topic Re: How to get in with Amex? Guide me... in Credit Cards

How to get in with Amex? Guide me...

creditguy86 — Sat, 22 May 2021 04:06:18 GMT

So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances?

What do they not like?

Re: How to get in with Amex? Guide me...

Anonymous — Sat, 22 May 2021 04:43:42 GMT

AMEX isn't that hard to get honestly. Check their prequals and go from there. They pull Experian and around a 700 score will usually be enough to get most of their cards, with charge cards and Delta Gold being more like 640 or so. Obviously we aren't privy to everything that goes into UW and there have been approvals with lower scores and denials with higher scores. They aren't sensitive to much other than derogs though. Many of us have ended huge sprees with AMEX cards. When I opened my Cash Magnet 6/2019 I had opened 7 new cards going back to 12/2018 plus I got 6 more cards after that and was still approved for the BCP 10/2019 as my 19th new account in 24 months. I had a BK reporting from 2010 but I did keep my utilization under 28.9% single card/8.9% aggregate and I had cleared the other derogatory info off my reports (my paid repo may still have been reporting, I don't remember exactly when that fell off).

Now I'm not saying to do what I did, that could have actually really blown up in my face with all those apps, but it's just to illustrate that they're not sensitive to new accounts and don't require your profile to be pristine either. I actually canceled my BCE right after approval in 3/2018 because they gave me a $1K limit and Disco gave me $7500 and SSFCU $5000. Just didn't know any better as far as being able to amass a lot of credit so I threw away a $1K card at 18.24%, $150 SUB, and put myself in their doghouse for closing a card before having it for a year so I scored myself a couple hard pull denials before that 6/2019 second approval. My credit score was 670 on Experian when I got that instant approval.

Re: How to get in with Amex? Guide me...

rgd51 — Sat, 22 May 2021 09:10:52 GMT

Do you enjoy the cash magnet? Is it a good card? How does it compare to other 1.5% cards?

Re: How to get in with Amex? Guide me...

Hoben02 — Sat, 22 May 2021 09:18:24 GMT

If you are looking for a flexible cashback option then look into the bofa cards like the cashback card or travel cards

Re: How to get in with Amex? Guide me...

805orbust — Sat, 22 May 2021 11:22:35 GMT

When I was rebuilding, AMEX let me in the door with an Everyday card and a $1k limit. My EX was 661 at the time (2013?) And it grew pretty consistently. It was definitely my first major that wasn't branded and they've been great ever since.

Re: How to get in with Amex? Guide me...

AverageJoesCredit — Sat, 22 May 2021 11:40:18 GMT

@creditguy86 wrote:
So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances?

What do they not like?

Just apply. You wont know what they like until you actually apply. They might suprise you. Once in, for sure sky is limit if you have good income and spend. If your income is low they will lend but only to a certain extent. Its only a hp to try, worse things in life

Re: How to get in with Amex? Guide me...

Anonymous — Sat, 22 May 2021 12:01:16 GMT

@creditguy86 wrote:
So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances?

What do they not like?

They do not like many recent open accounts I can tell you that much even for CLI. They do not like BK's that are not at least 5 plus years or younger. I would also keep my utilizations down on my other cards as well.

Re: How to get in with Amex? Guide me...

creditguy86 — Sat, 22 May 2021 14:29:34 GMT

@AverageJoesCredit wrote:
@creditguy86 wrote:
So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances?

What do they not like?

Just apply. You wont know what they like until you actually apply. They might suprise you. Once in, for sure sky is limit if you have good income and spend. If your income is low they will lend but only to a certain extent. Its only a hp to try, worse things in life

haha right what's another inquiry?

Re: How to get in with Amex? Guide me...

Remedios — Sat, 22 May 2021 15:12:53 GMT

@creditguy86 wrote:
So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances?

What do they not like?

I don't know how many cards you have and how many lenders are involved, but if you try figuring out what each one of them "likes", you're going to lose your credit mind.

Just use your cards like you normally would and pay your bills on time, that's what everyone likes.

Utilization wise, when you're ready to apply, it doesn't need to be microscopic.

I'd personally wait till your charge off is no longer on your CR (and other negatives if you have them), life with Amex is easier with clean file, but that's not necessary if you don't mind low(ish) approval.

Re: How to get in with Amex? Guide me...

Anonymous — Sat, 22 May 2021 16:56:31 GMT

@rgd51 wrote:
Do you enjoy the cash magnet? Is it a good card? How does it compare to other 1.5% cards?

It's ok. It's not my favorite card but I like that I can set AU spending limits on it so I gave one to each of my roommates to help them build their own credit. The real valuable cash back cards with AMEX are the BCE and BCP honestly. I tend to think that the QS and NFCU cashRewards are the better 1.5% cards and with plenty of 2% options around, it's hard to recommend the Cash Magnet.

Re: How to get in with Amex? Guide me...

Azza — Sat, 22 May 2021 17:18:09 GMT

Good luck if you apply.

Re: How to get in with Amex? Guide me...

Aim_High — Sat, 22 May 2021 18:17:21 GMT

@creditguy86 wrote:
So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances?
What do they not like?

The most consistent message I've seen on My Fico about AMEX is that they are a lender who has a long memory if you have burned them in a bankruptcy or collection. In some cases, we've seen members getting denied well into double-digit years after that with AMEX.

In other respects, I don't think they are that different from most other lenders, as long as your expectations are in order with the reality of what your profile brings to the table. If you have a few other aged credit cards, have demonstrated using them responsibly over time, have utilization in check, have no or well-aged derogatories, and haven't been applying for excessive credit (more than a couple of accounts a year,) approvals are likely.

On the lower end, approvals are more likely for cobranded cards like Delta or Hilton. If you scores are in the 600's, this may be where you need to start. The charge cards (Green-Gold-Platinum) are next up the difficulty ladder. They are most selective on their core revolvers like Cash Magnet, Blue Cash Everyday/Preferred, etc. If your scores are around 700+, you may have a good shot at starting with the core revolvers or any of the other cards. Usually we've recommended members with sub-600 scores to wait to apply with them.

Once you're in the door, keep doing more of the same. They do keep close tabs (frequent soft pulls) on your credit profile, so opening a bunch of new accounts, running up high utilization, and any derogatories will be quickly noticed. And of course, like any lender, they want to use you use their cards regularly and responsibly. Over time, they often give higher limits and approve new cards as you build history as a customer. It's not usual for additional cards after the first one to be soft-pull approvals.

They aren't like Chase, Bank of America, or US Bank in having a certain number of new accounts that put you over the approval limit but at the same time, they don't like to see excessive credit-seeking. Exactly where they draw the line seems to vary a little based on overall profile. So, there's one other common thread on My Fico about AMEX. Even though they don't have rules like Chase's 5/24, they especially don't like abuse of their sign-up bonuses. They even have a special 'team' (the "RAT" or Rewards Abuse Team) that focuses on rewards abuses. They are known for "clawing back" rewards if someone closes a card too quickly after opening it, or they might restrict you from future sign-up bonuses. To stay in their good graces, it's suggested to always keep a card open with them for a minimum of 12 months (at least until the second AF posts) before you even think of canceling. Again, as long as you're acting like a responsible mainstream customer and have honorably intentions, this probably won't be an issue.

Re: How to get in with Amex? Guide me...

AverageJoesCredit — Sat, 22 May 2021 22:32:42 GMT

@Anonymous wrote:
@rgd51 wrote:
Do you enjoy the cash magnet? Is it a good card? How does it compare to other 1.5% cards?
It's ok. It's not my favorite card but I like that I can set AU spending limits on it so I gave one to each of my roommates to help them build their own credit. The real valuable cash back cards with AMEX are the BCE and BCP honestly. I tend to think that the QS and NFCU cashRewards are the better 1.5% cards and with plenty of 2% options around, it's hard to recommend the Cash Magnet.

Since i dont spend alot nor can i as i try to lower debt, the CM is actually my favorite Amex card, perty too. Unfortunately it sucks having a $25 limit to redeem. I guess if it was my only card not too big of a problem but again, statement credit isnt my favorite way to redeem. As happy as i am to have my Amex back after bk, since im not a traveller, MR guy or heavy spender, its actually a lender i could do without , but wont lol. Options are always good

Re: How to get in with Amex? Guide me...

rgd51 — Sat, 22 May 2021 22:49:18 GMT

Statement credits are my favorite way to redeem! Yeah if it was ones only card $25 redemption minimum wouldn't be so bad because you'd likely hit it every 1-2 months. Do they bucket cards like cap one does?

Re: How to get in with Amex? Guide me...

creditguy86 — Sat, 22 May 2021 23:01:24 GMT

Wow thanks guys for chiming in.

Re: How to get in with Amex? Guide me...

Anonymous — Sun, 23 May 2021 08:56:20 GMT

So I just got an Amex Hilton Honors card, but I was preapproved. I definitely suggest doing that. It's not guaranteed, but it's probably better going in blind. I do have a 120 day late payment from 2017, but other than that no significant baddies. They also only gave me a 1k SL with a 710 credit score. I'm sure you'll be fine.

Re: How to get in with Amex? Guide me...

BenTramer1978 — Thu, 27 May 2021 02:14:40 GMT

I was prequalified and recieved a Blue Cash everyday with 1000 limit and a 150 bonus with an experian score of 664.

Re: How to get in with Amex? Guide me...

Aim_High — Thu, 27 May 2021 03:29:29 GMT

@BenTramer1978 wrote:
I was prequalified and recieved a Blue Cash everyday with 1000 limit and a 150 bonus with an experian score of 664.

Thanks for that data point, @BenTramer1978. Yes, I was speaking in generalities about score relationship to card approvals just to give OP a general idea of expectations. Actual approvals may vary based on overall profile and FICO scores are only one component of what goes into an approval. A $1K approval with AMEX normally means you barely qualified, so it's true that upper 600's (depending on overall profile) may get a core revolver but My Fico data points have usually shown that its safer to get scores up closer to 700+ before trying for those. As always with card approvals, YMMV.

Congrats on your SUB and Blue Cash Everyday card, though! You're in the door with AMEX and with time usage, that card may grow nicely.

Re: How to get in with Amex? Guide me...

BenTramer1978 — Thu, 27 May 2021 03:36:43 GMT

@Aim_High wrote:
@BenTramer1978 wrote:
I was prequalified and recieved a Blue Cash everyday with 1000 limit and a 150 bonus with an experian score of 664.
Thanks for that data point, @BenTramer1978. Yes, I was speaking in generalities about score relationship to card approvals just to give OP a general idea of expectations. Actual approvals may vary based on overall profile and FICO scores are only one component of what goes into an approval. A $1K approval with AMEX normally means you barely qualified, so it's true that upper 600's (depending on overall profile) may get a core revolver but My Fico data points have usually shown that its safer to get scores up closer to 700+ before trying for those. As always with card approvals, YMMV.

Congrats on your SUB and Blue Cash Everyday card, though! You're in the door with AMEX and with time usage, that card may grow nicely.

Thanks. That was almost 5 months ago. My experian score is now 777 and completely clean so at the 6 month mark im going to go for the 3x cli. Had to wait for a string of late house payments and a repoed car to fall off

Re: How to get in with Amex? Guide me...

Aim_High — Thu, 27 May 2021 16:24:24 GMT

@BenTramer1978 wrote:
@Aim_High wrote:
@BenTramer1978 wrote:
I was prequalified and recieved a Blue Cash everyday with 1000 limit and a 150 bonus with an experian score of 664.
Thanks for that data point, @BenTramer1978. Yes, I was speaking in generalities about score relationship to card approvals just to give OP a general idea of expectations. Actual approvals may vary based on overall profile and FICO scores are only one component of what goes into an approval. A $1K approval with AMEX normally means you barely qualified, so it's true that upper 600's (depending on overall profile) may get a core revolver but My Fico data points have usually shown that its safer to get scores up closer to 700+ before trying for those. As always with card approvals, YMMV.

Congrats on your SUB and Blue Cash Everyday card, though! You're in the door with AMEX and with time usage, that card may grow nicely.
Thanks. That was almost 5 months ago. My experian score is now 777 and completely clean so at the 6 month mark im going to go for the 3x cli. Had to wait for a string of late house payments and a repoed car to fall off

Very nice progress for only five months, @BenTramer1978.

664>>777 is awesome!

In credit, as long as we're willing and able to clean house, time heals those old wounds.

Best wishes with the 3x CLI.