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AMEX charge card Approval Odds?

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rookie5
New Member

AMEX charge card Approval Odds?

Hello all,

I have been a long time lurker, and I have gleaned an extensive amount of very helpful information from the forum for which I am very appreciative.  I have finally decided to reach out and seek everyone's advice/opinions, as I plan to apply for new card once my reports are updated with my current credit utilization.  Ideally, I'd like to apply for the AMEX PRG.  I currently only have one credit card with a fairly low limit that was issued by Regions Bank, which is why I'd like to add a card with higher limits and a better rewards program.  Please provide any thoughts on my chances of approval for an AMEX PRG, advice on managing my credit to obtain a PRG card, and suggest other rewards cards that may fit my profile.

First, I'll provide a little background information about myself.  I'm a recent law school graduate and have racked up significant student debt.  After taking the bar in July, I began working at a large firm, which requires significant travel, expenses for which the firm reimburses bi-monthly.  Outside of the employment travel expenses, the card will be used for nearly all of my other purchases, which besides groceries, gas, dining, and bills, often includes relatively significant expenses on entertainment and leisure travel. 

Next, is my credit profile and FAKO scores.  At this time, I cannot provide a FICO score, as I've held off on paying for the FICO score because I just paid off my Regions CC that was near the limit last month.  I plan on paying for an Experian FICO score as soon as the report reflects my currect utilization, which should be just after Novemeber 4, and I'll update this thread if needed once I have the FICO score.

Also, it may be pertinent to your evaluation that the majority of my student loans will be removed from deferment this month, with the first payment due November 28.  Although I've looked around, I haven't been able to pinpoint how this will reflect and/or affect my credit for this month.  I have currently elected to repay my student loans over a 25 year period, and my monthly payments will be around $1,000. 

AAoA: 3 yrs 5 months
FAKO: 670 (FAKO via Credit Sesame, which was calculated with 93% utilization that will be 1% once my next statement cuts on the 4th)
Inquiries: 3 (two inquiries were 6-12 months ago and one was 12-24 months ago)
Income: 90k
Baddies: 1 thirty day late from 15 months ago on Regions CC


Installment accounts: Total (12)

  • 11 federal student loans totaling 200k (The first payment for the loans no longer in deferement are due on 11/28, and to be honest, this is what worries me with AMEX; it seems they may frown upon having 11 open accounts reporting a balance, some of which have an outstanding balance greater than the initial balance due to interest.)
  • 1 private loan: Opened in April; orignal Balance was 5k, current balance is approximately $4300

 

Revolving Accounts:

  • Regions Visa CC: $900 limit; 1% utilization, Age of Account-3 years 10 months


Anyhow, that's my profile.  I'm very much a rookie when it comes to the credit game, but my knowledge has exponentially increased thanks to the forum, which is why I now seek any comments, suggestions, and/or advice.  For those who respond, thank you very much for your assistance!

Message 1 of 13
12 REPLIES 12
myjourney
Super Contributor

Re: AMEX charge card Approval Odds?

Welcome to the forum

How long have you had the Region CC?

Charge cards are not that hard to get but yes you are correct in waiting until CR's update.

However don't pull the trigger until you have your EX score as FAKO socres can be off in some cases by 100+/-

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 13
spwaddell
New Member

Re: AMEX charge card Approval Odds?

Oops.  I suppose I did forget to include that pertinent information.  I've had the Regions CC for 3 years and 10 months.  

 

Thanks for the welcome!

 

And somehow I have managed to create two accounts and reply from both.  I apologize!

Message 3 of 13
myjourney
Super Contributor

Re: AMEX charge card Approval Odds?


@spwaddell wrote:

Oops.  I suppose I did forget to include that pertinent information.  I've hade the Regions CC for 3 years and 10 months.  

 

Thanks for the welcome!


After UTL is reported to CB's I think you'll be fine

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 13
rookie5
New Member

Re: AMEX charge card Approval Odds?

Oops!  I suppose I did forget to include that pertinent information.  I've had the Regions CC for 3 years and 10 months.  

 

Thanks for the welcome!

Message 5 of 13
09Lexie
Moderator Emerita

Re: AMEX charge card Approval Odds?

Just so we are clear, PRG does not have a CL. That being said, I would also look at Barclays Arrival.

Almost forgot...welcome to the forum and congratulations on graduating law school.
Message 6 of 13
rookie5
New Member

Re: AMEX charge card Approval Odds?

Thanks a ton!  I'm hoping you're correct, and assuming my EX FICO score isn't lower than my FAKO score from Credit Sesame, I feel my chances of success are high enough that it will be worth the HP.  I'll certainly be getting the FICO score before I apply to see what the score actually is.  

 

I've also written Regions a GW letter requesting the 30 day late be removed, but I don't feel to confident it will be removed.  It may not have much affect on whether I would get approved anyway, but as it is the only derogatory item on my profile, I'd really like it removed.  

 

Many people on the board state the underwriting requirements are the same for all of the AMEX charge cards.  Out of curiositiy, is that an assumption people make or is there some information confirming the requirements are the same?

Message 7 of 13
rookie5
New Member

Re: AMEX charge card Approval Odds?

Thanks Lexie!  I've also been considering Barclay's Arrival.  It seems like an excellent card, but I lean towards AMEX because of their good customer service reputation, backdating benefits, and SP for denials on adding other cards.  

 

However, if Barclays may be more inclined to extend credit to someone with 11 student loans showing a balance, it may be well worth it to spend the HP on Barclays since it offers a substantial rewards programs.  Do you think the high number of open student loan accounts will affect my chances with AMEX?

Message 8 of 13
09Lexie
Moderator Emerita

Re: AMEX charge card Approval Odds?

No, if the income supports it. I would suggest apping for both. Look around to make sure you get a good sign up bonus.
Message 9 of 13
rookie5
New Member

Re: AMEX charge card Approval Odds?

I think that will be my plan.  App for PRG first, and then Arrival if needed.  I may app for both anyway if the Arrival bonus is still 40,000 points, as with the work travel it will not be difficult to meet the spend requirements.  

 

 

Message 10 of 13
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