What are My Changes of Approval for the AMEX PRG?

[Anonymous]

Hey everyone! 

I'm just reaching out to find out what all of you think of my chances of getting approved for the AMEX Premier Rewards Gold card! I've been in the system for a little over a year at this point, and so while I know I'm pretty new to this, I want to get in with AMEX as soon as possible (obviously though, only when ready and able). I'm currently a 20 year old college student entering his senior year, and I'm anticipating a bit of spending during the summer as I intern out in California. 

I'm seeing the 50000 MR points offer for only $1000 spend with the AMEX PRG and would really like to capitalize on this offer, knowing that I'll definitely be able to reach the spending threshold. I have an yearly income of around $10-12000 (life as a student  )

Also, sorry because I know so many people ask questions like these, and YMMV, but I'd just like to get some direct opinions before trying to app.

My Credit Report looks a little something like this:

TU FICO 8 (from Discover, March) - 737

True Experian and Equifax FICOs are Unknown

Accounts in Good Standing:

CITI - $1500 CL. Balance: $50
Status: Open/Never late. Date Opened: 11/2014

DISCOVER - $2300 CL. Balance: $42
Status: Open/Never late. Date Opened: 07/2014

CITI - $500 CL. Balance: $0
Status: Open/Never late. Date Opened: 01/2014

Negative Items:

None

Inquires: 2 (on Experian, 3 on TU, 2 on EQ)

Citi - Nov 23, 2014

Chase - Nov 18, 2014

AAoA: Only 9 months 

So I know I've only got 3 credit lines open, and they're all revolving (no installment loans or anything). Topped with my low annual income and short AAoA, I probably look like a risky borrower to AMEX. However, I always pay off my balances in full (and I know I'd have to with the AMEX PRG). I always keep my credit util less than 10%, and currently it's around 5%.

Would you say I have a good shot for approval? I'm not pre-quailifed for any AMEX cards. I know the underwritten requirements for all of the charge cards are the same, and while the AF with the PRG is a bit hefty, I feel like the bonus offer and MR makes up for it, and I'd be able to utilize it, about as fully as I could at the moment.

Sorry for such a long post, but thank you very much and I look forward to hearing your responses! 

[Anonymous]

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@Anonymous wrote:

Hey everyone! 

I'm just reaching out to find out what all of you think of my chances of getting approved for the AMEX Premier Rewards Gold card! I've been in the system for a little over a year at this point, and so while I know I'm pretty new to this, I want to get in with AMEX as soon as possible (obviously though, only when ready and able). I'm currently a 20 year old college student entering his senior year, and I'm anticipating a bit of spending during the summer as I intern out in California. 

I'm seeing the 50000 MR points offer for only $1000 spend with the AMEX PRG and would really like to capitalize on this offer, knowing that I'll definitely be able to reach the spending threshold. I have an yearly income of around $10-12000 (life as a student  )

Also, sorry because I know so many people ask questions like these, and YMMV, but I'd just like to get some direct opinions before trying to app.

My Credit Report looks a little something like this:

TU FICO 8 (from Discover, March) - 737

True Experian and Equifax FICOs are Unknown

Accounts in Good Standing:

CITI - $1500 CL. Balance: $50
Status: Open/Never late. Date Opened: 11/2014

DISCOVER - $2300 CL. Balance: $42
Status: Open/Never late. Date Opened: 07/2014

CITI - $500 CL. Balance: $0
Status: Open/Never late. Date Opened: 01/2014

Negative Items:

None

Inquires: 2 (on Experian, 3 on TU, 2 on EQ)

Citi - Nov 23, 2014

Chase - Nov 18, 2014

AAoA: Only 9 months 

So I know I've only got 3 credit lines open, and they're all revolving (no installment loans or anything). Topped with my low annual income and short AAoA, I probably look like a risky borrower to AMEX. However, I always pay off my balances in full (and I know I'd have to with the AMEX PRG). I always keep my credit util less than 10%, and currently it's around 5%.

Would you say I have a good shot for approval? I'm not pre-quailifed for any AMEX cards. I know the underwritten requirements for all of the charge cards are the same, and while the AF with the PRG is a bit hefty, I feel like the bonus offer and MR makes up for it, and I'd be able to utilize it, about as fully as I could at the moment.

Sorry for such a long post, but thank you very much and I look forward to hearing your responses! 

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You're chances are better than you think

Amex is pretty forgiving about AAoA and recent inqs. Having no negs & the fact you have shown responsible behavior on all your other credit lines I'd say you're good to go. Maybe wait for a couple more responses here but you've got my approval!

[Anonymous]

Oh awesome, thanks so much for your response! I just hear so many different things about AmEx and so I'm never really sure what to think. Do you have any opinions on PRG vs the normal Gold card? 

Also, does AmEx allow for reconning if I do happen to get denied for the card? 

What are the changes I'd get instantly approved on their site, vs getting a 7-10 day notice? And should I worry if I get that notice? Is there something I'd need to do during that time?

Sorry for all the questions, just worrying a bit more than I need to probably, but I just want to make sure I'm prepared for this!

[baller4life]

You look good to go! Same underwriting for charge cards. Go for PRG due to the awesome 50k offer. No recon for Amex but I don't think you would need one.

[Anonymous]

I think your chances are good, I was approved for 2 Amex revolvers with only 6 months of history , 8 inq, and a 680 exp

[elim]

do it - to it

PRG not Gold

it's an easy $1000 in travel for $175 AF (waived 1st year of course) and you can PC after 13 months if you want to downsize

good luck of you make a go of it

[Anonymous]

Awesome! Thanks everyone! I'll probably apply for it during the day tomorrow, and I'll keep you updated how it goes  

[sarahlee7]

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@Anonymous wrote:

Awesome! Thanks everyone! I'll probably apply for it during the day tomorrow, and I'll keep you updated how it goes  

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Why tomorrow?  It's Easter sunday.....good things are happening today.

[Anonymous]

Just kinda didn't want to rush into it, and was thinking that if it was during business hours tomororw, in case I wasn't approved immediately on their site I could call in to see what happened?

Or does it just make sense to app now haha, I'm just worrying more than I probably need to.

Also just worried about being asked to verify for Financial Review. I'm obviously not going to lie about my income, but some of my income comes from stipends from my university (but it's not meant to be used exclusively on academic purposes/tuition, I can use it how I want), and so I don't know, if asked for a 4056, how I'd be able to verify all those forms of income as well. 

Also, on their application, under income source, should I put student or employed? Why isn't there an option for employed students? XD

[Anonymous]

Hey everyone,

I'm about to fill out and submit the app for the AMEX PRG, but I was wondering if I should list myself as a student or as employed under the "income source" tab. My income is $12000 a year (as a student). Would it hurt me to put one over the other? I think it would make sense to list student, and that would tell them why my income is so low, but them I'm concerned that they just don't want to give the PRG to students in general.

Thanks! Sorry, I'm kinda worrying a bit too much, I've really wanted to get in with AMEX for a while and with this bonus and the traveling that I do, I'd really like to be able to jump in this while I can!