Amex BCP requirements - Update: Approved

[Anonymous]

Hello!

The Amex blue cash preferred popped up as “very high approval odds” in my credit Karma feed, and when I checked Amex pre approval it also popped up. Thing is I have a very thin file 9 month oldest and 5 month aaoa. Also low income at $30,000. Can anyone speak to their app requirements in terms of account age and income?

Thanks!

Mod note:  I've updated your subject to reflect your approval; feel free to change/edit if you would like.  --UB

[Remedios]

Amex will pull Experian, so it would help if you knew what it was

Experian does offer a free score 

edited to add ..have you tried Amex prequal page? 

[Anonymous]

Yes, the card popped up as prequalified, And my score would probably put me in the running, just didn’t know if the low Credit age would be an issue, i’ve read chase for example wants to see at least a year of credit history.

[Remedios]

I think they might approve you. The only thing is, with limited history they may start you off with low limit, their own version of credit steps. 

It will grow, but at a  slower pace 

[Anonymous]

Depends on a few factors, OP. Amex's pre-approvals are pretty solid in my experience. If you're already an Amex cardholder and their site says something close to "(Your name), you're pre-approved!" you could very well apply and receive that card with a soft pull. If it'll be your first, they'll hard pull you, but I think your odds are pretty heavy in your favor. Expect a $1000-2000 SL to start with.

[Anonymous]

I read something about if the pre-approval includes an interest rate it’s more likely to approved? Is this true?

[HeavenOhio]

If a prequal has an exact interest rate or a very low range, chances for approval should be considered to be very good. If it says something like 12–26%, consider it to be advertising.

Ignore Credit Karma approval odds as they're simply there to encourage you to apply for cards. However, you may treat AMEX pre-approvals seriously.

I think you stand a good chance of being approved. We've seen AMEX approve cards pretty routinely for members with your level of history (not a lot less, though ). Given that your history is clean, you should be able to triple your limit at 61 days, even if your starting limit is on the low side.

[Anonymous]

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@Anonymouswrote:
Hello!

The Amex blue cash preferred popped up as “very high approval odds” in my credit Karma feed, and when I checked Amex pre approval it also popped up. Thing is I have a very thin file 9 month oldest and 5 month aaoa. Also low income at $30,000. Can anyone speak to their app requirements in terms of account age and income?

Thanks!

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Simply put, not as high as you think. 

If you have anything north of 650 and low utilization, I would app. 

[Anonymous]

Sounds like you have a good chance of approval OP. Are you seeing "______, you are preapproved!" For revolvers and the charge cards?

[Anonymous]

Amex has a reputation for being very selective, but I'd say that reputation is mostly outdated. They've definitely loosened their requirements in recent years, and I'd say they're actually quite friendly towards credit builders these days. This is especially true of their cards that are geared towards everyday spending, like BCE and BCP.

My second card was the Amex Costco True Earnings, and I had barely a year of history on a single joint Discover It when I applied. I was given a $4k SL (which I was stoked about at the time, since I had just taken a HP to increase my Discover from 500 to 1250, haha), which indicates that I wasn't even skating by or anything (I believe the lowest SL Amex will give is $1k). Had I not received a preapproval in the mail, I wouldn't have even bothered. My annual income was less than yours, by the way.