Amex Green Prequalify - Update (Approved & BCE interesting counter offer)

[Anonymous]

The hubs and I are 3 month so post DC on BK 13.  We've had a lot of success so far in approvals and rebuilding.  I'm in the garden as I have a nice little treasure trove of cards to keep me busy for awhile. 

We do do check the major prequal sites every so often and finally one popped up for the hubs with Amex Green offer (I did not).  He's not sure if he should pull the trigger.  

He only has 3 revolvers right now:  Cap One QS1 $1k SL (on steps), PenFed PCR $5K SL (joint with me) & Venus $500SL (sct)

PenFed is our daily driver but we did put some good use on Cap One initially.  Our income is over $200k so we can PIF each mo.  

So....looking for advice, should he pull the trigger to build his portfolio and a relationship with Amex or is there something else to consider?  Amex was IIB so surprised he got this offer.  

One more thing to consider, we do have a $39k loan we just refi with PenFed.  He may want to get a new car in the near future.  Could this help or hurt in that scenario?

the only credit monitoring we do is with the program USAA runs, they have his vantage scores at 720-730 across all 3 bureaus

thanks!!!

[Anonymous]

Get your free FICO08 EX at Discover's creditscorecard.com and post the response here.

[Anonymous]

He had pulled the discover Fico almost a month ago...it was 598.  Won't update for a couple days.  Just signed up for Credit Check Total and the score is 643.

[Anonymous]

Probably will get it.  Amex appears to have lowered their entry standards a bit since the costco breakup and some folks as low as 620 have gotten approvals.

The more serious question is can you be financially responsible for a card that REQUIRES 100% PIF every month?

[Anonymous]

Yes because it would go in the SD immediately, purely for profile building purposes.  Would put some occasional low spend on it to keep it active.  Now is the Amex 2 for 1 deal still alive?  If so would there be a 2nd card that would be most likely approved if the Green is approved?

[AverageJoesCredit]

Yes

[Anonymous]

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@Anonymous wrote:

Yes because it would go in the SD immediately, purely for profile building purposes.  Would put some occasional low spend on it to keep it active.  Now is the Amex 2 for 1 deal still alive?  If so would there be a 2nd card that would be most likely approved if the Green is approved?

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While I understand wanting to get a card from a prime lender to add to your credit resume, I'm not sure if I'd recommend getting a $95 AF card which has really poor perks/benefits just for the SD. Honestly, I don't really see the purpose of the green card in general. It has really poor earnings rates and perks with a $95 AF. You can get a much more useful card from a prime lender for that AF.

In terms of rebuilding, I'd avoid jumping at the green card just because of a pre-qualify. Try for a no AF Cap1 card for rebuilding (Plat and QS are pretty easy to get with low scores).

[Anonymous]

I would do it. 

[B335is]

I'd probably look at PRG or something with an actual bonus offer. The Amex 2-for-1 deal is not a sure thing - ymmv. I'd go for an Amex revolver when your Fico is closer to 650.

[Anonymous]

Do the PRG or Platinum, not the Green.