topic Re: First Amex card in Credit Cards

First Amex card

eyarman128 — Sat, 10 Apr 2021 14:44:56 GMT

Hello all,

So I'm wanting to get my first Amex card but wanting to know if you think I'm jumping in to soon. I currently have 3 cards and a installment loan. A PNC cash rewards CL of $2k 4 months old a Discover IT CL of $1,800 11 months old and then a NFCU cash rewards CL of $2k 7 months old and a auto loan with a $13k balance left with NF. I did the re-qualify on Amex.com and it showed I pre qualified for the BCP, Gold and the BCE in that order if it matters at all. What do you think my chances are for approval?

Current overall utilization is 3%

EX= 797

TU = 747

EQ= 752

Re: First Amex card

Ficoproblems247 — Sat, 10 Apr 2021 15:26:35 GMT

AMEX prequals are typically pretty solid. Their core cards have the more stringent UW standards, so the fact that you are showing up pre-qualified for BCP/BCE is a very good sign. Your scores look good, I see no reason not to pull the trigger if it's a card you want. It's never 100% guaranteed approval, but I think you probably stand a good chance.

Re: First Amex card

M_Smart007 — Sat, 10 Apr 2021 15:42:45 GMT

@Ficoproblems247 wrote:
AMEX prequals are typically pretty solid. Their core cards have the more stringent UW standards, so the fact that you are showing up pre-qualified for BCP/BCE is a very good sign. Your scores look good, I see no reason not to pull the trigger if it's a card you want. It's never 100% guaranteed approval, but I think you probably stand a good chance.

Re: First Amex card

KLEXH25 — Sat, 10 Apr 2021 15:47:37 GMT

I think you have a very good shot. But I would let the youngest card turn 6 months, or at least let your Discover reach one year. You'll probably squeeze out a few extra points.

Re: First Amex card

blindambition — Sat, 10 Apr 2021 15:54:43 GMT

I agree that you have a good shot. Your credit is pretty new, so don't expect higher than your other $2k limit, but it will grow. Pick one that works for your spend, and good luck.

Re: First Amex card

Mr_Mojo_Risin — Sat, 10 Apr 2021 16:37:48 GMT

You should have a pretty good shot at approval. Their pre-approvals are usually reliable.

Good luck if go for it and let us know how it goes!

Re: First Amex card

K-in-Boston — Sun, 11 Apr 2021 00:57:37 GMT

Definitely agree that odds are probably very good. I would just say to research the cards (asking questions here is fine and encouraged) to find the one that best fills any voids in your current lineup (regardless of preapproval status) and has the rewards type that makes the most sense for you. For example, it appears your other cards are cash back cards and while Gold may have great return on grocery and restaurant spend when redeemed for travel, if you want cash back as statement credits it's going to essentially be a 2.4% cash back card on those categories which isn't stellar.

Re: First Amex card

Anonymous — Sun, 11 Apr 2021 14:44:58 GMT

@K-in-Boston wrote:
Definitely agree that odds are probably very good. I would just say to research the cards (asking questions here is fine and encouraged) to find the one that best fills any voids in your current lineup (regardless of preapproval status) and has the rewards type that makes the most sense for you.

And I would go a step further and ask "Why Amex?" There may well be good reasons but generally look widely for the card that suits your current needs best, which can be from any issuer.

Re: First Amex card

Remedios — Sun, 11 Apr 2021 14:52:55 GMT

@eyarman128 wrote:
Hello all,

So I'm wanting to get my first Amex card but wanting to know if you think I'm jumping in to soon. I currently have 3 cards and a installment loan. A PNC cash rewards CL of $2k 4 months old a Discover IT CL of $1,800 11 months old and then a NFCU cash rewards CL of $2k 7 months old and a auto loan with a $13k balance left with NF. I did the re-qualify on Amex.com and it showed I pre qualified for the BCP, Gold and the BCE in that order if it matters at all. What do you think my chances are for approval?

Current overall utilization is 3%
EX= 797
TU = 747
EQ= 752

How old is your oldest account?

Your EX is way too high based on revolver ages, so is it a loan or do other two CRAs have older negative on them?

Re: First Amex card

Anonymous — Sun, 11 Apr 2021 18:25:58 GMT

I would say your chances are 99% you'll be approved. I had the same thing with all the cards showing pre approved for so I applied for like 3 of them within the same week no problems got approved for all 3.

@eyarman128 wrote:
Hello all,

So I'm wanting to get my first Amex card but wanting to know if you think I'm jumping in to soon. I currently have 3 cards and a installment loan. A PNC cash rewards CL of $2k 4 months old a Discover IT CL of $1,800 11 months old and then a NFCU cash rewards CL of $2k 7 months old and a auto loan with a $13k balance left with NF. I did the re-qualify on Amex.com and it showed I pre qualified for the BCP, Gold and the BCE in that order if it matters at all. What do you think my chances are for approval?

Current overall utilization is 3%
EX= 797
TU = 747
EQ= 752