20 y/o getting an AmEx

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Vandalized2
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20 y/o getting an AmEx

Postby Vandalized2 » Mon Apr 15, 2013 12:02 am

I am going to apply for my first AMEX here in a few months and I have no idea what to apply for?
Current Situation: Salary 25k/ year,20 years old, had credit since I was 18, I spend most my money in gas and stores. I do not travel.

Current Cards:
Wells Fargo Platinum 1900 limit since 02/11
Sears Credit Card 3000 limit since 11/11
US Bank Cash+ 6000 limit since 02/13
FICO 739


gold-rick
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Postby gold-rick » Mon Apr 15, 2013 12:24 am

Hey Vandal

With what you provided, you should easily get the green card and more than likely be approved for the gold or premier gold rewards.

I myself have had credit since 18 and am now 20. I was approved for the green card at 19 and was later approved for platinum a few months ago. I make around roughly 40k and travel a bit, so the Platinum is worth it to me. Gold would suit you well IMO.

But I would go with the Gold preferred its a $175 fee, but its a great car. The rewards points are I believe 3x airfare and 2x grocery and gas. And earn 25k points if you spend 2k in the first 3 months. First year annual fee is waved. Gold is an all round great card.

Good luck!

Vandalized2
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Postby Vandalized2 » Mon Apr 15, 2013 12:28 am

I appreciate that Rick, I just have never looked into it before and only really have Bank Branded CC's, so I am thinking it is time to expand my horizons and go AMEX. The prestige and exclusivity draws me to AMEX, and I have been nothing but impressed with reviews and account holder testimonies. Thanks for the advise, its been a pleasure.

paparoach429
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Postby paparoach429 » Mon Apr 15, 2013 1:25 am

I was in your exact situation (20 years old, 2 years of credit) when I applied for the green and was instantly approved. Checked spending limit and it was approved so far for $6000.

Vandalized2
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Postby Vandalized2 » Mon Apr 15, 2013 1:31 am

Thanks Pops, so do you think the Green card is the card I should shoot for ? I was just messing around on AMEX.com and found a card called Blue Cash Everyday, between those two which would be better? or do they even compare?

paparoach429
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Postby paparoach429 » Mon Apr 15, 2013 1:41 am

From what I understand that card is ALOT better but also ALOT harder to get. I would say in your situation go for a charge card first (green or gold) and then upgrade after the 13 months. It would suck going big for the BCE and getting shot down and wasting an inquiry for nothing. If you get approved for the green or gold you atleast have a shot at the BCE. If you dont get approved for that you know your not going to get approved for the BCE.

Vandalized2
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Postby Vandalized2 » Mon Apr 15, 2013 1:50 am

Tell me if this would be a good idea:
When November 2013 rolls around i will have two Inquiries drop off, I will have almost 3 years of credit, and my score will continue to go up and my AAoA goes up and my bills are paid.

So less then 7months from now if I were to apply for BCE, my chances would be a lot higher and the chance for success would be higher right?
Thoughts?

paparoach429
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Postby paparoach429 » Mon Apr 15, 2013 1:59 am

Yes ofcourse your chances would be higher, how much higher idk..

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Snowman
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Postby Snowman » Mon Apr 15, 2013 11:05 am

Vandal- I think with your stats, you could have a reasonable chance for getting approved for the BCE if you do decide to apply for it. Your Fico score gives you a pretty good chance for getting approved. Or you could take the route others have suggested and get a charge card first (mainly because their underwriting standards are more lax, and they are mostly all the same...just depends on the annual fee you want to pay.) And then try later, OR you could go one charge card, and one revolver and see what happens. I have heard that if you apply on the same day AMEX combines the pull for 2 cards, so you can get both, and there are people who have success with that. Good luck with whatever path you take.
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.

Vandalized2
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Postby Vandalized2 » Mon Apr 15, 2013 9:38 pm

How certain are you about the two pulls counting as one? Because if so I would apply for one of both for sure in a couple months. Where can I get more information about that potentially being true?

What is your opinion on the BCE? How do you like your GOLD? On the gold how does that look on your credit report because I have heard since it is a charge card it says it does not have a limit since you have to pay it off every month and that it reflects poorly on your utilization rates..



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