Amex Gold Question

[Anonymous]

Last 12 months Spend:

Online shopping which also includes Grocery as I order from Target same day delivery: $15K

Food and drink: $9k

Grocery (Local food stores or Specialty food stores): $1200

Gas (Not even close last year due to COVID): $800

Travel: $300 ( Usually around $2k/year but again, COVID)

Misc: $500

Rent/Utilities: Not going to count as they can’t go on any CC.

My current cards are as follows:

Cap one QS: $500, opened 2018 as a platinum. (Bare minimum  spend to keep it active)

Cap one QS One: $1500, opened 2019. (Only used for Capital one offers)

CFU: $4300, opened 2019. (Heavy Spend)

DS IT: $2200, opened 2019. (Had a lot of 5% Category spend on it)

Amazon Prime Chase: $3k, opened 2020.

CFF: $1k, opened 2020. (Lot of 5% Category spend).

GS Apple: $1500, opened this month to finance a new Mac but already paid it off as I didn’t fancy the idea of keeping a balance for no reason even if it’s at a 0%. Also I only ever not pay with Apple Pay is when it’s not an option. All my cards are always PIF and the UTI is never above 6-8%.

Looking at Amex Gold again as I’ve been denied once last year due to a medical collections from 5 years ago but it keeps getting bounced around to different collection companies so they report it as opened just when they buy it, which sucks. I’m thinking about just paying it off if they agree to delete as it’s only about $1400 but I just don’t want to since it’s past the statute of limitations so not sure if I should even pay it anymore. Also got denied for Amex BCE last year for the same reason, I reckon. Should I wait to Apply again for the Gold and let my scores reach at least 700 or I just pull the trigger ? My EX FICO is 640, Income is $80k (Rounded). I have no qualms in applying for Any other Amex cards either if it will be easier to get in the door with them as I can at least take advantage of their SUB and then just SD it.

[FinStar]

Hi @Anonymous and welcome to the forums.

I would recommend the AmEx pre-qualification portal to gauge the odds before pulling the trigger.  That said, I would hold off until the collection items can be addressed.  How many of those are currently showing on your reports?

You can also find ways to address these in our Rebuilding Your Credit section of the forums where our community can point you in the right direction.

[Anonymous]

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@FinStar wrote:

Hi @Anonymous and welcome to the forums.

I would recommend the AmEx pre-qualification portal to gauge the odds before pulling the trigger.  That said, I would hold off until the collection items can be addressed.  How many of those are currently showing on your reports?

You can also find ways to address these in our Rebuilding Your Credit section of the forums where our community can point you in the right direction.

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Hey @FinStar, thanks a lot ! I check their Pre-Q page once a month and none of their cards ever come up for me. Yeah, I guess I should head over there to check out the prev threads as well. I just have the one medical collection from when I was young & dumb and I didn't want my parents to find out I was on a trip with friends or I could have just my insurance since I was already under their plan.

[TheCreditCount]

As a quick question: have you considered the Target card? I only as because (and I may be mistaken) I don't believe grocery purchases from Target code as groceries so the BCE and Gold won't give you the bonus rate.

[Aim_High]

Welcome to My Fico Forums, @Anonymous!   

I've been told that there are basically three "tiers" of cards with AMEX underwriting.  The easiest to get are the co-branded cards like Delta Airline and Hilton Hotels.  Second tier is the charge cards, to include not only your Gold card but also Green or Platinum.  Hardest to get are the core revolving-account cards like Cash Magnet, Blue Cash Everyday, Blue Cash Preferred etc.  

That said, would you be able to use accumulated Hilton points for travel?  AMEX just sweetened the SUB on their base and mid-level (Surpass) Hilton cards.  They can be good general-spend cards since they offer higher rates of return on groceries, gas, and dining out.  (On the Surpass, the effective rewards rate on all three of those categories is about 3.6%, and it's uncapped rewards.  For general spend, the effective rewards rate is about 1.8%.  Actual value of points always depends on how you redeem them, of course.)   

If you got approved for the Hilton card, it would be a good foot-in-the-door with AMEX and then you could later get the Gold or other cards if you still wanted them.   Food for thought. 

Here is the link to my posting about the Hilton SUB:

https://ficoforums.myfico.com/t5/Credit-Cards/New-AMEX-Hilton-card-SUB-Offers/m-p/6242994#M1765023

[Anonymous]

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@TheCreditCount wrote:

As a quick question: have you considered the Target card? I only as because (and I may be mistaken) I don't believe grocery purchases from Target code as groceries so the BCE and Gold won't give you the bonus rate.

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Yeah, I'm just not a big fan of Store cards and I know a couple family members who have one and they haven't had the best experience with it. Thus, I've never pulled the trigger on 'em. Thanks !

[Anonymous]

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@Aim_High wrote:

Welcome to My Fico Forums, @Anonymous!   

I've been told that there are basically three "tiers" of cards with AMEX underwriting.  The easiest to get are the co-branded cards like Delta Airline and Hilton Hotels.  Second tier is the charge cards, to include not only your Gold card but also Green or Platinum.  Hardest to get are the core revolving-account cards like Cash Magnet, Blue Cash Everyday, Blue Cash Preferred etc.  

That said, would you be able to use accumulated Hilton points for travel?  AMEX just sweetened the SUB on their base and mid-level (Surpass) Hilton cards.  They can be good general-spend cards since they offer higher rates of return on groceries, gas, and dining out.  (On the Surpass, the effective rewards rate on all three of those categories is about 3.6%, and it's uncapped rewards.  For general spend, the effective rewards rate is about 1.8%.  Actual value of points always depends on how you redeem them, of course.)   

If you got approved for the Hilton card, it would be a good foot-in-the-door with AMEX and then you could later get the Gold or other cards if you still wanted them.   Food for thought. 

Here is the link to my posting about the Hilton SUB:

https://ficoforums.myfico.com/t5/Credit-Cards/New-AMEX-Hilton-card-SUB-Offers/m-p/6242994#M1765023

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Hey @Anonymous, thanks a lot ! This was such detailed and educational input, Appreciate it. I actually can take advantage of the Hilton card, so I think I might take a chance on that card in a couple months when 2 INQ should fall of my EXP FICO. I'll also check that thread out. Thank you !

[FinStar]

As the OP has posted in Approvals, this thread is now locked and closed to new messages.  The OP's approval thread can be found here:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Amex-Delta-Gold-Approved/td-p/6244133