Should I apply for AMEX later and when should I do that?

[Anonymous]

I'm also a college student with not much income and scores that were around yours. I was approved with the Zync with NPSL. I also had several more inquiries on my Experian credit report than you do. You seem to have a very good chance of getting approved now. Good luck and let us know what you do.

[Revelate]

---

@Anonymous wrote:

---

@Revelate wrote:

---

@Brian_Trying_700 wrote:

I would wait a year and use your Discover card and let the hard pulls fall off. After the one year point apply for Amex and most likely you will get a Amex green or Zync.

---

Odds of Amex pulling TU are pretty low for the vast majority of people.

I'd apply now before the Discover reports to Experian and let the inquiries age together.  The way Amex membership works, one of the benefits is the ability to backdate future products, and as such I'd get that account opened up this year rather than next year.  If you apply now, you have a second opportunity six months later (and still this same year) to reapp if you're denied now, which I suspect you probably won't be anyway.

That Amex benefit will help you as you start making your transition from student cards into prime ones later, and for that matter the extra time on the additional tradeline is nothing but goodness too.

---

Hmmm, you are tempting my trigger finger.

---

Yeah, in re-reading that message I'm actually tempting myself to do that in June before trying to re-fi my car loan.  I probably won't in my case as I know my scores are around 600 currently (DCU monthly EQ  score on 2/26 of all things at a 597, getting there at least), and that's probably below their approval line and at least one more tradeline hasn't reported yet which will be another ding most likely... I'll probably keep the Hail Mary application in December and call it good.

[Anonymous]

I'm practically in the same boat. Looking to app for AMEX in the near future, just GOT approved by Discover on Feb 23rd.

Equifax FICO had me pegged at 743.

Only one INQ in the last year from Chase Freedom in July 2011 before this one from Discover... so what Revelate just said, really appeals to my sense of trying now rather than waiting for later in the year.

[LS2982]

---

@Anonymous wrote:

Is the credit score from Discover a FICO?  If it is, I would say you have an excellent chance of approval with an Amex charge card.  I don't know if Amex has a minimum income requirement for their Zync though.  I would recommend waiting until you have 0 inqs in the past 6 months also, but that may not be necessary.  Bottom line: if the card is useful enough to you to counter the annual fee and hassle of managing another account, then you should go for it.  It is a good way to create a history with Amex if you think you may be interested in another one of their cards.

---

Yes, it is a FICO.

[Spincel]

Which card do you guy think I should get if I be able to get the Zync, Green, or the credit card. I like the charge card, but I heard there is some kind of pre set limit even they are, theoretically, not. Over the Zync and the Green, which one should I get? To me, the Zync is much cheaper in term of the AF, but the bonus came from the Zync is not like the Green. Also, will I need to pay the AF at the first billing or they will charge me toward the end of the year?

[Anonymous]

The primary difference between Zync and Green is that the Zync earns Membership Rewards Express points while the Green earns regular Membership Rewards points.  Regular MR points can be transferred to select airline/hotel loyalty programs and are worth more when used towards travel using the Pay with Points feature on the Amex travel website.  You probably qualify for both, so if you want to use points for travel, get the Green.  If you would use them for anything else, Zync should suffice.  The annual fees are usually waived for the first year, so you would not have to pay it until one year later.

Amex credit cards are quite harder to qualify for compared to the charge cards.  I applied last week for the Blue and it was the first time I didn't get an instant approval, despite having the Gold for almost two years and a 752 FICO.  You may be able to get one, but it would be more of a stretch.