Hi all! I'm new here \o/
I am very well aware that AmEx doesn't have any "entry-level" cards or student cards for that matter but I want to join the AmEx family.
Within the last 4 years (I'm 22), I accumulated 7 credit cards (bad, I know). However, given that most were incredibly low and embarrassing credit lines, I paid off 3 of the 7 cards and closed them. I'm now left with 4: Nordstrom credit, Capital One Journey, Chase Freedom and Chase Slate.
Chase gave me the option to consolidate my two cards, either keep the Freedom (high interest rate of 21.9% -_-) or keep the Slate (low interest of 11.9%, but no rewards program). So I'm still debating between my two options or if I should just keep both and pray for higher CL? Not sure yet.
Anyway, I spoke with an AmEx representative who, after listening to how I planned to use my future AmEx, suggested I try the Everyday Preferred AmEx card and wanted to sign me right up. Now, while I was thankful for his enthusiasm and all, I wasn't about to let him pull a hard inquiry while payments were still going through and my cancelled credit cards have not yet processed into my scores. Now my question, is the Everyday Preferred card really a good option as a starter card with AmEx?
I'm currently a university student with an income of $40k and have $10k in student loans
Cards are as follows:
Nordstrom Credit: $2k
Capital One Journey: $1.5k
Chase Freedom: $800
Chase Slate: $600
Is it really my best option? My credit score last pulled up at 650 (when I applied for a Discover card last year, cancelled it quickly thereafter). Not sure if it was Experian or TU though
Current Utilization Rate is at 70% but I'm going to get it down to appx. 40% before I apply.
Average age of credit lines: 2 yrs, 2 months
I have no car loans (parents took care of that)
Or mortgage (leasing university housing)
Also, how much will the credit lines closed affect me (they were relatively new, 6 months or so)