Will high income help me get approved despite just OK credit?

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BDBlue
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Will high income help me get approved despite just OK credit?

Postby BDBlue » Mon Jun 25, 2012 11:32 pm

Hi all. I had an Amex Gold in the past, though it's been closed for a few years now. I'm interested in getting a new Amex charge card (preferably a green, but I'd happily settle for a Zync). Here's a snapshot of my credit profile:

  • FICOs: Mid-600s across the board (late student loan payments from a couple years back are the only derogatory items on my credit reports; I've got an auto loan and a new credit card both opened in the past year)
  • 2 open credit cards with under 5% utilization
  • $150,000 annual income
Am I at least in the ballpark for either a Green or a Zync? I'd appreciate any insight.


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FastSRT8
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Postby FastSRT8 » Tue Jun 26, 2012 2:06 am

Should be ok. I think what is key is your employment needs to be 'regular' and secure
Carpe diem quam minimum credula postero!

BDBlue
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Postby BDBlue » Tue Jun 26, 2012 7:29 am

Thanks for the insight. My income is a fixed salary, so I would hope that's secure enough.

One other question: I did the "view your special offers" thing at americanexpress.com and came up with nothing. Is that a bad sign?

ClubMead
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Postby ClubMead » Tue Jun 26, 2012 9:12 am

You should be ok.

In fact, you sound a lot like me and I was approved a couple of weeks ago. (See linked thread)

http://creditcardforum.com/american-express/4663-i-finally-pulled-trigger-applying-platinum-amex.html

My score is a little higher (EX 691 – this is a FAKO but it is right in between my FICO EQ and TU) but you have less derogatory entries on your file (my late pay was more recent and I have a charge off from 2006). My income is $155,000.00.

The only question I would have is regarding the status of your old AMEX. Did you close the account or did they? Did you owe them money? Is it since paid off in full? From reading various forums it seems that AMEX has a long memory and doesn’t look kindly on those that didn’t pay them in full in the past.

Bottom line, I think income plays a large role in their credit decision and I think you have a real good chance.
My Wallet:

AMEX Platinum - NPSL (obtained in 2012; Backdated to 1989)
AMEX Gold Business - NPSL (obtained 2006; Backdated to 1989)
Chase Sapphire Preferred - $30,000.00 (Obtained 2012)
Discover - $3,900.00 (Obtained 1994)
Bank of America - $5,000.00 (Obtained 2011)
Capital One - $7,500.00 (Obtained 2011)

ClubMead
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Postby ClubMead » Tue Jun 26, 2012 9:16 am

Oh, and also, right after I was approved for the AMEX I took a shot and applied for the Chase Sapphire Preferred. Not only was I instantly approved, I was given a $22,500.00 credit limit. This was my first ever account with Chase and the credit limit is almost 6 times larger than my next highest card.

I have to assume that income matters a great deal to them as well.
My Wallet:

AMEX Platinum - NPSL (obtained in 2012; Backdated to 1989)
AMEX Gold Business - NPSL (obtained 2006; Backdated to 1989)
Chase Sapphire Preferred - $30,000.00 (Obtained 2012)
Discover - $3,900.00 (Obtained 1994)
Bank of America - $5,000.00 (Obtained 2011)
Capital One - $7,500.00 (Obtained 2011)

BDBlue
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Postby BDBlue » Tue Jun 26, 2012 9:36 am

ClubMead: thanks for the input.

As for the account closure: Amex closed the account when I was late with a payment, but I paid the account in full shortly thereafter. It's still showing as a positive trade line (i.e. no lates) on my credit report, fwiw.

BDBlue
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Postby BDBlue » Tue Jun 26, 2012 10:53 pm

One other question for everyone here: if I apply for the Green and get denied, will I have to wait to apply for the Zync? If so, will they have to do another hard inquiry on my credit report? I'd prefer the Green, just because I may want to upgrade to gold/platinum down the road, and I know that Zync cards aren't eligible for upgrade.

Ratfacedudeguy
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Postby Ratfacedudeguy » Tue Jun 26, 2012 11:08 pm

Yes to both. I tried applying for a Zync after getting denied for the PRG and the system kept canceling my application. It's all good though, I still have the Green and I'll upgrade it in a year. Your best very would be to apply for one that you're more confident in getting so that you won't lock yourself out of putting in a new application if you chose to do so.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

irvine801
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Location: Salt lake city, UT

Postby irvine801 » Tue Jun 26, 2012 11:56 pm

ClubMead wrote:Oh, and also, right after I was approved for the AMEX I took a shot and applied for the Chase Sapphire Preferred. Not only was I instantly approved, I was given a $22,500.00 credit limit. This was my first ever account with Chase and the credit limit is almost 6 times larger than my next highest card.

I have to assume that income matters a great deal to them as well.


totally random but is your Chase card made of metal?
-American Express Zync.
-Discover IT. 4.5k limit 7.99%
-MC Citi diamond preferred. 1500 limit
-Visa Chase freedom. 2k limit.(23.24%, NOT IN USE)
-Miles by discover 1.5k limit.7.99%
-Best buy store card. 1500 limit
-Mt. America visa 1k limit

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FastSRT8
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Postby FastSRT8 » Tue Jun 26, 2012 11:58 pm

Based on what I read, you seem to be looking for the opportunity to upgrade so why not apply for the card you really want. I would try for the 'harder' card to get and if that falls thru, then go for the Zync.


BDBlue wrote:One other question for everyone here: if I apply for the Green and get denied, will I have to wait to apply for the Zync? If so, will they have to do another hard inquiry on my credit report? I'd prefer the Green, just because I may want to upgrade to gold/platinum down the road, and I know that Zync cards aren't eligible for upgrade.
Carpe diem quam minimum credula postero!



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