AMEX Everyday Card - Prequalified on website... should I?

[Shann0n_marie]

Ok, I check AMEX prequalify every week and I now have a revolver pop up after being offered only charge cards for the past 2 months... the AMEX Every Day Card...  my EX is 649, credit usage 11% - owe about $3200 balance on my credit. 

Should I go for it or wait?  I have 15 inquiries in last 24 mos. (Including car & home shopping) =(    0% APR for 15 months & no annual fee is awesome! 

[Shann0n_marie]

Or should I apply for the Gold Card charge and if approved then app for the Everyday as it'd only be 1 hard pull right?

Best gameplan?

[CreditCuriosity]

To be quite honest I would wait to get your Experian score up to the 660-670 range before applying.. If you want in with Amex you might be able to get the Delta as that is their easiest card to get, but if you want something more long term then I would honestly wait and get the score to the 670 range so you don't waste a HP.. Although pre-qualified, it can end up in a denial and don't want to see you waste a HP.. It could end up in an approval, but you are on the lower side of scores for an approval on the ED card or the others they pre-qualified you for.  Just my 2 cents.  Best of luck whatever you choose!

[kdm31091]

I'd second waiting in this case.

[Shann0n_marie]

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@CreditCuriousity wrote:

To be quite honest I would wait to get your Experian score up to the 660-670 range before applying.. If you want in with Amex you might be able to get the Delta as that is their easiest card to get, but if you want something more long term then I would honestly wait and get the score to the 670 range so you don't waste a HP.. Although pre-qualified, it can end up in a denial and don't want to see you waste a HP.. It could end up in an approval, but you are on the lower side of scores for an approval on the ED card or the others they pre-qualified you for.  Just my 2 cents.  Best of luck whatever you choose!

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Ok, I appreciate the advise.  I will wait.  I was excited when the Everyday card popped up this week, and its easy to act on impulse... especially when you've been rebuilding and start getting pre-approved for prime cards.  Thanks for the advise, I do want to ensure solid approval so I better just be patient, although from what I've ready AMEX prequals are pretty accurate?

[CreditCuriosity]

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@Shann0n_marie wrote:

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@CreditCuriousity wrote:

To be quite honest I would wait to get your Experian score up to the 660-670 range before applying.. If you want in with Amex you might be able to get the Delta as that is their easiest card to get, but if you want something more long term then I would honestly wait and get the score to the 670 range so you don't waste a HP.. Although pre-qualified, it can end up in a denial and don't want to see you waste a HP.. It could end up in an approval, but you are on the lower side of scores for an approval on the ED card or the others they pre-qualified you for.  Just my 2 cents.  Best of luck whatever you choose!

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Ok, I appreciate the advise.  I will wait.  I was excited when the Everyday card popped up this week, and its easy to act on impulse... especially when you've been rebuilding and start getting pre-approved for prime cards.  Thanks for the advise, I do want to ensure solid approval so I better just be patient, although from what I've ready AMEX prequals are pretty accurate?

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Glad you are choosing to wait.. If Amex Pre-Quals were spot on I would say go for it, but I have seen alot of declines lately(through the pre-qual site), thus I am saying edge on the side of caution as we know the general scores for acceptance on X cards from so many posts of stats here on MyFico.. The best Pre-Quals are through Cap1 for the Venture/QS(don't go for the one) and through Chase.. Those are pretty rock solid pre-qual sites.

[Anonymous]

If you applynow,you might be handed a sub  2k limit like me.I was approved with a 500 limit that is now 1500. I do really l ike the card, and weekly payments do not bother me. I took full advantage of their member offers nothing else i carry has paid me as much for so little spends. 

Go for PRG and make some history with amex. That way ass core increases you wont get a junky limit. I had a 670 when i applied if that helps, and almost no inquries. Id not try in my shape currently, my scores are higher sure butnew accounts is ugly.

[Anonymous]

Whatever you do down the road please don't apply for the regular Gold card.  Make sure you get the Gold PRG.  Much better card and the underwriting criteria is the same as for the regular Gold

[Shann0n_marie]

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@Anonymous wrote:

Whatever you do down the road please don't apply for the regular Gold card.  Make sure you get the Gold PRG.  Much better card and the underwriting criteria is the same as for the regular Gold

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Thanks everyone for your input... once again you guys have been able to talk me into being patient, which is a good thing to do.  It's so easy to jump the gun with excitement and get app happy and even though I know in the back of my head that waiting can only make it an even better approval, it's still tempting to go for the gusto now... but not so good when you get a big fat DECLINE.

So I'll resist temptation once again and hold out.