AMEX BCE or BCP Application

[Rex95]

Hi All!

I've been holding off for a while, and I'm getting ready to apply for a new card. My current arsenal is small, but is aging well. I'll leave my data points below and would like some input as to my approval chances for the AMEX BCE or BCP (I'm pre-qualified for both) as well as what kind of SL I should expect.

Chase Freedom Unlimited ($500 SL) (5 yrs and 6 months old)

Barclaycard with Apple Rewards ($2,000 SL) (5 years and 5 months old)

PayPal Credit line ($1,250 SL) (5 years and 4 months old)

Chase Sapphire Preferred (Authorized user) ($38,000 SL) (7 years and 10 months old)

Credit Union CC ($15,000 SL) (AU) (0% util) (7 years old)

15% utilization on the first 3 cards and 17% on the CSP which I'm an AU.

I have some old late payments from end of December 2015 through beginning of 2016. 4 30 days late and 1 60 day late. I also have an Amazon Store Card account which was closed by the creditor (fully paid).

I'm currently making $13k per year as I'm focusing almost exclusively on finishing my degree. I also have about $600 that I can include as non-taxable income.

What do y'all think of my chances?

[FinStar]

Hi and welcome to the forums @Rex95.

As mentioned on your other thread (AmEx Gold Card), if you're pre-qualified, then the odds are fairly reliable for getting approved.  Unfortunately, no one on the forums would be able to tell you (short of guessing or speculation) what your initial limit would be as AmEx is the only one that will make the decision based on your overall profile.

Definitely weigh the pros/cons between the 2 cards that you've identified to determine which one makes more sense for you financially based on your spending patterns.

[Mr_Mojo_Risin]

AMEX pre-qualified offers are usually pretty solid according to the DP's here.

I think you have to decide if you'll spend enough to justify the AF on the BCP. I believe you'd have to spend around 3200- 3300 a year. 

[KJinNC]

Welcome to the board! Amex prequalification is considered pretty solid, so I expect that you would be approved for any of these cards, if that's what prequalification shows.

Based on the info in your post, I would not expect the CLs to be extremely high, but, they can grow with soft pull CLIs. You can request one after 91 days. If denied, you can try again in 91 days, if approved, you can try again in 181 days. A CLI can be up to 3x. I think the minimum CL for BCE is $500 and for BCP is $1,000. Otherwise, you'd probably get the same CL with either of those cards. Gold, being a charge card, has no preset spending limit and is a different kettle of fish.

I would get the one that you calculate will save you the most money in the first year or two. You'd probably need to spend around $200/month on groceries and $50/month on streaming services for the BCP to save you more money, considering the annual fee. However, the BCP also has a bigger welcome offer.

Once you have an Amex card, you can check not just prequalification, but preapproval, for any card while logged into the Amex site. Preapproval is even more solid than prequalification. Also, you can often open a new card with no hard pull, though this is not guaranteed.

JMO, good luck!

[Rex95]

There's lots of great information here!

Thank you, everyone, for your input! I'll let you know happens when I apply!

[Anonymous]

what are the chances of it being a softpull for a new card if you're preapproved?

looking to get the BCP and in my amex acct, it says i'm preapproved for it, but wanting to keep the inquiries low since i'm looking to purchase a home in the very near future.

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@KJinNC wrote:

Once you have an Amex card, you can check not just prequalification, but preapproval, for any card while logged into the Amex site. Preapproval is even more solid than prequalification. Also, you can often open a new card with no hard pull, though this is not guaranteed.

JMO, good luck!

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good luck to the op on getting in with amex!

[KJinNC]

It's typically SP-only, though not guaranteed. It's hard to put a numeric value on it, but to make up a non-literal number, I think 80 to 90 percent. You will, of course, still have a new account on your credit, if approved. Good luck!

[Anonymous]

thank you!

i'll think it over again before leaving the garden again.

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@KJinNC wrote:

It's typically SP-only, though not guaranteed. It's hard to put a numeric value on it, but to make up a non-literal number, I think 80 to 90 percent. You will, of course, still have a new account on your credit, if approved. Good luck!

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