GOOD STARTER CARD FOR AMEX

[Anonymous]

Hello Myfico, New to the forum. First Post. I have been reading here faithfully for weeks now in my credit growing process. Ive been doin heavy research on how to get my foot in the door with amex just to build a relationship and maybe PC later or app for a new card. In the past 2 mths Ive app for the delta gold in July and was denied for too many inquiries. Called in to app  and was advised for the the blue cash everyday and was denied for low Fico of 669. No pre approvals online so decided to cold app. Inquiries are building up which  would suggest gardening for awhile and Im ok with that but still would like more info about amex. My ultilization is 22%

Score for Fico are:

Eq= 673

Trans= 725

Ex= 669

Inquires in last 12mths

Eq= 15

Trans= 12

Ex= 17

Accounts in Last 24mth= 19  6mths= 8

Car Loan= 1

Installment Loans= 5

CC= 10, 1 sececured(opensky)(which is my oldest of 2 yrs) 2 A

[Brian_Earl_Spilner]

You've opened way too many accounts in the last 2 years. You basically opened a new account every 19 days. I'm actually surprised lenders hadn't cut you off sooner. You should garden for at least a year. What info do you want about Amex?

[Anonymous]

Makes since when you put it that way.........I had mini app sprees here and there but i guess that why amex told me no twice in 2 mths. Ive been doin some research on the the less stricter cards to get with amex. I came across a few posts saying that BLUE from amex was a typical starter card and easier card to obtain but I was gonna garden for at least 6 mths and go for cli in that time. I just got in with nfcu last mth so I was gonna try for a cli or a new card after 3 statements

[Anonymous]

Their charge cards would be on the "less stricter" side, because you would have to pay the entire statement balance in full by the due date each month, as (without pay over time) there is no revolving limit so you are expected to only spend what you can pay right away. They do come with annual fee and earn Membership Rewards points. Their credit cards may be stricter than charge cards but aren't too difficult to get actually. You can look at what type(s) of reward and benefits you want, as well as if you frequently travel with some of their airline/hotel partners.

But still, you should probably wait until most of your accounts are at least 1--2 years old and most inquiries age, and refrain from applying for anything in the near future.

[Brian_Earl_Spilner]

The co-branded cards like the Delta and Hilton are the easiest to get, requiring at least a 631 EX from all the data points I found. If you can't get one of those, it's time to stop and re-evaluate your reports and fix what's stopping you from getting in. The next easiest to get are the charge cards with a low of 645 EX. The requirements are pretty much the same for all three. The core cards typically require at least 670 EX, but there are members here that have gotten them with scores around 650, but they have already established a relationship. The requirements are pretty standard across the cores but some people have found there is a difference between cash cards and MR earning cards. Basically, if you qualify for a cash card, you should qualify for all the cash cards. Same with MR cards.

[MrCreditInternational]

I was approved for the gold without even having a fico score. I think the gold card is probably your best bet especially if you're going to use it wisely (which is super easy)

[Aim_High]

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@Brian_Earl_Spilner wrote:

You've opened way too many accounts in the last 2 years. You basically opened a new account every 19 days.

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Yes. If anything, that was an understatement. 

I was literally jaw-dropping at your activity ...

Inquires in last 12mths:  15/12/17

New Accounts in Last 24mth= 19;  6mths= 8

   *Including 10 credit cards; 5 Installment Loans

Remember that credit is a marathon, not a sprint.

That kind of activity makes lenders nervous about your intentions or question whether you can handle such huge changes so quickly.  Relax, pace yourself.    Worse case scenario, if you were to keep that up, not only could you get denied but your other lenders may notice and start AA against other accounts by reducing credit lines, closing accounts, raising APRs, etc.   Frantic credit-seeking makes you stand out and get unwanted attention. 

[Anonymous]

I must say Im guilty of falling in the credit game and trying to maximize my score whille they were over 680. Ive already made the decision to garden at least 6-7mths then apply for Cli on the cards with sp at least. Had a my wedding back in june so thats where most of the inquiries came from. thanks for the points, really appreciate it.

[KJinNC]

Your profile is going to be pretty alarming to any lender, but I won't judge because I've made some similar choices, just earlier in my process. Specifically, I approached getting an Amex like the credit card version of charging a machine gun nest. I applied over and over, stupidly, and then eventually got a Gold Card. The reason I was willing to try like that is that I already had severe credit-seeking behavior and a ton of inquiries, so I figured my profile was a wasteland for a while either way, and if I got the Amex, it would age with my other stuff. It would also allow SP applications for other Amex cards. It would not make sense for most situations, but it made sense to me, and it worked out (surprisingly). Now I've got a bronze spade (edit: not anymore! But, I do have a Delta Gold and Hilton Aspire.)

Only you can judge if your situation is similar in that regard. Either way, good luck!

[Brian_Earl_Spilner]

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@Anonymous wrote:

I must say Im guilty of falling in the credit game and trying to maximize my score whille they were over 680. Ive already made the decision to garden at least 6-7mths then apply for Cli on the cards with sp at least. Had a my wedding back in june so thats where most of the inquiries came from. thanks for the points, really appreciate it.

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It happened to me. That's why I'm gardening. I have so many inquiries now that I can't even get a CLI because of "credit seeking behavior". In October almost all of my inquiries will be unscorable, but I'll have another year before they fall off. Kind of ironic. I came here to improve my credit and went from 1 inquiry on all reports to 15-20 on each.