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@Duncanrr wrote:
I had applied for AMEX and was denied. Recently, I asked them to resend my rejection letter and today I receive email saying since I was denied why not get their prepaid card.
Is there any benefit to my next AMEX app if I have this card and Have history of using this card responsibly? I know the card doesn't impact my CR.
I don't think that their Pre~paid card will increase your odds of approval. They might soft your reports more often however, which could potentially lead to a pre~approval for a charge card in the future, for whatever that is worth. It will still come down to your credit reports when you apply....
Actually it does help. They have a program called Make Your Move that allows you to graduate to a regular charge card.
@LOC wrote:Actually it does help. They have a program called Make Your Move that allows you to graduate to a regular charge card.
The make your move program does not graduate AMEX prepaid cards into charge cards. All that it offers is the possiblity that it will lead to a future pre~approval to apply for a charge card.
^+1
Don't listen to that guy, your AMEX Prepaid will NEVER graduate!
It is not a guarantee but it allows you to establish financial history that will increase your chances of getting a charge card with them.
It worked for me... i was approved for a Zync card NPSL after using a prepaid card for three months.
Maybe it does give AMEX some insgith as to how you manage your payments, etc
But one will still ahve to go through a credit hard pull etc to qualify for a charge/revolver.
@LOC wrote:It worked for me... i was approved for a Zync card NPSL after using a prepaid card for three months.
How were your reports looking at the time? If they were looking decent before you started using the prepaid card and the same after 3 months, you probably could've gotten approved even without having to use the prepaid card.
LOC - Was there a clear connection between your approval and your prepaid card? I am willing to bet it was coincidence.