discover.

I was hoping to get an Amex as my second credit card and am open to almost anything in their lineup --- I'm leaning towards the charge cards (PRG) just because I know their underwriting is a little more lenient than their revolvers. I was wondering if 6 months is enough history to apply with, should I wait say three more months? Will it make a difference?

Also, if you have any experience apping for an Amex as a college student please share, I'd love to hear it!

Thank you to all in advance!

You can definitely try now. Nothing to lose. You can even go for 1 charge and 1 revolver in one day on one HP.

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 00:42:45 GMT

I forgot to mention originally, I will be reporting income of about $10,000 --- not sure if this sways anyones opinion in either direction but may as well have it out.

Re: Second Credit Card --- First Amex? College Student

chalupaman — Fri, 13 Mar 2015 00:45:40 GMT

@Anonymous wrote:
I forgot to mention originally, I will be reporting income of about $10,000 --- not sure if this sways anyones opinion in either direction but may as well have it out.

I think I've heard about someone with that income who was able to get over their income in credit from Amex or something. You never know.

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 00:49:15 GMT

Do you think I stand to gain anything by waiting? Also does it matter if my credit card is only 3 months old while my student loans are whats older?

Re: Second Credit Card --- First Amex? College Student

chalupaman — Fri, 13 Mar 2015 00:54:26 GMT

@Anonymous wrote:
Do you think I stand to gain anything by waiting? Also does it matter if my credit card is only 3 months old while my student loans are whats older?

I assumed your CC was also 6 months. I'm honestly not sure in that case, but I always thought they also liked to see 6 months of revolving credit history but since you generated a FICO apparently, that raises a few questions. Just to be safe, probably give it some more time.

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 01:00:01 GMT

I got a student loan in September (six months ago) which began my credit history and only got my first credit card in December (three months ago)

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 03:32:04 GMT

Just got approved for the ED with 6 months history.

Re: Second Credit Card --- First Amex? College Student

orestrus — Fri, 13 Mar 2015 03:43:50 GMT

for how much?

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 03:45:23 GMT

$2500 @orestrus

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 03:45:48 GMT

Hey I've had a similar experience. Got my first credit card in July (Discover 500cl unsecured, now up to 800). Chase freedom 500cl in October (had to call in for a recon on this one; have been a Chase customer for years). Applied for AMEX BCE in February - instant approval for 3.5k.

Used income of ~10k on the first two cards, 20k on the AMEX. I think my experian was around 720 when I went for AMEX.

So you can get in with AMEX with a short credit history, but with all that said, I do recommend you wait until 6mos revolving history. I think you could get 1-2k if you wait it out.

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 04:29:12 GMT

I was in the same type of situation. First student loan opened almost 2 years ago and first credit card (Discover It for students) opened in November. I applied for the Amex blue cash everyday earlier this month and got approved for 2.5k with an experian score of 680. It's definitely possible. It just depends on what type of limit you want. My income is $15,000 a year.

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 05:07:21 GMT

@Anonymous wrote:
Just got approved for the ED with 6 months history.

Was your 6 months history with a credit card or was it some other form of credit?

Does it seem like overkill to wait until June (when I will have 6 months of revolving credit and a total of 9 months history overall?)

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 11:23:57 GMT

@Anonymous wrote:
@Anonymous wrote:
Just got approved for the ED with 6 months history.
Was your 6 months history with a credit card or was it some other form of credit?

Does it seem like overkill to wait until June (when I will have 6 months of revolving credit and a total of 9 months history overall?)

With a credit card.

Re: Second Credit Card --- First Amex? College Student

Anonymous — Fri, 13 Mar 2015 14:03:10 GMT

College student working part time earning ~14k. My credit history was ~7 months old when I apped for the Amex everyday. I got approved on spot for 3.5k. Hasn't been more than a month and a half and the limit has already been raised to 9k.

I would say go for it.

My scores were around lower 700s through.

Re: Second Credit Card --- First Amex? College Student

Anonymous — Sat, 14 Mar 2015 01:46:23 GMT

@Anonymous wrote:
College student working part time earning ~14k. My credit history was ~7 months old when I apped for the Amex everyday. I got approved on spot for 3.5k. Hasn't been more than a month and a half and the limit has already been raised to 9k.

I would say go for it.

My scores were around lower 700s through.

what did your report look like when you applied (any student loans? how many cc's, etc)?

thats an amazing initial limit made even better with the CLI

Re: Second Credit Card --- First Amex? College Student

Anonymous — Sat, 14 Mar 2015 16:53:19 GMT

Re: Second Credit Card --- First Amex? College Student

Anonymous — Sat, 14 Mar 2015 16:54:26 GMT

No loans, only had one CC. Discover IT student with a 500 limit. Amex is great. ))

Re: Second Credit Card --- First Amex? College Student

Anonymous — Tue, 17 Mar 2015 04:24:40 GMT

Is the difference in underwriting for the charge cards vs. revolvers very significant? Like to the point where I'd be approved for one but not the other?

Also, what are your recomendations for good first Amex's for each category?