Amex Gold with 57% Util, mid 700s Fico Score

[Anonymous]

Has anyone had any luck getting approved for Amex Gold with somewhat high Util(57% but decent Fico scores(mid 700s)? My score flucuates into the hight 700s when util is lower. I have 0 late payments  5 inquiries on my report, no public records, no collections,  AAoA 4 yrs, oldest account 15 yrs. The only thing in my Experian account that says needs work(aside from lowing Util to 30% or less) is Amount of New Credit lol.

I'm just looking to take advantage of all the dining, supermarket shopping that I do with some points. Also, I know it likely means nothing, but I did the prequalified offers thing on Amex's website and it suggested Amex Platinum, Hilton, Aspire and Amex Everyday.

[CreditInspired]

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@Anonymous wrote:

Has anyone had any luck getting approved for Amex Gold with somewhat high Util(57% but decent Fico scores(mid 700s)? My score flucuates into the hight 700s when util is lower. I have 0 late payments  5 inquiries on my report, no public records, no collections,  AAoA 4 yrs, oldest account 15 yrs. The only thing in my Experian account that says needs work(aside from lowing Util to 30% or less) is Amount of New Credit lol.

I'm just looking to take advantage of all the dining, supermarket shopping that I do with some points. Also, I know it likely means nothing, but I did the prequalified offers thing on Amex's website and it suggested Amex Platinum, Hilton, Aspire and Amex Everyday.

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IMHO 57% UT is too high even if you had 780+ scores. I do not think you would be approved. So, if you want a decent CL, work on getting your UT below 28.9% and preferably 8.9%. 

[Anonymous]

Thanks for the advice!

[CreditCuriosity]

He is referring to a charge card, not a revolver so no persay set limit unless one was imposed as it is a NPSL card unless they change the terms for various reasons.  Utilization is high that is for sure and you should work on it, but scores in the 700s i think you would probably yield an approval on the Amex Gold Charge card being the 250 AF one, but they would probably be watching you like a hawk and your npsl would be fairly low, but as your utilization went down and you PIF on the charge card that is due monthly; in-turn would increase your NPSL internal limit.  Have any other amex cards?  If so it is just a sp regardless or approval/rejection.  5 inquiries is pretty good as well, only negative going against you is utilization.  If you can get that down below  before 30% for appy great otherwise it probably could go either way with current utilization.  Before I pay said AF I would be putting that towards lowering your current utilization though and in turn saving on interest.

[Anonymous]

Thanks for the indepth answer! I have never had an Amex before, but seems logical to reduce util in the interest of not looking desperate lol

[Anonymous]

I would actually say to try and apply if it’s a card you really want for the core features. It’s a charge card which AXP immediately views as a lower risk since you cannot revolve balances. I’ve seen people get approved with even higher utilization (70-80%) and scores lower than yours... id just make sure you’re prepared to take advantage of and fulfill whatever welcome offer you receive.

[CreditInspired]

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@CreditCuriosity wrote:

He is referring to a charge card, not a revolver so no persay set limit unless one was impossed as it is a NPSL card unless they change the terms for various reasons.  Utilization is high that is for sure and you should work on it, but scores in the 700s i think you would probably yield and approval on the Amex Gold Charge card being the 275 or is it 295 AF one, but they would probably be watching you like a hawk and your intiial npsl would be fairly low, but as your utilization went down and your proof to PIF on the charge card that is due monthly would increase your NPSL internal limit.  Have any other amex cards?  If so it is just a sp regardless or approval/rejection.  5 inquiries is pretty good as well, only negative going against you is utlization.  If you can get that down below  before 30% for appy great otherwise it probably could go either way with current utilization.  Before I pay said AF I would be putting that towards lowering your current utilization though and in turn saving on interest.

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+1

Thanks CreditCuriosity. I forget that the Gold is a charge card. 

[NRB525]

The Gold charge card is probably going to be approved.

AMEX has a once in a lifetime SUB policy however, so it is best to look for an optimized SUB amount. The usual offer is 35,000 MR, but regularly goes to 50,000 MR. Whether that takes $2,000 of spend or $1,000 of spend I don’t think is worth worrying about, but the 50,000 MR offer should be sought.

[Anonymous]

I would like to get the 50k point offer instead of the 35k point offer for sure, but haven't seen that in the few months I've been looking and not to hijack this thread with something slightly off topic, but comparing the point value on TPG website vs the Amex site it seems like TPG is off by about a penny per point? Is that correct? Amex website shows 1cent per point, TPG values points at 1.8-2. Happy to be corrected if I'm reading that wrong.

[CreditCuriosity]

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@Anonymous wrote:

I would like to get the 50k point offer instead of the 35k point offer for sure, but haven't seen that in the few months I've been looking and not to hijack this thread with something slightly off topic, but comparing the point value on TPG website vs the Amex site it seems like TPG is off by about a penny per point? Is that correct? Amex website shows 1cent per point, TPG values points at 1.8-2. Happy to be corrected if I'm reading that wrong.

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depends how you use the points if for cash then way less than 1 cpp if used for premium airline travel aka business class/first class airface > 2cpp and can go way higher.  Researching how to best use MR's is a thesis in itself and have to do you own education as it isn't simple and takes work to get good/great value.  certainly dont get mr card for cash back or you will be getting the wrong card.