International Student applying for AMEX Gold

[Anonymous]

Hello everyone,

I just joined this forum after reading a few really useful topics, and I am glad to be part of this community!

I am an international student from France, studying in graduate school in the US. I moved in the US in August 2020, and I started acquiring some credit history in the US in October 2020 with a Deserve edu student card (CL: $2000), because I didn't have a SSN and that's the only card I could get.

I will soon begin working on-campus, and will finally be getting a SSN in the coming days. So, now I am aiming at getting a better card, an AMEX Gold card, because I spend a lot on groceries, restaurants and traveling, and I would easily take advantage of the rewards on flights, when I am visiting other parts of the US or traveling back to France.

My application will definitely have many weaknesses. While my current FICO score is acceptable (690) and I have always paid my bills on time, I only have 3 months of credit history, my credit utilization wasn't great (I am a high spender and the $2000 CL that Deserve gives me clearly isn't enough) and the income I will be able to report will be low, probably less than $10k a year. However, I feel like some parts of my profile could help me get approved. I have large liquid assets for a student (>$50k on checkings and savings accounts) and good expected earnings (graduate student in computer science in a top 10 US institution). Is there any way to include this information in my application, or will AMEX only look at my poor FICO score and income?

Not sure if that matters a lot but I would also be referred to AMEX by a friend who has an AMEX Gold card.

I am also open to hearing any advice you would have on other cards, or any advice on how to increase my chances of getting the AMEX Gold card. Thanks a lot!

[OmarGB9]

I would hold off until you have at least 6 months of history, and also work on paying your one credit card down to a low balance every month before the statement cuts. Once you have 6 months and your SSN established, try prequalifying with Discover and perhaps Capital One.

As far as Amex, a referral doesn't do anything other than maybe reward you/your friend with a cash/points bonus. As to your question about liquid assets, I don't believe there's an option on the application for that, only for regular income and extra sources of income, which may or may not consider bank accounts. I would call Amex and ask about that. "Expected earnings" for sure won't count, though you definitely are in a good field.

[Anonymous]

Your answer makes a lot of sense @OmarGB9, thank you!

I was also thinking about some retail cards, like the Apple card and the Amazon card, but I don't think it's worth it to apply for these cards before I have a good all-around card. Right?

I understand that waiting for a 6-month credit history is a good strategy for applying to one of the better credit cards. What about the Discover IT Student card though? I would have applied to this one instead of the Deserve card if I had a SSN three months ago. Its cashback rewards are definitely better than my current card, and I think I should be able to be approved for this card. Is it a good idea to apply for Discover IT Student as soon as I get my SSN, and apply in 3-6 months for a better all-around card?

Thanks!

[OmarGB9]

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@Anonymous wrote:

Your answer makes a lot of sense @OmarGB9, thank you!

I was also thinking about some retail cards, like the Apple card and the Amazon card, but I don't think it's worth it to apply for these cards before I have a good all-around card. Right?

I understand that waiting for a 6-month credit history is a good strategy for applying to one of the better credit cards. What about the Discover IT Student card though? I would have applied to this one instead of the Deserve card if I had a SSN three months ago. Its cashback rewards are definitely better than my current card, and I think I should be able to be approved for this card. Is it a good idea to apply for Discover IT Student as soon as I get my SSN, and apply in 3-6 months for a better all-around card?

Thanks!

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Yes. I'd focus on a major bankcard (Visa, Mastercard, Discover) over a store card like Apple or Amazon.

Even for the Discover Student card, I'd advise waiting a few more months to hit the 6 month mark. That'll only help your odds. Whether you get approved or denied for the Discover card if you decide to apply for it in 3 more months, I'd wait an additional 6 months and then apply for a "better all-around card."

[Red1Blue]

If you have large bank account then you should consider some of the FinTech cards like Tomo / Grain which looks at your bank balance and income than your credit reports. Try for Tomo / X1 and there are several other cards that are based on that criteria.

[Rpgough0311]

I agree with the student version of Discover, as well as waiting. Hopefully your scores will be above the 700-710 mark.

I know as an existing Amex xard holder that when I click apply for a new card, it will say I'm pre-approved. But it also has a section for Total Financial Assets (optional). 

[Anonymous]

Here is some news. I ended up applying for both the Discover IT Student card and the American Express Gold card, because I didn't want to wait a few more months and I thought my chances of being approved were fair. And I got approved for both! 

So now I will be using both of these new cards, and they pair really well, especially with the Discover cashback match for the first year. 

[AllZero]

Congratulations on your approvals!

[FinStar]

Congrats on both of your approvals @Anonymous.  Well done.

Locking this thread as you have been approved.  Feel free to start a new thread in the Approvals forum if you would like to do so.