I don't have the best of credit, but had an offer for the American Express Blue Cash Preferred. I wanted to basically hold off on new accounts because of a low AAoA but I really wanted this card (actually, I wanted the Blue Cash Everyday because of no annual fee) but I had an offer for $250 for preferred, so even taking the annual fee of $95, I would have come out ahead at least for the first year PLUS get 6% on groceries and 3% on gas. (I previously saw the BCE at $100 and the BCP at $150).
My credit report is as follows:
Loan from 8 years ago I got from my credit union to build credit (one year term, 100% repayment)
Discover (unpaid) CHARGEOFF from six years ago, gone from TU but still on EX and EQ
Capital One Secured Mastercard $49 deposit for $200 limit, bumped to $500, opened 07/16
Chase Freedom $500 limit, opened 10/17
CIti Double Cash $1,000 limit, opened 10/17
4% Credit Utilization
FICO 8 SCORES (AMEX pulled Experian for sure, because I got the alert, but still uncertain if any others were pulled). EX 634 (as of day of application); TU 710; EQ 638
TU and EQ are higher because those are from last month when my utilization rate was 38% (I pay in full, but my Citi Double Cash cut the statement with a higher balance showing and now was fully paid).
APPROVED $1,000 limit ($750 available for 0%BT till 2018, but I don't have any balances to transfer because I don't have CC debt). I am not complaining of the limit. I hope it grows as time goes on (Experian should be clear of blemishes by 08/17).
If you want the bonus check the website and keep coming back till the right bonus is showing!
Good job!! Terrific card and you are in. Responsible use and time, the card will grow!!
Congratulations, AMEX always plus Experian so that is the score that counts for them. AMEX normally requires around 660 so you did well. There is a great thread here on AMEX CLI's and how they work. Keep your utilization low and in 91 days you can apply for a 3x CLI and likley get approved. I have had my AMEX ED for just over a year and went from 3k to 12k. Take good care of AMEX and they take good care of you. We use our ED as our go to card and have built a nice balance of points. Also you can change products at some point, not sure how many months but I am sure you will be able to do so before the annual fee next year.
I will look into applying for a SLI at the appropriate moment. I know I was a barely able to squeeze by, given that my Experian FICO score was low, but I wonder my application was helped by the fact that I don't have any "subprime credit card" lenders on my profile (e.g. Merrick Bank) and maybe they liked that underwriters at Chase and Citi took risks with me. I am sure they have their own UW criteria, but perhaps the "quality" of the lenders plays a factor in internal decisions.