Will I be approved for Gold Premier Rewards?

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GoldLilies
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Will I be approved for Gold Premier Rewards?

Postby GoldLilies » Sat May 14, 2011 10:13 pm

Applied today and it said they need to review my application and make a decision. Does that mean I am denied? It said the same thing with my BoA card (first credit card) and they called me a few days later and reviewed my account & accepted me over the phone. However, I'm pretty sure this is different.

I'm impatient so I thought I would ask you all!

Stats/Info

:love: Age: 19

:love: 3 Credit Cards
- Bank Of America Accelerated Cash Rewards~ 1,000 limit (opened 6 months ago)
- Bloomingdales~ 500 Limit never used (opened 2 months ago)
- Kohls Charge ~ 300 Limit (opened 1 month ago.) Only used once and paid off a few days after the charge.

:love: No loans- ever

:love: Absolutely no debt

:love: I have never missed a payment

:love: Pay in full as soon as my charges post to my account. I don't wait until the end of the month to pay. I basically use my BoA card as a debit card: it's the only one I use consistently.

:love: My household income is 110,000

:love: I also opted to give my Mom a card as well

Any info/help would be great! If you think I will be/am denied, please let me know what I can do to improve my score! Thank you! :)


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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon May 16, 2011 11:09 pm

Welcome to the forum. The short credit history and low limits might be an issue for approval right now. If you don't get it this time around I would try in about 9 months and meanwhile, keep building up the limits on your existing cards. The good thing about charge cards like the Gold Premier (that require payment in full) is they are easier to get approved for the credit cards from Amex.

With the $110k income, is that counting your mom? Because just a month or two ago the definition for household income was changed by the Federal Reserve and now you can no longer count sources that won't be responsible for paying the bill.

If I had to guess I would say that what triggered the manual review is the high income for your age and the newer credit history. Again just a guess but I would say your chances of approval are 50/50 given the circumstances.

For improving your score, how much of your credit limit do you use on your current cards? You don't want to use too much. Stay below 25-30%.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

GoldLilies
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Postby GoldLilies » Tue May 17, 2011 12:09 am

Thank you so much for your response!

I was not aware of the rule but I assumed I could put down both of our incomes combined since we both will be using & paying for the card together.

As for the credit limit, I do stay at that 30% mark at the most because I'm constantly paying off my charges.

Will work on getting my limits higher! I'm hoping that Bank Of America will raise my limit soon being that I've never missed a payment etc etc.

Keeping my fingers crossed and will post the outcome once I receive word! :)

NYC_Dweller
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Postby NYC_Dweller » Wed May 18, 2011 2:00 pm

My brother has a similar scenario/stats as you but 85k of individual income. After review he got approved for the Gold. After checking his spending availability he has a low "preset spending limit" of around 3k.

Keep us posted.

GoldLilies
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Postby GoldLilies » Wed May 18, 2011 4:43 pm

^^ Thank you! This have given me a lot of relief.

However, it's been 4 days now and I have not heard anything. The future is looking pretty dim *sigh*

Oh well, will update when I hear something!

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Postby ninth » Thu May 19, 2011 7:06 am

pls do update...for I am curious too...maybe I will be encouraged to apply too ;)

GoldLilies
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Postby GoldLilies » Wed May 25, 2011 12:05 pm

The plot thickens... It's been 11 days since I applied. I enabled the email notification so I could get their decision via the internet as well as the mail. I got an email yesterday that they sent out a letter requesting that I verify my income. Thankfully I enabled the email notification so I went ahead and submitted the attached form that they included in the email.

I find the time they are taking to be absolutely ridiculous. It took them 11 days to figure out that they wanted me to confirm the income I stated on the application? Not only that, but I still have not received the letter they sent. If I did not enable email notification, I would still be waiting.

So for those applying, make sure you enable and agree to have them notify you electronically of their decision.

So far, I am not impressed with American Express one bit.
I have submitted the form they requested and now I get to wait some more...

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat May 28, 2011 5:07 pm

If I had to guess I would say that what triggered the manual review is the high income for your age and the newer credit history.


I suppose I was right. I know that process is annoying but you can't blame American Express for doing a manual review given your age and the income you put down. When you mention you opted to give your mom a Gold Premier Rewards card as well, as her SS# included on the application? Because in order to count her income you will probably have to have her on there too.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Postby Money card » Sun Jul 10, 2011 9:57 pm

GoldLilies good luck with the Gold. question is that Bloomingdale's the american express credit card or the Bloomingdale's charge card?
How do you like your Kohl's charge and Bloomingdale's card?

You are doing fine. you are 19 and have as many credit cards as I have and i'm 45. I have 3 plus 1 charge, the Exxon Mobil card.
If I were you I would wait to hear from them, call them up when the automated machine answers, check on an application process and select that. follow it till you can speak to a live person. Don't apply for anymore credit cards or store charge cards until you hear from them on the decision. You make a lot of money you should be approved.



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