Amex 1st Card Help

[Anonymous]

I'm interested in getting my first Amex card. I have a credit score roughly 730, but only an annual income of around $8k. I currently have Wells Fargo Secured and Cash Wise which combined I've had the last 3 and a half years.
Would I qualify for the new Green Card? Or should i look into getting Blue from Amex in order to first build a history with them.
About a month ago I applied for the Everyday Preferred card and was denied, so I've been trying to learn more and find out where I can go in regards to Amex. Thanks!

[simplynoir]

Hi and welcome to the forums @Anonymous 

Do you happen to recall what exactly the denial reason(s) was/were when you tried to apply for the EDP?

[Anonymous]

Yes. I called and they said it was due to my low income. That's why I was wondering if I might be able to qualify for one of their lesser cards. I got a pre-qual offer for the Green Card the other day but I'm not sure I would get it. I was thinking if I start with their Blue card I might be able to work up to a better card later this year or next. Unless I could qualify for the Green card then I would go for that.

[simplynoir]

I've heard of people being approved with income in the $12k-$15k range even if the terms and limit weren't necessairly favorable but nothing in the four digits that I can recall. You mentioned that you checked the prequals and were pre-approved for the Green card. If you applied and were approved would you be able to take advantage of the card considering your limited income and the somewhat high AF that goes with it?

May I also ask why the push for an AMEX card at this time? I'm presuming you're in school unless there is another situation I am not thinking of at the present time

[Anonymous]

I have low income but I do alot of spending for my parents (grocery, water, etc.) where they reimburse me. I would like an Amex in order to diversify my card options outside of Visa, and I would like to travel when I get older so I'd like to build a relationship with Amex.
Yes I am still in school, and I've got roughly 2 years left. I would also like to earn more than just my 1.5% cash back I currently get.
I have textbooks and some car repairs coming up where I would meet a sign-up bonus with organic spending which is why I've been looking recently. I take a few long distance trips where I spend alot in tolls every year so that perk I can take advantage of.

[simplynoir]

If you feel like it's worth the risk then prequal one more time to make sure it populates again, make sure the SUB is showing and submit an application. I do have to say you may be on the borderline of being approved but everything you've provided as far as making it worth sounds good to me as long as you understand the annual fee is due on first month's statement

Assuming you do not get approved I would consider getting a Discover Student credit card. They come in two flavors and are a good lender to grow with. Check here for more info

https://www.discover.com/credit-cards/student/

[randomguy1]

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@Anonymous wrote:
I have low income but I do alot of spending for my parents (grocery, water, etc.) where they reimburse me. I would like an Amex in order to diversify my card options outside of Visa, and I would like to travel when I get older so I'd like to build a relationship with Amex.
Yes I am still in school, and I've got roughly 2 years left. I would also like to earn more than just my 1.5% cash back I currently get.
I have textbooks and some car repairs coming up where I would meet a sign-up bonus with organic spending which is why I've been looking recently. I take a few long distance trips where I spend alot in tolls every year so that perk I can take advantage of.

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I wonder if spending near or above your income would trigger financial review from AMEX. Amex does look at trends of unusual spending and reacts accordingly. 

[Anonymous]

How is your income calculated?  Do you have any grants, scholarships, etc?

[Anonymous]

Nope, no grants or scholarships, my schooling is paid for by my grandmother. I work a part time job, 3 days a week for roughly 20 ish hours. My income for this year will be around $10k.

[Anonymous]

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@Anonymous wrote:
Nope, no grants or scholarships, my schooling is paid for by my grandmother. I work a part time job, 3 days a week for roughly 20 ish hours. My income for this year will be around $10k.

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You will find it difficult to qualify with a major lender at that income level; the major issue is that the law (CARD Act 2009)  requires credit card issuers to evaluate your "ability to pay" and lenders simply assume that with low income you would have difficulty meeting payment on credit lines.