topic Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL? in Credit Cards

Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Sun, 25 Nov 2018 23:01:49 GMT

Hello Ladies and Gentleman, Does anyone think the starting SL will vary by much when talking a EX score of 766 versus 781? We want to shoot for as high as possible obviously. After reading I can't see any difference in DP's for this.

Also anyone have an opinion on if applying for Cash Magnet or ED for best chances at a high SL? Thanks in advance

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Sun, 25 Nov 2018 23:07:52 GMT

I’m pretty sure those two scores are both in the same bracket and will yield the same results. At the same time, higher is generally considered to be better. My bet is either score would net the same SL.

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

iheartwings — Sun, 25 Nov 2018 23:09:58 GMT

@Anonymous wrote:
Hello Ladies and Gentleman, Does anyone think the starting SL will vary by much when talking a EX score of 766 versus 781? We want to shoot for as high as possible obviously. After reading I can't see any difference in DP's for this.

Also anyone have an opinion on if applying for Cash Magnet or ED for best chances at a high SL? Thanks in advance

Probably not. It will likely more depend on income and current debt.

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Sun, 25 Nov 2018 23:20:55 GMT

Amex typically only pulls Experian?

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

wasCB14 — Sun, 25 Nov 2018 23:22:09 GMT

Curious about the rapid change in your scores, I looked at some of your recent posts. It looks like you are in the process of getting a mortgage. Getting new credit shortly before a mortgage can sometimes startle mortgage lenders - I'm not familiar with the nuances, though.

The cards have comparable underwriting criteria. A better consideration, if you apply, may be what value you place on MRs.

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Sun, 25 Nov 2018 23:28:56 GMT

This isn't for me. LOL DW - I've turned my attention to her scores now. We aren't app'ing for a mortgage until early 2020. That's why we are getting the app's out of the way now. Excuse my ignorance but MR? Regardless of the acronym - I place a much higher value on SL right now!

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Gmood1 — Sun, 25 Nov 2018 23:37:08 GMT

From my experience and what I've seen in the forums. The cobranded CC's normally yield the higher SLs. That's not just with Amex. It was that way with BofA and Chase as well for the most part IME. Amex has been REALLY pushing the Hilton CC's.

The score is a very small part of the equation IMO. I don't believe it would make any difference at all, once you cross 740 and up.

I've seen people with mid 700's get better rates than others in the 800's on the same CC with Amex.

Amex is a EX puller by the way. I've never seen them pull anything else. I've had atleast 8 CC's with them in the last 3.5 years.

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

wasCB14 — Sun, 25 Nov 2018 23:38:40 GMT

@Anonymous wrote:
This isn't for me. LOL DW - I've turned my attention to her scores now. We aren't app'ing for a mortgage until early 2020. That's why we are getting the app's out of the way now. Excuse my ignorance but MR? Regardless of the acronym - I place a much higher value on SL right now!

MRs (Membership Rewards points) are the reward currency for many Amex cards, including the ED.

MRs can convert efficiently to airline miles, but generally convert poorly to cash.

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Sun, 25 Nov 2018 23:40:53 GMT

Yeah MR is not important to us

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Sun, 25 Nov 2018 23:46:23 GMT

Can I apply for both? Amex have any rules against it? No EXP pulls in 12 months..

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Sun, 25 Nov 2018 23:49:34 GMT

@Anonymous wrote:
Yeah MR is not important to us

So I guess the question is: is SL ALL that matters, i.e. you don't intend to use the card after any spend to get the bonus? The point is that the ED card will give you MRs, the CM will give you cash back. Generally that choice should be a starting point (along with how much you spend on groceries) The two cards are not very similar at all.

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

Anonymous — Mon, 26 Nov 2018 00:23:45 GMT

Approved for Magnet SL $15K. My only question is we prequalified for ED. Will they approve 2?

Re: Applying for a PreQual Amex ED or Cash Mag - Difference of 766 & 781 for starting SL?

UncleB — Mon, 26 Nov 2018 03:04:55 GMT

This thread is locked and closed to new messages.

The new thread can be found here: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Just-approved-15k-CL-Amex-Magnet-do-they-accept-2nd-s/m-p/5416672