Pre Approval Odds for AMEX Gold Card

[trentsharpe]

Hello,

I'm thinking about applying for an Amex Gold card with an Experian 692 score. I've been repairing my credit and had a goal of obtaining an upmarket credit card this year.

1 late payment in the past year, 3 in the last 7 years. No charge offs. No current delinquincies.

1 Closed Credit One, no balance. This was the late payment.

1 Discover Card ($3,600) 90% utilized. 30 years old.
1 Avant Card ($1,500) 50% utilized.

House Mortgage 20 years, 2 cars, 2 personal loans.

I also have a high salary, $330k annually.

The Discover Card's utilization is high, but my other FICO 8 factors are good or exceptional. Was thinking about trying the pre approval link but have read a few denials after being preapproved on this forum. The Experian marketplace says I have "Good" odds for approval whatever that means.

Let me know what you think.

Thanks,

TK

[FicoMike0]

Id sure try to get that utilization down. That would boost your score. You don't say what dti is. Not that I know anything, but paying credit card interest on ~$4000 looks like $330k is stretched pretty thin. I'd suggest getting your present debt under control before looking for more. Of course the gold card isn't a credit card anyway.

I don't think the amex fee charge cards are real hard to get, I'd try the pre qual, and take a no there as a no. Do you see $250 worth of benes with the card? If you just want an amex card, they have real credit cards with no fee.

[trentsharpe]

Thanks FicoMike0 for replying.

After tax DTI is 21% after summing all loan payments.

My plan was to eliminate Discover by end of summer.

TK

[CreditPoor]

Amex looks back 24 month when it comes to history. Your score unfortunately is still kind of low and the lates are going to be a no go. I'd recommend waiting til your scores above 710 and there is more distance between the lates. Also reducing the balances on your cards. Stating that income with consistent balances for lengthy periods of time will also likely trigger 4506C, so I'd be prepared for that

[trentsharpe]

Thanks!

This is good information.

[Zoostation1]

The score isn't keeping them from approval.  It's well known with Amex that the charge cards Green/Gold/Plat have lower underwriting standards than the revolvers.  It's fairly common for people with  640-650 FICO 8 scores to get approved for any of the 3 charge cards, but the combination of a late within the last year and a card with high utilzation, is what IMO tanks their odds of approval.

[FicoMike0]

Another vote to get that utilization under control! Nice thing is, your scores will then go up within the next billing cycle. Instant gratification. Also, it's just the right thing to do.

[trentsharpe]

Hi Everyone,

I just wanted to follow up.

I was approved for an AMEX Blue Cash Everyday card last week with a 10k limit. 0% APR for 15 months. $0 annual fee. It won't give me points for my travel needs, but with 2 kids I spend a plenty on groceries and gas. I'll try for the Gold card after building a relationship with AMEX some time later. Card should be here today or tomorrow according to AMEX.

Thanks for all of your input!

tks

[MissLiz]

@trentsharpe  Congratulations on your approval and nice SL!

[Baha3]

Congrats on the approval, you would most likely have got the gold card approval as well.  The good thing is that now that you are in AMEX, applying for other AMEX cards in the future seem to be a soft-pull most of the time, not guaranteed but that has been my experience. Im sure others can chime in as well.