topic Re: Should I apply for the American Express Everyday Credit Card? in Credit Cards

Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 02:30:57 GMT

Hello, I'm 18 years old, I got my first credit card back in October and it was a Chase Freedom card with a $500 limit, In October I signed up for 3 more cards all in the same week, Which the others are Capital One Secured $200 limit (I should have signed up for Quicksilver but I hate their annual fee!) Discover IT secured $200 and Lowes store card with a $400 limit. I had all of the cards since October, Chase is MAXED out at $495 balance but I'll be paying that in full once i get the statement (my daily card is the freedom so thats why its maxed out) I have no balances on Discover or Capital one when i did i always paid in full each month when statement came out, My Lowes card has a $250 balance thats due to me taking advantage of the 18 months of no interest. I make $15,000/year as a college student. I checked Credit karma and it said my scores were 617 but thats because my credit card utilization is at 65%. So should I app? if i even do get approved i bet my credit limit will be low ($500) so should i app now or wait? if i do wait how long? Thanks!!

Re: Should I apply for the American Express Everyday Credit Card?

azguy13 — Thu, 07 Jan 2016 02:35:35 GMT

@Anonymous wrote:
Hello, I'm 18 years old, I got my first credit card back in October and it was a Chase Freedom card with a $500 limit, In October I signed up for 3 more cards all in the same week, Which the others are Capital One Secured $200 limit (I should have signed up for Quicksilver but I hate their annual fee!) Discover IT secured $200 and Lowes store card with a $400 limit. I had all of the cards since October, Chase is MAXED out at $495 balance but I'll be paying that in full once i get the statement (my daily card is the freedom so thats why its maxed out) I have no balances on Discover or Capital one when i did i always paid in full each month when statement came out, My Lowes card has a $250 balance thats due to me taking advantage of the 18 months of no interest. I make $15,000/year as a college student. I checked Credit karma and it said my scores were 617 but thats because my credit card utilization is at 65%. So should I app? if i even do get approved i bet my credit limit will be low ($500) so should i app now or wait? if i do wait how long? Thanks!!

In my opinion, even if you paid down your balances, your report would still be too thin and score too low to get in with Amex at this point. Is there a specific reason you want to get in with Amex right now? It is great that you got in with Chase as Chase doesnt generally like to be the first.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 02:44:00 GMT

I want the card due to the rewards, Like you get 10K reward points after spending 1K in 3 months, If i were to sign up for the blue cash everyday you get $150 cashback after spending $1K in first 3 months, Anyways I just want to get my foot in the door with AMEX, So you dont think they will even approve me with a low CL like $500? Thanks!

Re: Should I apply for the American Express Everyday Credit Card?

azguy13 — Thu, 07 Jan 2016 02:47:36 GMT

@Anonymous wrote:
I want the card due to the rewards, Like you get 10K reward points after spending 1K in 3 months, If i were to sign up for the blue cash everyday you get $150 cashback after spending $1K in first 3 months, Anyways I just want to get my foot in the door with AMEX, So you dont think they will even approve me with a low CL like $500? Thanks!

I am stating that with your UTL, AAoA, lack of TLs, and lower income, it will be tough. However, stranger things have definitely happened. Have you tried searching other "approval odds" threads on the forum via the search feature? A lot of times, the original poster will update us on if he/she was approved (if they even app'd at all).

Re: Should I apply for the American Express Everyday Credit Card?

zerbherb — Thu, 07 Jan 2016 03:47:27 GMT

Hey im also in college. Discover was my first, the amex everyday was second. My income at the time was 8k. I was approved for 2k right off the bat. But my scores were all low 700's and there now all mid 700's and my income is 22k now.

Check for pre qualify with amex. They were giving me the prg and went for the everyday instead.

Re: Should I apply for the American Express Everyday Credit Card?

azguy13 — Thu, 07 Jan 2016 03:53:49 GMT

@zerbherb wrote:
Hey im also in college. Discover was my first, the amex everyday was second. My income at the time was 8k. I was approved for 2k right off the bat. But my scores were all low 700's and there now all mid 700's and my income is 22k now.

Check for pre qualify with amex. They were giving me the prg and went for the everyday instead.

I am only pointing this out because the irony is too much; but it is they're, not there, haha. (I only laugh because you specifically mention you are in college)

For real though, it sounds like you had a good experience getting an Amex in college. If the OP decides to go for it, I hpe he gets the same results!

Re: Should I apply for the American Express Everyday Credit Card?

OmarGB9 — Thu, 07 Jan 2016 04:01:46 GMT

OP I would wait until your accounts age and your UTIL drops and your scores rise. Trust me, it's worth the wait. The better your stats, the higher limit and lower APR you'll get.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 04:02:23 GMT

Back in October I signed up for the discover it card a few days after apping for the chase freedom, I got denied but counter offered with the discover it secured so I deposited $200 and have a $200 credit limit, I called in to recon but the main reason I was denied was due to insufficient credit history, that's when I had no credit score at all and chase didn't start to report until mid November when I got my first statement.

Re: Should I apply for the American Express Everyday Credit Card?

zerbherb — Thu, 07 Jan 2016 04:03:27 GMT

Discover loves clean new files. Chase must have worried them. Should have went with discover first bro.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 04:18:49 GMT

I was looking on multiple threads and users were saying that you need to have at least 6 months of credit history is this correct? Before apping for any AMEX cards? My first card was in October so not even 3 months of history total yet.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 04:19:57 GMT

Yea I think I'm gonna do that, but how much longer should I wait? I have about 3 months of credit history now.

Re: Should I apply for the American Express Everyday Credit Card?

zerbherb — Thu, 07 Jan 2016 05:03:03 GMT

six month is right. I got my first card in november of last year. and was approved for the amex on the last day of march 2015

Re: Should I apply for the American Express Everyday Credit Card?

Nova5041 — Thu, 07 Jan 2016 05:11:09 GMT

Definitely wait, I honestly would wait a year, since your new to credit. Just be wasting a hp. Wait until your scores are high 600s or low 700s to be for sure, but honestly with that specific card, lean more to atleast low 700s, but like someone else said. Strange things have happen!

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 06:41:53 GMT

@Anonymous wrote:
I want the card due to the rewards, Like you get 10K reward points after spending 1K in 3 months, If i were to sign up for the blue cash everyday you get $150 cashback after spending $1K in first 3 months, Anyways I just want to get my foot in the door with AMEX, So you dont think they will even approve me with a low CL like $500? Thanks!

Is an MR card right for you though? How are you planning to use those rewards? You can find a lot of threads where people have gone for MR cards and then wish that they had gone for cashback. Using MRs well tends to take some time and also require a decent amount of them.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 06:53:08 GMT

@Anonymous wrote:
@Anonymous wrote:
I want the card due to the rewards, Like you get 10K reward points after spending 1K in 3 months, If i were to sign up for the blue cash everyday you get $150 cashback after spending $1K in first 3 months, Anyways I just want to get my foot in the door with AMEX, So you dont think they will even approve me with a low CL like $500? Thanks!
Is an MR card right for you though? How are you planning to use those rewards? You can find a lot of threads where people have gone for MR cards and then wish that they had gone for cashback. Using MRs well tends to take some time and also require a decent amount of them.

exactly. I wouldnt touch a 10 ft pole to a MR card if I did not fly on Delta. Otherwise its kind of a waste....!

Pay everything off on your cards before statement not due date monthly except for one card, let $2 report on it. Start asking for CLI's with lowes too that will help your utilization. Try getting that cap1 unsecured as well as discover. You can really start growing exponentially here but if u keep opening cards with low limits and dont pay them off you are going to take the slower road.

Amex will be the one to shock you and give u a nice starting limit as they like clean thin files, u will be in great shape if you can do the above in the next year.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 13:02:37 GMT

First off cap 1 doesn't unsecure their secured cards, to get a higher credit limit you have to add a deposit, second, after a year of use discover will look to see if they can make the card unsecure, but that's not until October of this year, third, should I app for the QuickSilver? I bet I'll get approved for at least a $300 CL. I just hate paying the cards annual fee. Any other unsecure cards that will approve me? Or should I just garden for the year and then app for a AMEX. Thanks!

Re: Should I apply for the American Express Everyday Credit Card?

elim — Thu, 07 Jan 2016 13:13:39 GMT

@Anonymous wrote:
Hello, I'm 18 years old, I got my first credit card back in October and it was a Chase Freedom card with a $500 limit, In October I signed up for 3 more cards all in the same week, Which the others are Capital One Secured $200 limit (I should have signed up for Quicksilver but I hate their annual fee!) Discover IT secured $200 and Lowes store card with a $400 limit. I had all of the cards since October, Chase is MAXED out at $495 balance but I'll be paying that in full once i get the statement (my daily card is the freedom so thats why its maxed out) I have no balances on Discover or Capital one when i did i always paid in full each month when statement came out, My Lowes card has a $250 balance thats due to me taking advantage of the 18 months of no interest. I make $15,000/year as a college student. I checked Credit karma and it said my scores were 617 but thats because my credit card utilization is at 65%. So should I app? if i even do get approved i bet my credit limit will be low ($500) so should i app now or wait? if i do wait how long? Thanks!!

If that were me I would pay it NOW. I would definitely not let a maxed card report with 3 months history (even if it is only $500). Throw a couple hundred on it before it cuts.

Re: Should I apply for the American Express Everyday Credit Card?

takeshi74 — Thu, 07 Jan 2016 14:35:36 GMT

@Anonymous wrote:
Should I apply for the American Express Everyday Credit Card?

Does it offer what you need/want? Does it maximize rewards on a major spend category for you? Are you able to leverage redemption options with Membership Rewards that offer better MR point value? Run the numbers for your spend with any rewards card. For points/miles cards you need to consider not just earn rate but redemptions as well as that will impact reward value.

@Anonymous wrote:
I got my first credit card back in October and it was a Chase Freedom card with a $500 limit, In October I signed up for 3 more cards all in the same week, Which the others are Capital One Secured $200 limit (I should have signed up for Quicksilver but I hate their annual fee!) Discover IT secured $200 and Lowes store card with a $400 limit.

If you got your first card in October then you're very new to using cards. We have no idea what the rest of your credit profile is like but if you've added 3 card on top of that then you have a lot of credit seeking activity -- especially for your profile. The low limits indicate that creditors do have concerns with your credit profile.

@Anonymous wrote:
Chase is MAXED out at $495 balance but I'll be paying that in full once i get the statement

@Anonymous wrote:
I checked Credit karma and it said my scores were 617 but thats because my credit card utilization is at 65%. So should I app? if i even do get approved i bet my credit limit will be low ($500) so should i app now or wait? if i do wait how long? Thanks!!

Definitely do not app with a maxed card or high revolving utilization reporting. Your CK scores are only relevant to creditors that use a TU or EQ VantageScore 3.0 in their decisions. AmEx does not. Based on what you've said I don't advise appyling.

@Anonymous wrote:
if i do wait how long?

It is not simply a matter of time. It's a matter of your credit profile. Apply when your profile is in better shape. 6 months is a generic suggestion to let accounts and inquiries age but that won't guarantee anything in and of itself.

@Anonymous wrote:
Anyways I just want to get my foot in the door with AMEX

Feet and doors are irrelevant. Either your credit profile and income qualify at time of consideration (whether applying for a new card, requesting a CLI, etc) or they do not.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 17:14:43 GMT

@Anonymous wrote:
First off cap 1 doesn't unsecure their secured cards, to get a higher credit limit you have to add a deposit, second, after a year of use discover will look to see if they can make the card unsecure, but that's not until October of this year, third, should I app for the QuickSilver? I bet I'll get approved for at least a $300 CL. I just hate paying the cards annual fee. Any other unsecure cards that will approve me? Or should I just garden for the year and then app for a AMEX. Thanks!

do not apply for anything for 1 year at least. maybe 6 more months. let what you have now grow a little. you will get a tiny limit with amex and if you would wait you could get higher like 5k starting.

If you are desperate for amex, go for something easier to get approved for, if u can spend 2k in 90 days, then get the delta gold and PRG, u will have 100k delta miles and 250 in gift cards for flights.

Re: Should I apply for the American Express Everyday Credit Card?

Anonymous — Thu, 07 Jan 2016 17:39:30 GMT

I would definitely wait for your accounts to age. Too many new accounts in such a short period of time will raise a red flag in most cases. You'll get it soon enough. Be patient, Grasshopper.