topic Re: Minimum credit age requirement for American Express Gold card? in Business Credit

Minimum credit age requirement for American Express Gold card?

Anonymous — Thu, 06 Feb 2020 02:15:34 GMT

Hi everyone! I'm new to the forums (and pretty new to credit in general) and I already have big goals set for myself in terms of the cards I want to require. Here is my current situation:

Cards:

Discover It Secured, $200 limit. 6 months old.

Capital One Platinum, $300 limit. 5 months old.

Scores:

TransUnion: 655

Equifax: 675

Experian: 706

Utilization:

Currently at 0%. I use the cards and pay them off immediatly before my score updates.

I have decided that I would like for my next card to be an Amex Business Gold card. I've done my research and understand this is a charge card, which I would like overall for my business so that utilization doesn't affect my score. I spend a lot on order fulfillment/supplies/shipping, and the 4x points on gas would be a huge benefit for me as well. I also understand this comes with an annual fee, but I know I can fully take advantage of the perks to make it worth my while.

I had applied for the regular Gold card and was denied due to my age of credit and current credit limits which are pathetically low. I should be getting a bump up from my Capital one since my 5th on time payment is coming up. My Discover limit should also be increasing soon as well.

Now, my questions is what would be the minimum AAoC for me to acquire the Business Gold card? From what I understand, the only thing holding me back is my AAoC--my score seems not to be an issue, though it will be increasing over time as well. I had talked to an Amex rep trying to get a reconsideration but that didn't avail.

For what it's worth, I'm currently 20 years old and am making around $78k-$80k a year.

What do you guys think my next steps should be? Wait it out and apply for a different Amex first, or choose a different company for a different card in general? I know applying for an Amex with 6 months of credit was a dumb move but I'm impatient

Thanks for your help and I look forward to the interaction!

Re: Minimum credit age requirement for American Express Gold card?

Anonymous — Thu, 06 Feb 2020 15:31:48 GMT

IMO you should wait until your existing accounts are reporting for more than a year and your score is closer to 700 if not over 700 before applying for another card.

Re: Minimum credit age requirement for American Express Gold card?

Anonymous — Thu, 06 Feb 2020 15:40:14 GMT

^^ Agreed. I think you should wait until your scores, specifically EXP, are in the 700's and let the accounts you have age some more hopefully making your approval odds stronger.

Re: Minimum credit age requirement for American Express Gold card?

Anonymous — Thu, 06 Feb 2020 17:38:25 GMT

I third this. At present you may ore may not get in, but if you diid it would be barely. Not something I;d advocate, despite so many people doing it. You would also wind up with a Gold card that likely be capped out at $2K max internal limit.

Also, you'e abit mistaken about utilization on a Charge card. While it will not impact that specific account, it will factor into your total UT.

Hence if you current total CL is $5K across all cards, a $2,500 balance on the gold would make it appear that you're at 50% UT.

If you have your sights set on Gold Biz, then I'd suggest getting a personal Amex CC first to build a relationship. Thus making it a little easier to get the Biz card. Otherwise you'll likely be looking at POI and Biz docs request.

Re: Minimum credit age requirement for American Express Gold card?

Anonymous — Fri, 07 Feb 2020 23:55:25 GMT

Thank you for the help and info everyone!

Ironically enough, I get on my Discover app today to see that my $200 deposit limit is gone and is replaced with a $2,000 line of credit which brings my total credit up to $2400 (I got a $100 bump from Capital One as well)

So I'm getting there! I just need to wait it out for a few more months and hopefully the Gold card will be in my hands towards the end of the year? One can only hope!

Re: Minimum credit age requirement for American Express Gold card?

AllZero — Sat, 08 Feb 2020 00:20:17 GMT

@Anonymous wrote:
Thank you for the help and info everyone!

Ironically enough, I get on my Discover app today to see that my $200 deposit limit is gone and is replaced with a $2,000 line of credit which brings my total credit up to $2400 (I got a $100 bump from Capital One as well)

So I'm getting there! I just need to wait it out for a few more months and hopefully the Gold card will be in my hands towards the end of the year? One can only hope!

Congratulations on your graduation and CLI!

Re: Minimum credit age requirement for American Express Gold card?

Anonymous — Sat, 08 Feb 2020 18:39:42 GMT

Thank you very much!

I got an email from Discover saying I could change my card design, so I opted for the Gold one

That should hold me over until I can get the real deal! Haha