topic Re: Amex Green Prequalify - Update (Approved & BCE interesting counter offer) in Credit Cards

Amex Green Prequalify - Update (Approved & BCE interesting counter offer)

Anonymous — Thu, 15 Jun 2017 21:41:26 GMT

The hubs and I are 3 month so post DC on BK 13. We've had a lot of success so far in approvals and rebuilding. I'm in the garden as I have a nice little treasure trove of cards to keep me busy for awhile.

We do do check the major prequal sites every so often and finally one popped up for the hubs with Amex Green offer (I did not). He's not sure if he should pull the trigger.

He only has 3 revolvers right now: Cap One QS1 $1k SL (on steps), PenFed PCR $5K SL (joint with me) & Venus $500SL (sct)

PenFed is our daily driver but we did put some good use on Cap One initially. Our income is over $200k so we can PIF each mo.

So....looking for advice, should he pull the trigger to build his portfolio and a relationship with Amex or is there something else to consider? Amex was IIB so surprised he got this offer.

One more thing to consider, we do have a $39k loan we just refi with PenFed. He may want to get a new car in the near future. Could this help or hurt in that scenario?

the only credit monitoring we do is with the program USAA runs, they have his vantage scores at 720-730 across all 3 bureaus

thanks!!!

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 17:25:59 GMT

Get your free FICO08 EX at Discover's creditscorecard.com and post the response here.

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 17:45:58 GMT

He had pulled the discover Fico almost a month ago...it was 598. Won't update for a couple days. Just signed up for Credit Check Total and the score is 643.

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 17:48:36 GMT

Probably will get it. Amex appears to have lowered their entry standards a bit since the costco breakup and some folks as low as 620 have gotten approvals.

The more serious question is can you be financially responsible for a card that REQUIRES 100% PIF every month?

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 17:51:53 GMT

Yes because it would go in the SD immediately, purely for profile building purposes. Would put some occasional low spend on it to keep it active. Now is the Amex 2 for 1 deal still alive? If so would there be a 2nd card that would be most likely approved if the Green is approved?

Re: Amex Green Prequalify - pull the trigger?

AverageJoesCredit — Thu, 15 Jun 2017 18:14:15 GMT

Yes

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 18:16:03 GMT

@Anonymous wrote:
Yes because it would go in the SD immediately, purely for profile building purposes. Would put some occasional low spend on it to keep it active. Now is the Amex 2 for 1 deal still alive? If so would there be a 2nd card that would be most likely approved if the Green is approved?

While I understand wanting to get a card from a prime lender to add to your credit resume, I'm not sure if I'd recommend getting a $95 AF card which has really poor perks/benefits just for the SD. Honestly, I don't really see the purpose of the green card in general. It has really poor earnings rates and perks with a $95 AF. You can get a much more useful card from a prime lender for that AF.

In terms of rebuilding, I'd avoid jumping at the green card just because of a pre-qualify. Try for a no AF Cap1 card for rebuilding (Plat and QS are pretty easy to get with low scores).

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 18:55:20 GMT

I would do it.

Re: Amex Green Prequalify - pull the trigger?

B335is — Thu, 15 Jun 2017 19:18:38 GMT

I'd probably look at PRG or something with an actual bonus offer. The Amex 2-for-1 deal is not a sure thing - ymmv. I'd go for an Amex revolver when your Fico is closer to 650.

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 21:22:59 GMT

Do the PRG or Platinum, not the Green.

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 21:29:30 GMT

Thanks for all the responses. So, he decided to pull the trigger anyway....he wanted back in with Amex. Approved...he decided to try his luck & app for the BCE card too. Here is where it got interesting....

It immediately gave him a counter offer that essentially removed the bonus and the 0pct APR. Gave him a $500 SL with a credit Steps offer. Email sent immediately after he accepted with the terms.

Here are the terms:

1. Use the card. He must have a balance due at the end of each month.

2. Must pay at least the minimum on time each month. After the 5th statement he should see an increase unless he receives an increase earlier.

we are new to this forum but definitely haven't read about this. He's pumped because he was able to get back in with Amex so soon after DC. Now I'm sending him off to garden with me.

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 21:33:42 GMT

Super interesting about Amex's version of Credit Steps! Thanks for the info!! Congrats on the approvals!

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Thu, 15 Jun 2017 21:38:04 GMT

Congrats!

Re: Amex Green Prequalify - pull the trigger?

Anonymous — Fri, 16 Jun 2017 17:22:18 GMT

Congrats on getting in!

Re: Amex Green Prequalify - pull the trigger?

NRB525 — Fri, 16 Jun 2017 20:27:21 GMT

Very interesting! Thanks for sharing and good luck on the rebuild.

Re: Amex Green Prequalify - Update (Approved & BCE interesting counter offer)

Anonymous — Sat, 19 Aug 2017 16:08:08 GMT

Hello everyone,

Congratulations! Use it well and it will grow with you!

Re: Amex Green Prequalify - Update (Approved & BCE interesting counter offer)

UncleB — Sat, 19 Aug 2017 16:37:08 GMT

This thread is locked and closed to new messages.

New thread: http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Amex-BCE-approval-with-credit-steps-counter-offer/td-p/4976731