amex prequals suck!

[HeavenOhio]

@Anonymous, what cards do you have currently, what are their limits, and when were they opened? For AMEX, working with that information is likely to be as useful as a prequal.

[Anonymous]

2/2019: mastercard, $1500 limit

6/2019: discover, $500 limit

they are normal cards, not secured cards

i got both of them before i even had a fico score

[MrCreditInternational]

Stay away from credit one.
I'm guessing the MC is deserve? It's the only card I have that doesn't report to EQ.

From my experience, starting with Amex with a charge card is your best move, especially the gold as long as you can get 40k or 50k offer. I know it doesn't help with utilization, but it's a really good card that can get you a ton of points, plus Amex will be able to give you a low limit at first and then increase it with time. As soon as the third statement cut, apply for any other Amex credit card and you'll get a high limit with a soft pull.

[Anonymous]

yep its a deserve pro.

i think the gold card would cost me more in fee than give back as rewards, its got a $250AF. even though restraunt is my highest spend right now, i don't travel. and i don't really understand what value these points have, cashback% is an easier concept for me.

uber visa 4% or usbank cash+ 5% would be good for my spend and no AF, but i think these are impossible for me to get approved for. they are supposedly very tough on approvals.

[Anonymous]

The key to getting higher CL's is usage and maintaining your credit. The trick is not to carry high balances to your CL, keeping under at least 19%. Though you're really  better of just PIF. This will generally lead to better card and higher limits in the future. Just keep in mind that it doesn't happen over night.

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@KJinNC wrote:

When people talk about Cap 1 bucketing, they mean that even years later when your credit is very different and you're able to get cards from prime banks with much higher CLs, their Cap 1 card grows little if at all, because of some limitation their system has assigned to the card from back when you barely qualified for it.

When people talk about Amex "bucketing," is it really that, or is it that the same factors that led to a low CL are still present, preventing you from getting a higher CL yet? I suspect the latter, but don't have the personal experience yet to know.

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At least with Amex, you have a slightly better chance at increasing your CL with usage and PIF or seriously large payments.

Cap1can be very frugal and take much longer.

At least in mmy own experience.

[MrCreditInternational]

The 250$ AF is offset by the credit they give you, but I totally understand why you don't want that card.

I tried Uber and US Bank and they both want around a year of history with minimum number of inquiries.

Maybe try PNC if you can as they've given me a really high limit with 6 months of history and 10+ inquiries on Experian, but I also have a bank account with them for 2 years.

By the way, what is your current bank that you have your checking account with?

[Anonymous]

im impressed you could get that many cards with high cl's so fast, you started only 3mo before i did. do you remember when you apped for each one and what you reported as income? i use union bank but they don't have such good cards.

[Anonymous]

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@Anonymous wrote:

some people see amex prequals with a starting limit, but my prequals don't show it. i called up amex and they say they can't do prequals on the phone or look it up for me. is there any way to be sure i won't get a toy limit card?

(theres tons of $500-$1000 approvals for the BCE card on here, they're bucketed and never get approved for a 3x CLI.)

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I've been an Amex member since 1989 and I've never gotten a prequalification that showed a starting limit.  There are no guarantees about what your credit limit would be with any lender until they actually pull your credit report.

Your comment about "bucketed" Amex cards is patently false and suggests you're just throwing around a buzzword without knowing what it actually means.  Amex approvals in the $500-$1,000 range typically occur when the applicant has sub-par credit scores (less than 670) and/or recent derogatories on their credit report.  While those cards normally don't qualify for a 3X CLI after 61 days, they usually get a 2X CLI after 181 days providing there has been improvement in credit scores.  And after that first 2X increase, those cards can be increased every 6 months just like any other Amex card.

When the term "bucketed" is normally used, it refers to the practice by Capital One of repackaging and selling off their debts (mortgages, auto loans, credit card loans etc) to outside investors as collateralized debt obligations or CDOs.  Since a credit card account is sold as a part of a specific "bucket" or tranche of debt and expected to provide a certain return to investors, it is then difficult to modify the original terms of the debt such as APR, credit limit, etc. as the debt is no longer owned by the company that issued the card.  But that doesn't apply to Amex since they are not known for selling their debts off to investors.

[MrCreditInternational]

My strategy is different than what you'd find online. My goal was to get as many cards as possible in the beginning and then garden for a year or two until the inquiries fall. That way I can always have high AAoA. It wasn't easy and I made many mistakes, but I'd be happy to help you as well!

I included my tuition in my income so in total I say that I make around 97k a year.

[AverageJoesCredit]

Not sure why Amex prequals suck, especially if one is just begining or rebuilding their credit. I dont believe in prequals but after all is said and done, Amex prequals are usually reliable . Sometimes one has to start out at $500 or $1000 to earn Amex's trust. Not msny toy limits hsve as much growth potential as does Amex