When to app for Amex?

[Anonymous]

I am looking to make the Amex Cash Magnet my next credit card.  I am aiming to establish a positive relationship with Amex and I want a no annual fee card to use as a "stay at home" card which will have a bunch of reccurring expenses charged to it.  After getting whatever SUB there may be, I see myself putting $500/month thru the card on average and paying in full every month.

My question is:  would I even get approved?  Here are my stats:

Equifax: 682

TransUnion: 676

Experian: 659

Income: $85K

Utilization: shows me at 11% but I PIF each of my three cards usually more than once a month

Current cards and limits are in my sig.  I am not sure why Experian is lagging so far behind the rest but I have read on here that they are who Amex uses.  

Given all of that, do you think I have a good shot at the card?  I was planning to wait till after a trip in March to apply anyway.  What kind of scores do I need to guarantee an approval and a decent SL? ($5K+)

Thank you.

[Remedios]

That would depend on what's keeping your scores down.
Did you check if you are pre approved?

[HeavenOhio]

OP, your Experian score is likely to yield a low limit that might be difficult to grow for a while. I'd hang on until that score is above 680. 700 would be better.

[Anonymous]

Why Cash Magnet? Your QS is already giving you 1.5%. I have both, and really struggle to find a reason to keep the CM.

If you're just trying to diversify your cards and build a relationship with Amex, maybe look into their other cards. Not that CM is bad, but maybe there's one that better fills a need in your spending.

[Anonymous]

What's keeping my scores down has to be a ton of derogs from about 5 years ago, including three with Amex.  I guess I probably should have mentioned that in my initial post!  However, I have done the pre-approval a couple times over the past couple months and always seem to get Gold, Green and Delta Gold as my prequalified.  

As far as why CM, I don't really have any particular need in my spending.  If I wanted to put most of my spending on a cash back card I'd just have the Citi DC instead of the TY Premier, but the points earning and ability to transfer on the Premier is fantastic in my opinion so I put 90%+ of my spend on that.  I just want a no-fee Amex card that has rewards I will actually use.  I could get the basic Delta card but $500/month wouldn't get me anything good anytime fast.  And the basic Blue/Everyday ones do not work because I will rarely use the bonus categories.  So CM to me seems to be a simple way to get in with Amex and get rewards I can easily apply once they accumulate.

[HeavenOhio]

It's fine to have two general spending cards that duplicate a reward. One can be the fallback for the other. It beats falling back to a 1% reward on a category card.

[dynamicvb]

OP I got this card last September and my Ex was around 680 at the time for a 4K SL. I think I would be concerned about applying if I had baddies/lates from Amex as from what I've read they have long memories on that type of stuff. I did have two accounts that were IIB and still my BK13 on my report at that time. I did get this one and the Everyday card on their pre-qual site before I applied, if that helps.  

[Anonymous]

Even if you fly just once a year on LUV, AAL, DAL etc, you can have Amex gold for 30 AF.

[xaximus]

OP, you may be better off with the Paypal 2% CB card. From what I remember (correct me if I'm wrong), Synchrony usually pulls TU. In your case, your TU is higher then EX. That's what I would recommend.