topic Re: American Express Pre-Approval in Credit Cards

American Express Pre-Approval

buildingitbackup — Mon, 30 Apr 2012 14:24:17 GMT

Is it safe to say that if you do not pre-qualify on AMEX's website that you would be denied a hard pull application?

Re: American Express Pre-Approval

webhopper — Mon, 30 Apr 2012 16:59:51 GMT

Nope, that is not a safe assumption, I had no pre-approval offers, but I was approved for the Zync back in Feb.

Re: American Express Pre-Approval

espnjunkie — Mon, 30 Apr 2012 17:00:56 GMT

+1 I had no pre-approvals either and was approved for amex green back in february. It is not a great indicator of chances really.

Re: American Express Pre-Approval

Anonymous — Mon, 30 Apr 2012 17:04:50 GMT

@webhopper wrote:
Nope, that is not a safe assumption, I had no pre-approval offers, but I was approved for the Zync back in Feb.

+1 Same here

Re: American Express Pre-Approval

buildingitbackup — Mon, 30 Apr 2012 17:11:18 GMT

Thanks for all the responses. I have some more gardening to do. Then, I'm going to apply for Zync.

Re: American Express Pre-Approval

webhopper — Mon, 30 Apr 2012 17:22:29 GMT

@buildingitbackup wrote:
Thanks for all the responses. I have some more gardening to do. Then, I'm going to apply for Zync.

Your EX score is pretty high, is that a PLUS score from their website, or a lender pulled score?

Re: American Express Pre-Approval

pizzadude — Mon, 30 Apr 2012 17:24:11 GMT

Pre~approval means that you fit into one of the demographics that they are marketing to. Getting approved depends on what is on your reports and also on the information that you supply on your application, like income, etc....

Re: American Express Pre-Approval

buildingitbackup — Mon, 30 Apr 2012 17:40:31 GMT

PLUS score. I have some bad things reporting: one very large collection from 2008 (3k) & 4 Child Support 120 day lates (getting caught up). 8 inquiries.

3 Revolving Tradelines

1 Installment

A slew of closed accounts in good standing.

Length of Credit History: 10 Years, 3 Months
Average Account Age: 3 Years, 12 Months

Good income / job history

...........

Re: American Express Pre-Approval

webhopper — Mon, 30 Apr 2012 18:22:24 GMT

@buildingitbackup wrote:
PLUS score. I have some bad things reporting: one very large collection from 2008 (3k) & 4 Child Support 120 day lates (getting caught up). 8 inquiries.

3 Revolving Tradelines
1 Installment

A slew of closed accounts in good standing.

Length of Credit History: 10 Years, 3 Months
Average Account Age: 3 Years, 12 Months

Good income / job history

...........

Is the collection paid or unpaid? Are you still behind on CS payments?

Re: American Express Pre-Approval

buildingitbackup — Mon, 30 Apr 2012 18:27:30 GMT

Unpaid / Yes

Re: American Express Pre-Approval

webhopper — Mon, 30 Apr 2012 18:42:40 GMT

@buildingitbackup wrote:
Unpaid / Yes

The large collection is worrysome, because they could swoop in and get a judgement on that amount, and tack on court costs and lawyer fees. Do you have any money set back to try to settle?

Re: American Express Pre-Approval

buildingitbackup — Mon, 30 Apr 2012 19:04:49 GMT

After four years wouldn't they have already filed a judgement? I have the ability to settle but have neglected to due to the CA not agreeing to PFD.

Re: American Express Pre-Approval

Anonymous — Mon, 30 Apr 2012 22:52:24 GMT

I was curious about the unpaid collection as well. Planned to app for Zync at end of year with a 3 yr old unpaid collection. Will it kill my chances if everything in the last few years has been solid and on time? Or should I just pay the collection and then go for it? Figured my score would take a hit after paying.

Re: American Express Pre-Approval

pizzadude — Tue, 01 May 2012 17:58:11 GMT

@buildingitbackup wrote:
After four years wouldn't they have already filed a judgement? I have the ability to settle but have neglected to due to the CA not agreeing to PFD.

I would check the statute of limitations for your state of residence to know where you stand.

Re: American Express Pre-Approval

Anonymous — Tue, 01 May 2012 19:02:30 GMT

I was "pre-approved" and got denied for amex green, i had to recon to get it.

Re: American Express Pre-Approval

espnjunkie — Tue, 01 May 2012 19:26:47 GMT

I feel like pre-approvals don't mean anything really. When you apply they ask for alot of information that a preapproval wouldn't know. Approvals are based heavily on income and assets for charge card products, not just having good fico scores.

Amex general rule of thumb (for charge cards) for approval is roughly:

680+ EX

No recent baddies/excessive inquiries

Stable job/solid salary (won't quantify this but you get the idea)

Bank assets

Have not burned amex in the past

Re: American Express Pre-Approval

Anonymous — Tue, 01 May 2012 19:50:21 GMT

no, not at all, i never had any offers. now have 3 personal and 2 buisness AMEXes