topic Re: Do I Qualify for Entry Level Amex in Credit Cards

Do I Qualify for Entry Level Amex

buildingcreditfromnothing — Thu, 30 Jan 2014 04:11:37 GMT

Hi all,

Wanted to get some advice if I should pull the trigger and apply for the PRG and/or Delta Gold.

I have a short credit history, but have 2 auto loans. AAOA is 6 years due to an AU account with BofA.

EQ Fico is 709 and EX is also 709.

One auto loan was 30 days late 4 times (bank didn't go through with AutoPay that I requested). The lates were removed from EQ but are still showing on EX.

Other auto loan was 30 days late 2 times (forgot to pay it).

Just got a few cards to build my history. All are brand new. They are:

Macys Red Card: $400 CL

Credit One Visa: $400 CL (likely going to be closed immediately)

Bank of America Secured: $300 CL

I have a few AU accounts reporting that my friend added me to. They are:

Nordstrom

Citi

Walmart

Brooks Brothers

Should I apply for AmEx or keep building?

Re: Do I Qualify for Entry Level Amex

-Wade- — Thu, 30 Jan 2014 04:19:29 GMT

@buildingcreditfromnothing wrote:
Hi all,

Wanted to get some advice if I should pull the trigger and apply for the PRG and/or Delta Gold.

I have a short credit history, but have 2 auto loans. AAOA is 6 years due to an AU account with BofA.

EQ Fico is 709 and EX is also 709.

One auto loan was 30 days late 4 times (bank didn't go through with AutoPay that I requested). The lates were removed from EQ but are still showing on EX.

Other auto loan was 30 days late 2 times (forgot to pay it).

Just got a few cards to build my history. All are brand new. They are:

Macys Red Card: $400 CL
Credit One Visa: $400 CL (likely going to be closed immediately)
Bank of America Secured: $300 CL

I have a few AU accounts reporting that my friend added me to. They are:

Nordstrom
Citi
Walmart
Brooks Brothers

Should I apply for AmEx or keep building?

To start with Amex always pulls Experian. Not being mean or nothing with the Cl's you have i would not apply ! i would let the accounts you have age and bulid history also i would not app for at lease a year. You also need to see if you can get some SP's CLI on the cards you do have. Sorry but just being honest

Re: Do I Qualify for Entry Level Amex

-Wade- — Thu, 30 Jan 2014 04:17:49 GMT

@buildingcreditfromnothing wrote:
Hi all,

Wanted to get some advice if I should pull the trigger and apply for the PRG and/or Delta Gold.

I have a short credit history, but have 2 auto loans. AAOA is 6 years due to an AU account with BofA.

EQ Fico is 709 and EX is also 709.

One auto loan was 30 days late 4 times (bank didn't go through with AutoPay that I requested). The lates were removed from EQ but are still showing on EX.

Other auto loan was 30 days late 2 times (forgot to pay it).

Just got a few cards to build my history. All are brand new. They are:

Macys Red Card: $400 CL
Credit One Visa: $400 CL (likely going to be closed immediately)
Bank of America Secured: $300 CL

I have a few AU accounts reporting that my friend added me to. They are:

Nordstrom
Citi
Walmart
Brooks Brothers

Should I apply for AmEx or keep building?

Also welcome to myFico forums

Re: Do I Qualify for Entry Level Amex

Anonymous — Thu, 30 Jan 2014 04:20:35 GMT

Maybe this is helpful:

I was recently approved for an Amex BCE with a score of 655. Granted, it was with a low limit and high interest rate, but I was approved and your scores are better than mine. Not sure what the impact will be of your late payments etc but purely from a score standpoint I'd say at least apply. It seems to me that a lot of people around here are too afraid of HPs. Some poster said the other day, "What's the point of having dice if you never throw them?" or something to that effect. He's right.

Re: Do I Qualify for Entry Level Amex

-Wade- — Thu, 30 Jan 2014 04:24:42 GMT

@Anonymous wrote:
Maybe this is helpful:

I was recently approved for an Amex BCE with a score of 655. Granted, it was with a low limit and high interest rate, but I was approved and your scores are better than mine. Not sure what the impact will be of your late payments etc but purely from a score standpoint I'd say at least apply. It seems to me that a lot of people around here are too afraid of HPs. Some poster said the other day, "What's the point of having dice if you never throw them?" or something to that effect. He's right.

No one is afraid of HP's we do it beacuse we want higher CL's and lower APR's. just my 2 cents

Re: Do I Qualify for Entry Level Amex

buildingcreditfromnothing — Thu, 30 Jan 2014 04:25:15 GMT

Hi Everyone,

Thanks for the replies! Just was wondering if Amex counts AU accounts as personal credit history? I have about 6 positive AU accounts on EX that could help my chances. Thanks again!

Re: Do I Qualify for Entry Level Amex

-Wade- — Thu, 30 Jan 2014 04:28:36 GMT

@buildingcreditfromnothing wrote:
Hi Everyone,

Thanks for the replies! Just was wondering if Amex counts AU accounts as personal credit history? I have about 6 positive AU accounts on EX that could help my chances. Thanks again!

I don't have any AU's . Sorry i can't help you on that one

Re: Do I Qualify for Entry Level Amex

Anonymous — Thu, 30 Jan 2014 04:56:17 GMT

@Wade64 wrote:
No one is afraid of HP's we do it beacuse we want higher CL's and lower APR's. just my 2 cents

Yeah, but it's that old conundrum: Can't get approved if you don't apply, but you don't apply because you are worried about the HP. (Not using "you" in the personal sense here!)

I'm not saying that there aren't legitimate reasons to worry about an HP, but at the same time, I've seen too many timid people on here who are afraid to go for what they want because their score might drop 8 points. Fact of the matter is that if you don't go for it, you WON'T get it. That's a guarantee.

Re: Do I Qualify for Entry Level Amex

-Wade- — Thu, 30 Jan 2014 04:44:27 GMT

@Anonymous wrote:
@Wade64 wrote:
No one is afraid of HP's we do it beacuse we want higher CL's and lower APR's. just my 2 cents

Yeah, but it's that old conundrum: Can't get approved if you don't apply, but you don't apply because you are worried about the HP. (Not using "you" in the personal sense here!)

I'm not saying that there aren't legitimate reasons to worry about an HP, but at the same time, I've seen too many timid people on here who are afraid to for what they want because their score might drop 8 points. Fact of the matter is that if you don't go for it, you WON'T get it. That's a guarantee.

but who wants a toy limit?

Re: Do I Qualify for Entry Level Amex

stillirise — Thu, 30 Jan 2014 04:44:45 GMT

@buildingcreditfromnothing wrote:
Hi all,

Wanted to get some advice if I should pull the trigger and apply for the PRG and/or Delta Gold.

I have a short credit history, but have 2 auto loans. AAOA is 6 years due to an AU account with BofA.

EQ Fico is 709 and EX is also 709.

One auto loan was 30 days late 4 times (bank didn't go through with AutoPay that I requested). The lates were removed from EQ but are still showing on EX.

Other auto loan was 30 days late 2 times (forgot to pay it).

Just got a few cards to build my history. All are brand new. They are:

Macys Red Card: $400 CL
Credit One Visa: $400 CL (likely going to be closed immediately)
Bank of America Secured: $300 CL

I have a few AU accounts reporting that my friend added me to. They are:

Nordstrom
Citi
Walmart
Brooks Brothers

Should I apply for AmEx or keep building?

I just applied for AMEX and was approved a few days ago. Your scores are better then mine IMHO. I think they take a hard look at income. If you are approved dont close any accts I am fairly new at this but I think the key is high available limits with very low utilization.

Good luck to you!

Re: Do I Qualify for Entry Level Amex

B335is — Thu, 30 Jan 2014 04:52:54 GMT

Have you tried the Amex pre-qualifier? Are your scores Fico? Amex pulls EX about 98.9% of the time, so that's the report I would focus on. If you feel like taking a leap, go for PRG and if approved app for Delta. PRG underwriting is not as strict as their revolvers.

I was approved for PRG with 656 Fico, 1 paid judgement and Delta Gold with a slightly better Fico - YMMV. Another option, apply for PRG in December 2014, then go for Delta Gold January 2015 for maximum backdating and your new accounts will have good age by then.

Re: Do I Qualify for Entry Level Amex

Anonymous — Thu, 30 Jan 2014 04:55:31 GMT

@Wade64 wrote:
but who wants a toy limit?

Well rumor has it that Amex limits grow quickly if you have good history with them. I guess I'll find that out for myself soon enough. But the OP didn't say anything about having limit requirements. Sounds like he/she just wants to get their foot in the door.

Re: Do I Qualify for Entry Level Amex

7PM789 — Thu, 30 Jan 2014 10:34:24 GMT

I was approved for my Amex Gold Charge card with a credit score in the 720 range and only six months history with a $500.00 limit on a secured card…

As far as income I make a little under 20k a year so take it from me that it is possible but it cost me a triple pull, it's been over two years since then so the inquiries have fallen off and my member since date is locked in and I've already boosted my score once from "backdating".

Good luck if you go for it.

Re: Do I Qualify for Entry Level Amex

Leadberry — Thu, 30 Jan 2014 15:53:36 GMT

@Anonymous wrote:
@Wade64 wrote:
No one is afraid of HP's we do it beacuse we want higher CL's and lower APR's. just my 2 cents

Yeah, but it's that old conundrum: Can't get approved if you don't apply, but you don't apply because you are worried about the HP. (Not using "you" in the personal sense here!)

I'm not saying that there aren't legitimate reasons to worry about an HP, but at the same time, I've seen too many timid people on here who are afraid to go for what they want because their score might drop 8 points. Fact of the matter is that if you don't go for it, you WON'T get it. That's a guarantee.

Who wants to take on an inquiry when they know the numbers aren't in their favor? It's not the HP that most people worry about, it's the HP going to waste. I don't see that as being timid, I see it as an exercise in reason. If I had a 640 FICO I certainly wouldn't apply for an Amex just for the heck of it. One inquiry might not be a big deal, but it doesn't take long for them to add up. Personally, I want my CR's to be as spotless as possible should I decide to finance a new car or should a new CC offer come up that I want to take advantage of.

Re: Do I Qualify for Entry Level Amex

Anonymous — Thu, 30 Jan 2014 16:08:09 GMT

@Leadberry wrote:

Who wants to take on an inquiry when they know the numbers aren't in their favor? It's not the HP that most people worry about, it's the HP going to waste. I don't see that as being timid, I see it as an exercise in reason. If I had a 640 FICO I certainly wouldn't apply for an Amex just for the heck of it. One inquiry might not be a big deal, but it doesn't take long for them to add up. Personally, I want my CR's to be as spotless as possible should I decide to finance a new car or should a new CC offer come up that I want to take advantage of.

Yes, but the OP has scores above 700, which is well above what's necessary to get approved for the card he/she wants. Granted, I recognize that scores alone are not everything when it comes to getting approved, and the OP didn't say anything about income, but from what we HAVE been told I see no reason to not just apply. If they get declined, wait awhile and try again.

In regard to your broader point, I never said you should apply for cards (or anything) that you have no chance of getting. I wasn't launching an assault on common sense.

But I know we've both seen time and again on here where someone will be all like "I really want [insert card name, CLI amount, etc here] but I don't want the HP!" And my point is just that if you really want it, you're going to have to get over your fear of taking a gamble because you don't want to see your score drop 8 points.

Re: Do I Qualify for Entry Level Amex

Leadberry — Thu, 30 Jan 2014 16:34:45 GMT

@Anonymous wrote:
@Leadberry wrote:

Who wants to take on an inquiry when they know the numbers aren't in their favor? It's not the HP that most people worry about, it's the HP going to waste. I don't see that as being timid, I see it as an exercise in reason. If I had a 640 FICO I certainly wouldn't apply for an Amex just for the heck of it. One inquiry might not be a big deal, but it doesn't take long for them to add up. Personally, I want my CR's to be as spotless as possible should I decide to finance a new car or should a new CC offer come up that I want to take advantage of.

Yes, but the OP has scores above 700, which is well above what's necessary to get approved for the card he/she wants. Granted, I recognize that scores alone are not everything when it comes to getting approved, and the OP didn't say anything about income, but from what we HAVE been told I see no reason to not just apply. If they get declined, wait awhile and try again.

In regard to your broader point, I never said you should apply for cards (or anything) that you have no chance of getting. I wasn't launching an assault on common sense.

But I know we've both seen time and again on here where someone will be all like "I really want [insert card name, CLI amount, etc here] but I don't want the HP!" And my point is just that if you really want it, you're going to have to get over your fear of taking a gamble because you don't want to see your score drop 8 points.

I see what you're saying and I agree.

I thought I had mentioned that my concern was with OP's revolving history, but after looking back on my post it looks like I didn't--OP has none. All established TL's are AU accounts and all individual TL's are brand new. I would think one would want to have 6 months or so of individual revolving history before applying for Amex.

Re: Do I Qualify for Entry Level Amex

Anonymous — Thu, 30 Jan 2014 16:44:20 GMT

@Leadberry wrote:

I would think one would want to have 6 months or so of individual revolving history before applying for Amex.

That no doubt would be better and would increase the OP's chances of approval.

Re: Do I Qualify for Entry Level Amex

-Wade- — Thu, 30 Jan 2014 16:46:15 GMT

@Leadberry wrote:
@Anonymous wrote:
@Wade64 wrote:
No one is afraid of HP's we do it beacuse we want higher CL's and lower APR's. just my 2 cents

Yeah, but it's that old conundrum: Can't get approved if you don't apply, but you don't apply because you are worried about the HP. (Not using "you" in the personal sense here!)

I'm not saying that there aren't legitimate reasons to worry about an HP, but at the same time, I've seen too many timid people on here who are afraid to go for what they want because their score might drop 8 points. Fact of the matter is that if you don't go for it, you WON'T get it. That's a guarantee.
Who wants to take on an inquiry when they know the numbers aren't in their favor? It's not the HP that most people worry about, it's the HP going to waste. I don't see that as being timid, I see it as an exercise in reason. If I had a 640 FICO I certainly wouldn't apply for an Amex just for the heck of it. One inquiry might not be a big deal, but it doesn't take long for them to add up. Personally, I want my CR's to be as spotless as possible should I decide to finance a new car or should a new CC offer come up that I want to take advantage of.

+10000 very will said

Re: Do I Qualify for Entry Level Amex

Anonymous — Thu, 30 Jan 2014 17:06:54 GMT

I got approved for a Delta Skymiles with credit worse than yours, which then I converted to a BCE with a short phone call.

Re: Do I Qualify for Entry Level Amex

-Wade- — Thu, 30 Jan 2014 17:32:03 GMT

@Anonymous wrote:
I got approved for a Delta Skymiles with credit worse than yours, which then I converted to a BCE with a short phone call.

Amex doesn't only go by credit score along!!!! Also you have some nice limits on your other cards and they are not all new! Just my 2cents again