topic Re: AMEX questions... in Credit Cards

AMEX questions...

Doodlebug30 — Tue, 24 Nov 2020 18:33:46 GMT

So i have never had an Amex and the only info i know is what ive read here on the forums...Quite frankly i never thought id even come close to qualifying for any Amex card ever but, I checked prequal and was prequalified for BCP, Gold and Cash magnet. All variable APR's...

I guess my questions are,

Are prequals really solid? Any have any experience being denied even though they were prequal?

Is Amex new acct or inquiry sensitive? If so, how many is too many?

Are they good about CLI's?

Starting limits?

Its all profile based i know. But i guess i wanted to start a discussion for Amex newbies or anyone like myself considering applying for their first amex.

DP's - FICO's are all around 702-712

UTIL 15% ; Only 1 card above 30% (32%) which is a 0% promo balance on a furniture purch.

2 new accts in the last 12 months, newest 1 month old.

Only derogs are 6+ year old student loan lates (90+ day) that are due to fall off mid 2021.

Re: AMEX questions...

blindambition — Tue, 24 Nov 2020 18:49:07 GMT

Pre-qualified is solid, meaning you meet eligibility criteria.

When hitting apply button, phrasing You're pre-approved, get a decision in as little as 30 seconds. That's pretty much a guarantee, unless profile has significantly changed.

The phrasing Expanding your relationship is easy isn't a pre-approval, but not necessarily a denial.

Re: AMEX questions...

wasCB14 — Tue, 24 Nov 2020 19:13:59 GMT

@Doodlebug30 wrote:
So i have never had an Amex and the only info i know is what ive read here on the forums...Quite frankly i never thought id even come close to qualifying for any Amex card ever but, I checked prequal and was prequalified for BCP, Gold and Cash magnet. All variable APR's...
I guess my questions are,
Are prequals really solid? Any have any experience being denied even though they were prequal?
Is Amex new acct or inquiry sensitive? If so, how many is too many?
Are they good about CLI's?
Starting limits?

Its all profile based i know. But i guess i wanted to start a discussion for Amex newbies or anyone like myself considering applying for their first amex.

DP's - FICO's are all around 702-712
UTIL 15% ; Only 1 card above 30% (32%) which is a 0% promo balance on a furniture purch.
2 new accts in the last 12 months, newest 1 month old.
Only derogs are 6+ year old student loan lates (90+ day) that are due to fall off mid 2021.

What are you seeking in this card?

BCP is good if you have high grocery spend.

Cash Magnet is 1.5% cash...not the best you can do with ~700 FICOs.

Gold can be great if you like airline miles, have high restaurant and supermarket spend, and don't mind the fairly quirky airline/Uber/dining credits.

I've never found them to be sensitive to new accounts. I've gotten good SLs and have only haved for a CLI once.

Re: AMEX questions...

dragontears — Tue, 24 Nov 2020 19:17:49 GMT

@blindambition wrote:
Pre-qualified is solid, meaning you meet eligibility criteria.
When hitting apply button, phrasing You're pre-approved, get a decision in as little as 30 seconds. That's pretty much a guarantee, unless profile has significantly changed.
The phrasing Expanding your relationship is easy isn't a pre-approval, but not necessarily a denial.

That only works if you already have a Amex, OP doesn't so will not see the "expand your membership" terminology

Re: AMEX questions...

Doodlebug30 — Tue, 24 Nov 2020 19:22:01 GMT

@wasCB14 To be honest I dont really want any of them bc I loathe having to pay an annual fee. I really would prefer the BCE but that wasnt on my prequal list. I probably wont be pulling the trigger right this moment but I wanted to do my research. If i was going to pick out of the 3, i would go BCP. Grocery rewards will go far in my house lol.

So this language will show up right when i hit apply? Or do i actually have to go through the whole app?

Re: AMEX questions...

wasCB14 — Tue, 24 Nov 2020 19:40:33 GMT

@Doodlebug30 wrote:
@wasCB14 To be honest I dont really want any of them bc I loathe having to pay an annual fee. I really would prefer the BCE but that wasnt on my prequal list. I probably wont be pulling the trigger right this moment but I wanted to do my research. If i was going to pick out of the 3, i would go BCP. Grocery rewards will go far in my house lol.

So this language will show up right when i hit apply? Or do i actually have to go through the whole app?

You may find the bonus on BCP makes it worth getting the card for a year before downgrading it to BCE. I'm not sure what the current offers are.

But if BCE is what you really want, I would just go for that and not the others. BCE isn't any harder to get than BCP, regardless of the lack of an explicit prequal.

Re: AMEX questions...

Doodlebug30 — Tue, 24 Nov 2020 19:48:03 GMT

@wasCB14 I didnt even think of downgrading after a year! I really am enticed by the sign up bonus of the BCP. I was trying to justify the annual fee in my head tho lol. I dont have an outrageous amount of spend each month. Just an average amount of bills and shopping so i dont need any crazy fancy cards ya know?

Re: AMEX questions...

LakeLife — Tue, 24 Nov 2020 19:57:39 GMT

@Doodlebug30 wrote:
@wasCB14 To be honest I dont really want any of them bc I loathe having to pay an annual fee. I really would prefer the BCE but that wasnt on my prequal list. I probably wont be pulling the trigger right this moment but I wanted to do my research. If i was going to pick out of the 3, i would go BCP. Grocery rewards will go far in my house lol.

So this language will show up right when i hit apply? Or do i actually have to go through the whole app?

I use to be that way too, until I realized that with minimal travel those cards can easily pay for themselves and then some.

Re: AMEX questions...

Doodlebug30 — Tue, 24 Nov 2020 20:39:17 GMT

Very true...Im tempted on the BCP just to get in with amex...Plus is a pretty great card too!

Re: AMEX questions...

Anonymous — Tue, 24 Nov 2020 23:02:51 GMT

Look into the Amex 3X CLI thread, yes they are more generous, GENERALLY, than many other big card issuers.

Also, the BCP, I have seen in people's signatures almost always has the highest or one of the highest limits among all listed.

It is entirely possible to have a $30k BCP if the income, spend, and history are there - a lot easier than a $30k Citi, Wells, or BofA. Perhaps on the same level as a Chase Sapphire as far as limits go.

Re: AMEX questions...

Wavester64 — Tue, 24 Nov 2020 23:16:49 GMT

@Doodlebug30 wrote:
@wasCB14 To be honest I dont really want any of them bc I loathe having to pay an annual fee. I really would prefer the BCE but that wasnt on my prequal list. I probably wont be pulling the trigger right this moment but I wanted to do my research. If i was going to pick out of the 3, i would go BCP. Grocery rewards will go far in my house lol.

So this language will show up right when i hit apply? Or do i actually have to go through the whole app?

If I recall correctly the Cash Magnet is a no AF card.

Re: AMEX questions...

Doodlebug30 — Wed, 25 Nov 2020 00:09:11 GMT

@Anonymous Thanks for that info that's good to know!!

Re: AMEX questions...

ntx — Wed, 25 Nov 2020 00:14:06 GMT

If you travel, the Hilton Honors card is also no AF. I was just approved for $8K w/ EX8 673, EX9 717. I don't travel and don't care about the points, I just wanted back with Amex, and the Honors card is one I was pre-qualified for.

Good luck!

Re: AMEX questions...

Doodlebug30 — Wed, 25 Nov 2020 00:36:27 GMT

Thanks! I hear about that one alot.

Re: AMEX questions...

wasCB14 — Wed, 25 Nov 2020 01:00:50 GMT

There's no other lender where people conclude they need one of their cards before actually evaluating the available products!

I may have seven, but they aren't best for everyone.

Re: AMEX questions...

FinStar — Wed, 25 Nov 2020 01:09:32 GMT

@Doodlebug30 wrote:
Thanks! I hear about that one alot.

As mentioned further upthread by @wasCB14, definitely do your research on the card that would be more suitable for your spending to maximize the benefits that fit your lifestyle. Don't just select a card as an "in" or to "get your foot in the door", especially if this is your first AmEx card. It may work for some individuals but not for everyone.

Chances are, as you'll see when you decide to obtain your card, in a variety of cases if you're pre-qualified for any of their core cards (e.g. Cash Magnet, BCE, etc.), you're likely to be approved for the others, barring your profile supports it. If you elect to go with BCP, for example, test drive it for a year, and if after 12 months it's not something you want, downgrade it to BCE.

Re: AMEX questions...

Doodlebug30 — Wed, 25 Nov 2020 01:33:51 GMT

@FinStar that's good advice that I def will take. I am usually pretty picky about the cards I choose and each card MUST serve a purpose or I don't apply. There's no card in my wallet I don't use regularly. Maybe with the exception of the first card I got from my local CU at the time but I still do put a little spend on it. There's only a couple amex cards I would consider right now so that should make my decision easier.

Re: AMEX questions...

bergrides — Wed, 25 Nov 2020 13:42:50 GMT

@Doodlebug30 wrote:
@wasCB14 I didnt even think of downgrading after a year! I really am enticed by the sign up bonus of the BCP. I was trying to justify the annual fee in my head tho lol. I dont have an outrageous amount of spend each month. Just an average amount of bills and shopping so i dont need any crazy fancy cards ya know?

The Cash Magnet card does not have an annual fee. Deciding between the BCP and the BCE comes down to how much grocery spend you have in a year, and if you spend on transit, parking, or streaming services. Having 3 and sometimes 4 adults in the house, I spend more than the 6K on groceries, so the $95 annual fee still makes the BCP worth it for me. My son lives in the city so paying for parking or transit when I visit earns cash back with the BCP.

Re: AMEX questions...

Brian_Earl_Spilner — Wed, 25 Nov 2020 13:54:26 GMT

@Doodlebug30 wrote:
@wasCB14 I didnt even think of downgrading after a year! I really am enticed by the sign up bonus of the BCP. I was trying to justify the annual fee in my head tho lol. I dont have an outrageous amount of spend each month. Just an average amount of bills and shopping so i dont need any crazy fancy cards ya know?

Average amount of bills and shopping is relative to a person's situation. If you need help with the math, you need to post specific numbers.

As for sensitivity, they've finally given me the number of inquiry and new accounts reason for denials after I did 8 new cards since January and my inquiries are around 20.

Re: AMEX questions...

Anonymous — Wed, 25 Nov 2020 15:38:02 GMT

If you're dicey, AmEx just won't prequalify you. You should be good.

@Doodlebug30 wrote:
So i have never had an Amex and the only info i know is what ive read here on the forums...Quite frankly i never thought id even come close to qualifying for any Amex card ever but, I checked prequal and was prequalified for BCP, Gold and Cash magnet. All variable APR's...
I guess my questions are,
Are prequals really solid? Any have any experience being denied even though they were prequal?
Is Amex new acct or inquiry sensitive? If so, how many is too many?
Are they good about CLI's?
Starting limits?

Its all profile based i know. But i guess i wanted to start a discussion for Amex newbies or anyone like myself considering applying for their first amex.

DP's - FICO's are all around 702-712
UTIL 15% ; Only 1 card above 30% (32%) which is a 0% promo balance on a furniture purch.
2 new accts in the last 12 months, newest 1 month old.
Only derogs are 6+ year old student loan lates (90+ day) that are due to fall off mid 2021.

I got 3 cards on the same DAY with middle 600's.

They are not picky about inquiries but if you have 18 new accounts in 24 months I would at least reserve the expectation that I might be denied, lol.