Credit History Length for Amex

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
10 posts
121
 
Posts: 2
Joined: Sat Dec 06, 2014 8:02 pm
Location: Los Angeles

Credit History Length for Amex

Postby 121 » Sat Dec 06, 2014 8:10 pm

Hi,

I move to the US for work 4 months ago and started building credit as soon as I got off the plane.

My credit is 4 months old, I have a 750 score. Got approved by BMW Financial Services for a lease thanks to a co-signer and also have a credit card that I co-signed which has a 17k credit limit. Been using about 30% of that limit and paying it off in full on due date. Also have a secured CC with a 3k credit limit.

What are my odds of getting approved for an AMEX blue cash ?

Thanks!


User avatar
PlyrStar93
Centurion Member
Centurion Member
 
Posts: 410
Joined: Wed Jun 04, 2014 1:06 pm
Location: Chicago

Postby PlyrStar93 » Sun Dec 07, 2014 2:34 am

121 wrote:My credit is 4 months old, I have a 750 score.

Most likely it's not FICO model and lenders will not use this score to make decisions.

121 wrote:What are my odds of getting approved for an AMEX blue cash ?

Don't think the odds are good. Your history is pretty limited.

Of course utilization and other factors need to be considered when applying, but just your length of credit history is enough for lenders to deny you.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3746
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Sun Dec 07, 2014 10:06 am

I'd put your odds at maybe 25%-30%. Some people do get approved for an Amex Blue Cash with your history - so approval is possible - but more people get declined. If you do get approved, though, the limit would probably be pretty low and you might not find the card very useful.

Make sure your reported utilization is about 1% and 7% (which means paying off most of the bill before the statement cuts) at the time you apply.

I got an Amex PRG with about 6.5 months of history, and a BCE with a $6k limit about 2.5 months later. If you don't want to use an Amex charge card as a stepping stone, I'd apply for the BCE around late April or early May to have better odds.
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
Centurion Member
Centurion Member
 
Posts: 1099
Joined: Sun May 04, 2014 4:41 pm
Location: Atlanta, GA

Postby popamode72 » Sun Dec 07, 2014 12:14 pm

121 wrote:What are my odds of getting approved for an AMEX blue cash ?

Thanks!


To be on the safe side, I'd give it two more months.
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)

121
 
Posts: 2
Joined: Sat Dec 06, 2014 8:02 pm
Location: Los Angeles

Postby 121 » Sun Dec 07, 2014 12:20 pm

CarefulBuilder14 wrote:
I got an Amex PRG with about 6.5 months of history, and a BCE with a $6k limit about 2.5 months later. If you don't want to use an Amex charge card as a stepping stone, I'd apply for the BCE around late April or early May to have better odds.


Thanks for the insights. I'll wait then.

I'm new to this concept of credit cards the way it's set up in the US.
Re reported utilization between 1-7%: Do you mean I should pay the bill each time I get to a 5-6% utilisation instead of waiting for the dude date ? Or shall I not pay in full and leave a small balance ?

ingramjuan
Centurion Member
Centurion Member
 
Posts: 265
Joined: Thu Nov 20, 2014 5:32 pm
Location: EARTH

Postby ingramjuan » Sun Dec 07, 2014 9:22 pm

I would suggest waiting for another 6 months, don't apply for any other credit and drop your credit utilization below 25%
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

Geoffrey
 
Posts: 1
Joined: Mon Jan 05, 2015 2:57 pm
Location: San Francisco, CA

Postby Geoffrey » Mon Jan 05, 2015 3:03 pm

I transferred my Amex membership from overseas and got approved for a EveryDay Preferred ($8k CL), and a credit union Visa ($10k CL) on the 1st month I moved here.
I also got approved for a Chase Marriott Rewards Premier Visa ($6k CL) after 4 months.

So there is hope :)

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Tue Jan 06, 2015 8:43 am

121 wrote:Re reported utilization between 1-7%: Do you mean I should pay the bill each time I get to a 5-6% utilisation instead of waiting for the dude date ? Or shall I not pay in full and leave a small balance ?

It means that you want low utilization (general advice is 10% or less) to report. You do not need to carry a balance to let it report. Most cards report on statement date. If you have a balance on that date then that's what is reported. After that pay off the remainder of the statement balance.

You can restrict spending but 10% or less probably won't leave you much to work with. What is suggested is to pay down your balance prior to the date that it is reported.

User avatar
kcm7
Centurion Member
Centurion Member
 
Posts: 203
Joined: Wed Feb 19, 2014 10:05 pm
Location: TX

Postby kcm7 » Tue Jan 06, 2015 9:58 am

Obviously, your mileage may vary, but here's the experience my friend had with that same card (Blue Cash Preferred) after moving to the U.S.

-Opened up bank account
-Got card with that bank (small limit)
-Used that card for six months
-Applied for Amex BCP, got rejected
-Got approved for a Chase card
-A year and a half after moving to U.S. applied again for AmEx BCP. Got approved. Called me to brag.

Again, and I can't say this enough, it depends on so many factors.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

boosnark
Green Member
Green Member
 
Posts: 4
Joined: Wed Dec 31, 2014 7:41 pm
Location: UK/USA

Postby boosnark » Tue Jan 06, 2015 12:01 pm

If you have an Amex from overseas that credit history should be transferred over after getting a new US AMEX card using the Global transfer program. The important bit is to get a social security number here to tie that history (your member since date should reflect that) to your US credit file.



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests