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So I'm prequalified for most of the revolvers for Amex but I'm only looking at no annual fee cards, the BCE, ED, and Cash Magnet. Are my chances still good to be approved for this card even with them tightening up due to COVID? My FICO score is 717 with 10 months history
@manbuckets wrote:So I'm prequalified for most of the revolvers for Amex but I'm only looking at no annual fee cards, the BCE, ED, and Cash Magnet. Are my chances still good to be approved for this card even with them tightening up due to COVID? My FICO score is 717 with 10 months history
They aren't guaranteed but I think they can be reasonably reliable in the majority of cases. I can tell you one thing it won't consider that burned me. It doesn't factor in new accounts, and apparently AMEX has become more conservative in recent months since the coronavirus pandemic started. I was recently declined for a Gold card with a preapproval, 800+ scores, high income, low DTI, very thick file, and prior AMEX cardholder in good standing. Only reason was too many new accounts.
How many is too many? I'm not sure but other members told me they had been approved by AMEX before for a new card with more new accounts and inquiries than I had.
Here is the related thread (before and after my app) with relevant data points:
https://ficoforums.myfico.com/t5/Credit-Card-Applications/AMEX-wants-my-business/m-p/6026334#M265355
@manbuckets wrote:So I'm prequalified for most of the revolvers for Amex but I'm only looking at no annual fee cards, the BCE, ED, and Cash Magnet. Are my chances still good to be approved for this card even with them tightening up due to COVID? My FICO score is 717 with 10 months history
By the way, I just noticed you're a new member and this was your first post!
Welcome to My Fico Forums!
I just had the honors of giving you your first "kudo."
Thank you, I appricaite that!
Hi and welcome to myFICO
May we get your stats? Approval will be heavily dependent on that, but not a guarantee.
Amex has gotten more conservative since COVID-19. It's hard to say; because your stats may have been enough prior to the pandemic but most likely not at this point. Best bet perhaps is to wait a couple more months till the economy is in a better shape.
Amex has stated that they're scrutinizing new customers more, but you should be fine to app. If denied, just wait until you have over 12 months history.
Income is around 20k. Only 3 hard inquiries in the past 2 years. Discover It card $1600 limit Sept. 2019
You might get approved, but expect low(ish) limit, mainly because of short history.
If there is a card that matches your spending, go for it. It's only a single pull, and unless you try, you wont know.