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Thinking about applying Amex Clear

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Frequent Contributor

Thinking about applying Amex Clear

Hello,

 

I am new to this forum and I feel it provides great source of information. I am planning to apply for Amex Clear just because of the simple rewards program and I am a conservative spender. My fico score Experian is around 730 (checked few days back). Would anyone know what credit line should I expect. My credit history is  5 year old and hv 3 other cc with cl's of $1500. $5000, $6300. I have one late payment posted on Auto loan in mid 2008, no other late payment ever in the whole history. Last cc applied in May 2009. No credit inquires there after. Also I have a student loan on my credit report. All payment on time. Current credit utilization of <20% on just one cc.

 

Also I had Amex green in 2006 but closed that in 2007 (never late).

 

Any help is greatly appreciated. 

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Message 1 of 10
9 REPLIES 9
Established Contributor

Re: Thinking about applying Amex Clear

I would stay clear of Amex bank. They did a lot of balance chasing and CLDs in the recession. They screwed over a lot of customers.

I have a BOA Accelerated Amex Rewards with 12.99% with no AF and I am happy with it. I have a 730 when I apped. They gave me $2500 and a month later

Cli to $4000. I have had it two months. Got instant approval when apped. Just make sure your address matches on your CR what you put on the app so you dont get fraud preventation dept. They pulled EX for me.

Message 2 of 10
Established Contributor

Re: Thinking about applying Amex Clear

Why not Blue Cash Everyday?

 

http://www201.americanexpress.com/getthecard/side-by-side/bluecashever-bluecashpref/12006

 

Blue Cash Everyday has the same annual fee ($0), interest rate structure, rewards payout structure but a better rewards system (1% on all purchases like Clear, but 2% at gas stations and department stores, and 3% at supermarkets).

 

The only real benefit of Clear is the list of no fee events:

 

  • No late fees
  • No balance transfer fees
  • No over-limit fees
  • No cash advance fees

 

While it's nice to not have these fees assoicated with your card, if you actually take advantage of that fact with Amex you're setting yourself up for an AA (basically they aren't worth the risk).

Message 3 of 10
Established Contributor

Re: Thinking about applying Amex Clear

I agree. The Clear is not that easy to get, either. Blue Cash Everyday is a better rewards card.

 

I would try to get the utilization on the current card below 10% before applying for an Amex. The late on the auto loan might spoil your chances, though.

Message 4 of 10
Established Contributor

Re: Thinking about applying Amex Clear

The auto late could be a deal breaker for, but it might not.

 

DW had a CC CO in November 2008 when she was approved for Zync in August 2010 and for Blue in January 2011.

 

There's really only one way to find out, applying.

Message 5 of 10
Regular Contributor

Re: Thinking about applying Amex Clear

I got approved for a Clear and Gold card on the same day with less than a 700 score and utilization over 40%, you should have no problem getting approved.

Message 6 of 10
Frequent Contributor

Re: Thinking about applying Amex Clear

Also one more piece of info that was missing in my previous question that the auto loan was paid off in full in Sep 2008.

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Message 7 of 10
Valued Contributor

Re: Thinking about applying Amex Clear

Go for it! Am eager to find out what you get.
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Message 8 of 10
Senior Contributor

Re: Thinking about applying Amex Clear

While the late can be an issue, one late that occurred 2.5 to 3 years ago is not an absolute bar.  I was approved for the PR Gold card in October 2010.  I had 7 accounts that went late in 2008 when I lost my job.  Some went up to 120 days late.  At time of app, a couple of the 30 and 60 day lates were still inside of 2 years old and I was approved. 

 

I also just got the SPG card last month.  At that point, all of the lates were over 2 years old.  Yours is over two years old and you only have one of them.  Not saying it can't be an issue, but it certainly isn't an absolute dealbreaker.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 9 of 10
Valued Contributor

Re: Thinking about applying Amex Clear


@GrowingCredit wrote:

Hello,

 

I am new to this forum and I feel it provides great source of information. I am planning to apply for Amex Clear just because of the simple rewards program and I am a conservative spender. My fico score Experian is around 730 (checked few days back). Would anyone know what credit line should I expect. My credit history is  5 year old and hv 3 other cc with cl's of $1500. $5000, $6300. I have one late payment posted on Auto loan in mid 2008, no other late payment ever in the whole history. Last cc applied in May 2009. No credit inquires there after. Also I have a student loan on my credit report. All payment on time. Current credit utilization of <20% on just one cc.

 

Also I had Amex green in 2006 but closed that in 2007 (never late).

 

Any help is greatly appreciated. 



IMO...your CR look very clean. You have an excellent CL of $5K, $6K +, no baddies....you should be ok. If you don't mind me asking, what CCs are the $5K + cards? I know Chase/CITI gives out very nice CL....good luck.

Message 10 of 10