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So I have been thinking I want to apply for an AmEx card as I am only 21 and like how they back date accounts. I figure if I get one now, that I will have a nice back date if I get another one, lets say, 10 years from now. About to go to Iraq for a year so I am not to worried about the hit for an Inquiry/New Account. Here is my Pre-Qual Application:
http://img295.imageshack.us/img295/9736/amexprequal.jpg
Just pulled my current report and here is my breakdown...
Current Score: 727
Length of History: 2 Years 10 Months
AAoA: 1 Year
Inquiries: 2 ( Actually report shows 3... but 2 were from a Mortgage Pull which were a week apart.)
No Missed Payments (Ever)
9% Utilization
Income: $40k
Credit Profile Below:
http://img697.imageshack.us/img697/1470/creditstats.jpg
ETA:
I used this site for Pre-Qual... Its only a Soft Pull right???
AmEx doesn't use FICO's; it has an in-house scoring formula based on your EX report.
Nevertheless, you look good.
Check the pre-approval on the Gold --is the fee waived for the first year? If so, I'd say go with that one. After 11 months, if you want to stay with AmEx, but you don't want to pay the fee, apply for a revolving AmEx, and then close the Gold before the fee hits. There will be a new inq, but the revolver will show 2010 as the opening date, so you won't get a new account ding.
Otherwise, weigh the costs of the Zync and Green against one another. I don't suppose you'll be doing a lot of eco-shopping and music festival ticket-buying at your new address , so maybe a plain Zync without the add-ons will be fine for you. I'm all in favor of minimizing annual fees. In either case, if you don't want to pay for the second year, you can just use the strategy described above to switch card types.
Zync's seem tailored for those who are young and new to credit, so I'd say that you'd have a good chance on it. Probably the Green and Gold, too; it's just that you fit the Zync profile.
Be sure to use the card, since you are laying the basis of what you hope is a long-term relationship with them. Just be sure that you have money in the bank to pay off your balances that month.
Good luck whichever you do, and stay safe in Iraq! We want you back on the forums, you know.
@haulingthescoreup wrote:AmEx doesn't use FICO's; it has an in-house scoring formula based on your EX report.
Nevertheless, you look good.
Check the pre-approval on the Gold --is the fee waived for the first year? If so, I'd say go with that one. After 11 months, if you want to stay with AmEx, but you don't want to pay the fee, apply for a revolving AmEx, and then close the Gold before the fee hits. There will be a new inq, but the revolver will show 2010 as the opening date, so you won't get a new account ding. Both the Gold and Green card have the 1st year fee waived. After that, Gold is $125 and Green is $95. But I like your idea!
Otherwise, weigh the costs of the Zync and Green against one another. I don't suppose you'll be doing a lot of eco-shopping and music festival ticket-buying at your new address
, so maybe a plain Zync without the add-ons will be fine for you. I'm all in favor of minimizing annual fees. In either case, if you don't want to pay for the second year, you can just use the strategy described above to switch card types. I definitely won't be doing much with festivities or concerts, which I believe the gold card is geared towards? Also, it appears the Gold offers "I.D. Theft Assisstance" and the Green does not... Not sure on the other differences?
Zync's seem tailored for those who are young and new to credit, so I'd say that you'd have a good chance on it. Probably the Green and Gold, too; it's just that you fit the Zync profile. Now if I were to apply for, say the Gold, and get denied... Can I recon them for either the Green or Zync by using the same application?
Be sure to use the card, since you are laying the basis of what you hope is a long-term relationship with them. Just be sure that you have money in the bank to pay off your balances that month. As long as they treat me fair... I'll be good with them
Good luck whichever you do, and stay safe in Iraq! We want you back on the forums, you know.
Thanks! I shall be half way across the world in less than 96 hours!
I figured...what the hell ...
Got a AMEX Plum card on Monday for my business, but it doesn't report to my personal CR's. So, pulled the trigger on a AMEX Gold Personal Charge Card.
Plan to use it for the next 6-12 months, than ask for a Credit Card
Thanks for the inspiration to pull the trigger Jager!
Decided to pull the trigger and got a 14 day wait message! I'm about to call them!
Which Card did you end up applying for. I have never had good luck with amex if it wasn't instant
@Creditaddict wrote:Which Card did you end up applying for. I have never had good luck with amex if it wasn't instant
I ended up going for The Centurion Card... just kidding. I applied for the Gold Card but I got approved! I forgot I put an Active Duty Alert on my reports so they just needed to verify my identity.
ETA:
I don't imagine my score would drop that much, if at all, as they pulled EX and my AAoA is 1yr...
Was in Iraq 2006-2007. Thanks for your service and watch your six!
Congrats on the approval! And thank you for your service. Stay safe over there!
I agree. Congrats on the approval and thank you for your service and stay safe!