Amex gold- preapproved

[Kp629]

First off, I love this forum. I have learned so much about credit and the ins and outs of some many various things. It has truly been a life changer- started my credit journey at the low 500's a year and a half ago and am trending low 700's across all CRA!

so I recently got approved for the BCE on April 10, 2021. So thrilled as I've always had a goal to become part of the Amex club! I'm coming up on my 61 days so plan to hit the CLI to see if they will budge. I have a low SL oF $1,000. Ive been using and paying off. 

I went on yesterday and I am am preapproved for almost all of their cards aside from the BCP. I'm curious, am I still too new with Amex to apply for a preapproved offer and potentially see a SP? I know it's a roll of the dice and I'm willing to take the HP if it means an approval. Thoughts of the odds if it says "kp62991, you are preapproved"? That rose gold card has been calling my name! 

[coldfusion]

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@Kp629 wrote:

First off, I love this forum. I have learned so much about credit and the ins and outs of some many various things. It has truly been a life changer- started my credit journey at the low 500's a year and a half ago and am trending low 700's across all CRA!

so I recently got approved for the BCE on April 10, 2021. So thrilled as I've always had a goal to become part of the Amex club! I'm coming up on my 61 days so plan to hit the CLI to see if they will budge. I have a low SL oF $1,000. Ive been using and paying off. 

I went on yesterday and I am am preapproved for almost all of their cards aside from the BCP. I'm curious, am I still too new with Amex to apply for a preapproved offer and potentially see a SP? I know it's a roll of the dice and I'm willing to take the HP if it means an approval. Thoughts of the odds if it says "kp62991, you are preapproved"? That rose gold card has been calling my name! 

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With a preapproval in hand the odds of approval, while not 100%, are very high and the odds are that you won't take another HP.

[Kp629]

@coldfusion thanks for the reply and info! Any insight or personal experience on a SP vs HP. Do you think I should hold and let me membership age a bit?

[coldfusion]

I would suggest you hold for a while, maybe 4-6 months or so,  because your initial approval was for $1K.    A $1K limit essentially means that AMEX has floated a trial balloon in order for you to emperically demonstrate to them your creditworthiness while mitigating their risk.   The best way for you to do that is by using the card every month and routinely PIF. 

I'm down to 9 AMEX cards currently not including my corporate card.   I took 3 HPs in total from them to get to this point while having a thick clean profile, although I have to reiterate that the odds are for any given application only a SP would be triggered.

That's just my opinion, I don't have a crystal ball so can't say for certain that what I'm suggesting would in your case be the ideal approach.

[jcooks]

I'm just slightly a month ahead of you, getting into the Amex family in March.  Last month, I applied for the Blue Business Plus when I was only preapproved for their cobranded cards and charge cards none for the revolvers.  I was denied due to not long enough relationship with Amex with a soft pull only.  Since then I have gotten preapproved for all of their personal cards now.  Once the 30 days from denial is done, I will be reapplying for the BBP (which would be tomorrow, but will probably wait until beginning of next week)

For it being a SP or HP, don't sweat it.  An extra HP isn't the end of this world.  With a preapproval wording, I would roll the dice and take my chances that it would only be a SP.  When I was denied, I called the recon line and he reconfirmed that future apps would be a SP.

[Kp629]

@coldfusion this is great advice thank you!! I'll likely wait it out a bit longer! I actually went on yesterday and now the BCP is also showing as preapproved so all of their cards are now preapproved for me but I think I should stick it out!

[jcooks]

Getting approved, I would say your chances are high.  But I would guess that it would be another low limit.  If I were you, I'd wait it out and iron out any wrinkles that's causing Amex to give you a low limit on the first card.

[babygirl1256]

Good information to know . . . I wondered about a second AmEx card and whether it would be a SP or HP . . . hopefully SP!

[Kp629]

So I got my foot in the door with Amex on April 10,2021 with a small SL of $1,000. Regardless, such an amazing accomplishment considering my credit scores a year ago. I want to go ahead and get another card as I'm getting the "kp629, you are preapproved" on all of their cards when I log in and click apply. My question, should I go for another approval or wait it out considering the small SL I got on my BCE? My scores across all CRA's are right at 700. I have a few lates From a year and a half ago on a retail card but aside from that my credit file is clean. Just weighing the options on if I should try and build my relationship a bit longer or go for it?

[Sandman771]

I'm not in the Amex family, but from reading about them and learning stuff I offer this. You opened the card basically a month ago. Why don't you wait until it is whatever the threshold is (I think 91 days) and try for the CLI x3 or whatever it is. Then I'd feel better about a second Amex.