Got a pre-selected letter to apply, should I do it?

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JayS10
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Location: Phoenix, AZ

Got a pre-selected letter to apply, should I do it?

Postby JayS10 » Tue Jul 24, 2012 10:28 pm

Just got a letter in the mail that states I've been selected to apply for the American express green card. Currently my credit score is in the mid 600s with one credit card balance of $200 or so left to pay off. I'm in the process of rebuilding my credit and was planning to apply for an Amex once my credit got around the 700 mark.

Will applying now help or hurt my chances of getting approved since I've recieved this letter.
CK

In the Wallet:
Amex Platinum - NPSL (daily)
Capital One Cash Rewards (Builder CC) - $500CL
Best Buy - $2000CL (Increased 9/2013)
Express - $250CL (Builder)

Goals:
700+ Credit Score Across the board
Chase Sapphire Preferred - $5000+ CL (Secondary)
Bestbuy - $5000+ CL


MemberSince99
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Wed Jul 25, 2012 4:20 pm

Mid 600s is about as low as you would have any chance at all of getting it. Everything had best be perfect and you should have a couple of years of history with revolving credit to have a shot with that score, realistically.

I don't think it will matter one way or the other. If they don't approve you now they might in 3 or 6 months. All that will matter is the inquiry and after 6 months that's pretty much moot.

You can give it a shot, though just an FYI but Zync is a bit easier to get.

JayS10
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Posts: 37
Joined: Thu Jul 05, 2012 9:52 am
Location: Phoenix, AZ

Postby JayS10 » Wed Jul 25, 2012 11:02 pm

MemberSince99 wrote:Mid 600s is about as low as you would have any chance at all of getting it. Everything had best be perfect and you should have a couple of years of history with revolving credit to have a shot with that score, realistically.

I don't think it will matter one way or the other. If they don't approve you now they might in 3 or 6 months. All that will matter is the inquiry and after 6 months that's pretty much moot.

You can give it a shot, though just an FYI but Zync is a bit easier to get.


I don't have a long revolving credit history. My first revolving account was opened about 8 years ago. I have a few late payments that I'm working on and I've made heavy use of my revolving credit (reading directly from myfico taken in March)...Since then I've increased my score 30 points to where I am currently. Working on removing ALL late payments and not carrying balances on the card that I use, Currently only Cap One.

I'd rather wait, Zync isn't for me.

Thanks!
CK

In the Wallet:
Amex Platinum - NPSL (daily)
Capital One Cash Rewards (Builder CC) - $500CL
Best Buy - $2000CL (Increased 9/2013)
Express - $250CL (Builder)

Goals:
700+ Credit Score Across the board
Chase Sapphire Preferred - $5000+ CL (Secondary)
Bestbuy - $5000+ CL

JayS10
Gold Member
Gold Member
 
Posts: 37
Joined: Thu Jul 05, 2012 9:52 am
Location: Phoenix, AZ

Postby JayS10 » Fri Jul 27, 2012 9:07 am

Got another letter in the mail that states I've been selected to apply for gold.
CK

In the Wallet:
Amex Platinum - NPSL (daily)
Capital One Cash Rewards (Builder CC) - $500CL
Best Buy - $2000CL (Increased 9/2013)
Express - $250CL (Builder)

Goals:
700+ Credit Score Across the board
Chase Sapphire Preferred - $5000+ CL (Secondary)
Bestbuy - $5000+ CL

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Fri Jul 27, 2012 10:18 am

JayS10 wrote:Got another letter in the mail that states I've been selected to apply for gold.


Just remember nothing is guaranteed. If you really wanna do it, go for it, I'd wait for the score to be a little higher though first. Nothing to lose but an inquiry.

JayS10
Gold Member
Gold Member
 
Posts: 37
Joined: Thu Jul 05, 2012 9:52 am
Location: Phoenix, AZ

Postby JayS10 » Fri Jul 27, 2012 10:55 am

I've got 4 payments I'm working on removing. IF I can get those removed then I'll go ahead and apply! I will keep you posted.

I don't mind using my Cap one card for now but it's the only CC I use and the rewards aren't all that good. Trying to get away from using my debit.
CK

In the Wallet:
Amex Platinum - NPSL (daily)
Capital One Cash Rewards (Builder CC) - $500CL
Best Buy - $2000CL (Increased 9/2013)
Express - $250CL (Builder)

Goals:
700+ Credit Score Across the board
Chase Sapphire Preferred - $5000+ CL (Secondary)
Bestbuy - $5000+ CL

JayS10
Gold Member
Gold Member
 
Posts: 37
Joined: Thu Jul 05, 2012 9:52 am
Location: Phoenix, AZ

Postby JayS10 » Sat Jul 28, 2012 6:21 pm

Did some more research and went thru amex's pre-selection on the website, It came up and stated that I was pre-selected for amex gold, green, and blue....

Itching to do it!!
CK

In the Wallet:
Amex Platinum - NPSL (daily)
Capital One Cash Rewards (Builder CC) - $500CL
Best Buy - $2000CL (Increased 9/2013)
Express - $250CL (Builder)

Goals:
700+ Credit Score Across the board
Chase Sapphire Preferred - $5000+ CL (Secondary)
Bestbuy - $5000+ CL

DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Sat Jul 28, 2012 7:48 pm

I'd go for the BCP if you like cash back and buy a lot at grocery stores, but those scores are a bit low so be prepared to call the recon line.

JayS10
Gold Member
Gold Member
 
Posts: 37
Joined: Thu Jul 05, 2012 9:52 am
Location: Phoenix, AZ

Postby JayS10 » Sat Jul 28, 2012 8:32 pm

DavidNY wrote:I'd go for the BCP if you like cash back and buy a lot at grocery stores, but those scores are a bit low so be prepared to call the recon line.


Bit the bullet and went for it, got the

We have received your application for the Green from American Express®. We were not able to process your application within 60 seconds in order to provide you with an instant decision. Once your application is processed, we will notify you of your application status by e-mail using the e-mail address you provided.

Did some googling and it seems like it may just be identity verification.. Will have to call and find out on Monday morning, will keep you guys posted.
CK

In the Wallet:
Amex Platinum - NPSL (daily)
Capital One Cash Rewards (Builder CC) - $500CL
Best Buy - $2000CL (Increased 9/2013)
Express - $250CL (Builder)

Goals:
700+ Credit Score Across the board
Chase Sapphire Preferred - $5000+ CL (Secondary)
Bestbuy - $5000+ CL

Reclusive46
Centurion Member
Centurion Member
 
Posts: 222
Joined: Mon Oct 24, 2011 4:04 am
Location: UK

Postby Reclusive46 » Sun Jul 29, 2012 5:27 am

I never understood these pre-selected letters, is not everyone pre-selected :P?
Amex UK Platinum Charge Card
Amex Blue Cash USA
Amex US Gold Corporate Card
World MasterCard Capital One UK (Free abroad + Cashback + Free Cash Withdrawals with no interest)



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