So wait, what?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Missionz12
 
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Postby Missionz12 » Thu Oct 18, 2012 4:20 pm

So I know this has been pretty well established already in this thread but you can definitely get an AmEx under 21. I am 19 and got approved for the Amex green card.


Vermonster
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Postby Vermonster » Thu Oct 18, 2012 4:50 pm

I would definitely wait if the 6 month mark is only a few days away. And I would make sure CreditKarma shows 6 months too.
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Snowman
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Postby Snowman » Thu Oct 18, 2012 5:55 pm

It's more like a week from today (6 months of history). And my statement for the month cuts on the 26th, so I'd set my bill pay on the 24th, and by the 25th it should be cleared, and on the 26th the balance will be reported as 0. So does that mean I should apply on Sunday or Monday after the 25th (which is 28th or 29th)?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
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Snowman
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Postby Snowman » Fri Oct 19, 2012 10:32 am

bumping thread
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

DoingHomework
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Postby DoingHomework » Fri Oct 19, 2012 2:10 pm

Snowman wrote:CC- Gah, but that's not fair at all, it's punishing people like me that are generally have been responsible with their finances, and putting us in the same category of people who are irresponsible.

But how would anyone KNOW you are responsible? You don't have the history to show that you will be able to pay your bills as they become due. Having done it for a year or so means very little. What's going to happen if you lose your job or have an unexpected expense? Do you have an emergency fund of $6000-$12000 to get you through if something happens? That's what responsible people have. If you look at someone with a few years of history you can see that if they missed a payment they were irresponsible. Those who have never missed a payment for several years probably had a backup plan or adequate savings when something happened. We simply have no way to know what will happen with you. You may be teh most responsible guy in teh world but there simply is no evidence of that.

Snowman wrote: I maybe young, but in everything I do, if it my responsibility or obligation, I will fulfill it. I wanted to an Amex primarily because I wanted to build a history with them. I would never think of defaulting on any credit unless I really could not afford to.

But that's just it. You would never default unless you could really not afford it. But how could you not afford it unless you put yourself in a bad position in the first place. One way of putting yourself in a bad position is by taking out too much credit before you have learned to be responsible with it. That's what they are trying to prevent.

Snowman wrote:Now if my history was short, or my payments were late and so on,

Your history is short. And what does your parents' history have to do with it? That's the part you seem to be missing. If you are independent then you must be independent. You can't rely on your parents' history, support, and so forth.

Snowman wrote: I can understand, but I never really thought aged played that much of a factor. Anyways, is it worth a recon effort, or do you think it will end up in vain? and also I'm considering applying for a Discover More or a Citi Forward for students. Do I have any chance of getting approved for those 2 cards? I know I should have waited longer for the AMEX, but I said well what the heck let's see what happens. I also want to apply for a Chase Freedom, but I will apply for it in April of next year, would my chances of getting it either in April or may of next year be likely (assuming my history has no negatives) or are they going to deny based on income again? I'll probably for an Amex sometime in 2015 I guess.


At your age you have no reason to have more than 1 card and you already have that. Every time you apply for a card it puts a black mark against you that lasts for 2 years. I suggest you be happy with what you have and apply for nothing else until 2015 as you said when you are older and have an actual history of responsible payment.

The reason you were denied an AMEX and approved for the other card is because AMEX is much more conservative than other issuers. They have stricter criteria and they interpret the laws more strictly.

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Snowman
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Postby Snowman » Fri Oct 19, 2012 2:51 pm

DoingHomework-
1.) But I have been paying my bills, and always on time and will continue to do so unless there is something that happens in which I cannot. Just because I am relatively young doesn't mean I am irresponsible. Just because there are others my age that default or tend not to pay back, doesn't mean they should lump me into that category. But you do have a point about the emergency fund. I have roughly about 1,500 so far in it (and growing every month), but yes you do have a point there and yes you're right in a sense, but I know when I am getting ahead of myself, but I see your point, there are plenty of kids my age that are not as responsible and they end up defaulting and over extending themselves.
2.) When I said, I mean to say that the only reason I would default is because I lost my job, or an emergency happened, but I know myself, and I barely use my current card, if at all, heck it is only used for Gas, and that is when I don't have enough cash or no cash on me. Practically I pay everything with cash, and only use my card for small things or Gas when I need to. And I don't buy things unless I absolutely need to and the only reason why I would app for any of the cards is to use it sparingly, so that way I do not overextend myself. I'm not a crazy money-spending 19 year old that will take out credit and then not be able to pay it back...I would make every effort to pay it back. And I understand, AMEX is a business, and they have to look out for the interests, so I can't blame them. But when I called their new accounts department they had told me that apparently it was a glitch and that there was never an inquiry and so on, so I guess that app did not cost me anything.
3.) I know my history is short. And my parents history have anything to do with it, but I do seek their advice when I need it. Unfortunately I do not make enough (12k) to move out, so for now, I do what I can, and give them 100 a month and they use it for bills and other expenses. But I know, I should be independent, but I see kids my age still getting these cards, but yet AMEX has no problem issuing them a card.
4) I just wanted to have a total of 3-4 cards, mainly just to use sparingly and to show some form of use, I mostly pay cash for everything, so the cards would have really been there for the history only, or if I didn't have enough money on me. And I know that it would stay on a CR for 2 years. I love my card, but I would want to have another 1-2 cards just because I don't want to use cash for everything.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

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t528491
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Postby t528491 » Fri Oct 19, 2012 10:53 pm

Snowman wrote:For all 3, or for Citi and Discover?


Waiting for all 3 would be better I think. Have you done a MyFico free trial yet? If not, you could do it on the 28th or so to make sure you have an Equifax score.
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

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Snowman
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Postby Snowman » Sat Oct 20, 2012 1:21 am

T-So I think I will apply on Monday the 29th,and If I am approved for any of the three cards and if not, then it was worth a shot. I have not done a free trial yet (myfico does free trials? I didn't know that.) Do Discover and Citi usually pull Equifax? I checked on credit karma my updated score and it said (I'm assuming it's using the Fako model transunion as bureau) and the score came out to be 728, but idk how close it would be to my actually score, would it be available now or after the 25th?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

cardinal
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Postby cardinal » Sat Oct 20, 2012 3:48 am

I'm under twenty and have an AMEX PRG, Delta Gold, and Citi Forward. Previously I only had a Wells Fargo college card with a $1000 limit. After my 12th statement, I did an app spree and applied for all the aforementioned cards at once. I'd recommend you apply for them at once, and if you don't get approved for any of them, then recon. Otherwise, it'll be a complete waste of an inquiry. Also, if you score is 740+ on myfico, then try for an Amex Gold or PRG. All their charge cards have very similar approval criteria save the Platinum and Centurion.

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t528491
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Postby t528491 » Sat Oct 20, 2012 8:54 am

Snowman wrote:T-So I think I will apply on Monday the 29th,and If I am approved for any of the three cards and if not, then it was worth a shot. I have not done a free trial yet (myfico does free trials? I didn't know that.) Do Discover and Citi usually pull Equifax? I checked on credit karma my updated score and it said (I'm assuming it's using the Fako model transunion as bureau) and the score came out to be 728, but idk how close it would be to my actually score, would it be available now or after the 25th?


Yeah, they do a 10 day free trial on their Score Watch monitoring. You'll have to call before the 10 days is up to cancel, but it's well worth it since the Equifax score they give you is scoring model most lenders use. And Discover and Citi do primarily pull Equifax, yes. I think they may have also pulled Experian for me, but I'm not positive.

You're right about CK using Transunion, so it's not particularly helpful in this instance.

What I would do this month is to only leave a $5~ balance on your CC before the statement cuts. I did that, and my Equifax score went up a few points. Not a lot, but every little bit helps.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]



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