topic Re: Student requiring some information and advice for Amex in Credit Cards

Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 08:18:10 GMT

Hi,

I am new here and a sophomore at my university. I have no credit history before that, have been using a check card prior to that. Recently I got a platinum visa credit card from my bank, PNC Bank(sadly no other big banks in pittsburgh), with a credit limit of 2000 in May.

So far, I have been paying my bills on time and in full.

I was thinking of applying for an Amex card now. Is it advisable to do so now ,considering my short history, and are there any Amex cards that are easier to get. I read around and it seems like the green charge card is easier to get. Is that true?

I'm not even sure if I even a credit score also. Would that affect my chances?

Thanks for the help

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 13:54:50 GMT

If that card is all that you have reporting, you would not have a credit score.

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 14:22:15 GMT

The Green and Delta SkyMiles are the easiest Amex cards to get. However, Amex likes to deny for having a short credit history.

Have you tried pulling your FICO scores? Since you are a student, is it possible you have an installment student loan reporting? That should help your score a bit also.

DGF was able to get the Discover More student card with 0 credit history. That might be a bit more suitable for your situation, IMO.

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 15:01:29 GMT

I do not have any student loans. Everything has been paid in full so far. So the only credit line i have is the 2k limit credit card.

Maybe I should try to pull my fico scores and see where i go from there?

Am i right to say that I should not get the score from Scorewatch but rather what i need is the standard fico score or something like that?

On a side note, I tried out the preapproved amex link but did not get any offers. It cited several reasons, one of them being unable to locate a credit history. I guess I do not have a score yet?

Message Edited by zander86 on 07-03-2008 08:01 AM

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 16:29:20 GMT

During college it seemed like there were credit card offers in the bottom of the college store's bags. There are definitely Amex student cards--I would try for those first because they take into account things like short history. Take a look around campus--campus newspaper inserts, college store inserts, etc. --to see how they're soliciting people in your position.

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 16:43:00 GMT

I got two preapproved offers for the Amex Green and Gold charge cards when I was 19, but I had two other cards already, one I think was open for a year at that point. I had a credit score at the time but it wasn't great. I got the green and the gold in the same month and later changed the gold to platinum. I have a high "household income". My boyfriend got an Amex student card (not sure which) but he already had two cards also and a deferred student loan. Now that he has collections they are balance chasing him, but when he got the card he had pretty good credit (FAKO's around 700, no baddies) Do you ever get any preapproved offers from them? Those are the ones we applied for and got. Student cards sound like the best for you.

Re: Student requiring some information and advice for Amex

USC08 — Thu, 03 Jul 2008 17:21:46 GMT

what's the preapproved amex link? also, does anyone know what amex cra pulls & what scores are needed as far as the costo true earnings amex?

Message Edited by USC08 on 07-03-2008 10:21 AM

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 19:12:42 GMT

Zander,

I was in almost the exact same boat just last week, let me tell you what happened to me.

I am a college senior and I had absolutely no credit to my name (blank credit scores). I was very determined to get an AmEx mainly due to their great customer support and the good ways that they have treated my family over the years. Well me being the foolish college student I am applied for an AmEx clear and got instantly denied. After coming on this board and seeking some advice I was steered to Citi/ Capital One, while very good cards to start off with I was still determined to get the AmEx so I tried applying once more. This time for the Student Blue credit card. So I applied online and got approved for it the next day with a $1000 CL. I'm not sure why I got approved this time around (with not credit to my name) but I did and I couldn't be happier. I would say apply for the student one, you might be surprised. Just make sure you put your university on the application and put down a good GPA (maybe that helped me?)

Good luck!

https://www201.americanexpress.com/cards/Applyfservlet?csi=2/18000/b/10/0/0/0/n&from=2

There is the link to apply, remember to do the student one, not the regular blue.

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 20:36:54 GMT

Why don't you call PNC and ask which bureaus they report to. If they don't report then you have no credit scores, if they do report then you have credit scores. With 18 months of spotless history you would be able to apply for and receive prime credit cards - such as those proferred by Amex. You could pick out an easy store card you would use and that would also be a solid route to go to have even more history for a lender to look at in a year's time.

If you apply and get an Amex now that will be great, but there is no need to have an Amex when one is new to credit. In fact, unless you put a lot of money through an Amex or use concierge services there might be very little benefit to you. Goodluck - you will be in a wonderful credit position in no time with a clean payment history.

Re: Student requiring some information and advice for Amex

Anonymous — Thu, 03 Jul 2008 21:40:51 GMT

If the PNC card is your first credit account ever, then you can expect to have a score around November or so. It takes 6 months of history on a tradeline to generate a score.

I would say to wait until December, then pull your scores and go from there.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 01:55:53 GMT

Thanks for the help.

I might just pull the trigger on the Amex blue Student.

Besides that, I was wondering if I open an account with citi and say maybe put about 7K with them in a CD or a checking account. Would it be highly possible that they give me a credit card too?

For citi, I am looking at the mtvU select visa and maybe try the citi platinum amex which has the annual fee waived for the first year .I am pretty sure I would able able to get the mtvU card but would it be a tall order getting the platinum amex from them even if you have some form of relationship with them?

Or in any case would they allow securing a CD against the citi platinum amex. Anybody heard of these kind of things before? I know there is a normal secured card from citi which I do not want.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 02:22:08 GMT

zander86 wrote:

Thanks for the help.

I might just pull the trigger on the Amex blue Student.

I wish you luck. In spite of Greg's post above, this has proven to be a tough card to get, in spite of its name.

zander86 wrote:

Besides that, I was wondering if I open an account with citi and say maybe put about 7K with them in a CD or a checking account. Would it be highly possible that they give me a credit card too?

Doubtful that a brand new checking account or CD would influence their decision. Banks sometimes give a little extra consideration to longtime, loyal customers, but not brand new ones.

zander86 wrote:

For citi, I am looking at the mtvU select visa and maybe try the citi platinum amex which has the annual fee waived for the first year .I am pretty sure I would able able to get the mtvU card but would it be a tall order getting the platinum amex from them even if you have some form of relationship with them?

You may be able to get the mtvU card. Citi Platinum Amex is among the more difficult Citi cards to get. It's actually considered a high-end card. It's not a starter card by any means.

zander86 wrote:

Or in any case would they allow securing a CD against the citi platinum amex. Anybody heard of these kind of things before? I know there is a normal secured card from citi which I do not want.

No, you cannot have a securing deposit on a Citi Platinum Amex.

Edit: Wow, I just reread my post and realized I kind of rained on your parade on all accounts, didn't I? LOL. Sorry about that.

Message Edited by cheddar on 07-03-2008 07:22 PM

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 02:24:51 GMT

If it is really a tough card to get, would you think if i apply for the green card(taking into consideration my current history), I would stand a better chance?

In short, which of my chances are higher, blue for students or the green card?

Thanks a lot once again.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 02:26:58 GMT

zander86 wrote:

If it is really a tough card to get, would you think if i apply for the green card(taking into consideration my current history), I would stand a better chance?

In short, which of my chances are higher, blue for students or the green card?

Thanks a lot once again.

My advice would be Green, but wait until you are certain you have a FICO score on EX and know what it is, which would be November or so, after you've established six months of history on your PNC card.

Then again, you may luck out.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 02:54:57 GMT

So its a no go without any scores on EX?

On the other hand, I was thinking since I do not have a score yet, I would not be affected at all if I try and apply and get denied since they will be no way for them to leave any records on my history.

Is that right?

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 02:59:49 GMT

zander86 wrote:

So its a no go without any scores on EX?

On the other hand, I was thinking since I do not have a score yet, I would not be affected at all if I try and apply and get denied since they will be no way for them to leave any records on my history.

Is that right?

No, because you already have a credit card, which you have had for two months now. That means you likely already have a report, you just don't have a FICO score yet because you haven't generated the minimum amount of history required to generate one (six months).

As long as you have a report, the inquiry will be recorded when it is pulled.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 14:37:20 GMT

Thanks everyone for the advice.

Oh and I have another question. Since I am most probably going to open a student account with citi and apply for the mtvU card, would they do a hard inquiry on me?

And a credit denial would mean a mark is left on my history? How long would that mark last.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 15:04:53 GMT

The INQ will stay for 2 years and count in scoring for 1 year.

zander86 wrote:

Thanks everyone for the advice.

Oh and I have another question. Since I am most probably going to open a student account with citi and apply for the mtvU card, would they do a hard inquiry on me?

And a credit denial would mean a mark is left on my history? How long would that mark last.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 15:05:04 GMT

zander86 wrote:

Thanks everyone for the advice.

Oh and I have another question. Since I am most probably going to open a student account with citi and apply for the mtvU card, would they do a hard inquiry on me?

And a credit denial would mean a mark is left on my history? How long would that mark last.

Yes, Citi will pull a hard inquiry. Every creditor will pull a hard inquiry whenever you apply for credit.

You don't get a negative mark for the denial, per se. You will, however, have a record of the inquiry, but you get that whether you are approved or denied. Inquiries remain on your reports for two years from the date of the inquiry, but they count against your FICO score for only one year.

Re: Student requiring some information and advice for Amex

Anonymous — Fri, 04 Jul 2008 15:24:31 GMT

I ask that because since I they would pull a hard inquiry on me when I go down to a branch and apply for the mtvU card, would it make sense that I submit an app for another prime card together such that they would only pull one hard inquiry and do a consideration for the two paper applications that I made. I can save on an inquiry in this way. Any thoughts on this? Or it doesn't work this way.