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Qualifying for American Express

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New Contributor

Qualifying for American Express

Hello All,

I am not very new to the community but, I am new to actually posting so bear with me. I am 18 years, and have been using my first credit card ( discover ) pretty heavily as a PIF account. I also have other cards ( in my signature ) that I have added on during my building stages. I really would like to add an American Express to my profile and the Gold seems to be a pretty good match for my spends. I have been denied for it before but, at the time I was carrying some balances I feel my UTL was high. How soon after I pay off all my credit cards should I wait to apply for The Gold again?

My EX right now is 617 but Experian Predicts it will be a 657 after I pay my balances.

I have had two lates over a year ago
No other derogatory.
UTL= 5%
Chase Freedom Student- $700
Paypal Extras-$300
Navy Federal CashRewards World- $6,000
USAA Rewards Amex-$6,000
Best Buy-$1,000
DellFinancial-$1,500
Target Redcard- $300
Navy Federal PLOC- $2,000
Audi Financial Auto- 3.4% @ 26K
12 REPLIES 12
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Senior Contributor

Re: Qualifying for American Express

Sounds like your on the right track.  You should be able to get approval for an Amex Gold when your Experian FICO 8 is at least 670.  The two lates are relatively recent and might be of concern to Amex since it could indicate an inability to handle your existing obligations.

 

Are you currently a student?  What is your current income range?  The auto loan might have some impact on your approval chances if it significantly skews your DTI ratio.

 

 





Message 2 of 13
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Super Contributor

Re: Qualifying for American Express

The Gold card has the $250 AF right away, and every year.  The Grubhub credit may help, but it’s a steep entry fee.

How much spend do you put on cards in a year?  If you look closely at the points you might earn, vs another card you already have with no AF, I’ll bet the no-AF card earns better. 

 

Your new Discover should be earning 2%, and 10% on dining this quarter. 

 

You can do what you like, but credit is a marathon. The Gold was just refreshed so there will be no reason to rush into it.  

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 13
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New Contributor

Re: Qualifying for American Express

I am a student, my income range is at 25k while I’m school. My parents pay my auto loan but I know they will still take that into account.
UTL= 5%
Chase Freedom Student- $700
Paypal Extras-$300
Navy Federal CashRewards World- $6,000
USAA Rewards Amex-$6,000
Best Buy-$1,000
DellFinancial-$1,500
Target Redcard- $300
Navy Federal PLOC- $2,000
Audi Financial Auto- 3.4% @ 26K
Message 4 of 13
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Community Leader
Senior Contributor

Re: Qualifying for American Express

The lates and the scores are probably going to come into play. For AMEX, you want your scores to be at least 680, if not 700. Otherwise, you'll end up with a small limit that's hard to grow.

 

How did you get two lates before you turned 18?

Message 5 of 13
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Community Leader
Super Contributor

Re: Qualifying for American Express


@cjc6464 wrote:
Hello All,

I am not very new to the community but, I am new to actually posting so bear with me. I am 18 years, and have been using my first credit card ( discover ) pretty heavily as a PIF account. I also have other cards ( in my signature ) that I have added on during my building stages. I really would like to add an American Express to my profile and the Gold seems to be a pretty good match for my spends. I have been denied for it before but, at the time I was carrying some balances I feel my UTL was high. How soon after I pay off all my credit cards should I wait to apply for The Gold again?

My EX right now is 617 but Experian Predicts it will be a 657 after I pay my balances.

I have had two lates over a year ago
No other derogatory.

First, I want to congratulate you on your overall haul. It is indeed impressive to have such major players in your arsenal. With that being said, I'm wondering why you are still seeking credit instead of letting your cards age. Since you are only 18, I hope you're open to some friendly advice that I'm sure you have already read here. Building a great credit profile is a marathon, not a race, and you have already made a misstep by having 2 lates. So, IMHO, I suggest gardening and requesting SP CLIs on Discover; and you can ask for a CLI on cashRewards card at 91/3, which will more than likely be a HP. 

 

It's all about patience and timing, and not continuously seeking new credit. You're on the right track and you'll get there. Just don't miss any more payments. That can be catastrophic to your scores.

 

GL2U


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 6 of 13
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Community Leader
Super Contributor

Re: Qualifying for American Express


@cjc6464 wrote:
I am a student, my income range is at 25k while I’m school. My parents pay my auto loan but I know they will still take that into account.

Hmmm. I just noticed the interest rate on the auto loan. That's kind of high for NFCU. What was your scores and UT when you got the loan?


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 7 of 13
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Community Leader
Mega Contributor

Re: Qualifying for American Express

What was the reason for the lates? Have you tried to get them goodwilled off? If those are your only blemishes, getting them off will give you a significant boost.







Message 8 of 13
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New Contributor

Re: Qualifying for American Express

The 1st late was with my Target card durring hurricane harvey i couldnt make the payment because I didnt have an internet connection and my mind just forgot about it. 2nd was Discover, i had it on Auto pay but with my USAA checking if you overdraw a penny they will deny it so this happened without me knowing and I had another 30 day late. I have had 100% payment history since. Is it worth a goodwill? I hear that they often will not work.

UTL= 5%
Chase Freedom Student- $700
Paypal Extras-$300
Navy Federal CashRewards World- $6,000
USAA Rewards Amex-$6,000
Best Buy-$1,000
DellFinancial-$1,500
Target Redcard- $300
Navy Federal PLOC- $2,000
Audi Financial Auto- 3.4% @ 26K
Message 9 of 13
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New Contributor

Re: Qualifying for American Express

I am 18, this is one of the only things on my report and I have no cosigner. I feel that is why my rate is so high. I will try to refi in a year or so. 

UTL= 5%
Chase Freedom Student- $700
Paypal Extras-$300
Navy Federal CashRewards World- $6,000
USAA Rewards Amex-$6,000
Best Buy-$1,000
DellFinancial-$1,500
Target Redcard- $300
Navy Federal PLOC- $2,000
Audi Financial Auto- 3.4% @ 26K
Message 10 of 13
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