Will I be approved or denied for AMX Gold?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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MemberSince99
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Postby MemberSince99 » Mon May 21, 2012 2:05 pm

m20e3087 wrote:Got my credit utilization to 11%. Just paid of credit card debt. I have balances on 2 card with 0%. Will be applying next month for the GOLD PR!! what are my chances? My FICO is 717, and this is without the cards I just paid off. So hopefully it will be higher onece they report zero balances. Also is there a back door number for AMX?


I would guess pretty good. Right now Amex seems to be looking for new customers and while you are an existing customer, the 175 dollar annual fee will certainly be attractive to them along with your membership for years and decent FICO and utilization. I would guess the odds are in favor of approval, assuming your FICO goes up a bit, and your internal credit with them is good.


Crashem
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Postby Crashem » Mon May 21, 2012 3:32 pm

m20e3087,

I think you are good. Charge cards are easier to get than their revolver. Wait till the new balances report. Also if one of them is BofA, I have found by changing your profile (add/change a home office cell number for example), you can often get them to mid month report. Go for it. If there is an issue, write back here and I can give you a recon number if needed (which I doubt).
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

PlatAt21
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Postby PlatAt21 » Wed May 23, 2012 7:46 pm

This thread is great and has A TON of wise things being said.

I work as a personal banker for a major U.S. bank and we are legally forbidden to sway our customers' opinions on whether they should or shouldn't apply.

So, if you were my customer and you were to ask me the question you started your post with, I would (under federal law) not be allowed to advise you at all (whether it be with affirmation or wariness).

Having said that, AMEX seems to have very similar underwriting procedures to my institution and our premier cards are pretty selective but are almost entirely based on INCOME, DEBT TO INCOME RATIO, YEARS WITH CURRENT COMPANY, and of course CREDIT SCORE (over 730 seems to be a fairly consistent standard amongst underwriters)

MemberSince99
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Postby MemberSince99 » Thu May 24, 2012 8:43 am

PlatAt21 wrote:This thread is great and has A TON of wise things being said.

I work as a personal banker for a major U.S. bank and we are legally forbidden to sway our customers' opinions on whether they should or shouldn't apply.

So, if you were my customer and you were to ask me the question you started your post with, I would (under federal law) not be allowed to advise you at all (whether it be with affirmation or wariness).

Having said that, AMEX seems to have very similar underwriting procedures to my institution and our premier cards are pretty selective but are almost entirely based on INCOME, DEBT TO INCOME RATIO, YEARS WITH CURRENT COMPANY, and of course CREDIT SCORE (over 730 seems to be a fairly consistent standard amongst underwriters)


That's good information to know too thanks for sharing. Always good to get the scoop from an insider, as much as you legally can of course.

Does your existing relationship with the bank play a part in things? For example, if you've had a checking account with them for 10 years and have one of their credit cards (assuming good history with both) are you then viewed more favorably as well? You didn't mention that, but I'm thinking that also plays a part in things?

PlatAt21
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Location: Los Angeles, Ca

Postby PlatAt21 » Thu May 24, 2012 11:45 am

MemberSince99 wrote:That's good information to know too thanks for sharing. Always good to get the scoop from an insider, as much as you legally can of course.

Does your existing relationship with the bank play a part in things? For example, if you've had a checking account with them for 10 years and have one of their credit cards (assuming good history with both) are you then viewed more favorably as well? You didn't mention that, but I'm thinking that also plays a part in things?


It all depends. No two credit apps are the same and I'm not an underwriter so I cant say anything for certain. I DO KNOW, however, that if you go to your bank that you have a relationship with and they tell you that you are "Prequalified" it means that you are prequalified based on your relationship with that bank. If you have a negative record elsewhere, your bank won't know of it until they actually file your official application for the card (at which point you could potentially be denied). I know its something like 85% or 90% of "prequalified" customers are approved for their credit apps.



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