My Chances?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Dark_Adonis
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My Chances?

Postby Dark_Adonis » Tue Nov 11, 2014 2:56 am

Hello Everyone!

I received a RSVP application for a PRG card with a bonus of 50K rewards after I spend $1,000. Very tempting offer I must admit. But I'm in sort of a dilemma.

Long story short my dad got the platinum card and Amex canceled it and it still has a balance, but has been a year since cancelation.

How will this effect my application? The billing address would be the same for both cards (his old card and my new one). We don't share the same family names but still live under one roof. Any ideas?

ALSO: Discover allowed me to add income from potential summer internship income and scholarships which is around 10K, can I use the same amount for the Amex application?

Thanks in Advance!

P.S. I have till December 17th to apply so if I do I assume the card will backdate to 2014 and not 2015 right?
SSN Issued: (01/14)
Discover it FICO Score: 765 (07/15)

Wells Fargo Platinum Signature Visa - $10,000 (03/14)
Discover it - $4,000 (10/14)
Chase Freedom Visa - $3,500 (09/15)
Chase Sapphire Preferred $26,000 (09/16)
American Express Mercedes Benz Platinum Card - NPSL (06/16)


popamode72
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Postby popamode72 » Tue Nov 11, 2014 4:32 am

I don't see why living under the same roof as your father would affect your chances at all of getting this card.

As for getting in with Amex, I think you should apply for the card now rather than waiting next year because if you get it now and it ends up showing up on your report before the new year, you can apply for another Amex next year and that's how you can get those backdating privileges. If you do decide to go for the PRG and decide that you don't wanna pay that annual fee, try to see if you can downgrade your card before the AF kicks in. I'd say you're good to go especially if your EX FICOs are around the late 600s or greater. I got in with them with that kind of score and 9 months of history at the time.

No matter what month you decide to open another account up from Amex next year, it will show up on your credit report as being opened the year that you got your first Amex card but will still have the month you actually opened the card up if that makes sense to you. People tend to apply for another Amex in January so backdating would have the biggest effect because essentially you'll technically have a card that was opened up January 2014 rather than January 2015, so you'll improve your average age of accounts and add another card with seemingly a whole year of history itself. Some people here have reported a 20-30 point jump in their FICO scores because they were able to get their cards backdated over many many years, even some of those that burned Amex in the past.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

takeshi
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Postby takeshi » Tue Nov 11, 2014 10:47 am

Dark_Adonis wrote:How will this effect my application?

It won't. His credit is his credit. Your credit is your credit. Two entirely different things. Address does not matter. My wife and I have the same address and our credit is different even though we're AU's on some of each other's cards.

Dark_Adonis wrote:ALSO: Discover allowed me to add income from potential summer internship income and scholarships which is around 10K, can I use the same amount for the Amex application?

You always need to consider what a creditor uses for income verification. AmEx uses the 4506-T so you don't want a large discrepancy between your tax transcripts and your application. Your call to make but I'd exclude it if it is "potential". 2014 tax transcripts won't be accepted until around August/September of 2015.

Dark_Adonis wrote:I have till December 17th to apply so if I do I assume the card will backdate to 2014 and not 2015 right?

Cards backdate to whatever year you established membership. If this is your first card then backdating isn't relevant.

Dark_Adonis
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Postby Dark_Adonis » Tue Nov 11, 2014 10:52 pm

Thanks for the reassurance, i'll start my application this weekend and i'll let you know what happened :)
SSN Issued: (01/14)
Discover it FICO Score: 765 (07/15)

Wells Fargo Platinum Signature Visa - $10,000 (03/14)
Discover it - $4,000 (10/14)
Chase Freedom Visa - $3,500 (09/15)
Chase Sapphire Preferred $26,000 (09/16)
American Express Mercedes Benz Platinum Card - NPSL (06/16)

henry
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Postby henry » Thu Nov 13, 2014 3:46 pm

I think at low 7s you have great chances at credit cards but not-as-great chances at charge cards.
I would hold off on the app until you see those mid/high-7s.

And don't ignore that annual fee.

Go for any of their credit cards, American Express is incentivized to give them to you because they make more money on them if you carry a balance. The EveryDay Preferred is awesome because it's virtually 1.5% back in MR points (annual fee).

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Nov 13, 2014 6:08 pm

henry wrote:I think at low 7s you have great chances at credit cards but not-as-great chances at charge cards.
I would hold off on the app until you see those mid/high-7s.


That is not accurate.

It's the other way around. Amex charge cards are easier to get than credit cards. There's more to a report than the score, but charge cards are attainable in the mid-high 600's and credit cards are attainable in the high 600's to low 700's. Results vary, of course.

Not that I can speak from personal experience, fortunately, having never been declined for either. But I've seen a lot of people get declined for a credit card but approved for a charge card.

Amex doesn't like it when people carry balances. They want to get the processing fees on a huge volume of purchases, not take the risk people won't pay their bills. Look at the financial statements they send to their investors. They make the bulk of their money from card fees discount revenue from purchases and annual fees - not from interest.

The annual fees on charge cards are significant, but they are waived for the first year on most of the charge cards, and the signup bonuses can be very nice. Some people, like myself, start with the charge cards and then switch to using the harder-to-get credit cards after getting some history with Amex.

The EDP is good if you use it 30 times a month to get the 50% bonus. Otherwise, it might not be the best choice.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

henry
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Postby henry » Thu Nov 13, 2014 6:46 pm

Sorry, I disagree.
My credit was established same time as yours. I can't get a charge card today but I did get a Delta Skymiles Gold card the very month I established credit and I got instant approval for the EveryDay Preferred last month at $10k.

I spoke to American Express when I applied for the Delta Gold card, my score was in the mid-6s. The representative said charge cards aren't for new credit, target a credit card with minimal benefits (Delta Gold is probably the most useless credit card in existence). My local Chase banker said the same thing (cards without benefits). That's how I got a Slate card on my eighteenth birthday.

Dark_Adonis
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Postby Dark_Adonis » Fri Nov 14, 2014 3:24 pm

Just applied for the Amex PRG card and guess what... I WAS APPROVED!!! spend $1000 in 3 months and get that 50K bonus

I had to speak to a service rep and confirm my ability to pay off the card, but in the end he approved my app.

Thanks again!!!
SSN Issued: (01/14)
Discover it FICO Score: 765 (07/15)

Wells Fargo Platinum Signature Visa - $10,000 (03/14)
Discover it - $4,000 (10/14)
Chase Freedom Visa - $3,500 (09/15)
Chase Sapphire Preferred $26,000 (09/16)
American Express Mercedes Benz Platinum Card - NPSL (06/16)

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Nov 14, 2014 4:05 pm

Dark_Adonis wrote:Just applied for the Amex PRG card and guess what... I WAS APPROVED!!! spend $1000 in 3 months and get that 50K bonus

I had to speak to a service rep and confirm my ability to pay off the card, but in the end he approved my app.

Thanks again!!!


Congrats! MR points are definitely a bit unusual, so take your time in looking for the best way to use them. Transferring points to airlines sometimes gives a great value, and sometimes give a bad value. I used half of my 50k MR bonus to get some new clothes. The other half I saved and might use for travel.

Henry,

I am surprised that you can get a $10k EDP but not a charge card. That is unusual. There are a lot of people here with a credit history of 6-9 months who get mailed prescreened invitations to apply for charge cards (with special bonuses). So if Amex wants to reserve their charge cards for people with a long credit history, it's not translating into their marketing efforts.

You are right that the Delta Gold is not hard to get. I spoke too broadly when I said charge cards were easier to get than credit cards - Amex charge cards are easier to get than most Amex credit cards - Delta Gold is the main exception. The EveryDay cards are a little tougher to get, but I'm not surprised that you could get one when you already had a year of history with Amex. Congrats on that!

Of course, two people with a similar history and incomes can apply for the same card on the same day and get different results. Others can chime in here, but I think it is simply unusual that you haven't been able to get a charge card with Amex.

Edit: Both Amex charge and credit cards are normally attainable with a perfectly clean history of 6-12 months. Neither category could be considered uber-prime.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Fri Nov 14, 2014 7:21 pm

CarefulBuilder14 wrote:Congrats! MR points are definitely a bit unusual, so take your time in looking for the best way to use them. Transferring points to airlines sometimes gives a great value, and sometimes give a bad value. I used half of my 50k MR bonus to get some new clothes. The other half I saved and might use for travel.

Henry,

I am surprised that you can get a $10k EDP but not a charge card. That is unusual. There are a lot of people here with a credit history of 6-9 months who get mailed prescreened invitations to apply for charge cards (with special bonuses). So if Amex wants to reserve their charge cards for people with a long credit history, it's not translating into their marketing efforts.

You are right that the Delta Gold is not hard to get. I spoke too broadly when I said charge cards were easier to get than credit cards - Amex charge cards are easier to get than most Amex credit cards - Delta Gold is the main exception. The EveryDay cards are a little tougher to get, but I'm not surprised that you could get one when you already had a year of history with Amex. Congrats on that!

Of course, two people with a similar history and incomes can apply for the same card on the same day and get different results. Others can chime in here, but I think it is simply unusual that you haven't been able to get a charge card with Amex.

Edit: Both Amex charge and credit cards are normally attainable with a perfectly clean history of 6-12 months. Neither category could be considered uber-prime.


I'd say ED cards aren't as hard to get once you have established some history with Amex. I was able to get mine two months after initially getting in with Amex and got their lowest APR so I think that tells me that my internal score with them must have improved.

Amex Gold Delta for sure was really easy to get with a limited credit file.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)



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