Applying for Amex

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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g35x955
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Applying for Amex

Postby g35x955 » Mon Nov 23, 2015 8:21 pm

So I was interested in applying for a american express card. Either the everyday card or blue cash. Im sort of new at this whole credit thing and just want to know what you guys think my approval odds are. Ive had credit for 8 months so far (1 discover student card). Ive payed on time and in full each month and keep the utilization below 30%. credit karma gives me two scores of 723 and 742. Im only worried about applying because I haven't had credit for that long and also, I work off the books so I have no work to show for it even though I am financially stable. What do you guys think? wait longer or go for it


yfan
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Re: Applying for Amex

Postby yfan » Mon Nov 23, 2015 11:14 pm

Amex does like to see a little bit of history. I'd wait if I were you.

Vermonster
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Re: Applying for Amex

Postby Vermonster » Tue Nov 24, 2015 7:32 am

yfan wrote:Amex does like to see a little bit of history. I'd wait if I were you.


Agreed. I would shoot for at least 1 year if not 2 years of history first. Normally I would suggest a discover card to someone like you, but that doesn't help you.

What exactly are you interested in the Amex for? Perhaps we can suggest a better alternative.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

kdm31091
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Re: Applying for Amex

Postby kdm31091 » Tue Nov 24, 2015 7:39 am

g35x955 wrote:So I was interested in applying for a american express card. Either the everyday card or blue cash. Im sort of new at this whole credit thing and just want to know what you guys think my approval odds are. Ive had credit for 8 months so far (1 discover student card). Ive payed on time and in full each month and keep the utilization below 30%. credit karma gives me two scores of 723 and 742. Im only worried about applying because I haven't had credit for that long and also, I work off the books so I have no work to show for it even though I am financially stable. What do you guys think? wait longer or go for it


Definitely wait and show more history. The cards aren't going anywhere.

I'd wait a few more months until you've got at least a year under your belt.

takeshi
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Re: Applying for Amex

Postby takeshi » Tue Nov 24, 2015 8:24 am

g35x955 wrote:credit karma gives me two scores of 723 and 742.

Always consider the scoring model & CRA and the relevance of a combo to a creditor. AmEx does not use either of those scores so they are not relevant. You cannot use a score generated by one model to determine a score generated by a different model. The CK scores are only relevant to creditors that use them.

g35x955 wrote:Im sort of new at this whole credit thing and just want to know what you guys think my approval odds are.

No idea. I'm not an AmEx underwriter. You can Google and refer to the Credit Pulls Database and then pull the relevant scores but keep in mind that it's never just about score.

g35x955 wrote:Either the everyday card or blue cash.

Which Everday? Which Blue Cash? Make sure you're running the numbers for your spend to determine the rewards you stand to earn and consider total cost/benefit and not just AF/no AF. For rewards programs like Membership Rewards on the Everyday cards, make sure you're also looking at the redemption options you can leverage as they will have an impact on point value.

g35x955 wrote:I work off the books so I have no work to show for it even though I am financially stable.

Keep in mind that AmEx uses the 4506-T for income verification. If you run into it your prior years of tax returns will need to support the income you stated.

g35x955
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Re: Applying for Amex

Postby g35x955 » Tue Nov 24, 2015 11:03 am

Vermonster wrote:
yfan wrote:Amex does like to see a little bit of history. I'd wait if I were you.


Agreed. I would shoot for at least 1 year if not 2 years of history first. Normally I would suggest a discover card to someone like you, but that doesn't help you.

What exactly are you interested in the Amex for? Perhaps we can suggest a better alternative.


To be honest, I would just like another credit card to build credit with. It doesn't necessarily have to be an Amex, but I would like one with no annual fee and a cash back or points system on it. I was also interested in the chase freedom but Ive heard if you don't have more than two years of credit that anyones approval odds aren't good. So like you said, I think I might just be better off waiting another year. Im only 20 and in college, I don't need another card, I just want one so its not a big deal.

Vermonster
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Re: Applying for Amex

Postby Vermonster » Thu Nov 26, 2015 8:26 am

g35x955 wrote:To be honest, I would just like another credit card to build credit with. It doesn't necessarily have to be an Amex, but I would like one with no annual fee and a cash back or points system on it. I was also interested in the chase freedom but Ive heard if you don't have more than two years of credit that anyones approval odds aren't good. So like you said, I think I might just be better off waiting another year. Im only 20 and in college, I don't need another card, I just want one so its not a big deal.


I never had a credit card and was instantly approved for a Freedom. Have you had any student loans? Those will help your credit quite a bit.

But to be honest I think if you have an It, a Freedom wouldn't be to far out of the question. Chase seems to be really struggling against the It right now, so perhaps if you need to recon you could leverage that against them :cool:
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k



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