Green Amex approval after being declined for Gold?

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NewGuy1993
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Green Amex approval after being declined for Gold?

Postby NewGuy1993 » Mon Dec 01, 2014 10:31 am

Hello All,


I am 21 y/o and new to credit. I received my first credit card in August of 2014, its a Capital One Journey card with a $300 spending limit. I also have a Auto loan with 53, $17,000 at 5.3%, My grandpa co-signed with me, he has a 820. My annual income is around $40,000.00. My credit score is a 672 referring to Trans Union. I have 6 Inquires, that's the roughest part. My credit utilization is 23% at the moment but will go down next pay cycle. I applied for the Amex Gold about two months ago, was denied. What are my chances of getting the green? I want a relationship with Amex.


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Postby Jarrodpd » Mon Dec 01, 2014 1:38 pm

NewGuy1993 wrote:Hello All,


I am 21 y/o and new to credit. I received my first credit card in August of 2014, its a Capital One Journey card with a $300 spending limit. I also have a Auto loan with 53, $17,000 at 5.3%, My grandpa co-signed with me, he has a 820. My annual income is around $40,000.00. My credit score is a 672 referring to Trans Union. I have 6 Inquires, that's the roughest part. My credit utilization is 23% at the moment but will go down next pay cycle. I applied for the Amex Gold about two months ago, was denied. What are my chances of getting the green? I want a relationship with Amex.


From my understanding all of the charge cards have the same minimum requirements when it comes to credit score. What you may want to do is wait until you score reaches the 680's, then you will have a much better chance.
[size=80]USAA Secured Mastercard: $600 @9.9% APR
USAA Platinum Mastercard: $1500 @12.9% APR CLIed to $2500
American Express HHonors no AF: $2900 @17.24% APR CLIed to $8700
American Express Premier Rewards Gold: NPSL
American Express Platinum: NPSL

Exp: 721|Equ: 708|Tu: 729 (5th October 2014)[/size] | Exp: 743|Equ: 734|Tu: 743 (3rd December 2014)

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Dec 01, 2014 1:51 pm

I don't think your FICO score needs to improve much to get an Amex charge card. I think the bigger factor here is your short history. Two months ago, your Cap One card history was only about 2 months old. How old is the car loan? I had my first card (Freedom) for about 6.5 months before I applied for an Amex.

I'd suggest applying again around mid-March, when Amex can see a full 6 months of history with the Cap One card. There's a chance you'll get an Amex earlier but the odds will be better in March.
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NewGuy1993
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Postby NewGuy1993 » Mon Dec 01, 2014 2:08 pm

CarefulBuilder14 wrote:I don't think your FICO score needs to improve much to get an Amex charge card. I think the bigger factor here is your short history. Two months ago, your Cap One card history was only about 2 months old. How old is the car loan? I had my first card (Freedom) for about 6.5 months before I applied for an Amex.

I'd suggest applying again around mid-March, when Amex can see a full 6 months of history with the Cap One card. There's a chance you'll get an Amex earlier but the odds will be better in March.


My auto loan and credit card are days apart from each other. So it would be in my best interest to just wait until march and then apply for the Gold?

I am going on a cruise in 7 days and i would of liked to rack up some points. But I doubt i can afford another inquiry.

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Dec 01, 2014 2:29 pm

Well, to complicate things, your credit history isn't long enough to have a FICO score, so the 672 must be a different kind of credit score. That's further support in favor of waiting until March.
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thom02099
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Postby thom02099 » Mon Dec 01, 2014 2:47 pm

NewGuy1993 wrote:Hello All,


I am 21 y/o and new to credit. I received my first credit card in August of 2014, its a Capital One Journey card with a $300 spending limit. I also have a Auto loan with 53, $17,000 at 5.3%, My grandpa co-signed with me, he has a 820. My annual income is around $40,000.00. My credit score is a 672 referring to Trans Union. I have 6 Inquires, that's the roughest part. My credit utilization is 23% at the moment but will go down next pay cycle.[color="red"] I applied for the Amex Gold about two months ago, was denied[/color]. What are my chances of getting the green? I want a relationship with Amex.



What was the reason they gave you for the denial? What was the credit score/source that they provided in their denial letter? It is highly likely that whatever reason they gave you two months ago will still apply. The underwriting is the same for all of the charge cards, from Platinum to Green. AMEX almost always pulls Experian, so that is the score of interest, as far as AMEX is concerned. They are also somewhat sensitive to inquiries, so that will be a factor as well.
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EQ = 846 EX=828 TU = 836 as of 02/2016

dickey1331
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Postby dickey1331 » Mon Dec 01, 2014 3:01 pm

You can try the Delta Gold card. Thats supposed to be the easiest AMEX card to get.
Platinum Delta Skymiles $12,900
Marriott Rewards Premier $12,000
Discover IT $12,000
USAA Cash Rewards $11,000
American Express Blue Cash Preferred $10,000
Chase Sapphire Preferred $6,500
Best Buy $6,000
Chase Freedom $4,500
Zales $4,000
Amazon Prime $4,000

popamode72
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Postby popamode72 » Mon Dec 01, 2014 3:02 pm

dickey1331 wrote:You can try the Delta Gold card. Thats supposed to be the easiest AMEX card to get.


That was also how I got in with Amex. I've also heard stories about how the Starwood Preferred Guest card isn't that hard to get either.
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brettbennett
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Postby brettbennett » Mon Dec 01, 2014 7:47 pm

For all Amex charge cards, the requirements are pretty much the same, like they said.
TransUnion - 814
Equifax - 825
Experian - 850

NewGuy1993
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Postby NewGuy1993 » Tue Dec 02, 2014 11:26 am

dickey1331 wrote:You can try the Delta Gold card. Thats supposed to be the easiest AMEX card to get.


I would prefer a charge card. With my above posted stats, would it be that hazardous to my credit to try and apply for the AmEx?

If I apply, get approved, would they be able to overnight it to me?



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