Approved for Amex EveryDay Card, but I have some questions

[Anonymous]

Ok so first I applied on the Chase Prequal Site twice and this message came up:

We are unable to locate any offers for you at this time.

This may be because you have opted out of "pre-screened" offers from Chase and other companies or you have recently responded to another offer from Chase.

However we may still have products to meet your needs. Please continue to chase.com

So I didn't want to take the risk and apply for Chase Freedom yet

So I went to Amex prequal site and was prequalified for Amex EveryDay , Cash Magnet, and the Gold Charge Card

I choose EDC and was approved for $2000

Ask me if I wanted balance transfers I said no ( What is this exactly?)

My question is, does using a prequalify site do anything to your credit at all or leave any kind marks? How does it work exactly?

Also, Did I make the right chose in picking an Amex everyday card?

My first was a Discover Secured card which graudated to unsecure. 7 Months history, 738 credit score, no derrogatory marks, 1 Inquiry

Im I in a good spot right now? I plan on getting the chase trifecta

Thank you guys in advance. I really appreciate someone taking the time to help someone over the internet out.

[Anonymous]

If I were you, I would wait for the 61 day CLI to bring your CL to $6K. And continue to work on the Discover card, and build those relationships.

By doing that and Increasing those limits, will look better when apping for a Chase card, as they tend to like more experienced cardholders. And remember to be under 5/24, which you should be able to do fairly easy for you with only two cards now.

Prequals are only a guage on the odds of acceptence, not a guarantee.

[MrDFinance]

A balance transfer is when they let you transfer a balance from another card you have to that card.. Mainly people do that if the new card they have has a better interest rate then the card they currently have the balance on ... So they pay less in interest....

And for the pre approval they do a soft pull on your credit .... Basically it doesn't effect your score and it gives them limited access to what's on your report to see if you have a good chance at approval.... During the actual application they would then do the Hard pull which let's them see everything shows up as a inquiry on your report .... Pre approvals are good to give you peace of mind during a application but not having a pre-approval doesn't mean you won't be approved... 7 months of history is on the low side to what chase prefers..., (1year+)

[Anonymous]

Congratulations on your Discover graduation and your Amex approval!

[19eighty5]

Congratulations on your AMEX approval and Discover graduation!

[Shadowfactor]

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@MrDFinance wrote:
A balance transfer is when they let you transfer a balance from another card you have to that card.. Mainly people do that if the new card they have has a better interest rate then the card they currently have the balance on ... So they pay less in interest....

And for the pre approval they do a soft pull on your credit .... Basically it doesn't effect your score and it gives them limited access to what's on your report to see if you have a good chance at approval.... During the actual application they would then do the Hard pull which let's them see everything shows up as a inquiry on your report .... Pre approvals are good to give you peace of mind during a application but not having a pre-approval doesn't mean you won't be approved... 7 months of history is on the low side to what chase prefers..., (1year+)

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+1

Keep in mind that chase isnt known to be friendly towards thin, young credit files. They also dont like to be the first lender to hand out high CL's

If the Discover card is literally the only thing shown in your credit reports, You would most likely need to wait 6 months for the CSP and around a year if you wanted the CSR instead to complete your chase trifecta.

It would also depend on the CL of your discover card.

You can accomplish the same point earning potential with Amex cards that you can with chase to a certain extent.

When the ED hits the 61 day Mark. Ask for the 3X CLI to raise your card to a 6K limit. That will help you with chase in the future.

[Anonymous]

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@Anonymous wrote:

Im I in a good spot right now? I plan on getting the chase trifecta

 .

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What do you plan to do with the Chase Trifecta?   Transfer points to partners?   If so, depending on the partners, the Amex versions can be nearly as good (although you probably want to upgrade to the EDP in that case)

[Anonymous]

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@Shadowfactor wrote:

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@MrDFinance wrote:
A balance transfer is when they let you transfer a balance from another card you have to that card.. Mainly people do that if the new card they have has a better interest rate then the card they currently have the balance on ... So they pay less in interest....

And for the pre approval they do a soft pull on your credit .... Basically it doesn't effect your score and it gives them limited access to what's on your report to see if you have a good chance at approval.... During the actual application they would then do the Hard pull which let's them see everything shows up as a inquiry on your report .... Pre approvals are good to give you peace of mind during a application but not having a pre-approval doesn't mean you won't be approved... 7 months of history is on the low side to what chase prefers..., (1year+)

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+1

Keep in mind that chase isnt known to be friendly towards thin, young credit files. They also dont like to be the first lender to hand out high CL's

If the Discover card is literally the only thing shown in your credit reports, You would most likely need to wait 6 months for the CSP and around a year if you wanted the CSR instead to complete your chase trifecta.

It would also depend on the CL of your discover card.

You can accomplish the same point earning potential with Amex cards that you can with chase to a certain extent.

When the ED hits the 61 day Mark. Ask for the 3X CLI to raise your card to a 6K limit. That will help you with chase in the future.

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You're right in that Chase doesn't tend to be particularly friendly towards young/thin files, but they tend to be more forgiving with the Freedom in my experience. The Freedom was my third card (probably my second as far as Chase was concerned at the time, since I opened it less than a month after my second), and I got it about 14 months after I opened my first card (also Discover). They approved me for a $1200 SL, which indicates that I wasn't a borderline approval ($500 is the low to my knowledge).

I'd still recommend that OP wait until their oldest card turns a year old, but I'd say there's quite a good chance for an approval when that happens.