Amex gold card approval odds.

[Anonymous]

Hello,

I am just wondering what my chances are of getting approved for the amex gold card. I'm currently 19 years old with a 740 credit score. I only have one credit card, and it is a discover it cashback card. This card started at $750, and now it is $1350. I got it about 7 months ago, and it is the only credit card I've ever applied to. No other credit history. Also when applying to credit cards, do they look at utilization? My current utilization is at 30%, but I'm wondering if I should get it to 0-10% before applying. 

Thanks!!

[Anonymous]

I'd guess your odds are pretty good, actually.

My suggestion is to go to the Amex site and check if you're prequalified. It's always better to be under 30% and under 10% if possible.

[Brian_Earl_Spilner]

You should have no problems getting it. Does it fit your spend, are you able to offset the annual fee?

[Anonymous]

I think it does, I am moved out so I spent a bit on groceries. My friends as well love to eat out, so I find it good for that. I found this figure off of reddit, is it pretty accurate do you know? 

https://imgur.com/ZxAlALZ

If so my groceries are quite a bit more than $1500 annually, and I would guess I spend about $2000-3000 on dining out a year.

[Brian_Earl_Spilner]

You would have to spend $5000 annually on supermarket and dining to break even at $0.0125 redemption value. If you can use the airline and dining credit, it would drop to $600.  Of course, if you can redeem the MRs for more, that will drop your required spend.

[Anonymous]

Thank you for the information!

[elixerin]

What Earl said, also i would like to add that the 1.25 cents per point he mentioned to cash redemption is only available thru Schwab Platinum card redemption, otherwise its 0.6 cents per point for cash

amextravel is 1 cent per point and travel partner transfers can be anywhere from 0.5 to 7 cents per point depending on how you use it


also, im 19 with the Amex Plat and picked it up last week or so with 1% uti but 700 credit score so id say ur odds are good, best wishes

[KJinNC]

I don't think the prior poster meant 1.25 cents cash back. I think he was giving a general MR value. Some sites value those points as high as 2 cents, but I think that's a bit much. I just convert mine to SkyMiles.

OP, what is your income? Any debt other than the 30% utilization? Your score is plenty good.

[Anonymous]

My income isn't that great because I am a full-time college student, but it is roughly 30k. I have no kind of other debt.