Got approved for AMEX PRG, denied the Everyday

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cartermonacell
 
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Got approved for AMEX PRG, denied the Everyday

Postby cartermonacell » Thu Apr 14, 2016 2:19 pm

I only have one credit card and a score of no more than 650, yet they approved my PRG card and denied my Everyday card application. Being 18, i'm pretty new to this game so i'm just trying to figure some things out for myself. Any help I can receive I will be more than grateful for.


Tubpbs
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Re: Got approved for AMEX PRG, denied the Everyday

Postby Tubpbs » Thu Apr 14, 2016 7:55 pm

cartermonacell wrote:I only have one credit card and a score of no more than 650, yet they approved my PRG card and denied my Everyday card application. Being 18, i'm pretty new to this game so i'm just trying to figure some things out for myself. Any help I can receive I will be more than grateful for.


You're not really posing a question. What are you looking for in terms of help?

If your question is why would they approve you for one and not the other, it is dependent on several factirs, but the simplest answer is that the cards have different underwriting criteria.

Also, with a denial for credit, you will get a letter in the mail from them telling you exactly why they denied the application.
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BYTech
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Re: Got approved for AMEX PRG, denied the Everyday

Postby BYTech » Thu Apr 14, 2016 7:57 pm

cartermonacell wrote:I only have one credit card and a score of no more than 650, yet they approved my PRG card and denied my Everyday card application. Being 18, i'm pretty new to this game so i'm just trying to figure some things out for myself. Any help I can receive I will be more than grateful for.


Did AMEX say why you were denied?

takeshi
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Re: Got approved for AMEX PRG, denied the Everyday

Postby takeshi » Fri Apr 15, 2016 9:09 am

What are you trying to figure out? An approval for one card with a creditor doesn't necessarily mean that you'll be approved for another card from the same creditor. It all depends on what your credit profile qualifies for.

cartermonacell wrote:I only have one credit card and a score of no more than 650

What model? Which CRA? If AmEx pulled an EX FICO 8 of 650 for you that's fairly low and it wouldn't be surprising that you might get approved for the PRG and not the Everday. AmEx's charge cards are generally regarded as easier to qualify for.

Tubpbs wrote:Also, with a denial for credit, you will get a letter in the mail from them telling you exactly why they denied the application.

Yup -- use that as a starting point on what to work on with your credit profile. Even without details, a 650 indicates to me that there are some issues that need to be addressed.

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Vattené
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Re: Got approved for AMEX PRG, denied the Everyday

Postby Vattené » Tue Apr 19, 2016 8:28 pm

takeshi wrote:What model? Which CRA? If AmEx pulled an EX FICO 8 of 650 for you that's fairly low and it wouldn't be surprising that you might get approved for the PRG and not the Everday. AmEx's charge cards are generally regarded as easier to qualify for.

There's your likely answer. You are young, which means you have a limited history and relatively thin profile. Your credit was probably borderline: not quite where it needs to be for an ED but good enough for a charge card. You'll get there in time.

A standard credit card is inherently riskier than a charge card. With a charge card you are required to pay in full every month. The first month that doesn't happen it will set off a red flag. A credit card gives you the freedom to carry a balance, which means it can take a lot longer for it to be apparent that you've gotten into financial trouble and/or won't be paying Amex back for all your charges

That's assuming that was your question. If there is anything else you wanted help on, we will be happy to do what we can.
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