How to increase chances of getting amex and us bank card

[Anonymous]

Hello, I've been learning quite a bit from this forum! specifically over the last couple of months i've been reading more, trying to take more part in the forum, and learning that it's not all just about credit score lol! So where I'm at right now is I am currently going to sit in the garden for about 6 months and let some of my accounts age a little more. I really only want an amex card and the US Bank card that allows you to choose two 5% categories a quarter before i sit in the garden for another couple years. Unless someone would be able to recommend me something similar? I really want just a whatever amex card just to start building a relationship to get one of the big ones later on and the us bank card just seems awesome cause of the 5% on whatever i choose, which i plan on switching to cover whatever my discover cash back card doesnt cover. 

I currently have around a 720 fico score on ex. and a 720 vantage score on eq and my tu hasn't updated but it should be around there also, but normally usually my fico matches right around the vantage. My 2 oldest accounts are 4 years old(from around the time i just turned 18) and my 3 newest accounts are 2 months old. My aaoa is about 1 yr 8 months. I sit around 4-6% utilization all the time. Yearly income is 40k. Is there any way to increase my chances of getting approved on amex or us bank or even possibly another bank with decent rewards like that? I was declined amex for inquiries a couple months ago as well as us bank for the same reason. I do have 11 inquiries through tu and eq and like 22 through ex from the past 2 years. Does amex or us bank have rules like chase for example the 5/24 rule? I do have a paid auto loan, an open auto and an open installment loan at the moment if that helps. Would anyone be able to recommend a different 5% card or higher than 2%? 

[dogmeat]

Great work on developing your credit so well, so early.

Given what you've told, and assuming all things remain about the same, I'd say you have about a 90% chance of being approved for a Amex card if you follow these steps:

1. Stop applying for credit for 10-12 months (no HPs), long enough for your AAoA to age, your new cards to age, and your < 1 yr INQs to age to > 1yr.

2. Apply for an entry level Amex card, such as a co-brand (Hilton, Delta), or the new Green.  Charge cards and co-brands are anecdotally easier to get in with.

US Bank Cash+ might be trickier but #1 above is still probably the best way to get you there.

Amex does not have a 5/24 rule AFAIK.

[Scupra]

Have you checked the pre-qual amex site? I would think your chances at the amex green are pretty good. Keep building history, you’re in a great spot!

[elixerin]

i would definitely check pre-qual tool from AMEX, from what im seeing and hearing you have a pretty thick file with good scores.

for a good scope i was recently approved for the AMEX cash magnet with 4k SL at 19 with only 1 year history and just a disco gas card. EXP 714 at time of app with 14 INQ (now 15)

whatever you decide to do, best wishes and let us know how it goes!

[Anonymous]

Thank you guys I appreciate it!! And I figured waiting almost a whole year would increase my chances greatly lol I just didn’t wanna wait that long😂😩 I have checked the amex pre qual site but no offers, I’m assuming because of all my open accounts... I also had tried to apply for the amex blue cash(not sure which one but the one without an annual fee) and for the amex cash magnet and was denied a couple months ago... the reasons for denial were inquiries(and I’m assuming along with inquiries also had just opened 2 new credit lines). Any info on m US bank? Or possibly any other bank? Maybe penfed does anyone know how their customer service is? I really just need a card for my bills(like utilities, cell phone bill), and also for thing like bowling, going to the movies, and eating fast food, and possibly a higher % cb card for gas cause I only get 2% right now year round and 5% for one quarter a year

[Scupra]

Yeah, the HP’s on EX were the only things I was questioning. Once some of those age off you should be golden. Just stay in the garden and nurture what you have.

[elixerin]

piggybacking what Scupra said, you have good cards with reputable lenders currently. Play the CLI game with them, (if they arent HP’s) and see what you can do in your current state. Let some inquiries roll past 12 mo and (with caution) hit the road again, some lenders don’t care as much about HP’s some others do n with due diligence and use of the forum narrow your odds reading off people with similar history and credit as yours.

Thats what i did when i was tired of getting denials! and voila, i started getting approvals in no time, Amex offered 5% CB up to $10,000 or 6 months for me, BOFA you can pick and choose what you’re 3% category will be(savor is a good restaurant card and your Citi DC is good for the hobbies you mentioned). Other than that looking at you’re lineup you seem to be in already good hands! best wishes on your journey

[Anonymous]

Agreed with the others, and I’ll also answer your question a few posts above - Amex does not have an established rule like Chase’s 5/24, but your denial for inquiries wasn’t based on a rule per se, it was simply the 22 HPs - that’s far more than enough for most banks to put the brakes on an application. Letting your newest cards hit one year of age will remove basically all of your HPs from scoring imfluence, and while those under two years are still visible, having an AoYA of a year will show them that you’re not desperately seeking credit and will greatly improve your odds of approval. Even waiting six months would probably be enough to get approved but getting past a year should net better terms to your new cards.