I have been working hard to build and improve my personal credit, no doubt about it; Disputing and paying off old debts, getting Secured credit cards , Authorized users from family members with stellar credit , low credit utilization, etc. Basically, I’ve been working hard to get to my yearly goal.
I have my eye on Amex and I thought I might get a pre-appproval invitation for my personal credit; however, yesterday in the mail I got a pre-approval for my LLC that’s only three months old. The Card was Amex blue business cash card
I am doing a good job building my personal credit and would love to start working on my small business line of credit as well but if I apply for that card won’t Amex hit me with a hard pull since they will use my social and EIN ?
Can you get denied after getting a pre-approval letter?
How will they determine how much of a credit line they will give me? What are requirements that fall here
Thanks in advance.
My personal credit TU: 682 Equifax: 674 Experian: 630
@svali42 wrote:I have been working hard to build and improve my personal credit, no doubt about it; Disputing and paying off old debts, getting Secured credit cards , Authorized users from family members with stellar credit , low credit utilization, etc. Basically, I’ve been working hard to get to my yearly goal.
I have my eye on Amex and I thought I might get a pre-appproval invitation for my personal credit; however, yesterday in the mail I got a pre-approval for my LLC that’s only three months old. The Card was Amex blue business cash card
I am doing a good job building my personal credit and would love to start working on my small business line of credit as well but if I apply for that card won’t Amex hit me with a hard pull since they will use my social and EIN ? Yes, if you do not currently have an Amex, issued directly from Amex, you will have a hard pull for this application. Regardless of sole proprietor or LLC, in the end, the card is a personal guarantee (which means you are personally responsible for all charges made to the account even if the debt is for your LLC). They will be looking at how you pay your debts.
Can you get denied after getting a pre-approval letter? Yes, absolutely. Pre-approval and pre-qualified are no guarantee of approval. This could be marketing.
How will they determine how much of a credit line they will give me? What are requirements that fall here Amex uses your stated income, stated assets, current usage-if already an Amex member and other factors when determining a credit line.Thanks in advance.
My personal credit TU: 682 Equifax: 674 Experian: 630
@svali42 wrote:I have been working hard to build and improve my personal credit, no doubt about it; Disputing and paying off old debts, getting Secured credit cards , Authorized users from family members with stellar credit , low credit utilization, etc. Basically, I’ve been working hard to get to my yearly goal.
I have my eye on Amex and I thought I might get a pre-appproval invitation for my personal credit; however, yesterday in the mail I got a pre-approval for my LLC that’s only three months old. The Card was Amex blue business cash card
I am doing a good job building my personal credit and would love to start working on my small business line of credit as well but if I apply for that card won’t Amex hit me with a hard pull since they will use my social and EIN ?
Can you get denied after getting a pre-approval letter?
How will they determine how much of a credit line they will give me? What are requirements that fall hereThanks in advance.
My personal credit TU: 682 Equifax: 674 Experian: 630
I agree with everything @BearsCubsOtters said
I want to add: The Blue Business Cash card is a great card! 2% cash back, no annual fee, doesn't report to personal credit. So you should grab it.
@svali42 wrote:I have been working hard to build and improve my personal credit, no doubt about it; Disputing and paying off old debts, getting Secured credit cards , Authorized users from family members with stellar credit , low credit utilization, etc. Basically, I’ve been working hard to get to my yearly goal.
I have my eye on Amex and I thought I might get a pre-appproval invitation for my personal credit; however, yesterday in the mail I got a pre-approval for my LLC that’s only three months old. The Card was Amex blue business cash card
I am doing a good job building my personal credit and would love to start working on my small business line of credit as well but if I apply for that card won’t Amex hit me with a hard pull since they will use my social and EIN ?
Can you get denied after getting a pre-approval letter?
How will they determine how much of a credit line they will give me? What are requirements that fall hereThanks in advance.
My personal credit TU: 682 Equifax: 674 Experian: 630
A pre-approval doesn't necessarily translate to an approval. Without discouraging you, your Experian Fico score is quite low at 630. Amex almost exclusively pulls Experian. Hopefully, depending on where you live, they could pull the TU or EQ.
Having said that, the Business Gold card could be easier for you to get approved for. Amex is more lenient when it comes to their Charge cards as opposed to their Revolving cards, for some reason. A Charge card also gives you more spending power and flexibility.
Once you have a card/relationship with Amex, you can then apply for any card you want...ALL with a soft pull, which is a very good thing. Good luck!