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AMEX Gold Card & Chase Cards [seeking advice]

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Member

AMEX Gold Card & Chase Cards [seeking advice]

Hello all, 

I am 21 years old college student with 6~7 months of credit history. I am aware of Chase's 5/24 Rule, which is why I am seeking advice here.

My ultimate goal is to have "Chase Sapphire Reserve", "American Express Gold Card", & "Amazon Prime Rewards Visa Signature Card".

I rarely spend any money besides "groceries & restaurants," but it is more for my family members who live overseas spend easily $10,000/month. & All of the cards stated above fit the spending pattern of them perfectly. & Enjoying traveling.

 

Here are my info:

Annual Income: ~90K, Credit Utilization: 0 %, 0 derogatory, 0 late payments, all payments always paid in full balance.

Credit Scores: EX FICO 8 730 (As of 08/25/2019), EX FICO BANKCARD SCORE 8 741 (As of 08/25/2019)

                          TU 713 (FROM APPLE CARD APPLICATON, NOT SURE WHICH VERSION) (ON 08/16/2019)

                          TU Vantage Score (given by creditwise through Cap1 Account) : 675->670 (went down from Apple Card Application)

My current list of credit cards: Capital One Secured Mastercard (OPENED FEB 01 2019) <$200 ->$500> (Just got automatic CLI this month)

                                                       Apple Card $5,000 (OPENED AUG 16 2019)  

Also, I do not have any installment loan, so I was considering "Self Lender" to help my credit score.

Does "Self Lender" make sense for my situation? I know this might be too much in one post..

Thanks in advance!

Message 1 of 24
23 REPLIES 23
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Frequent Contributor

Re: AMEX Gold Card & Chase Cards [seeking advice]

Welcome! I hold no opinion on "Self Lender", but I can tell that with only credit cards and a reasonable length of credit history, you can build up your credit without issue. Probably won't reach the top scores but usually good enough to get the Amex/Chase cards you want. Length of credit, utilization, payment history, number of new accounts and inquiries matter more in this situation, as compared to "types of credit". I am at ~7 years history with only credit cards and my FICO is currently around 770 with each bureau. Regardless, adding installment loans might boost your FICO score but I don't think it particularly helps with Amex/Chase credit card applications.

 

You can try to see if you have any preapproved offers with Amex or Chase. You may even be able to get an Amex Gold now even if you don't have preapproved offers.

 

For Chase, you don't necessarily have to open the Amazon card if you also consider other Ultimate Rewards earning cards like the Freedom/Freedom Unlimited. You can try opening a card (not the Sapphire cards) with Chase when you are around 1 year of credit history, as they usually like to see some history. When you have credit cards with limits over 10k and probably at least 2 years of credit history, you can consider CSR if you are below 5/24.

 

Your income is not a problem but spending $10k each month overseas would likely trigger account reviews or shutdowns (for both Chase and Amex) as it probably looks high-risk to the lenders.

Message 2 of 24
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Frequent Contributor

Re: AMEX Gold Card & Chase Cards [seeking advice]


@SWISH305 wrote:

Hello all, 

I am 21 years old college student with 6~7 months of credit history. I am aware of Chase's 5/24 Rule, which is why I am seeking advice here.

My ultimate goal is to have "Chase Sapphire Reserve", "American Express Gold Card", & "Amazon Prime Rewards Visa Signature Card".

I rarely spend any money besides "groceries & restaurants," but it is more for my family members who live overseas spend easily $10,000/month. & All of the cards stated above fit the spending pattern of them perfectly. & Enjoying traveling.

 

Here are my info:

Annual Income: ~90K, Credit Utilization: 0 %, 0 derogatory, 0 late payments, all payments always paid in full balance.

Credit Scores: EX FICO 8 730 (As of 08/25/2019), EX FICO BANKCARD SCORE 8 741 (As of 08/25/2019)

                          TU 713 (FROM APPLE CARD APPLICATON, NOT SURE WHICH VERSION) (ON 08/16/2019)

                          TU Vantage Score (given by creditwise through Cap1 Account) : 675->670 (went down from Apple Card Application)

My current list of credit cards: Capital One Secured Mastercard (OPENED FEB 01 2019) <$200 ->$500> (Just got automatic CLI this month)

                                                       Apple Card $5,000 (OPENED AUG 16 2019)  

Also, I do not have any installment loan, so I was considering "Self Lender" to help my credit score.

Does "Self Lender" make sense for my situation? I know this might be too much in one post..

Thanks in advance!


Would you have a need to buy a car? It wouldn't have to be a high end car, just a grocery getter with low monthly payments that could start showing some sort of installment payments for 24 or more months. And well, it's usable.

 

Good Luck!





RIP: EECU PLOC | BBVA PLOC | Chase SP | Chase Amazon | Chase Freedom | WF Propel | Cap1 QS | AMEX Gold
Message 3 of 24
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Member

Re: AMEX Gold Card & Chase Cards [seeking advice]

When I checked preapproved offer not too long ago on Amex website, I was preapproved for "Gold Delta SkyMiles® Credit Card." 

Is that good enough for Amex Gold?
Also, based on my info, do I have any shot at getting Amex Platinum?
Thanks !
Message 4 of 24
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Frequent Contributor

Re: AMEX Gold Card & Chase Cards [seeking advice]

You have a really strange profile for sure.  21 year old student who makes $90k and would have AU's who spend $10k per month overseas...

 

Both Chase and Amex would like you as a customer, they both really appreciate high income/spend and will reward it with high limits.  Chase really doesn't like young profiles under 1 year of history.  Amex won't really mind too much, especially with their AF cards, as long as you haven't gotten a lot of cards recently and especially not from them within a few months.

 

You will likely be able to snag Amex Gold without a denial, maybe Plat.  I would personally hold off on Chase until at least 1 year, but you should have no issue there, either.  Get the Amazon Prime first with them and show you are a decent customer before going for CSR.

 

I would not open an installment loan just to increase your credit score unless it is really important to you.

Message 5 of 24
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Member

Re: AMEX Gold Card & Chase Cards [seeking advice]

Hahaha, I hope you do not mind my strange profileSmiley Very Happy

It is mainly because AUs will be my parents who spend A LOT but lack the great rewards card.

(I found this out not too long ago...really bothered me when I found out what they were missing out)  

BTW, How hard is it to get Chase Amazon Prime Card?

Is it also one of those Chase cards you ABSOLUTELY need minimum 1 year impeccable history? 

If it somehow builds relationship with Chase and paves the way for CSR, I think I am all for it.

I was thinking of getting it anyway since most of my spendings are with Amazon & Whole Foods.

So, if I do get the Prime card soon, that puts me at 3/24? (Cap1 Secured, Apple Card, & Prime Card?)

Does Cap1 Secured Card count as "credit card" under Chase 5/24 Rule?

Thanks everyone !!

Message 6 of 24
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Valued Contributor

Re: AMEX Gold Card & Chase Cards [seeking advice]

Secured cards do count as credit cards under 5/24.

 

Otherwise, I can't answer most of your questions, except to say that the cards you have in mind should generate lots of rewards for the spend levels you're talking about ... and, I'm baffled how a college student can have a $90k income, but that's neither here nor there Smiley Happy


No derogs, but tons of inquiries and heavy credit-seeking behavior. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. What I call the "thick build method" worked for me, but may not work for every situation.
Cards

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $90,200, not counting the AU card. The AU card brings the total to $115,200. In March 2019, card CLs totaled $0.

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | American Express Delta Gold, $1,000, 09/19-10/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Message 7 of 24
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Super Contributor

Re: AMEX Gold Card & Chase Cards [seeking advice]

AUs located overseas spending much more than the primary card holder? This sounds like a recipie for card shutdown. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 8 of 24
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Frequent Contributor

Re: AMEX Gold Card & Chase Cards [seeking advice]


@SWISH305 wrote:

When I checked preapproved offer not too long ago on Amex website, I was preapproved for "Gold Delta SkyMiles® Credit Card." 

Is that good enough for Amex Gold?
Also, based on my info, do I have any shot at getting Amex Platinum?
Thanks !

You should have somewhat good chance to get approved for Gold or Platinum if you apply for it now.

 

The credit requirement for their charge cards are actually lower than their credit cards, because you will have to pay in full each month and you can't carry a revolving balance (without Pay over time). The credit requirements between the charge cards are about the same, because they are about the same in terms of spending and making payments.

 

If you are able to see a 50k signup bonus for Gold or 75k+ signup bonus for Platinum, then go for it as long as the card justifies your spending needs. Do note the amount of spending required (you probably don't want to get both at the same time because the spending needed for the bonus will be $7k in 3 months).

Message 9 of 24
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Frequent Contributor

Re: AMEX Gold Card & Chase Cards [seeking advice]


@SWISH305 wrote:

Hahaha, I hope you do not mind my strange profileSmiley Very Happy

It is mainly because AUs will be my parents who spend A LOT but lack the great rewards card.

(I found this out not too long ago...really bothered me when I found out what they were missing out)  

BTW, How hard is it to get Chase Amazon Prime Card?

Is it also one of those Chase cards you ABSOLUTELY need minimum 1 year impeccable history? 

If it somehow builds relationship with Chase and paves the way for CSR, I think I am all for it.

I was thinking of getting it anyway since most of my spendings are with Amazon & Whole Foods.

So, if I do get the Prime card soon, that puts me at 3/24? (Cap1 Secured, Apple Card, & Prime Card?)

Does Cap1 Secured Card count as "credit card" under Chase 5/24 Rule?

Thanks everyone !!


The Amazon card isn't too hard to get if your length of history is better. Chase usually wants to see at least 1 year of history when processing applications. It doesn't mean you absolutely need at least 1 year, just that you might find it more difficult to get approved now.

 

Anything on your credit report that says "credit card", if opened within the most recent 24 months including closed ones, counts into 5/24. The Cap1 secured card is reported as a credit card, so it does count. Note that charge cards are also reported as credit cards so they count too.

 

Another clarification, if you don't apply for anything else except for the Amazon card, you would be 2/24 when applying for that card, because X/24 is when Chase sees your report, by which time the Amazon card was not opened yet. Then if it's opened and reported to credit bureaus, you will be at 3/24.

Message 10 of 24
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