Amex member prequals - any chance of getting dinged?

[8bitmachinegun]

I know the subject is rather vague, but let me try to expand on it a bit. I recently got approved (quite unexpectedly) for an AMEX BCE card with an $8K initial CL. I know that AMEX allows current cardholders to check for preapprovals with a SP. Since I'm seeking credit (house repairs, ugh), I have a number of HPs on my report already, which has lowered my Experian score by about 15 points (to 685.) 

If I run the SP on AMEX's preapproval, is there any chance they'll see the lower score and revoke my BCE or reduce my CL?

[Brian_Earl_Spilner]

No, they won't revoke it. Just keep in mind that while an SP is the norm, you can still get a HP. It happened to me shortly after I got my Delta.

[coldfusion]

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@Brian_Earl_Spilner wrote:

No, they won't revoke it. Just keep in mind that while an SP is the norm, you can still get a HP. It happened to me shortly after I got my Delta.

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Yep.  AMEX pulled an EX HP on my 1st, 4th, and 8th card. 

[Raisondetre]

You just got 2 card approvals and 2 denials in a short period of time. Why not use the BCE for the home repairs? It should be 0% APR for 15 months. That way you can let your cards age a bit before applying for more credit. Many banks don't like seeing credit seeking behavior in such a short time, so you may just keep getting denials.

Anyway, pre-approvals alone are usually SP and shouldn't have any bearing on your BCE card. Now if you're looking to apply and only get a SP for the approval, you should wait until AMEX is soft pulling your EX score consistently and showing it in your online account which is roughly 60 - 90 days from first application. You can go to "view all cards" and click on apply now for any you’re interested in though. If it says “you are preapproved” you’re in good shape, but if it says “expanding your membership...” I would hold off if you don't want a another possible HP on your report. Either way, it could still be a HP though, some people get them, some don't when it comes to Amex.

[randomguy1]

Sounds like a call is in order to be safe.

[Brian_Earl_Spilner]

I should note, when they HP me the second time, it was a double pull on EX and TU.

[M_Smart007]

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@coldfusion wrote:

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@Brian_Earl_Spilner wrote:

No, they won't revoke it. Just keep in mind that while an SP is the norm, you can still get a HP. It happened to me shortly after I got my Delta.

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Yep.  AMEX pulled an EX HP on my 1st, 4th, and 8th card. 

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Guess I had better count my blessings, only one HP for 7 Cards

[Anonymous]

@M_Smart007, same - 5 cards, one HP. Makes me feel lucky after seeing that up above.

[8bitmachinegun]

@Raisondetre The reason for seeking more credit is the amount of home repairs that are necessary. My uneducated guess is that I’m probably going to need about $15K in work done. There are electrical and plumbing issues, some extensive landscaping needs to be done, gutters need replacing, and the porch is in sorry shape. There may also be some water damage from aforementioned plumbing issues.

However a ‘personal loan’ may be a better answer, since not everyone takes Amex.

[Anonymous]

Agreed, and the utilization is a factor. You don’t want to open two cards and then max them out. A loan is expected to be at high UTI at first since that’s how it’s designed.

The other way to go is to prioritize your repairs - what’s most necessary? Do that first. Leave the landscaping for last. Or do that yourself. It’s nothing more than what my dad called “sweat equity”, not technically hard at all, just physical work. Maybe for some of it, you could bring in a friend with experience and ask for their help to show you how it’s done while you work together, and beer/steaks are on you. I’ve traded with friends before - I did a timing belt job on a friend’s Audi and he did tile work in my upstairs bathroom. Worked out great.