New to credit want to get a American Express and need advice

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cspporsche
 
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New to credit want to get a American Express and need advice

Postby cspporsche » Sun Apr 26, 2015 8:15 pm

Hi there

I have only about two years of credit and want to figure out how long it will take me to get an America Express

I unfortunately was traveling out of the country and got hit with a few late payments but been paying consistently now .

The only Credit Cards I have is a Kohl's Department Store Card, a Capital One Secured Card, and a Capital One Spark business which I am only a authorized user.

My Credit Score is currently in the low 600's

Any Advice on how to get one? How Long will it take me to get one, what credit score do you need.

I really would like a green card I don't care about rewards or anything like that I have just always wanted an American Express


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PlyrStar93
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Re: New to credit want to get a American Express and need advice

Postby PlyrStar93 » Sun Apr 26, 2015 9:23 pm

You had better first work on your derogatory items on your reports if you have any, since your score is low if it's a FICO score, which may reflect negative items there.

If you are sure the negatives are inaccurate, then you should be able to dispute them out; otherwise, they will have to stay there and you most likely need to stay with your current lines and move on.

Learn to use credit wisely and responsibly, and pay your bills on time for a year or two, then you should be able to see increase in your scores as the negatives get aged. There is no definite minimum score to get approved for the card you wanted, but all you have to do is to be responsible and practical, since there is not much you can do unless you are able to get the bad things removed. Also, try to think about another product from them as the Green is relatively worthless compared to either Everyday or Premium Rewards Gold.
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CarefulBuilder14
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Re: New to credit want to get a American Express and need advice

Postby CarefulBuilder14 » Sun Apr 26, 2015 10:34 pm

I agree. You may have "only" two years of history, but that isn't the problem. 9 months of history (or less in several cases) is usually enough to get an Amex, but only if the history is very clean (low debt levels and no late payments).

Since you have multiple late payments and only a few cards, your percentage of total payments that have been late must be very high. You'll need time for the late payments to get older and become a less significant part of your credit history.

I agree the Green is a bad value. So is the regular Gold.
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Vermonster
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Re: New to credit want to get a American Express and need advice

Postby Vermonster » Mon Apr 27, 2015 8:34 am

Wanting an AMEX for the sake of having an AMEX is not a great goal, IMHO. Especially because the green offers almost nothing that another card without AF does better. If you are going for an AMEX for the status you believe it has, you would be best to look at the PRG. It actually has benefits that offset the AF, and looks a little more special than the green.

Unfortunately no one knows exactly what your chances of approval are, or what you need to do to look attractive to AMEX. We can give general advice that will improve your odds, but it is still all a mystery to us. I would think you need to wait at least a year for the lates to age a bit, and to increase your AoAA. In that time work on always paying in full (you'll need to make that a habit for AMEX if you don't already), and watch your score increase. I think you should be shooting for a 680+ before you app for AMEX. I would also work on getting that Cap One converted to unsecured and get the limit as high as possible. Unfortunately the AU on a business card doesn't help your personal credit score.
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takeshi
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Re: New to credit want to get a American Express and need advice

Postby takeshi » Mon Apr 27, 2015 9:08 am

cspporsche wrote:I have only about two years of credit and want to figure out how long it will take me to get an America Express

We can't tell you that. It's not about time. It's about your credit.

cspporsche wrote:I unfortunately was traveling out of the country and got hit with a few late payments but been paying consistently now .

Those will be a problem, Payment History is the biggest scoring and risk factor. Work on getting the removed. All you can do is send goodwill letters but they're not required to comply. You have to work to ensure that payment history is 100%. Set up autopay to cover at least the minimums if that helps you.

cspporsche wrote:what credit score do you need.

It's never just about score but you can refer to the Credit Pulls database if you want.

cspporsche wrote:I really would like a green card I don't care about rewards or anything like that I have just always wanted an American Express

Why? The Green isn't generally recommended. Don't just go for a brand/label/creditor. Define your needs/wants and use that to select specific cards that suit you. Prestige doesn't come from a card or what you buy.

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Re: New to credit want to get a American Express and need advice

Postby MemberSince99 » Mon Apr 27, 2015 1:00 pm

As the others said the biggest obstacle is your late payments. I frankly have no idea at what point they will let you in, but my guess is it's extremely unlikely to be now, which I am thinking you already realize.

What can you do to get there? As the others said just make sure everything is paid on time from now on and give that a couple of years at least. Better yet ask your creditors if they couldn't remove the lates as a courtesy to you. Most will say no but it hurts nothing to ask.

Amex likes income so if you are higher income or have lots of assets that would be favorable too.

I'm not going to try to talk you out of Amex if you really want one, but just be aware that apparently they no longer backdate cards, so it really doesn't matter when you get your first card with them anymore.

JamesMS
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Re: New to credit want to get a American Express and need advice

Postby JamesMS » Mon Apr 27, 2015 1:24 pm

cspporsche wrote:Hi there

I have only about two years of credit and want to figure out how long it will take me to get an America Express

I unfortunately was traveling out of the country and got hit with a few late payments but been paying consistently now .

The only Credit Cards I have is a Kohl's Department Store Card, a Capital One Secured Card, and a Capital One Spark business which I am only a authorized user.

My Credit Score is currently in the low 600's

Any Advice on how to get one? How Long will it take me to get one, what credit score do you need.

I really would like a green card I don't care about rewards or anything like that I have just always wanted an American Express


As others have stated. those derogs can be a problem. How long ago was your last late pay? With AMEX, and most credit cards, it is not just your score that matters. They look at your entire credit profile. Before you worry too much about getting an Amex, start building your file up. Seeing as you only have a store card, a secured card and being an au on another card, work your way up. Depending on how long you have had the secured card, you might want to try and PC it.

When it comes to your score and Amex. While I stated that the score is not the only thing they look at, it needs to be closer to 680 to 700. Good luck,
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amex007
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Re: New to credit want to get a American Express and need advice

Postby amex007 » Mon Apr 27, 2015 4:27 pm

As others have steered you away from the Green, I am going to say i would be in favor of that. It is a nice classic card with the amex prestige you want.
However, as others have said you wouldnt qualify for it right now with your derogs. Work on your payment history and see if there is anything you can do bout the derogs. Might want to apply for other cards first before trying for an amex and build a good payment history.

I know the Green is basically a simple charge card. However I argue for it because it is easier to get than a Gold or PRG, and ED card you need excellent credit also. If at a later point you can get a Green, after a little while you can upgrade to a Gold or PRG pretty easily. While you work on your credit. look at offers amex might send you.
Before i got my gold card, I applied for a Plat delta card and got rejected. But then a half yr later, they sent me a pre-approval for the Gold. Maybe because i had applied before and was rejected that i was on their mailing list. Dunno but i wouldnt recommend that. I only applied for the Plat delta to get a $50 credit on an airline tix and i got rejected and didnt get the credit lol.
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CarefulBuilder14
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Re: New to credit want to get a American Express and need advice

Postby CarefulBuilder14 » Mon Apr 27, 2015 5:07 pm

amex007 wrote:As others have steered you away from the Green, I am going to say i would be in favor of that. It is a nice classic card with the amex prestige you want.
However, as others have said you wouldnt qualify for it right now with your derogs. Work on your payment history and see if there is anything you can do bout the derogs. Might want to apply for other cards first before trying for an amex and build a good payment history.

I know the Green is basically a simple charge card. However I argue for it because it is easier to get than a Gold or PRG, and ED card you need excellent credit also. If at a later point you can get a Green, after a little while you can upgrade to a Gold or PRG pretty easily. While you work on your credit. look at offers amex might send you.
Before i got my gold card, I applied for a Plat delta card and got rejected. But then a half yr later, they sent me a pre-approval for the Gold. Maybe because i had applied before and was rejected that i was on their mailing list. Dunno but i wouldnt recommend that. I only applied for the Plat delta to get a $50 credit on an airline tix and i got rejected and didnt get the credit lol.


1. Amex Green is only prestigious in the eyes of people who know very little about credit. They gave me a PRG after 6.5 months of paying my bills on time. How is that exclusive? Sure, you'll impress some credit-naïve people. You'll also have some credit-savvy people think you're a superficial idiot.

2. Amex charge cards all require similar credit quality. It's just a question of AF vs. perks and rewards.
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Really not sure what I'll add next or when

Vermonster
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Re: New to credit want to get a American Express and need advice

Postby Vermonster » Mon Apr 27, 2015 6:33 pm

CarefulBuilder14 wrote:
2. Amex charge cards all require similar credit quality. It's just a question of AF vs. perks and rewards.


^ This is pretty important to remember. Green, Gold, PRG, and Plat, all have the same underwriting. The AMEX website makes it look like Green and Gold offer the same benefits, but I'm sure there are differences to warrant the extra $30. I think you really need to evaluate your spending and look for a card that fits it. I think the extra $80 for the PRG AF is well worth it for the gas and grocery alone.
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