Prequalification for AMEX

[donkort]

I paid $40,000 in debt in one fell swoop.

I'm still getting offers for $40,000 loans to consolidate my debt.

[Anonymous]

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@donkort wrote:

I paid $40,000 in debt in one fell swoop.

I'm still getting offers for $40,000 loans to consolidate my debt.

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That's awesome.  If I were you and still wanted an Amex.  I'd get a charge card.  You have to pay it off at the end of the month so youre never tempted to carry a balance and go in debt again.   And if you don't pay it, you risk all the hard work you did to get your scores where they are right now.  

Charge cards keep you accountable.  But that's my take. 

[donkort]

I find that a sensible approach.

[cr101]

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@Anonymous wrote:

Its all about getting the most bang for your buck....and Ego.  I always wanted an AMEX.....grew up where AMEX was the top gun credit card 

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i got an amex just to have one bc i thought that there was something special about them. i haven't been impressed with them. customer service is bad. i'll spare you the details about my service issues w them. aside from my 2 cards that have no rewards, this is my least fave card. if i could take it back, i wouldn't have applied. 

[Remedios]

@donkort  the score you're seeing for EX  FICO 8 is what Amex will pull.

You're golden. 

Go ahead and apply so I can lock this thread and celebrate your approval! 

[donkort]

I guess I'm scared of rejection and losing 5 points.  I'm probably too obsessed with my FICO score.

Thanks for your faith.  

I'm basing my reluctance on Apple Card only offering me $5,000 with 23.9% interest.  While knowing what my FICO 9 is.  I only make $6,000 a month gross.  Could income be a factor?

Two non-scorable inquiries will fall off my report on March 1st.  If I apply then, I would only have one scorable inquiry with Experian.

Sorry for being a PITA😊

[Remedios]

Your income is fine. I'd hardly attach "only" to $6000.00 per month. 

What's your utilization looking like now? 

[Remedios]

As DP, my approval was for $17,100.00, I think APR is 20.X%

Utilization at the time of approval was very low, but I had at least 3 or 4 new accounts at the time, hence higher risk/higher APR

[donkort]

4% overall.

65% on one card which hasn't reported my payment yet.  It should be zero.

About 29% on one other card where I still owe $2,000.  It's a Sears store card.

Otherwise, either zero or less than 1%.

[Remedios]

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@donkort wrote:

4% overall.

65% on one card which hasn't reported my payment yet.  It should be zero.

About 29% on one other card where I still owe $2,000.  It's a Sears store card.

Otherwise, either zero or less than 1%.

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In that case, I'd wait till that card with 65% reports, then when you see it updated on EX, feel free to apply. 

You'd get approved right now, but your SL and terms will probably be better if utilization on that card is lower.

When is it supposed to report?