topic Re: Chance of Approval for 1st Amex? in Credit Cards

Chance of Approval for 1st Amex?

Anonymous — Wed, 05 Jun 2019 02:34:17 GMT

I've been watching this forum for a while and just decided to join as I see we have a mutual liking of being credit worthy.

I'm looking into getting my 1st .... or maybe 3 Amex's next month which is super exciting for a young adult.

I'm thinking my chances would be pretty good, take a look at my credentials so far.

AAoA is 1y 10m.
10 accounts: 2 Student Loans = $1500 total , 7 Credit cards = $30k Total Credit, 1 Car loan ($30k) = closed
Income: 60k
EX 700- 7 inquiries TU 709-12 inquiries EQ 704- 20 inquiries ------ UTI 32% -----

I paid down my balances so next month total UTI reporting should be 9% and my credit scores should be in the 730-765 range.

I'm really aiming for the Wells Fargo Propel, Amex Platinum or Gold & Everyday Cash. In you guys' experience do you think I'd be able to get these cards?

Re: Chance of Approval for 1st Amex?

Anonymous — Wed, 05 Jun 2019 02:34:22 GMT

Amex pre-approvals are pretty solid. Have you tried that yet? That will give you a better “guess”.

Re: Chance of Approval for 1st Amex?

pinkandgrey — Wed, 05 Jun 2019 02:36:52 GMT

Check the prequals as they tend to be solid. You have a lot of inquiries. If those are recent, it may hurt you. Amex isn’t the hardest to get, so if you have a prequal you’re probably good to go. However, I would get the one you most want and then stop instead of apping for 3 or more.

Good luck!!!!

Re: Chance of Approval for 1st Amex?

Anonymous — Wed, 05 Jun 2019 02:37:24 GMT

Get rid of the Credit One card! Are you paying an annual or "membership" fee for that card? If so, you're paying a fee for a card designed for subprime borrowers--of which you are not a member. As the other poster said, check the AMEX prequal website and that will give you an idea of your approval chances. Many people on here have been approved fro AMEX cards with much lower scores... methinks you will be fine.

Re: Chance of Approval for 1st Amex?

Anonymous — Wed, 05 Jun 2019 02:44:26 GMT

I know Credit one is horrrible but I got it out of desparation, my credit was kinda still new and no one was approving me with 1y worth of credit. I plan on cancelling it within a few months though.

Re: Chance of Approval for 1st Amex?

Jnbmom — Wed, 05 Jun 2019 02:44:53 GMT

Yes check the prequalify site for Amex and then choose the best card that suits your needs , I wouldn't get 3.

Also as mentioned get rid of the credit one card like yesterday.

Re: Chance of Approval for 1st Amex?

DebtJoe — Wed, 05 Jun 2019 02:51:21 GMT

You should be good to go. Definitely try their prequals though.

I surpringly got a prequal offer and was approved last month with my current scores.

You seem to be on a spree. You're not me and I'm not you, but opening a ton of cards in the past has gotten me in trouble that I'm still paying for (-_-)

You don't need dozens of cards to build a high score.

Re: Chance of Approval for 1st Amex?

simplynoir — Wed, 05 Jun 2019 02:51:51 GMT

I'll play the devil's advocate and say planning to get two AMEX cards would be fine if that's what you want to do just make sure you plan them accordingly to what you need. For instance getting both a Gold and BCE/BCP would not mesh well since both have a grocery category and with both having AFs hard to justify that unless you have a LOT of said grocery spend. Pick whether you want MR points or cashback and go from there.

The Wells Fargo Propel is definitely a no go with that many inquiries. WF tends to be sensitive to that and while you might get lucky I do not think that's worth a HP to find out.

Re: Chance of Approval for 1st Amex?

Anonymous — Wed, 05 Jun 2019 02:53:49 GMT

80% of my inquiries came from car dealers sadly. 2 of them should be falling off experian next month. I heard you can get a charge and credit card on one inquiry with Amex, that's why I wanted to take advantage of it so my score would only really take a plunge once.

Re: Chance of Approval for 1st Amex?

simplynoir — Wed, 05 Jun 2019 02:59:14 GMT

@Anonymous wrote:
80% of my inquiries came from car dealers sadly. 2 of them should be falling off experian next month. I heard you can get a charge and credit card on one inquiry with Amex, that's why I wanted to take advantage of it so my score would only really take a plunge once.

Then that should be fine banks should see that and work with it if that's the case. AMEX it just depends on what you want from them. Travel rewards, cash back, perks, etc. and you can narrow the list down to what you want from them. As others have said don't apply for a card just for the sake of having an AMEX in your wallet. No point getting a card that won't fit your needs now and for the future.