Amex Blue Cash Proffered Approval Odds and Bonus question.

[Anonymous]

Good morning,

I have been contemplating about this card for a while for its handsome 6% on grocery (I spend on average $$70-$100 a week on grocery ~ and $30 on gas).

My credit history: 738 (transunion) and 745 (equifax)

100% On-time payments

Auto-loan since last year; $10k left

Credit Card from a Credit Union since May 2016, just got a credit increase to 2k; utilization since then <25%; would be the same this month.

I got a few baddies though... got some accounts in collection but were either settled or paid off. Nothing outstanding. Closed accounts include:

$127 opened Oct 20, 2014  - Paid off

$2,073 settled for less for an apartment complex - opened Jun 30, 2014

$4,900 paid off - I was behind on tuition in college - openned Aug 2, 2013 

Some other paid off amounts but could not view them on credit karma - I will wait for a full credit report

2 hard inquiries last 2 years.

I currently make ~40k a year, has been at the job for more than 2 years.

What do you guys feel? Any opinion will be appreciated!

I also have a question for the bonus: Is it true that we only get one bonus for the first Amex Card approved? Let's say I get the bonus for this card, and want to apply for Premium Gold or Silver next year for Travel, I won't be entitled for that card's sign-up bonus?

Thanks!

[K-in-Boston]

Welcome to the forums!  Because you only gave TransUnion and Equifax scores, I'm wondering if your scores are VantageScore 3.0 scores from Credit Karma?  If so, these are not scores that lenders will use and can vary wildly from true FICO scores.  American Express will use your Experian FICO 08 score.  You can get that for free from creditscorecard.com which is offered by Discover.  Let us know that score and we can give you a better idea of approval odds.  

The limit on Amex bonus would be one per card type.  Earning it on Blue Cash Preferred would not prevent you from earning it on a different charge or credit card from American Express.

You may also try the prequalification page at American Express:

https://www.americanexpress.com/us/credit-cards/check-for-offers/

Edit: If a Membership Rewards-earning card is in your future, you may also want to consider whether getting a cash back card from American Express makes sense.  The similar EveryDay Preferred card earns Membership Rewards which will combine with those earned on a charge card, while the cash back card will not.

[Anonymous]

It seems that my FICO 8.0 is being reported at 664 :-( thats much lower than the 700 range that my CU showed. 

Should I wait for the negative marks to fade out before even considering these options?

Thanks!

[K-in-Boston]

That is what I was afraid of, and it's not at all unusual.  VantageScore 3.0 and FICO 08 can be very different.  (For what it's worth my FICO scores are usually in the 730s and 740s but my Vantage scores are usually in the 620-650 range.  My wife's FICO scores are around 800 but her Vantage scores are in the 680-690 range.  As you can see, they're just as likely to be deflated as inflated.)

I would try to work on getting your scores up before applying for an Amex revolver like that one.  It's likely that you may qualify for an Amex charge card, though.  If your travel habits and spending make sense, the Premier Rewards Gold or Platinum card could be a great start.

[Anonymous]

Thanks! So, since Chase uses TransUnion 14, Experian 2 (EX + TU), Equifax, TransUnion (I live in Michigan) - perhaps I will have a better chance with them? 

My strategy is to have a cash back and a travel card - but if Blue Cash Preferred is a bit out of reach, I can try for a Chase Sapphire/Reserve next year while buidling up my FICO for Amex Blue Preferred (if it will still be available then).

Thanks.

[K-in-Boston]

Without knowing all of your FICO 08 scores, it would be difficult to even guess as to a Chase approval.  They are typically a more conservative lender than American Express.  A 664 Experian FICO 08 would be pretty marginal for a Chase approval, I'd think.  You could also try their preapproval page and see if anything comes back with one APR listed (i.e. 17.99% not "15.49%-24.99% depending on creditworthiness" or wording like that) as their preapprovals are usually pretty solid.