Score Needed to Get Approved for AMEX?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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IWant850
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Score Needed to Get Approved for AMEX?

Postby IWant850 » Mon Aug 22, 2016 10:29 am

Hi Friends...I am hoping to get a clear understanding of exactly
"when" I should go ahead an Apply for an AMEX and which Card
I should Go for??

I am a Business Owner who has always Paid Cash for everything but last Year,
I decided that I wanted to begin Building My Credit...I knew that No Credit
was as Bad or Worse than Bad Credit...so I began the process.

I got a Secured MC with My Bank - $2500 Limit
Pay History 15 Months - Excellent

I then added a Capital One Secured Card - $600 Limit
Pay History 12 Months - Excellent
Capital One actually gave Me a $300 CLI to $900

In June of this Year, CK indicated that I had a Very Good
chance for Approval for a Chase Freedom Card. I was Nervous
but I decided to Apply online...I got the Message that "Approval
was Pending"...and then after Calling in, they Approved Me
for a $6500 Limit...I was Super Excited.
Pay History 1 Month - Excellent

It's now August 22 and I have made ALL of My Payments
"On Time" and "In Full"...so I have been carrying a 0% Utilization
on My Accounts.

With all of that, I do have (2) 6 Year old Collections on My Report,
one that is for about $750 and another for $487...and that although
they are Not Accurate, I was told NOT to Dispute them because
they are due to Fall Off...1 at the end of December and the other in
June 2017.

BTW...My Scores (To Date) are as follows...

TU - 692
EQ - 716
EX - 646

So "When" should I Apply for the AMEX...and which AMEX Card should
I Apply for??

ALL Feedback is Great Appreciated...as are Any Tips to help Me
Build My Credit Up as Fast as possible... :oooo

Thank You! :)


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PhillyPhoto
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Re: Score Needed to Get Approved for AMEX?

Postby PhillyPhoto » Mon Aug 22, 2016 11:37 am

I can't speak to specifics as far as your odds go, but I would imagine they're fairly good enough to get an Amex, unless either of those collections are for Amex. If you want to wait until at least December until the first collection falls off, I would imagine that increases your odds as well. I know you said you're a business owner, so you could always consider their small business "OPEN" line of cards.

Amex tends to do a soft pull of your credit report first, and then a hard pull if they approve. So if you get a denial, it shouldn't show up as an inquiry. Also, I believe you can apply for 2 cards in the same day and only get 1 hard pull if approved for both, so if two stick out to you and you can make the bonuses work for you, it might be worth it to do both at once from an inquiry standpoint.

As far as personal cards go, I've heard the charge cards are easier to get because they need to be paid in full every month, so they're not extending you revolving credit like a regular credit card. There is a spending cap that's known only to Amex (or you if you hit it), that's based off the financials you give during your application and your credit report. The underwriting should be the same for all the charge cards, so go with what fits you best. Right now the Premier Rewards Gold card has a 50,000MR sign-up bonus after spending $2000 in 3 months (open in an incognito window if it doesn't display 50000/$2000). That's a great card for someone who flies maybe once per year, as you get the $100 airline credit, but you earn 2X MR points at gas stations, supermarkets and restaurants. It's 1X on the other charge cards in those categories. Keep in mind sign-up bonuses are lifetime now at Amex, so if you sign up with a bad bonus, that's it for life. 50K/$2K is probably the best you're going to see for the PRG. If you want the platinum, go with one of the co-branded cards for now. They offer the same exact benefits as the normal platinum, but you're not locking yourself out of a better sign-up bonus down the road. The best sign-up bonus for the regular platinum is 100,000 MR and shows up about once per year. This year it was a leaked link and was active for about 3 hours.

The Blue Cash Preferred and Everyday cards are probably the better credit cards because of the cash back rates at gas/grocery stores. Also, you may have luck getting the 3X credit limit increase on the credit card side (no guarantees though, of course).
Main Cards:
Amex: Surpass
Chase: Hyatt

Sock drawer Cards:
Amex: HHonors, MB Plat
Chase: Amazon.com Rewards, Freedom
Citi: Macy's Amex, Simplicity, ThankYou
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal Extras

755 Eq (12/16)|748 TU (12/16)|726 Ex (1/17)

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CarefulBuilder14
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Re: Score Needed to Get Approved for AMEX?

Postby CarefulBuilder14 » Mon Aug 22, 2016 11:53 am

Why are you so set on getting one, if you've not researched their cards?
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

IWant850
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Re: Score Needed to Get Approved for AMEX?

Postby IWant850 » Mon Aug 22, 2016 1:11 pm

CarefulBuilder14 wrote:Why are you so set on getting one, if you've not researched their cards?


I have indeed looked at them...I was just asking for Feedback...in case there
was something that I wasn't aware of...

BTW, I like Your "History of AMEX" Post.

Thank You for Your reply anyway.

IWant850
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Re: Score Needed to Get Approved for AMEX?

Postby IWant850 » Mon Aug 22, 2016 1:13 pm

PhillyPhoto wrote:I can't speak to specifics as far as your odds go, but I would imagine they're fairly good enough to get an Amex, unless either of those collections are for Amex. If you want to wait until at least December until the first collection falls off, I would imagine that increases your odds as well. I know you said you're a business owner, so you could always consider their small business "OPEN" line of cards.

Amex tends to do a soft pull of your credit report first, and then a hard pull if they approve. So if you get a denial, it shouldn't show up as an inquiry. Also, I believe you can apply for 2 cards in the same day and only get 1 hard pull if approved for both, so if two stick out to you and you can make the bonuses work for you, it might be worth it to do both at once from an inquiry standpoint.

As far as personal cards go, I've heard the charge cards are easier to get because they need to be paid in full every month, so they're not extending you revolving credit like a regular credit card. There is a spending cap that's known only to Amex (or you if you hit it), that's based off the financials you give during your application and your credit report. The underwriting should be the same for all the charge cards, so go with what fits you best. Right now the Premier Rewards Gold card has a 50,000MR sign-up bonus after spending $2000 in 3 months (open in an incognito window if it doesn't display 50000/$2000). That's a great card for someone who flies maybe once per year, as you get the $100 airline credit, but you earn 2X MR points at gas stations, supermarkets and restaurants. It's 1X on the other charge cards in those categories. Keep in mind sign-up bonuses are lifetime now at Amex, so if you sign up with a bad bonus, that's it for life. 50K/$2K is probably the best you're going to see for the PRG. If you want the platinum, go with one of the co-branded cards for now. They offer the same exact benefits as the normal platinum, but you're not locking yourself out of a better sign-up bonus down the road. The best sign-up bonus for the regular platinum is 100,000 MR and shows up about once per year. This year it was a leaked link and was active for about 3 hours.

The Blue Cash Preferred and Everyday cards are probably the better credit cards because of the cash back rates at gas/grocery stores. Also, you may have luck getting the 3X credit limit increase on the credit card side (no guarantees though, of course).



Lots of Great Feedback...Thank You VERY Much!

I'll Keep You Posted with My Progress. ; )

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CarefulBuilder14
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Re: Score Needed to Get Approved for AMEX?

Postby CarefulBuilder14 » Mon Aug 22, 2016 10:00 pm

PhillyPhoto wrote:I can't speak to specifics as far as your odds go, but I would imagine they're fairly good enough to get an Amex, unless either of those collections are for Amex. If you want to wait until at least December until the first collection falls off, I would imagine that increases your odds as well. CB: I've never had to dispute anything on my reports, so I can't speak from experience, but I don't see the sense in waiting for things to fall off if they shouldn't be on there in the first place. I know you said you're a business owner, so you could always consider their small business "OPEN" line of cards.

Amex tends to do a soft pull of your credit report first, and then a hard pull if they approve. CB: Only if you're an existing Amex cardmember. If you're not, a denial is still a HP. So if you get a denial, it shouldn't show up as an inquiry. Also, I believe you can apply for 2 cards in the same day and only get 1 hard pull if approved for both, so if two stick out to you and you can make the bonuses work for you, it might be worth it to do both at once from an inquiry standpoint.

As far as personal cards go, I've heard the charge cards are easier to get because they need to be paid in full every month, so they're not extending you revolving credit like a regular credit card. CB: Charge cards are easier to get. I'm not going to speculate on OP's chances for either. There is a spending cap that's known only to Amex (or you if you hit it), that's based off the financials you give during your application and your credit report. The underwriting should be the same for all the charge cards, so go with what fits you best. CB: For personal cards, Green and Gold are a joke and offer remarkably little. PRG and Platinum have higher fees but offer a lot more in the way of benefits (and rewards in the case of PRG). I don't know the business cards as well. Right now the Premier Rewards Gold card has a 50,000MR sign-up bonus after spending $2000 in 3 months (open in an incognito window if it doesn't display 50000/$2000). That's a great card for someone who flies maybe once per year, as you get the $100 airline credit, but you earn 2X MR points at gas stations, supermarkets and restaurants. It's 1X on the other charge cards in those categories. Keep in mind sign-up bonuses are lifetime now at Amex, so if you sign up with a bad bonus, that's it for life. 50K/$2K is probably the best you're going to see for the PRG. If you want the platinum, go with one of the co-branded cards for now. They offer the same exact benefits as the normal platinum, but you're not locking yourself out of a better sign-up bonus down the road. The best sign-up bonus for the regular platinum is 100,000 MR and shows up about once per year. This year it was a leaked link and was active for about 3 hours. CB: Definitely. I did this with the Schwab one.

The Blue Cash Preferred and Everyday cards are probably the better credit cards because of the cash back rates at gas/grocery stores. CB: Assuming you can't use travel points well. If you can use MRs well, and meet the 30 transactions, EDP's earn rate is much better. BCP's 6% cash back now comes with a $95 AF in the first year. Also, you may have luck getting the 3X credit limit increase on the credit card side (no guarantees though, of course).

You need to decide:
1. Are you getting a personal or business card?
2. Which rewards program do you want?
3. Do you want to pay for premium perks.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

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PhillyPhoto
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Re: Score Needed to Get Approved for AMEX?

Postby PhillyPhoto » Tue Aug 23, 2016 8:45 am

CarefulBuilder14 wrote:
PhillyPhoto wrote:Amex tends to do a soft pull of your credit report first, and then a hard pull if they approve.

Only if you're an existing Amex cardmember. If you're not, a denial is still a HP.

TIL!
Main Cards:
Amex: Surpass
Chase: Hyatt

Sock drawer Cards:
Amex: HHonors, MB Plat
Chase: Amazon.com Rewards, Freedom
Citi: Macy's Amex, Simplicity, ThankYou
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal Extras

755 Eq (12/16)|748 TU (12/16)|726 Ex (1/17)

charged
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Re: Score Needed to Get Approved for AMEX?

Postby charged » Tue Aug 30, 2016 9:36 pm

I got approved for the blue cash everyday when I was 745-760 for a generous line without any problems. Since this card is one of the chase Freedom's competitors I imagine the required score needed to get approved would be about the same, but it's a mystery what their exact qualifications are.

takeshi
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Re: Score Needed to Get Approved for AMEX?

Postby takeshi » Wed Aug 31, 2016 8:08 am

IWant850 wrote:Hi Friends...I am hoping to get a clear understanding of exactly
"when" I should go ahead an Apply for an AMEX and which Card
I should Go for??

I don't see anything in your OP that helps with giving you recommendations on which card. You really need to start with your requirements and use that to select specific products that suit you instead of selecting a creditor first and then trying to justify a card from that creditor. Where does the majority of your business spend go? What sort of volume does it have? If you're not comfortable sharing info like that you don't have to -- just do the math for your business spend and see which card offers the best rewards for your business spend. Certainly consider any other features and benefits that matter to you and share that info with us if you want recommendations from us.

What value can you attain for the redemption options that you can use with Membership Rewards (assuming that you're interested im Membership Rewards)? You need to perform this sort of analysis for any such rewards program whether it's Membership Rewards, Ultimate Rewards, Thank You, etc. You really need to compare the different programs and what value you can get if you're considering an MR card.

IWant850 wrote:With all of that, I do have (2) 6 Year old Collections on My Report,
one that is for about $750 and another for $487...and that although
they are Not Accurate, I was told NOT to Dispute them because
they are due to Fall Off...1 at the end of December and the other in
June 2017.

When is when these come off. Derogs tend to have significant impact. Your reports need to be clean and free of lates, collections, liens, judgements, etc. Dispute isn't the only way to address issues. Carefully research into your options. Be very careful as it is possible to make matters worse with collections. If you're going to rely on waiting for them to fall off then don't apply for anything until they fall off.

The low limits on your cards and the small CLI's are reflective of the concerns that your creditors have with your credit profile. If you want approval and high limits for business purposes then you need to have a credit profile that supports such approvals. This isn't unique to AmEx. It applies to any creditor out there.

IWant850 wrote:In June of this Year, CK indicated that I had a Very Good
chance for Approval for a Chase Freedom Card.

Don't rely on CK despite your experience. CK doesn't know anything about any product's underwriting criteria. At best it can correlate but remember that correlation and causation are not the same thing. Don't assume causality based on correlation. Additionally, CK gets referral fees so it's in their interest to get you to apply for cards using their links.

IWant850 wrote:so I have been carrying a 0% Utilization
on My Accounts.

Carrying is when you have a balance from one cycle to the next. If you're paying in full each cycle you're not carrying.

As for revolving utilization, it's the balances and limits on your reports that matter. Even if you're paying in full you can have revolving utilization reporting. It's all a matter of when you pay in full versus the report date. If you wait until a statement is generated and pay then a balance reports. If you pay off the current balance prior to the report date then a 0 balance reports. You don't want all of your revolving accounts to report 0 balances as there is a hit for that.

You really don't need to worry overy keeping reported revolving utilization extremely low anyway. Just aim to generally keep it under 30%. You can drop it when you apply for new credit, request CLIs, APR reductions, etc. Your prior revolving utilization doesn't matter -- just what's currently on your reports.

IWant850 wrote:BTW...My Scores (To Date) are as follows...

TU - 692
EQ - 716
EX - 646

What are the scoring models for these? You always need to consider the specific scoring model as well as the CRA. There isn't just one model used by all creditors. For AmEx only the model & CRA that they use in their decision matters. However, again, you need to start with your needs/wants versus arbitrarily selecting the creditor first.

IWant850 wrote:ALL Feedback is Great Appreciated...as are Any Tips to help Me
Build My Credit Up as Fast as possible... :oooo

Building and rebuilding credit is a long, slow process. Don't expect quick fixes. You have serious issues with your profile that need to be addressed. You also have 3 fairly new accounts that are going to be concerns for the shape your credit profile is in. A stronger profile in excellent shape could easily handle a larger number of new accounts but you're going to be limited in how quickly you can add accounts until your profile improves.

ingramjuan
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Re: Score Needed to Get Approved for AMEX?

Postby ingramjuan » Tue Sep 20, 2016 3:29 pm

IWant850 wrote:Hi Friends...I am hoping to get a clear understanding of exactly
"when" I should go ahead an Apply for an AMEX and which Card
I should Go for??


i was approved for my first AMEX Delta card my FICO score was 760, two years later i was approved for the platinum card my FICO score was around 790
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes



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