Just got a pre-selected offer for AmEx PRG card on my mail

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To My Credit
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Just got a pre-selected offer for AmEx PRG card on my mail

Postby To My Credit » Wed Jun 01, 2016 4:54 pm

I don't intend to apply for it just yet (maybe next year or the year after) but I was wondering what the likelihood of being approved for the PRG card was after being sent a pre-selected offer. And would there be a hard inquiry, pre-selected offer notwithstanding?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+


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PhillyPhoto
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Re: Just got a pre-selected offer for AmEx PRG card on my mail

Postby PhillyPhoto » Thu Jun 02, 2016 9:29 am

If you are targeted for an offer, more than likely you'll be approved. Amex tends to be pretty strict on who they pre-approve. I got 2 offers in the past from them and was approved both times. I think Amex does a soft pull at first when you apply to see if they want to proceed, then does a hard pull from there (it's automatic while you're waiting for the webpage to reload). So if you are approved it will be a hard pull on your report pre-approved or not. The thing to keep in mind is that bonuses are lifetime now for Amex, so if they're not offering a good one (I think PRG has gone up to around 50,000 MR for $2-3k spend in the first 3 months), then you might want to wait. If you do decide to apply, Amex will only do 1 hard pull per day and you can get approved for 2 Amex accounts in the same day, so see if there's another account you want with them at the same time (Blue Cash for example) and combine your pulls. Just make sure you can afford the min spend for both accounts for both rewards.
Main Cards:
Amex: Mercedes-Benz Plat, HHonors
Chase: Amazon.com Rewards, Freedom
Citi: ThankYou

Sock drawer Cards:
Amex: Ameriprise Gold
Citi: Macy's Amex, Simplicity
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal Extras

718 Eq|734 TU (8/16)|733 Ex (9/16)

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CarefulBuilder14
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Re: Just got a pre-selected offer for AmEx PRG card on my mail

Postby CarefulBuilder14 » Thu Jun 02, 2016 9:46 am

You might want to wait for a 75k offer for PRG. They pop up now and then.
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

To My Credit
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Re: Just got a pre-selected offer for AmEx PRG card on my mail

Postby To My Credit » Thu Jun 02, 2016 11:00 am

PhillyPhoto wrote:If you are targeted for an offer, more than likely you'll be approved. Amex tends to be pretty strict on who they pre-approve. I got 2 offers in the past from them and was approved both times. I think Amex does a soft pull at first when you apply to see if they want to proceed, then does a hard pull from there (it's automatic while you're waiting for the webpage to reload). So if you are approved it will be a hard pull on your report pre-approved or not. The thing to keep in mind is that bonuses are lifetime now for Amex, so if they're not offering a good one (I think PRG has gone up to around 50,000 MR for $2-3k spend in the first 3 months), then you might want to wait. If you do decide to apply, Amex will only do 1 hard pull per day and you can get approved for 2 Amex accounts in the same day, so see if there's another account you want with them at the same time (Blue Cash for example) and combine your pulls. Just make sure you can afford the min spend for both accounts for both rewards.
Thanks for the information. I wasn't planning on getting another AmEx card (having recently gotten BCE) so I'm probably going to save this for when I do some heavy traveling. The bonus looks pretty great.
CarefulBuilder14 wrote:You might want to wait for a 75k offer for PRG. They pop up now and then.
I'll do that. For now, I'm more intent on getting Chase Freedom. Might even call for a recon on Citi Double Cash sometime soon.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

takeshi
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Re: Just got a pre-selected offer for AmEx PRG card on my mail

Postby takeshi » Thu Jun 02, 2016 11:54 am

To My Credit wrote:I don't intend to apply for it just yet (maybe next year or the year after) but I was wondering what the likelihood of being approved for the PRG card was after being sent a pre-selected offer.

The offer doesn't tell you that. Don't rely on offers, prequals, etc. They're all just marketing.

Don't just respond to marketing. Sort out your needs/wants. Select cards that suit you and apply for them.

To My Credit wrote:And would there be a hard inquiry, pre-selected offer notwithstanding?

Yes. If one HP is a concern then you probably need to focus on bigger issues with your credit profile.

To My Credit
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Re: Just got a pre-selected offer for AmEx PRG card on my mail

Postby To My Credit » Thu Jun 02, 2016 12:25 pm

takeshi wrote:The offer doesn't tell you that. Don't rely on offers, prequals, etc. They're all just marketing.

Don't just respond to marketing. Sort out your needs/wants. Select cards that suit you and apply for them.
I understand that. Which is why I am not going to apply for it till next year, at the earliest. I will only apply for it when I intend to travel a lot and could make use of the sign-up bonus.

Yes. If one HP is a concern then you probably need to focus on bigger issues with your credit profile.
The only real issue with my credit profile is that it's thin. I got my first credit card in July of last year. And there is nothing I can do about that but wait.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

TXviking
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Re: Just got a pre-selected offer for AmEx PRG card on my mail

Postby TXviking » Thu Jun 02, 2016 7:20 pm

takeshi wrote:
To My Credit wrote:And would there be a hard inquiry, pre-selected offer notwithstanding?

Yes. If one HP is a concern then you probably need to focus on bigger issues with your credit profile.


Don't be so quick to dismiss HPs. OP's credit file may well have no issues besides being simply being thin, but with a thin credit file, a HP is a proportionally bigger hit. It's only prudent to at least take them into account before submitting an app.

Some anecdotal evidence from my own experiences:
One HP dropped my score just below 760 on one of my three reports in March 2014. Even though the HP was unavoidable (a previous home purchase failed through because I found structural faults during the inspection; by the time I had another house under contract, a new HP was needed) it dropped my score just enough to bump my interest rate up 1/8th of a percent. That may sound minuscule, but on a mortgage it adds up to real money.

This Spring, a mortgage refi (March) + CSP app (April) dropped my score down from a 766 to a 729. A larger than expected impact.



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