Question about AMEX?

[Anonymous]

Hello all! Just wondering what does Amex like and dislike? Ive tried the prequal and cant get approved. 
I wonder if it because most of my accounts are under the 2 year mark? 
Any DP anyone can share? Thank you

[Brian_Earl_Spilner]

Amex is thin file friendly so we need more info. Scores, utilization, derogatories, how many new cards and inquiries, etc.

[Anonymous]

I cold apped with no pre-qual and got 2 revolvers at 6 months of history in March, around 680 EX8, 4 revolvers and 1 installment. Only new accounts and a ton of inquiries on my profile, have about a dozen tradelines now.

Just got my Gold charger 3 months later

Pre-qual isn't the end all for applications. I think they care more about whether you transact or revolve + any recent derogatory marks.

[wasCB14]

I got a PRG (equivalent to the Gold charge card now) with just 6.5 months of history.

[elixerin]

prequal isn't everything, as shown above its possible to get the cold app approval with even just months of credit history.. just note the credit line your most likely gonna get due to the short history will have to be nurtured ($1k-2k)

I'm still in my first ever year with Amex (November 2019), and when i applied it was exactly the 1-year mark on brand new history with a decent amount of inquiries and 712 approval pull (4k SL). I had Pre-Quals with no "Credit limit up to" language a little before hitting my 1 year but just waited for the 1 year mark to hit CR's before pulling the trigger in cognito. 

If you would lay out some of the items @Brian_Earl_Spilner  mentioned, you'll get way more informed responses and answer to your question

[AverageJoesCredit]

List your scores , and general info about your profile like aaoa, hps, baddies, etc. 

Imo, too many depend on prequals to judge their chances when not everyone even gets them. Amex prequals are usually solid and nice to see but generally if you are above 650 Ex approvals are possible.

[Anonymous]

Yeah I think we've gotten a little spoiled with Prequals. A number of years ago we didn't ahev sucha thing, unless your profiel was so good that you got the pre-approved mailer in the mail. You simply has to fill out the app and wait till teh card arrived to know.

Given the age we're in now with having acces to our scores, it gives a person a better footing on where they stand with getting approved. Making prequals less necessary, considering it's not even a sure thing. I think it's pretty safe to say anything higher than 680 and no negatives that you have apretty good chance at being approved. As well as not having a bunch of new accounts. 

[M_Smart007]

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@AverageJoesCredit wrote:

List your scores , and general info about your profile like aaoa, hps, baddies, etc. 

Imo, too many depend on prequals to judge their chances when not everyone even gets them. Amex prequals are usually solid and nice to see but generally if you are above 650 Ex approvals are possible.

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Unless you has an 850 score like @Aim_High , then you get denied with an awesome profile.

Then shortly after Penfed gives you a MASSIVE CLI

If you are in college, you might get a $30,000 grocery card

#JustDP's

[Aim_High]

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@M_Smart007 wrote:

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@AverageJoesCredit wrote:

Imo, too many depend on prequals to judge their chances when not everyone even gets them. Amex prequals are usually solid and nice to see but generally if you are above 650 Ex approvals are possible.

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Unless you has an 850 score like @Aim_High , then you get denied with an awesome profile.

Then shortly after Penfed gives you a MASSIVE CLI

#JustDP's

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^ ^ ^ Exactly.  I've had AMEX cards several times in my life but none currently so had thought about getting back in with them.  Probably checked my AMEX Prequals a dozen times over the past year and was always approved for multiple cards.  Finally applied for the Gold card with a prequal approval, high credit score, high income, low debt-to-income, 30+ year thick file ... only to get denied for too many new accounts!   

Meanwhile, in the time since the AMEX denial, I just got a $3K CLI on my Citi-Costco card to $36K and PenFed gave me a total of $26.7K new credit on my Power Cash Rewards to bring it up to $41.7K!  ... And now Bank of America is showing me targeted offers for their Premium Rewards card when I log in! 

My AMEX thread with data points and details:

https://ficoforums.myfico.com/t5/Credit-Card-Applications/AMEX-wants-my-business/td-p/6025410

[Remedios]

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@Anonymous wrote:

Yeah I think we've gotten a little spoiled with Prequals. A number of years ago we didn't ahev sucha thing, unless your profiel was so good that you got the pre-approved mailer in the mail. You simply has to fill out the app and wait till teh card arrived to know.

Given the age we're in now with having acces to our scores, it gives a person a better footing on where they stand with getting approved. Making prequals less necessary, considering it's not even a sure thing. I think it's pretty safe to say anything higher than 680 and no negatives that you have apretty good chance at being approved. As well as not having a bunch of new accounts. 

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I have a bunch of new accounts, and I'm doing just fine. 

680 is not a magic number, it indicates there are CR issues. In the past, Amex would approve, then apply the leash.

I'm not in a mood to pretend we all dont know what Amex likes and dislikes. 

If you want Amex magic, clean file, low utilization, pay in full.