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AMEX american express cash magnet approved

CenturionHolder1Day
Valued Member

AMEX american express cash magnet approved

I was looking for a BT card to drop my utilization and interest costs on the revolving debt I am carrying. I wasn't confident in which one to apply for after being denied for the BofA bankamericard in may and today just before looking for pre-approved offers on amex website.

 

I decided to go for it with "fico bankcard score 8" scores at 678 eq, 706 tu, and 699 ex.

My benchamark fico score 8's are:                                            691 eq, 706 tu, and 700 ex.

Overall utilization 32%, no cards over 68% utilization.

 

Approved for $5,400. Nice so I am going to utilized 28% of the new card with a BT from a Walmart card.

 

Note: I currently have amex blue cash everyday with $760 balance and a $1,000 limit. Last statement was $261 (not sure if they care about the balance or not). Then I went to apply for the everyday card on the site and they warned me not to complete the application and let me cancel before getting another inquiry.

 

Hope this helps if anyone is on this cusp. I feel like I am finally able to garden effectively and will be getting overall utilization below 30% this month. Also decreasing interest expenses and eliminating credit card debt in general will be nice. Scores should go up rapidly this year.

 

Reply to thread if anyone has any questions. I have been working on this for about 3 years and this was a productive year as I have had a much higher income than in years past.

Starting Score: 560(2015)
Current Score: 720(middle)
Goal Score: 760


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13 REPLIES 13
19eighty5
Senior Contributor

Re: AMEX american express cash magnet approved

Congratulations on your approval!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 665, EQ- 670
What's in my wallet:



On the chopping block:

Message 2 of 14
issac2x
Frequent Contributor

Re: AMEX american express cash magnet approved

Congrats on the approval Smiley Happy


Message 3 of 14
chhull00
Frequent Contributor

Re: AMEX american express cash magnet approved

Congratulations my friend, and welcome to the Magnet club, enjoySmiley LOLCongratulations_misti.gif



Message 4 of 14
Steve891
Senior Contributor

Re: AMEX american express cash magnet approved

Congrats on your new Amex Cash Magnet! Smiley Happy




Message 5 of 14
Priory_Man
Established Contributor

Re: AMEX american express cash magnet approved

Congrats on the approval, and thanks for sharing the DP's





~~ Former Royal Navy Submariner - Proud to have served ~~
Message 6 of 14
CreditInspired
Super Contributor

Re: AMEX american express cash magnet approved

Congrats Centurion on the approval

You said,
“Then I went to apply for the everyday card on the site and they warned me not to complete the application and let me cancel before getting another inquiry.”

I don’t think I’ve read of this happening before. It would be great if other CCs did the same.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 7 of 14
Cred4All
Valued Contributor

Re: AMEX american express cash magnet approved

Congrats on the new Amex!


Message 8 of 14
CenturionHolder1Day
Valued Member

Re: AMEX american express cash magnet approved

It was strange indeed. The website said I was preapproved and then when I entered all the same information it said I was not approved or not qualified but gave me the option to proceed or cancel. I said ok this is a sign to slow the roll.
Starting Score: 560(2015)
Current Score: 720(middle)
Goal Score: 760


Take the myFICO Fitness Challenge
Message 9 of 14
GoingGold
Regular Contributor

Re: AMEX american express cash magnet approved


@CreditInspired wrote:
Congrats Centurion on the approval

You said,
“Then I went to apply for the everyday card on the site and they warned me not to complete the application and let me cancel before getting another inquiry.”

I don’t think I’ve read of this happening before. It would be great if other CCs did the same.

I have never of that before either. It sure does save everyone wasted time though.

GoingGold
*UPDATED AS OF 08/06/2020*
EQ: 707 ___ TU: 691 ___ EX: 692
Utlz:40% ___ Old Lates/COs: 1 ___ Collections: 0 ___ Public Records: 0 ___ Last Late: 2.1 yrs ___ AAoA: 7.1 yrs ___ AAoOA: 23.10 yrs

AMEX PLATINUM ___ AMEX GOLD = $3,000 (P.O.T) ___ AMEX BONVOY BRILLIANT = $5,000 ___ AMEX CASH MAGNET = $1,000
CAP ONE VENTURE = $30,000 ___ CAP ONE QUICKSILVER = $3,500 ___ CAP ONE PLATINUM SECURED = $500
BANK OF AMERICA CASH REWARDS = $15,000 ___ BANK OF AMERICA PREMIUM REWARDS = $15,000
DISCOVER IT MILES = $13,900 ___ FIDELITY INVESTMENTS CASH REWARDS = $12,400
**TOTAL OVERALL CREDIT LIMIT = $96,300
Message 10 of 14
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