Desire for American Express Card.

[Anonymous]

Hi everyone, this is my first post. 

I would really like to get an american express card... preferably the Amex Gold or Platinum.  

I'm 19 years old (almost 20) 

My average income is $900 Bi weekly after Tax & SS.  

I'm full time in online college as well (not sure if that helps) 

My debts are... 

Auto Loan: $12300 ( 2 months old )   Starting balance: 12700

Personal Loan for Motorcycle: Closed ( opened 10 months ago) 

Discover Secured IT  card:  $90 ( opened 5 months ago )                LIMIT: 300

Local Credit Union Visa Platinum: $188 ( Opened 6 months ago)   LIMIT: 500 

Amazon Store card Through Syncrony Bank: $388 ( Opened 3 months ago)   LIMIT: 2000

Paypal Credit ( DOES NOT REPORT TO CREDIT COMPANIES) : $140

My main problem obviously being age of accounts, recently opened accounts, and my low limits.

My current scores recently dropped when I paid off my personal loan, my fico dropping from a healthy 690 to 646. The personal loan was my first reported account ever. 

I have no missed payments.

Im wondering what everyone suggests to getting an american Express charge card, I would really like to just get my foot in the door at the moment so honestly I would settle for the low return Green Card if i had to...

My goal is to get one as soon as possible, but I cant seem to find a consise answer on what score I should have, how many accounts I should have, if I should not open any accounts for 6 months before applying, or what....

Does anyone have any goals I should set before trying to apply again, should I get back over 700 before applying again? Im also open to getting one of their credit cards as  a starting point ( like the delta gold ) 

Thanks for any suggestions! 

[Anonymous]

I got an American Express clear Card with a score of 680 but I have a lot longer credit history. they will give people limits as low as $500 you might as well check out the pre-qualification site.

You have more than one account that is under 6 months old I would wait until those have made their 6 statement. American Express doesn't mind thin files but we don't want to see super super thin files keeping you out of a good card.

American Express is actually offering 25000 points for 2k spend again which might be tempting for you pay a couple extra bills on it for other people and you're right there real quick.

I likeamex offers, they have paid me back close to 170 since February.

[Callandra]

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@Anonymous wrote:

Hi everyone, this is my first post. 

I would really like to get an american express card... preferably the Amex Gold or Platinum.  

I'm 19 years old (almost 20) 

My average income is $900 Bi weekly after Tax & SS.  

I'm full time in online college as well (not sure if that helps) 

My debts are... 

Auto Loan: $12300 ( 2 months old )   Starting balance: 12700

Personal Loan for Motorcycle: Closed ( opened 10 months ago) 

Discover Secured IT  card:  $90 ( opened 5 months ago )                LIMIT: 300

Local Credit Union Visa Platinum: $188 ( Opened 6 months ago)   LIMIT: 500 

Amazon Store card Through Syncrony Bank: $388 ( Opened 3 months ago)   LIMIT: 2000

Paypal Credit ( DOES NOT REPORT TO CREDIT COMPANIES) : $140

My main problem obviously being age of accounts, recently opened accounts, and my low limits.

My current scores recently dropped when I paid off my personal loan, my fico dropping from a healthy 690 to 646. The personal loan was my first reported account ever. 

I have no missed payments.

Im wondering what everyone suggests to getting an american Express charge card, I would really like to just get my foot in the door at the moment so honestly I would settle for the low return Green Card if i had to...

My goal is to get one as soon as possible, but I cant seem to find a consise answer on what score I should have, how many accounts I should have, if I should not open any accounts for 6 months before applying, or what....

Does anyone have any goals I should set before trying to apply again, should I get back over 700 before applying again? Im also open to getting one of their credit cards as  a starting point ( like the delta gold ) 

Thanks for any suggestions! 

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Is there any reason you want an Amex charge card? You can apply for Plat or PRG but both have hefty AFs (especially Plat.) so you'll want to make sure that you can use the benefits of the card to offset the annual fee. Do you have a use for MR points? Do their partners work for you? MRs are usually best used for flights (usually international first class/business class get the best value but there are exceptions), so are you going to travel? MRs are NOT good for cashback (if you want cashback, get a cashback card). 

You have enough cards to build so I suggest letting them grow, look for what card you really want (that will make sense with your spend and that you will use the points/cashback), and then apply. 

I think you might be able to get a charge card now but it might be worth it to wait a little longer. 

[Anonymous]

Thanks for the info! 

Is there a secret link to the prequal site? I looked around and some people think that it has been shut down :/    i tired that card match site but it was just crap cards XD

[Anonymous]

thanks for the reply! 

I'm more into traveling than cash back, i want points to grow, not get a little statement credit every month.... 

the main reason I want a charge card is so that there isnt the option of carrying a balance... doesnt mean much since I pay my stuff off timley, but its more psycological and reduces the urge to spend more than you have... 

but yeah if i have enough accounts thats a good idea to just be patient for a while and let them age. 

thanks

[Anonymous]

https://www.americanexpress.com/us/credit-cards/tools/25330?linknav=us-CCSG-ProspectNav-SpecialOffer...

Much love and luck to you!

[Anonymous]

Thanks  

[AvadaKedavra]

I got my first AMEX when a little over a year ago with my EX score at around 680. At the time my AAoA was probably about 1 year and I had a couple of new accounts. Your auto loan debt shouldn't be too much of an issue as your DTI ratio isn't all that bad.

I'd say wait until your EX Score goes back up. 646 is a bit low.

[Anonymous]

I think you should give it another six months or so.

[Open123]

If you prefer to redeem for travel rewards, then your choices will be either (1) MR based card, (2) SPG, (3) Delta, or (4) a Hilton card.  Since you're so young, it's likely too early to know which program you prefer.  Unless, you're relative certain now which of the above referenced 4 you prefer?  

In either case, consider the following guidelines:

1.  Choose one Program - If uncertain, I'd consider the Everday card.  It's free, earns fully transferrable MR points; but, you do have the option to carry a balance.

2.  Initially, whatever program you choose, focus all your points in that program, which is better than having a small amount of rewards in several.

3.  Before applying, if you have time, sign up for FF (frequent flyer program) and Hotel (rewards) and get a feel of the kinds of experiences you can hope to expect in the future.

4.  Look for a great bonus before signing up - currently, I think there's a 25K bonus for the Everyday card, which is considerably higher than the customary 10K bonus.

Usually, Amex prefers at least a 6 month CC history.  In general, a Charge card is easier to qualify for than one of the Revolvers.  However, for a charge card, you pay a hefty fee annually.  If you still prefer the Charge card, there's currently a Rewards Gold with a 50K bonus (assuming you can spend $1,000 in 3 months), first year fee waived, and a $100 Airline credit per calendar year.  I'd app for this, if you go the Charge card route.  Then, you can PC to the Green for the lesser fee, but keep your 50K points, have potentially used the $100 credit twice, and enjoy trying Amex for free your first year.

Or, get the charge now, apply for the ED next year, and close the PR Gold when the fee is due, but still maintain all of your points.

Good luck!