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How reliable are Pre-Qualifications from AMEX?

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How reliable are Pre-Qualifications from AMEX?

Hello, 

 

Since I've started my credit journey, my goal was to get two credit cards and garden for about a year. I was researching for a while to see what credit cards I was interested in.

 

When I first started, my best friend and my boyfriend's sister suggested I should get the Discover It Student Card. This card was the very first card my best friend received about two years ago. (She didn't have any credit history before).Then about almost 2 months ago, I decided to apply after looking at the perks for a while, and Discover seemed like a starter friendly credit card for people with little to no credit. The same day I applied I got accepted for a $1,500 CL, and so far I'm enjoying the perks. Especially the good grade $20 statement credit. 

 

Currently I'm on the hunt for a second card. I've been looking at the Blue Cash Everyday® Card from American Express. (There was a lot of credit cards I was looking at and this one caught my eye).But I wanted to see what offers I would get from other credit cards before I set my mind on this one. So I decided to fill out pre-qualification forms from some banks like: Capital One, Chase, Citi, and including American Express. I'm 20 currently and going to be 21 in December, so most of them couldn't qualify me for a card. The only one that did was American Express.

 

At this point American Express said I was pre-qualified for Amex EveryDay® Credit Card,  American Express® Gold Card, and the Blue Cash Everyday®. I've read some posts how recently American Express started to accept people with thin files, but I'm not sure if I qualify as a "thin file." Currently I have no FICO score yet, but the Capital One: Credit Wise scores, which I believe are considered FAKO scores since they aren't reliable. (The FAKO Score is 715)

 

Here are my questions:

How reliable are the American Express pre-qualification?

Since I have just started, would I even have a chance to be accepted?

Should I attempt to apply for the Blue Cash Everyday® or should I wait until I have a FICO score?

Should I apply for something else?

 

I was thinking about applying after my second statement closes, which is July 11th, but I would love to hear your guy's opinions first.

Note: I do not want to apply for a store card since the perks are only tied to the store they're from.






Message 1 of 16
15 REPLIES 15
Valued Contributor

Re: How reliable are Pre-Qualifications from AMEX?

Typically they’re very solid but I’m hesitant to say it in your case since you have no generated FICO score yet. Amex might approve you but it seems tough to think so since they’d only have 1-2 Discover payments to go by. If I were you I’d wait until your scores are generated, which takes 6 months of reporting from at least one lender, then check again. You’re good at first with one card, so I’d just tend that and wait awhile, then recheck the prequals when your scores are available.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 2 of 16
Established Contributor

Re: How reliable are Pre-Qualifications from AMEX?

Hi OP! IMHO you should wait until you have an actual FICO score. As no prequal is ever set in stone. AMEX will rely on your EX FICO score to determine your creditworthiness. You just don't want to submit the application because you saw a prequalified offer. You want to apply for the card that makes the most sense for your spend and aim to get that approval. 6 Mos. from when you had originally started your credit history, a FICO score should already be calculated on your reports. By then, check the AMEX page again and then decide from there. I can tell you though that they are thin file friendly, so if they were to be your second card, I think you will be just fine. Just wait on that Fico score before you hit that submit button. 

Fico Scores as of March 2019: TU:765 EQ: 775 EX: 755 Fico Goals: TU: 770+ by 12-2019 EQ: 770+ by 12-2019 (achieved) EX: 780+ by 12-2019
Message 3 of 16
Community Leader
Valued Contributor

Re: How reliable are Pre-Qualifications from AMEX?

I would wait for at least another 4-5 months and check the prequals again. At the moment you have almost no history. That Disco will help you significantly, so congrats on that one! Good luck!! 

Discover It: 19.7k
Amex BCE: 18k
Citi DC: 5.7k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 4 of 16
Established Contributor

Re: How reliable are Pre-Qualifications from AMEX?

OP, congratualations on your new Disco card.

 

If you are using Discover's free Fico scorecard, it will not be available until about 2 weeks after your first statement cuts. If that is the case, you may want to try a "free-trial" with my experian to see if they generate scores.

 

Either way, you should have a score very soon.

 

Best of luck!



“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 5 of 16
Established Member

Re: How reliable are Pre-Qualifications from AMEX?

I actually signed up for the score card from Discover, but it said the information was unavailable. If I did the free-trial with My Experian, would the FICO Scores still not show up since I don't have 6 months of history?






Message 6 of 16
Valued Contributor

Re: How reliable are Pre-Qualifications from AMEX?

That’s correct. It takes 6 months of reporting to generate a score. No real way around that unless someone can add you as an AU on an old tradeline - that might help accelerate things but I’m not positive.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 7 of 16
Established Member

Re: How reliable are Pre-Qualifications from AMEX?

I'm leaning more towards waiting for 4 months until my FICO score gets generated. But I'm curious; What happens if I apply after my second statement, will the HP take a serious hit on my future credit score? And would it affect my future application when I re-apply after my FICO scores are generated?

 

As of now I have applied to two cards: Discover in April and ULTA in May, but I was denied for the ULTA card due to no Credit history. I would like to know; What is the least amount of INQ you can have to be accepted into AMEX?






Message 8 of 16
Moderator

Re: How reliable are Pre-Qualifications from AMEX?

OP, it's all relative to an overall profile. Unfortunately, no one here can provide you with an exact or specific answer to what AmEx, or other lenders look for as there many variables to a thin profile.

There's guidance based on collective DPs, but by and large, if you let your profile age for a period of time (as suggested upthread), it will reflect more optimal for a variety of lenders. When you rush things, the outcomes can yield unfavorable results.
Message 9 of 16
Valued Contributor

Re: How reliable are Pre-Qualifications from AMEX?

OP, congrats on your progress so far.  As far as Amex pre-qual I just wanted to let you know that you (when the time is right) need to check out the "terms and conditions" on each and every pre-qual cause if it doesn't show a solid APR% then it may not be a good indicator of acceptance.  I had several I supposedly qualified for only to get shot down, then I read here on MF that those solid apr's is a good way to judge.  Someone here will better advise on that but I think I'm telling you correctly.  I know others, with pretty good cr's cold app without checking but just wanted bring that up.  Good luck!

"My Take Home Pay Don't Take Me Home"
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Message 10 of 16
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