topic Re: AMEX charge card question in Credit Card Applications

AMEX charge card question

Anonymous — Tue, 18 Aug 2015 04:41:04 GMT

Hi everyone,

Very new to this forum and id really appreciate your help. Im 21 years old with a short credit history (a little shy of two years). Im really set on getting the AMEX Platinum charge card and id like your help on when to apply.

As of today FICO 8 scores: 717 Ex - 743 TU - 726 Eq.

I have twp credit cards: one BoA that started as a secured card for a year then went unsecured for almost a year now (1000 limit). and a Discover card for almost a year now (500 limit)

Annual Income about $75-80k

No "baddies" except for the fact that i have 10 inquiries over the past 2 years and obviously a relatively short credit history.

*One of the inqurires was for an AMEX credit card a year ago.

I really want the Platinum Charge card as I travel very often and would enjoy the rewards and general benefits. I dont mind the AF. Do you think i stand a good chance? what can i do to make sure i have a better shot.

Thank you so much.

Re: AMEX charge card question

OmarGB9 — Tue, 18 Aug 2015 04:43:43 GMT

I think you have a good shot with your high income and high scores, although 10 inquiries in 2 years is quite a bit for a thin file. Not sure how Amex would take that. Perhaps someone else with a bit more Amex experience can chime in.

Re: AMEX charge card question

Anonymous — Tue, 18 Aug 2015 04:55:15 GMT

@OmarGB9 wrote:
I think you have a good shot with your high income and high scores, although 10 inquiries in 2 years is quite a bit for a thin file. Not sure how Amex would take that. Perhaps someone else with a bit more Amex experience can chime in.

Thanks. Yeah the low credit and the 10 inquiries are the things that are worrying me most. Although the last inquiry was almost a year ago..

Re: AMEX charge card question

WLRK11 — Tue, 18 Aug 2015 08:48:37 GMT

@Anonymous wrote:
@OmarGB9 wrote:
I think you have a good shot with your high income and high scores, although 10 inquiries in 2 years is quite a bit for a thin file. Not sure how Amex would take that. Perhaps someone else with a bit more Amex experience can chime in.
Thanks. Yeah the low credit and the 10 inquiries are the things that are worrying me most. Although the last inquiry was almost a year ago..

After reading your original post, and the two replies, I'd say that you have a good chance. Somewhere on this forum, I read that the underwriting criteria is the same for all of AMEX's charge cards.

Are you an active American Express cardholder? Good luck!

Re: AMEX charge card question

UncleB — Tue, 18 Aug 2015 09:39:41 GMT

@WLRK11 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
I think you have a good shot with your high income and high scores, although 10 inquiries in 2 years is quite a bit for a thin file. Not sure how Amex would take that. Perhaps someone else with a bit more Amex experience can chime in.
Thanks. Yeah the low credit and the 10 inquiries are the things that are worrying me most. Although the last inquiry was almost a year ago..
After reading your original post, and the two replies, I'd say that you have a good chance. Somewhere on this forum, I read that the underwriting criteria is the same for all of AMEX's charge cards.

Are you an active American Express cardholder? Good luck!

With your credit scores and income, I would go for it. For the Amex charge cards, your spending ability isn't based on the 'color', just the perks. Somebody with a Green card who makes 300K a year will have a higher spending ability than a Platinum cardmember with an income of $40K. Case-in-point, it's well known that Warren Buffet carries a Green card, and I'm sure his spending ability is well above that of most platinum cardmembers.

For reference, my file is a bit thicker than yours (AAoA is 4.8 years), but I was approved for my Green card with a EX FICO of 695, and income quite a bit lower. Nothing is guaranteed, but there's only one way to know for sure...

Re: AMEX charge card question

Anonymous — Tue, 18 Aug 2015 12:20:51 GMT

I agree with some of the posts above. It sounds like you would be highly qualified for amy charge card since they have the same criteria. Do you have any pre qual offers on Amex's site btw?

Re: AMEX charge card question

CreditCuriosity — Tue, 18 Aug 2015 16:08:15 GMT

I don't forsee you having any issues.. Amex likes small and clean files along with decent income. I would say you are a shoe in with them for any card you woud like from them.

Re: AMEX charge card question

Anonymous — Tue, 18 Aug 2015 19:20:31 GMT

Did you app yet?

Re: AMEX charge card question

CreditCuriosity — Tue, 18 Aug 2015 19:43:56 GMT

Re: AMEX charge card question

Anonymous — Tue, 18 Aug 2015 21:40:53 GMT

@WLRK11 wrote:
@Anonymous wrote:
@OmarGB9 wrote:
I think you have a good shot with your high income and high scores, although 10 inquiries in 2 years is quite a bit for a thin file. Not sure how Amex would take that. Perhaps someone else with a bit more Amex experience can chime in.
Thanks. Yeah the low credit and the 10 inquiries are the things that are worrying me most. Although the last inquiry was almost a year ago..
After reading your original post, and the two replies, I'd say that you have a good chance. Somewhere on this forum, I read that the underwriting criteria is the same for all of AMEX's charge cards.

Are you an active American Express cardholder? Good luck!

No i am not. Given the feedback, i think ill apply once im back in the states in a few weeks' time. thanks for your help.

Re: AMEX charge card question

Anonymous — Tue, 18 Aug 2015 21:41:53 GMT

@Anonymous wrote:
I agree with some of the posts above. It sounds like you would be highly qualified for amy charge card since they have the same criteria. Do you have any pre qual offers on Amex's site btw?

I checked the pre qual offers but got nothing. thats what worried me...

Re: AMEX charge card question

Anonymous — Tue, 18 Aug 2015 21:43:29 GMT

@Anonymous wrote:
Did you app yet?

No I havent, I will apply in a few weeks when im back home.

Re: AMEX charge card question

UncleB — Tue, 18 Aug 2015 22:10:30 GMT

@Anonymous wrote:
@Anonymous wrote:
I agree with some of the posts above. It sounds like you would be highly qualified for amy charge card since they have the same criteria. Do you have any pre qual offers on Amex's site btw?
I checked the pre qual offers but got nothing. thats what worried me...

I also had nothing under the pre qual... but I still got approved. Don't let that discourage you!

Re: AMEX charge card question

Anonymous — Tue, 18 Aug 2015 22:14:32 GMT

@UncleB wrote:
@Anonymous wrote:
@Anonymous wrote:
I agree with some of the posts above. It sounds like you would be highly qualified for amy charge card since they have the same criteria. Do you have any pre qual offers on Amex's site btw?
I checked the pre qual offers but got nothing. thats what worried me...
I also had nothing under the pre qual... but I still got approved. Don't let that discourage you!

thats reassuring, thanks! Does it matter how many times I check that pre qual offers by the way? and are the approval odds for green, gold and platinum charge cards the same? thanks again!

Re: AMEX charge card question

UncleB — Tue, 18 Aug 2015 22:36:38 GMT

@Anonymous wrote:
@UncleB wrote:
@Anonymous wrote:
@Anonymous wrote:
I agree with some of the posts above. It sounds like you would be highly qualified for amy charge card since they have the same criteria. Do you have any pre qual offers on Amex's site btw?
I checked the pre qual offers but got nothing. thats what worried me...
I also had nothing under the pre qual... but I still got approved. Don't let that discourage you!
thats reassuring, thanks! Does it matter how many times I check that pre qual offers by the way? and are the approval odds for green, gold and platinum charge cards the same? thanks again!

I've never read of anybody having a problem from checking the pre qual link, and honestly I don't think anybody really knows how often it updates the SP when you do check it.

Before I say any more, I need to give a disclaimer... I'm not an Amex underwriter, and as far as I know nobody else here is, either. All I can do is tell you what I've read other's self-report on here on their own experiences, and give information about my own. With this being said, there's a 'general concensus' around here that the approval criteria for the Green, Gold/PRG, and Platinum cards is the same, or very close to the same. The color really reflects the annual fee you pay, which drives the 'perks' you get. It is believed that the spending ability you get is not determined by the color of the card, but by the credit profile and income/resources of the applicant. Knowing this, it is easy to see how a Platinum member would have a greater spending ability, since by the virtue of the annual fee ($450) most people that have it in their wallet are going to have a higher income/more resources. This is why it's usually suggested for folks to apply for the card they really want, not the one they believe is easier to get.

I know you're not interested in the Amex credit cards, but as a data point, it is believed on here that it's generally easier to be approved for a charge card than a credit card. This is a big YMMV, since I have read at least two threads where somebody was approved for one of the credit cards, then denied for a charge card. Generally, though, with most folks the 'rule' holds.

Good luck, and let us know how things work out!

Re: AMEX charge card question

CreditCuriosity — Tue, 18 Aug 2015 23:27:04 GMT

Was never pre-approved either. I would venture to guess most people that apply and get approved don't have pre-approvals/qual's.

Re: AMEX charge card question

Anonymous — Sat, 22 Aug 2015 12:00:03 GMT

You will be fine.

I have similar scores, history and inquiries. Income is not as high as yours though.

Underwriting for the PRG and the Plat is the same and I was approved for the PRG a few months ago.

Re: AMEX charge card question

Anonymous — Sat, 22 Aug 2015 13:28:16 GMT

Yeah don't let that stop you from applying. The only reason I asked is because if you did than your chance of being approved would be a little better. But when I applied for my Amex's a few weeks ago I didn't have any pre qual offers either and was approved for both!

Re: AMEX charge card question

taxi818 — Sun, 23 Aug 2015 04:44:14 GMT

@CreditCuriousity wrote:
I don't forsee you having any issues.. Amex likes small and clean files along with decent income. I would say you are a shoe in with them for any card you woud like from them.

Re: AMEX charge card question

Anonymous — Sun, 23 Aug 2015 18:07:09 GMT

You have a pretty descent shot at that one. Do you fly a particular airline reguarly? I know Delta has a great card if you fly them usually. Definintely worth checking out.