Chances of getting my 1st Amex

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p51
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Chances of getting my 1st Amex

Postby p51 » Sun Nov 16, 2014 6:14 pm

Hello all,

New to the site and my first post. I am looking to get my 1st Amex card--Green or Blue, not sure yet. Admittedly, I have had a rough credit history. In my 20's I had no clue about the importance of good credit. Most of that history is over 15 years old. I had a repossession (thanks to a "friend" I helped get a car) that is 7 years old this month. I got a secured Capital One card in May 2012 with the $200 limit which i bumped up to $1400. Also bought a car (3 yr loan / 21% interest) Due to being laid off, I was close to my cc limit for several months, but I was never late or missed a payment
on any of my bills. My current balance sits at $0--car and credit card. Equifax score via myFico is 657. Don't know if the cc payoff is on there yet.. just paid it off about a week ago. Salary about 50k annually. Any insight would be greatly appreciated.

Thank you!
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500


takeshi
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Postby takeshi » Mon Nov 17, 2014 11:00 am

No idea on odds but having a 0 balance on a revolver won't help as much as having a small balance reporting. However, if you paid after statement date and prior to due date then a balance has already reported and your payment will not reduce the reported balance.

p51 wrote:Don't know if the cc payoff is on there yet.. just paid it off about a week ago.

You can use a CMS to verify. Or look at your statement date and add a few business days for a rough estimate of when it would update.

p51 wrote:New to the site and my first post. I am looking to get my 1st Amex card--Green or Blue, not sure yet.

Blue is an entire family of cards (Blue, Blue Sky, Blue Sky Preferred, Blue Cash, Blue Cash Everyday, Blue Cash Preferred). If you don't know then you probably need to do a lot more research. The Green is a charge card. The Blues are credit cards with differing benefits and rewards.

p51
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Joined: Sat Nov 15, 2014 11:11 pm
Location: Boston, MA

Postby p51 » Mon Nov 17, 2014 5:27 pm

Thank you for the reply. I was researching/comparing AMEX cards for hours last night. I even checked for prequalified offers (no dice there). I want to go with the green (seems like i'd have a better chance for that).
I have a small balance on my card now ($150.00). My balance shows as 0.00 with my card provider but hasn't yet hit myFico.
I received a prescreened offer from Chase about their Slate card. Seems decent, but not for my needs--don't need balance transfer. It doesn't have any MR's.
Might also try for a B of A cash rewards card since i'm a B of A customer. Hopefully applying for two different cards doesn't hurt my chances.
One of my credit goals was to be able to obtain an AMEX card & i'd like to be able to make that happen.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

ingramjuan
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Postby ingramjuan » Thu Nov 20, 2014 6:32 pm

I would think of waiting until you get your credit score up to 725 range and try not to apply for any other cards for a while and you would get approved for an AMEX.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

p51
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Location: Boston, MA

Postby p51 » Fri Nov 21, 2014 11:29 am

ingramjuan wrote:I would think of waiting until you get your credit score up to 725 range and try not to apply for any other cards for a while and you would get approved for an AMEX.


Thanks for the suggestion. 725 seems SO far away from where i'm at now. I haven't applied for any cards since I received my secured Capital One card.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

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nismoZtuner
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Postby nismoZtuner » Fri Nov 21, 2014 12:31 pm

hkhmhkmh haha

well i got my first Amex card at the age of 20 but keep in mind i have not cosigned anyone for anything and dont plan to do so- i dont know if that repo thing will affect you since its failure to pay (correct me if i`m wrong).

my Credit Card time line:

Age 20
8/2012*CLI on 8.5.13 Bank of America Cash Rewards CL from $600 to $2K
5/27/2013*CLI on 12.31.13 American Express Blue Cash Everyday CL from $2k to $3K
5/30/2013*CLI on 07.16.20.14 Discover IT CL from $1500 to $2,500
6/24/2013 American Express Premier Rewards Gold NPSL
Age 21
8/14/2013 Marriott Rewards Premier CL $5k
3/12/2014* CLI on 8.29.2014 Chase Shappire Preferred CL from $5,800 to $7,300
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

popamode72
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Location: Atlanta, GA

Postby popamode72 » Fri Nov 21, 2014 3:21 pm

I'd say once your EX FICO is in the late 690s, you should try Amex.
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)

p51
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Joined: Sat Nov 15, 2014 11:11 pm
Location: Boston, MA

Postby p51 » Fri Nov 21, 2014 3:31 pm

nismoZtuner wrote:
well i got my first Amex card at the age of 20 but keep in mind i have not cosigned anyone for anything and dont plan to do so- i dont know if that repo thing will affect you since its failure to pay (correct me if i`m wrong).


It's failure to pay, which will affect me since I was the primary on the loan.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

p51
Centurion Member
Centurion Member
 
Posts: 100
Joined: Sat Nov 15, 2014 11:11 pm
Location: Boston, MA

Postby p51 » Sun Nov 30, 2014 12:24 pm

Update: I applied and was approved for an Amex PRG. My score at the time was 684, low utilization, very good debt to income ratio.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500



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