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AMEX questions...

Wavester64
Valued Contributor

Re: AMEX questions...


@Doodlebug30 wrote:

@wasCB14  To be honest I dont really want any of them bc I loathe having to pay an annual fee. I really would prefer the BCE but that wasnt on my prequal list. I probably wont be pulling the trigger right this moment but I wanted to do my research. If i was going to pick out of the 3, i would go BCP. Grocery rewards will go far in my house lol. 

 

So this language will show up right when i hit apply? Or do i actually have to go through the whole app?


If I recall correctly the Cash Magnet is a no AF card.





Potential Future Cards
Message 11 of 29
Doodlebug30
Frequent Contributor

Re: AMEX questions...

@ddm2k1  Thanks for that info that's good to know!!

Message 12 of 29
ntx
Regular Contributor

Re: AMEX questions...

If you travel, the Hilton Honors card is also no AF. I was just approved for $8K w/ EX8 673, EX9 717. I don't travel and don't care about the points, I just wanted back with Amex, and the Honors card is one I was pre-qualified for. 

 

Good luck!  Smiley Happy

My only card: NFCU Cash Rewards Visa $20K 04/20 @10.99% - I'll deal with any adverse action when and if it comes.
I'm keeping things simple as I near retirement, and I can't be bothered with more cards.
EQ8 690 TU8 651 EX8 670 ( as of 08/18/21 )
EQ9 744 TU9 724 EX9 689 ( as of 08/18/21 )
BK7 03/14, 1 CO 05/16
Message 13 of 29
Doodlebug30
Frequent Contributor

Re: AMEX questions...

Thanks! I hear about that one alot. 

Message 14 of 29
wasCB14
Super Contributor

Re: AMEX questions...

There's no other lender where people conclude they need one of their cards before actually evaluating the available products!

 

I may have seven, but they aren't best for everyone.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 15 of 29
FinStar
Moderator

Re: AMEX questions...


@Doodlebug30 wrote:

Thanks! I hear about that one alot. 


As mentioned further upthread by @wasCB14, definitely do your research on the card that would be more suitable for your spending to maximize the benefits that fit your lifestyle.  Don't just select a card as an "in" or to "get your foot in the door", especially if this is your first AmEx card.  It may work for some individuals but not for everyone.

Chances are, as you'll see when you decide to obtain your card, in a variety of cases if you're pre-qualified for any of their core cards (e.g. Cash Magnet, BCE, etc.), you're likely to be approved for the others, barring your profile supports it.  If you elect to go with BCP, for example, test drive it for a year, and if after 12 months it's not something you want, downgrade it to BCE.

Message 16 of 29
Doodlebug30
Frequent Contributor

Re: AMEX questions...

@FinStar that's good advice that I def will take. I am usually pretty picky about the cards I choose and each card MUST serve a purpose or I don't apply. There's no card in my wallet I don't use regularly. Maybe with the exception of the first card I got from my local CU at the time but I still do put a little spend on it. There's only a couple amex cards I would consider right now so that should make my decision easier.

Message 17 of 29
bergrides
Regular Contributor

Re: AMEX questions...


@Doodlebug30 wrote:

@wasCB14 I didnt even think of downgrading after a year! I really am enticed by the sign up bonus of the BCP. I was trying to justify the annual fee in my head tho lol. I dont have an outrageous amount of spend each month. Just an average amount of bills and shopping so i dont need any crazy fancy cards ya know? 


The Cash Magnet card does not have an annual fee.  Deciding between the BCP and the BCE comes down to how much grocery spend you have in a year, and if you spend on transit, parking, or streaming services.  Having 3 and sometimes 4 adults in the house, I spend more than the 6K on groceries, so the $95 annual fee still makes the BCP worth it for me.  My son lives in the city so paying for parking or transit when I visit earns cash back with the BCP.

Message 18 of 29
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: AMEX questions...


@Doodlebug30 wrote:

@wasCB14 I didnt even think of downgrading after a year! I really am enticed by the sign up bonus of the BCP. I was trying to justify the annual fee in my head tho lol. I dont have an outrageous amount of spend each month. Just an average amount of bills and shopping so i dont need any crazy fancy cards ya know? 


Average amount of bills and shopping is relative to a person's situation. If you need help with the math, you need to post specific numbers. 

 

As for sensitivity, they've finally given me the number of inquiry and new accounts reason for denials after I did 8 new cards since January and my inquiries are around 20.




Message 19 of 29
ddm2k1
Frequent Contributor

Re: AMEX questions...

If you're dicey, AmEx just won't prequalify you. You should be good.


@Doodlebug30 wrote:

So i have never had an Amex and the only info i know is what ive read here on the forums...Quite frankly i never thought id even come close to qualifying for any Amex card ever but, I checked prequal and was prequalified for BCP, Gold and Cash magnet. All variable APR's...

I guess my questions are,

Are prequals really solid? Any have any experience being denied even though they were prequal?

Is Amex new acct or inquiry sensitive? If so, how many is too many?

Are they good about CLI's? 

Starting limits? 

 

Its all profile based i know. But i guess i wanted to start a discussion for Amex newbies or anyone like myself considering applying for their first amex. 

 

DP's - FICO's are all around 702-712

UTIL 15% ; Only 1 card above 30% (32%) which is a 0% promo balance on a furniture purch.

2 new accts in the last 12 months, newest 1 month old.

Only derogs are 6+ year old student loan lates (90+ day) that are due to fall off mid 2021. 

 



I got 3 cards on the same DAY with middle 600's. 

They are not picky about inquiries but if you have 18 new accounts in 24 months I would at least reserve the expectation that I might be denied, lol. 

Message 20 of 29
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