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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m20e3087
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Will I be approved or denied for AMX Gold?

Postby m20e3087 » Thu Mar 22, 2012 8:54 am

I am thinking about applying for AMX Gold or Gold PR. I have been with AMX since 2004 (Blue form AMX). Although I have a great history with them, never missed a payment. Due to few life events, I have very high credit utilization, maxed out on my all my credit cards. And because of that my scores are low around mid 600's to 670 ish on all three reports. Will I be approved or denied for a gold charge card?
American Express: Blue Cash Everyday & Platinum

Visa Signature: BankAmericard Travel Rewards, Chase Freedom Unlimited, & Chase Sapphire

Visa Infinite: Chase Sapphire Reserve


CC Deville
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Postby CC Deville » Thu Mar 22, 2012 4:24 pm

Hard to say. AMEX is a strange bird; they approve people who probably shouldn't have been approved and deny people that should have been approved.

But, these days especially, banks are very cautious about everything and high usage (maxing out) is really not something that they are going to want to see. But you never know because they might look at your history with them and figure you are okay.

The only real way to know is to apply. AMEX only does a hard inquiry if you are approved, soft if denied. So at worse, you are denied. Or actually, at worse, they review your app and see that you are maxed out and not only deny you but also lower your CL on Blue or close that out completely at their request. If it were me, I wouldn't take the chance at losing my Blue card.

It would be best to pay down your debt first and then apply. Since you are an existing member, the Gold card would be backdated to 2004 anyway, so there should not be a huge hurry on your part to get the card.

JCarter
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Postby JCarter » Sat Mar 24, 2012 11:29 pm

m20e3087 wrote:I am thinking about applying for AMX Gold or Gold PR. I have been with AMX since 2004 (Blue form AMX). Although I have a great history with them, never missed a payment. Due to few life events, I have very high credit utilization, maxed out on my all my credit cards. And because of that my scores are low around mid 600's to 670 ish on all three reports. Will I be approved or denied for a gold charge card?


As it is a charge card product and not a credit card, be sure you understand the differences. Did you want to upgrade from Blue to Gold or just add a Gold?

Your best bet is to call American Express and speak with an underwriter, ask them if they are willing to do it on a soft inquiry first before allowing a hard pull.

m20e3087
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Postby m20e3087 » Sun Mar 25, 2012 10:56 am

Thanks, and yes I want to add a Gold.
American Express: Blue Cash Everyday & Platinum

Visa Signature: BankAmericard Travel Rewards, Chase Freedom Unlimited, & Chase Sapphire

Visa Infinite: Chase Sapphire Reserve

Money card
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Postby Money card » Sun Mar 25, 2012 2:47 pm

Sometimes these cards are hard to get because you have to pay your bill in full, sometimes American Express will say to themselves "If somebody charges 3,000 a month it can be just as hard to pay that bill in full, as if somebody has a Blue Cash and their bill is 3,000 and the interest rate at 19.24 percent, they could pay 2,000 or more.

Usually premium cards are for card members who have excellent credit, a couple of other cards from the banks like a Chase, Bank of America and a Discover card and who pay their bills in full.

For example I have a Discover, member since 1998. I always pay my bill in full, I have had a couple of different visa's always pay my bill in full, so a year ago I gave American Express their last chance, I applied for the Green premium card and got approved.

If I didn't pay my Discover in full, let's say I paid 75% of my bills throughout the years and my visas 70% throughout the years, I probably wouldn't qualify for the green card.

But it can be very hard to get Blue Cash card for somebody who charges, let's say for example 1,500 on a particular month if they pay, oh let's say 800 and the next month they charge 1,200. This is where it gets hard and like what CC said it's really hard to tell what American Express thinks. If you get the Gold card and you charge a lot of money you need to pay in full. Is this OK with you?

Will you get the gold card for personal use like going to Lord & Taylor, the Gap, Express, Nordstroms or will you be using the card for business like airline tickets, checking into hotels , entertaining clients at restaurants?

Money card
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Postby Money card » Sun Mar 25, 2012 2:49 pm

forgot to ask 1 question which gold are you applying for the basic gold with an annual fee of 125 or premier rewards gold with 175 fee?

m20e3087
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Postby m20e3087 » Mon Mar 26, 2012 7:24 am

I will be using GOLD card for personal, checking into hotels, buying personal airlines tickets, and time to time entertaining clients as well. Looking at basic gold for now.

I am also considering to clear some debt before I apply.
American Express: Blue Cash Everyday & Platinum

Visa Signature: BankAmericard Travel Rewards, Chase Freedom Unlimited, & Chase Sapphire

Visa Infinite: Chase Sapphire Reserve

Crashem
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Postby Crashem » Mon Mar 26, 2012 1:46 pm

You are very close. In your case, your debt to income ratio would be most important. I would clear that credit card debt as much as possible. Bring your utilization below 30% or ideally 10%. It will probably increase your score to an approval level given your existing relationship with them. Hard to say as I don't know your current utilization. Plus no better way to save than stop paying high credit card interest rates.
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

Philosophuer
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Postby Philosophuer » Tue Mar 27, 2012 1:15 pm

The less debt the better when it comes to Amex, they want to see that your not a liability to them. The less debt you have when you apply with a prestigious company like this, the better it is. If they see you owe high balances then apply for a Charge card, they will decline you because they feel that you can't handle paying back in full. If anything, go for the Blue Cash. But in reality, you won't know until you try, JUST DO IT, #nike. What's the worst that can happen?

m20e3087
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Postby m20e3087 » Mon May 21, 2012 7:24 am

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?
American Express: Blue Cash Everyday & Platinum

Visa Signature: BankAmericard Travel Rewards, Chase Freedom Unlimited, & Chase Sapphire

Visa Infinite: Chase Sapphire Reserve



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