Thinking of applying for AMEX card

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smart
 
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Location: Nevada

Thinking of applying for AMEX card

Postby smart » Fri May 23, 2014 7:58 pm

Hello,
I'm an 18 year old (just turned 18 this 2014) college student (Junior).

My experian credit score is 702.
My credit karma score is 662.
I currently have a student loan which started last August which is only $3500. (9 months).
I have 1 credit card which has a cl of $1000. (5 months).
My average credit card purchases per week is $150-200. But I pay it at the end of each week so my credit utilization wouldn't be high.
Before my bank statement closes, I usually leave a balance of $45-50 so that when the bank reports my credit utilization, it would be under 10%. Then after the statement date closes, I quickly pay for the remaining balance so that by the end of the month it'll be $0, so my reported credit utilization would be under 10%. I've never missed any payments too.
I have 3 inquiries: car inquiry (approved, but I declined since the downpayment was too high); apartment inquiry (approved, and accepted); and credit card inquiry (declined; I applied for an amex credit card application but was declined because I had no credit card during that time only a loan of 4 months old)——I was pretty stupid to think I'll be approved with a thin file.

I have a job which pays weekly and my hourly pay is $13. For this summer, I work 7 days for 7 hours per day. But during school (spring and fall semester) I work for only 2 days.

I was thinking of getting an AMEX card (either Amex EveryDaySM Credit Card or Blue Cash Everyday® Card from American Express) because of the rewards.
Especially during this summer, I'll be spending a lot since I'll be going to conventions and traveling, but I only have 1 credit card. I don't want to go over my utilization so I want the charges to be split into two different cards.
I am pretty much responsible with my finances because I only spend the money I know I can pay for. (I usually put the money to pay my credit card away so that I don't get to spend it).

Which card does any of you think I'll get approved?


thom02099
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Joined: Sat Apr 13, 2013 7:49 pm
Location: Colorado, USA

Postby thom02099 » Sat May 24, 2014 10:38 am

smart wrote:Hello,
I'm an 18 year old (just turned 18 this 2014) college student (Junior).

My experian credit score is 702.
My credit karma score is 662.
I currently have a student loan which started last August which is only $3500. (9 months).
I have 1 credit card which has a cl of $1000. (5 months).
My average credit card purchases per week is $150-200. But I pay it at the end of each week so my credit utilization wouldn't be high.
Before my bank statement closes, I usually leave a balance of $45-50 so that when the bank reports my credit utilization, it would be under 10%. Then after the statement date closes, I quickly pay for the remaining balance so that by the end of the month it'll be $0, so my reported credit utilization would be under 10%. I've never missed any payments too.
I have 3 inquiries: car inquiry (approved, but I declined since the downpayment was too high); apartment inquiry (approved, and accepted); and credit card inquiry (declined; I applied for an amex credit card application but was declined because I had no credit card during that time only a loan of 4 months old)––I was pretty stupid to think I'll be approved with a thin file.

I have a job which pays weekly and my hourly pay is $13. For this summer, I work 7 days for 7 hours per day. But during school (spring and fall semester) I work for only 2 days.

I was thinking of getting an AMEX card (either Amex EveryDaySM Credit Card or Blue Cash Everyday® Card from American Express) because of the rewards.
Especially during this summer, I'll be spending a lot since I'll be going to conventions and traveling, but I only have 1 credit card. I don't want to go over my utilization so I want the charges to be split into two different cards.
I am pretty much responsible with my finances because I only spend the money I know I can pay for. (I usually put the money to pay my credit card away so that I don't get to spend it).

Which card does any of you think I'll get approved?


To quote Simon Cowell "...if I'm being honest here...", from the looks of things your file is still a bit thin. The EX score you quoted, was that from their site, or is that a FICO score. Only FICO will SAY FICO. Pay no attention to the CreditKarma score, it is for "educational purposes" only and has minimal benefit in the credit world.

Aim a bit lower for other cards from other issuers. Trying to predict whether one will get a specific card is, for all intents and purposes, highly unlikely for anyone to do with any accuracy. Anecdotally, AMEX likes to see a thicker file, a longer credit history, and 1 other card with at least a $5K limit. Again, this is anecdotal, and with all things credit, YMMV. However, you've already been declined once; your file is not substantially thicker from ~6 months ago.

You may have more success with other issuers.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

MB131174
Centurion Member
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Posts: 512
Joined: Mon Mar 05, 2012 10:58 am
Location: PA

Postby MB131174 » Sat May 24, 2014 11:21 am

Honestly, your odds of approval are the same as flipping a coin and hoping for heads. We've seen enough head-scratching scenarios that (I think) we can all agree that there is almost no rhyme or reason to many situations of approval/denial. With that said, though, IF you want to try for AmEx again, I'd recommend getting your foot in the AmEx door with one of their charge cards. Their green card is currently offering first year no AF. Use that year to build history, then apply for the revolver you want, then close (or keep? or upgrade?) the green. Their EveryDay cards (whether they be MR points or cash back) are not the easiest to get, period.
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rclipper
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Posts: 8
Joined: Wed Feb 29, 2012 3:04 am
Location: New Orleans, LA

Postby rclipper » Thu Jun 19, 2014 4:13 pm

When I got my Amex Green I was in college, and I seem to remember Amex doing a lot of heavy marketing on campus, they were really happy to give you an Amex if you were a student. Since that was many years ago and the world has drastically changed in 25 years I don't know if they still have the open door they once had for students.

MemberSince99
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Location: WI

Postby MemberSince99 » Fri Jun 20, 2014 6:29 am

They figured out that a lot of us majored in partying.


I'd wait until you have 6 months on your current card reporting to the bureaus, specifically EX. Then if you want one apply for it. If approved, great, if not work on what they list as the denial reasons and apply again when these issues have improved.



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