How to get in with Amex? Guide me...

[creditguy86]

So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances? 

What do they not like? 

[Anonymous]

AMEX isn't that hard to get honestly. Check their prequals and go from there. They pull Experian and around a 700 score will usually be enough to get most of their cards, with charge cards and Delta Gold being more like 640 or so. Obviously we aren't privy to everything that goes into UW and there have been approvals with lower scores and denials with higher scores. They aren't sensitive to much other than derogs though. Many of us have ended huge sprees with AMEX cards. When I opened my Cash Magnet 6/2019 I had opened 7 new cards going back to 12/2018 plus I got 6 more cards after that and was still approved for the BCP 10/2019 as my 19th new account in 24 months. I had a BK reporting from 2010 but I did keep my utilization under 28.9% single card/8.9% aggregate and I had cleared the other derogatory info off my reports (my paid repo may still have been reporting, I don't remember exactly when that fell off). 

Now I'm not saying to do what I did, that could have actually really blown up in my face with all those apps, but it's just to illustrate that they're not sensitive to new accounts and don't require your profile to be pristine either. I actually canceled my BCE right after approval in 3/2018 because they gave me a $1K limit and Disco gave me $7500 and SSFCU $5000. Just didn't know any better as far as being able to amass a lot of credit so I threw away a $1K card at 18.24%, $150 SUB, and put myself in their doghouse for closing a card before having it for a year so I scored myself a couple hard pull denials before that 6/2019 second approval. My credit score was 670 on Experian when I got that instant approval. 

[rgd51]

Do you enjoy the cash magnet? Is it a good card? How does it compare to other 1.5% cards?

[Hoben02]

If you are looking for a flexible cashback option then look into the bofa cards like the cashback card or travel cards

[805orbust]

When I was rebuilding, AMEX let me in the door with an Everyday card and a $1k limit. My EX was 661 at the time (2013?) And it grew pretty consistently.  It was definitely my first major that wasn't branded and they've been great ever since. 

[AverageJoesCredit]

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@creditguy86 wrote:

So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances? 

What do they not like? 

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Just apply. You wont know what they like until you actually apply. They might suprise you. Once in, for sure sky is limit if you have good income  and spend. If your income is low they will lend but only to a certain extent. Its only a hp to try,  worse things in life

[Anonymous]

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@creditguy86 wrote:

So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances? 

What do they not like? 

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They do not like many recent open accounts I can tell you that much even for CLI.   They do not like BK's that are not at least 5 plus years or younger.   I would also keep my utilizations down on my other cards as well.   

[creditguy86]

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@AverageJoesCredit wrote:

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@creditguy86 wrote:

So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances? 

What do they not like? 

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Just apply. You wont know what they like until you actually apply. They might suprise you. Once in, for sure sky is limit if you have good income  and spend. If your income is low they will lend but only to a certain extent. Its only a hp to try,  worse things in life

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haha right what's another inquiry?

[Remedios]

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@creditguy86 wrote:

So i've recently had luck with my mini app spree. In another 2 years or so I want to try for AMEX. What do they like to see? Low inquiries? Low balances? 

What do they not like? 

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I don't know how many cards you have and how many lenders are involved, but if you try figuring out what each one of them "likes", you're going to lose your credit mind. 

Just use your cards like you normally would and pay your bills on time, that's what everyone likes. 

Utilization wise, when you're ready to apply, it doesn't need to be microscopic.

I'd personally wait till your charge off is no longer on your CR (and other negatives if you have them), life with Amex is easier with clean file, but that's not necessary if you don't mind low(ish) approval. 

[Anonymous]

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@rgd51 wrote:

Do you enjoy the cash magnet? Is it a good card? How does it compare to other 1.5% cards?

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It's ok. It's not my favorite card but I like that I can set AU spending limits on it so I gave one to each of my roommates to help them build their own credit. The real valuable cash back cards with AMEX are the BCE and BCP honestly. I tend to think that the QS and NFCU cashRewards are the better 1.5% cards and with plenty of 2% options around, it's hard to recommend the Cash Magnet.