Advice on a pre-selection letter

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ExtraCredit
 
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Location: California

Advice on a pre-selection letter

Postby ExtraCredit » Wed Apr 03, 2013 12:12 am

The other day, I received in the mail a pre-selection letter to apply for the Green card but I really wanted to be pre-approved for the BC Everyday.

A little about me... I'm in my late twenties and have had an Amex Gold card under my parent's account since I was 19-20 in college until last year. Recently, I've read somewhere that my history, credit worthiness, etc., does not really carry much weight unless the card was under my name. The only card that is under my name since 2006 and that I still currently use is the Freedom Rewards card by Chase with a 5k CL. My credit score from Credit Karma and Credit Sesame is 768 and 784 respectively.

My primary purpose for getting the Blue Cash Everyday card is to have a "back up" rewards card to my Chase Freedom card. I was also interested in the Blue's "no annual fee" and 2% cash back offer on gasoline since I commute to work everyday to a decent, entry-level job.

I can't decide whether I want to accept the offer or if I should wait for another "pre-selection" offer. Any thoughts?

Thanks in advance for your replies! :)


Robrus1
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Location: Texas

Postby Robrus1 » Thu Apr 04, 2013 3:53 am

First of all, ignore pre-selection/pre-approval letters. Don't let them deter you from another product you think would be more beneficial to you. They do not guarantee/increase chances for approval compared to another product for which you have not received a pre-approval letter. If you think the BCE would be more beneficial to you, then that's what you should apply for. I think you'd be approved, provided you have no late payments, decent income, etc. You have 7 years of credit history, which helps a lot. Keep in mind that Credit Karma and Credit Sesame aren't your real credit scores.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

mattymatt808
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Postby mattymatt808 » Thu Apr 04, 2013 5:36 am

That being said, it sounds like you're in great position to get approved. You have higher scores than I did when I got approved (I got a BCE letter as well) as well as a preexisting relationship with AMEX which I didn't have. Also, if your letter is anything like mine you may have got the much nicer $150 signup bonus after $500 spend instead of the advertised $100 bonus after $1000 spend.
$2500 First Hawaiian Bank (6/10)
$4500 CHASE Freedom (2/13)
$3500 Citi Forward (2/13)
$2000 Discover it (2/13)
$9600 AMEX BCE (3/13)
$10000 CHASE Sapphire Preferred (7/13)
$5000 CHASE Ink Plus (8/13)

ExtraCredit
 
Posts: 2
Joined: Sat Jan 07, 2012 9:54 pm
Location: California

Postby ExtraCredit » Sat Jul 13, 2013 5:20 pm

Thanks for the responses guys.

A little update... Though a couple of months have passed, I still haven't applied for the Amex BCE in part because the Chase Sapphire card has also caught my attention. I have been torn between these two cards particularly with Sapphire's benefits compared to the BC Everyday card.

I have read some conflicting reviews on here and elsewhere regarding Amex BCE service versus Chase Sapphire about their road side assistance. I was wondering if anyone who has both cards could shed some light on their experience with the roadside assistance with both cards. I might be asking this in the wrong section since this is the "Amex forum," but I'm more interested in your unbiased opinions on the BCE card versus Sapphire. How would you rate both cards in general from your personal standpoint?

Thanks again for your replies.

mattymatt808
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Location: Honolulu, HI

Postby mattymatt808 » Sun Jul 14, 2013 5:13 am

I'm more of a pragmatic person so I value the measurable benefits more than the customer service and perks. To rate them "in general" is simple:

0.02*(monthly gas/department store spend) + 0.03*(monthly grocery spend) = monthly cash back from BCE
0.02*(monthly restaurant spend)*(value you place on 1 Ultimate Rewards Point) = monthly benefit from Sapphire

Although since you already have a Freedom card I am assuming you would not use the BCE in quarters when gas is featured or the Sapphire when restaurants are featured, so you would reduce your monthly gain accordingly. Sorry I can't be of more help regarding roadside assistance, I still bum off my dad's AAA membership :)
$2500 First Hawaiian Bank (6/10)
$4500 CHASE Freedom (2/13)
$3500 Citi Forward (2/13)
$2000 Discover it (2/13)
$9600 AMEX BCE (3/13)
$10000 CHASE Sapphire Preferred (7/13)
$5000 CHASE Ink Plus (8/13)

MemberSince99
Centurion Member
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Location: WI

Postby MemberSince99 » Sun Jul 14, 2013 6:52 am

I've never had to use the roadside assistance yet, should be the same/good for both cards. Sapphire lets you talk with a real American who will pick up the phone when you answer, avoiding you spending 10 minutes just trying to get a rep. Amex has better rewards on gas and groceries and department stores, every day spending while the Sapphire is more of a travel card with no foreign transaction fee.

So they are different cards designed for different purposes. You can get this info by using Google and comparing the two pretty easily.

takeshi
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Postby takeshi » Mon Jul 15, 2013 2:07 pm

ExtraCredit wrote:I can't decide whether I want to accept the offer or if I should wait for another "pre-selection" offer. Any thoughts?

Why are you considering accepting a preselected offer for a card that you don't seem to have any interest in? Preselection means nothing. Apply for what you want versus waiting around.

ExtraCredit wrote:I have read some conflicting reviews on here and elsewhere regarding Amex BCE service versus Chase Sapphire about their road side assistance. I was wondering if anyone who has both cards could shed some light on their experience with the roadside assistance with both cards. I might be asking this in the wrong section since this is the "Amex forum," but I'm more interested in your unbiased opinions on the BCE card versus Sapphire. How would you rate both cards in general from your personal standpoint?

None of those are priorities for me. I use AAA for roadside assistance. I've used CS from both but for minor and relatively simple issues and they both resolved my problems to my satisfaction.

I find both my BCP and CSP to be useful. Sounds like you're overanalyzing and suffering from analysis paralysis. Go for one and try for the other down the road if you think you can't get approved for both. I got both of mine within a day of each other but my credit and situation are certainly different from yours.

Compare the options and assign weights based on your priorities.



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