Hello guys this is my first time postting on this forum, so i am really excited to know what you all think. So back on October 1st 2021 i apply for Gold amex card with a credit score of 674/690/704 (EX_704) and 12 inquiry EX and Transunion and EQ was 14. 19% ulization all cards combine. I have $8,670 in student loan left in good standing. No collections ever! Or no Bankruptcy ever!. No late payment ever!
But .... i still was decline and i call the recon line and they basically said to me you have a high car loan and the amount of credit available on your bank credit card account with the least credit available is to low .. bmw 5 series $44,000 and only owe (at the time) 30k. Fast foward to now 12/30/21 > I only owe 29,230 and credit score is 672/703/729 (EX_729)// 10% ulization on all cards combine and A few of my inquiries drop off.(6/7/7 inquiries). I keep getting email, YouTube ads, random site ads about qualifying for amex platinum so... i was like huh??? After i been decline but my friend was like that was 3 months ago and your score change since...... so i went to pre qaulify site amex and it said i was pre approval for Platinum and 2 detla Cards. How legit is this pre qualify... i was burn once and just want to know a honest answer from you all take on it please!.
P.S all credit cards: Captialone Quicksilver $2.1k, Captialone Platinum $700, Chase/Prime $2.8k, Apple_Goldmansachs $4k, Jared/Store card $5.6k and X1 Credit card $11k
You've never burned AMEX in a bankruptcy or had a chargeoff with them so your prequalification would be solid. AMEX prequalifications have a high approval rate but they are not 100%.
I think you're pretty sold, although the car loan situation hasn't changed much, so that's the only thing giving me pause.
Seems odd you would have pre-approval for the plat and not the gold.
Might be worth checking on the phone if maybe your previous HP would/could be re-used in combination with a fresh SP.
Since your initial app was for a gold card, I'm assuming that card better fits your spending?
I'd not jump on the platinum if it's not great/perfect fit.. much higher fee and limited MR points earning.
Also, if you get an encouraging word from CS and/or online pre-qualification (via official amex site) you may want to divert to the RESY website to move forward -- potentially significant better SUB and a couple extra time limited bonuses at RESY. (no need to sign-up for a RESY account and FWIW, RESY is owned by amex)
Hi guys im back. If you all read my last post i want apply for the amex Platinum card after being decline for Gold 90 days ago. Long story short my income grown more and credit went from EX704 to EX731 as of today. (I Got a boost again paid off my wife wedding ring finally lol) so i pull the trigger and was like fingre cross... but this time is said error has appeared can not finalize your application at this time. So i call the recon Line and i said there's an error has appeared and it say application status "provide additional information". The lady i spoke to said dont worry we just need to verfiy your imcome. I said okay? And i completely the form 4506C. I only put 50k on my application. On my 2020 irs W4 it says 47,000ish and me and my wife files joint which is event higher honestly... like 67k. But i only put my individual income. She told me process cane take 3-5 business days or longer..... omg im Nervous as hell cause this will be my first travel credit card/Amex if i am approved.
When i apply for the gold back in September ish.. i got a decline instantly and had to do the Recon Line and didnt work.... my Question is have anyone had experience with this and been approved or decline?? I really pray i get this card. Me and my wife travel to South korea ( where she from) and america twice a year. So i spend alot of money on travel.
P.S. i got my credit pull by Transunion and Experian??? I though amex only us Experian.
IIRC, I took lone a HP from experian from Amex.. Seems to be common, however, since they're paused at income verification I'd say the additional TU inquiry isn't anything to worry about in and of itself.
EG: I think EQ for instance tracks employment, where EX may not. Comparing my 3 reports does show more information than any single report by itself.
Hey bro thanks for thr reply but based on my case do you think i have a good chance of getting the card base on what going on now and in the past? Im so worried each day... 🙏
I'm not overly experienced with amex, I do have the Platinum and as of yesterday, the gold. I started with a postal mail offer on the Blue Cash Everyday -- IIRC, it had a so-so sign-up bonus.
The few DP I have are my scores :
..around the time I got the BCE, however the score amex snagged was a HP, and possibly from Nov 2020.
My file was quite thin and amex approved me for $10k for the BCE.
The Platinum was approved ~04-02-2021 by a soft enquiry I guess... Around that date my scores were:
The Gold which I was approved for on 12-30-2021 showed a reference to Experian dated 11-23-2021 of 764. I have no idea if that is due to a soft inquiry or simply on file from earlier -- I'm assuming it was just on file since my EX8 score did increase on 12-18-2021 to 767 according to myFICO.
Aside from above, the experience with HP and amex varies after the first card with them as other mentioned.
My first card was pre-approved via a postal mailer which resulted in a card issued to me. The Platinum (Schwab variety) did not have a pre-approval process, pure hail-mary IIRC. The Gold showed via pre-approval text and did in fact result in a card issued to me. My breif experience with pre-approved cards with amex concurs with what most others seem to experience -- if amex indicates a pre-approval, it's quite accurate, and if nothing else doesn't often/ever(?) lead to an instant denial.
In your case with 672/703/729 (assuming order EQ8/TU8/EX8) seems doable to me according to all the amex approvals and such I've read about here.
The only thing I can imagine is that they're hesitating on DTI or the ~$50k of credit you have with relation to your income. Having eyeballs on the situation and the 4506-C may be a good thing.. Since you're reports you say are squeaky clean then I'd imagine they'll give you the benefit of the doubt and allow you the opportunity to be responsible with their card too.
If you're young in the credit game, maybe it's also demanding human intervention due to credit seeking, inquiries, etc.. though I think amex is normally kind to new profiles and inquiries, it may be about stuff you've not explained here.. length of credit history and all that stuff and annual income, DTI, etc more so than anyone here knows but you and amex.
EG: your car loan.. umm.. Oct 1 -- Dec 30 and paid ~$770 across 3? months. Is that may be min. payments? ..always min. payments? The Gold and Platinum are optimally, paid in full cards, not cards to draw out payments on. While they offer their pay over time service, for these cards, it better served with their credit card line-up.
It could be they approve with a spending limit or are going to tweak the POT limit and see how you do.
In any event, try not to worry about it. Based on what you've accomplished with your finances and credit, keep doing it and consider these cards as mechanics tools, take care of them and they can serve you a long time and will come to you easier as time goes on.
First of all i want to thank you so much for your honesty anwser @DONZI . Best reply with detail so far i seen on this forum. Secondly about my credit and my DTI from the last time I checked my i was at 38% DTI inculding all bills i pay car note and all!. So yes I do know my DTI is a little spooky being the fact it is over 30%. But clearly I can pay all of my bills and manage easily over a $1000+ in savings each monthy paycheck. Also regarding to the last guy comment before you lol I did go back and add my wife Because we do file jointly and I had to update that with American Express which slightly increased the overall income but I also told him that I did not factor that into the application because I thought they were referring to individual income. My credit score as what you see in above is 100% accurate I did take -4 hit on my credit with HP amex application. And i do not owe anything every once in my life, No late fees/payments, or no Demogatory or No bankruptcy. My credit history is a little low. Only 3.2 years and lowest CC CL $700 and Highest CL $11k. Visa Signature.
P.S I just worry so much because just 3 months ago my income was the same but my credit score did in fact improves... But also how come I was Decline for the gold back then...(past) but was preapproved for the platinum as of today (Present) and this first time i see anyone ask for a income verification on me. I currently own a bmw 5 series M sport Line up 2019 and even they didnt ask me for a income verification.(Besides job employment verification procedures but i hope you get the point im making here.lol)
Nice income is certainly helpful along with nice scores, but it's often just not that simple with money.
I have a quite low income, retired and thin credit file but don't have rent, mortgage, car loans and have a decent net worth.
I've been making progress getting credit cards and usable limits, while offering an annual income to credit grantor's of ~$50k
8 of the 10 cards I have now are all from 2021. One from 2020 and the gold from 2022. All cards applied for have been approved thus far.
I get the picture.. and I'd be a little miffed if I got a denial or request for documents, etc.
Not a big deal to me unless all my tradelines requested additional data.
I'd possibly walk away from all but amex if all pushed for a 4506. I'm not interested in giving up the schwab platinum and I think the gold will be a nice companion card. If their annual peephole into my schwab holdings isn't sufficient, I guess that I'd go ahead and try to appease them.
As for an auto lender, I'd imagine they can dig up tons of data. Also they're covered quite well with a backup plan.. default on the loan, they get your money and the automobile. I imagine comparing an auto loan to a card loan just isn't a good match.