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1st Amex Approval. Go for 2nd? Income verification done!

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mbauza86
Contributor

1st Amex Approval. Go for 2nd? Income verification done!

Hello,

 

Thought I'd share my story to help any first-time AMEX applicant, mainly to warn that AMEX can do income verification right away. I was under the impression they didn't, but heck, I was ready for them! And also had a few questions....

 

STORY:

Yesterday, I checked the AMEX pre-qualifier link and AMEX finally game me some luv!! I immediately applied and was approved for the personal AMEX Platinum and BCP. Funny thing, I have a fraud alert on my credit report, and they didn't even bother calling or verifying my identity Smiley Surprised  Now, I'm wondering if that's why they gave me suck a crappy SL on the BCP --  1k Smiley LOLSmiley LOLSmiley LOLSmiley LOL My fiance had a fraud alert on his and they actually made him call and upload an ID and all. Go figure. He also applied for the BCP.

 

Then, of course, I was feeling reallllllllllly bold and decided I wanted to apply for one of the business cards. I figured what's the harm, it's a soft pull right? Now, I didn't want to pay another hefty $695 AF for only 150k SUB (Business Platinum). I had seen one offer for 170k SUB last month, so thought I'd wait til I see it again....but in the meantime, I went for the Gold. Not sure if it was the right move, but heck, I found an offer of 110k SUB for spending 10k in 3 months. Thought that was great compared to them always offering 70k...

 

Once I hit the submit button on the business plat app, I get a message they need to verify more info...and was income..not even identity. Fraud alert was clearly not working lol I usually read comments that AMEX doesn't verify income, so I wanted to share this with everyone as a heads-up. I was like...ohhh **bleep**.... I worried for a bit since I have Novo Bank and sometimes it's not listed as a bank to verify income....but somehow it was there, phew. AMEX also gave me the option to add MULTIPLE banks which I liked and it's helpful for those that have multiple bank accounts for their business...Anyway, I figured, why not add my personal bank as well?..and then, of course, PenFed wasn't listed Smiley FrustratedSmiley Frustrated I was sweating bullets now. My business income is about 100k and then my personal is at least 140k...and the Novo bank doesn't show my personal income...All thoughts are running through my head now if Amex is going to make a stink, but of course, I would've offered to send paper statements etc..But long story short, I guess they were happy with what they saw on my business checking and I was approved. Woo hoo.  

 

They pulled EX and TU - once for the first card - personal platinum...the rest well are all soft pulls. I had SEVERAL new personal credit cards hit this month (I lost count after 5 lol), so myfico was around 750 Smiley LOL My LLC that was incorporated on March 2021. 

 

QUESTION:

Now, I'm still confused with the Amex Rules...Am I actually able to apply for a business credit card (not their charge card - maybe Blue Business cash), if I was just approved for 1 personal credit card, and 2 charge cards (one personal and one business)? Or do I need to wait like 5 days or something?

 

Message 1 of 4
3 REPLIES 3
cashorcharge
Community Leader
Super Contributor

Re: 1st Amex Approval. Go for 2nd? Income verification done!

This question has been posed before and I don't remember the exact specifics but I want to say "yes" you need to wait 7 days as they only allow so many within so many days.  

 

If @FinStar is around, perhaps some details can be provided...

Message 2 of 4
FinStar
Moderator Emeritus

Re: 1st Amex Approval. Go for 2nd? Income verification done!


@cashorcharge wrote:

This question has been posed before and I don't remember the exact specifics but I want to say "yes" you need to wait 7 days as they only allow so many within so many days.  

 

If @FinStar is around, perhaps some details can be provided...


Thanks for the tag @cashorcharge!

 

@mbauza86- unless I misread, if you were just recently approved for 3 AMEX CCs, 1 revolver, 2 charge cards (any combo -- biz or personal), definitely wait at least 7 days for the next revolver application. Velocity of applications is something that could raise some eyebrows in some cases. That being said, there are situations in which one could get approved for all of them in one shot depending on the overall profile since results will vary for everyone.

 

Though, keep in mind, if you are approved for another revolver (personal or business), you can't apply for any other revolver (either version) for 90 days.

Message 3 of 4
SouthJamaica
Mega Contributor

Re: 1st Amex Approval. Go for 2nd? Income verification done!


@mbauza86 wrote:

Hello,

 

Thought I'd share my story to help any first-time AMEX applicant, mainly to warn that AMEX can do income verification right away. I was under the impression they didn't, but heck, I was ready for them! And also had a few questions....

 

STORY:

Yesterday, I checked the AMEX pre-qualifier link and AMEX finally game me some luv!! I immediately applied and was approved for the personal AMEX Platinum and BCP. Funny thing, I have a fraud alert on my credit report, and they didn't even bother calling or verifying my identity Smiley Surprised  Now, I'm wondering if that's why they gave me suck a crappy SL on the BCP --  1k Smiley LOLSmiley LOLSmiley LOLSmiley LOL My fiance had a fraud alert on his and they actually made him call and upload an ID and all. Go figure. He also applied for the BCP.

 

Then, of course, I was feeling reallllllllllly bold and decided I wanted to apply for one of the business cards. I figured what's the harm, it's a soft pull right? Now, I didn't want to pay another hefty $695 AF for only 150k SUB (Business Platinum). I had seen one offer for 170k SUB last month, so thought I'd wait til I see it again....but in the meantime, I went for the Gold. Not sure if it was the right move, but heck, I found an offer of 110k SUB for spending 10k in 3 months. Thought that was great compared to them always offering 70k...

 

Once I hit the submit button on the business plat app, I get a message they need to verify more info...and was income..not even identity. Fraud alert was clearly not working lol I usually read comments that AMEX doesn't verify income, so I wanted to share this with everyone as a heads-up. I was like...ohhh **bleep**.... I worried for a bit since I have Novo Bank and sometimes it's not listed as a bank to verify income....but somehow it was there, phew. AMEX also gave me the option to add MULTIPLE banks which I liked and it's helpful for those that have multiple bank accounts for their business...Anyway, I figured, why not add my personal bank as well?..and then, of course, PenFed wasn't listed Smiley FrustratedSmiley Frustrated I was sweating bullets now. My business income is about 100k and then my personal is at least 140k...and the Novo bank doesn't show my personal income...All thoughts are running through my head now if Amex is going to make a stink, but of course, I would've offered to send paper statements etc..But long story short, I guess they were happy with what they saw on my business checking and I was approved. Woo hoo.  

 

They pulled EX and TU - once for the first card - personal platinum...the rest well are all soft pulls. I had SEVERAL new personal credit cards hit this month (I lost count after 5 lol), so myfico was around 750 Smiley LOL My LLC that was incorporated on March 2021. 

 

QUESTION:

Now, I'm still confused with the Amex Rules...Am I actually able to apply for a business credit card (not their charge card - maybe Blue Business cash), if I was just approved for 1 personal credit card, and 2 charge cards (one personal and one business)? Or do I need to wait like 5 days or something?

 


My recollection is that you're supposed to wait 1 week.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 4
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