Chances of Amex approval?

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WallyxD
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Chances of Amex approval?

Postby WallyxD » Fri Apr 19, 2013 1:12 am

I'm 99.9999% sure I don't have a shot at Amex, at least not until I find a better job and my AAoA improves. But I figured why not post just in case, I wanted to know if I have even the slightest shot of an Amex?

Income around 8000. (I'm only a cashier part-time, full time student)

Util is 6%

AAoA according to CK is 8 months, due to recent AE Visa, new Citi Forward wasn't factored into it, so I'm guessing it'll be around 6 months.

Longest account is an installment loan (student loan) from 09/2011


INQS:
TU: 14 (8 are due to fall off on/before 09/2013)
EX: 7 (4 are due to fall off on/before 09/2013)
EQ: 4 (2 are due to fall off on/before 09/2013)

Current Cards:
09/2012 AE Store CC: $300
12/2012 CapOne Journeys: $300
04/2013 Citi Forward for Students: $1500
04/2013 AE Visa: $2300

Most recent scores:
01/2013 Discover iT rejection letter said my EX FICO was 687.
Unfortunately I'm not sure of my TU or EQ scores, but I'm pretty sure they're high 600s.

So what do you guys think?


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Snowman
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Postby Snowman » Fri Apr 19, 2013 1:18 am

At this point, you need to wait 6 months to a year. I have heard of people getting Amex's with 8-10k income (I make 12k too, but I'm a student as well.) The problem isn't your income (it is a huge factor but it's not the only thing.) You have way to many inquires and your accounts are so new that it unlikely at this point for you to be approved for any card. Once the inquires fall of, however, you have a much better chance, or at least they are 6 months. Just let your accounts age for 6-7 months and then try for an Amex and you might have a reasonable chance of being approved by many creditors. Simply my 0.2
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.

Bksuper
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Postby Bksuper » Fri Apr 19, 2013 1:50 am

Include whatever source of income you're using to pay for school tuition/r&b (support from parents/relatives, financial aid, scholarships) into your income, not just the cashier wages. Choose Student Employed for your occupation. You have enough history to qualify I think if you get your income at least up to $20k from including the aforementioned sources, but you'll definitely want to wait until September for the inquiries to age off, that many is a huge flag that could get you denied if you don't wait until then.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

WallyxD
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Postby WallyxD » Fri Apr 19, 2013 1:55 am

Bksuper wrote:Include whatever source of income you're using to pay for school tuition/r&b (support from parents/relatives, financial aid, scholarships) into your income, not just the cashier wages. Choose Student Employed for your occupation. You have enough history to qualify I think if you get your income at least up to $20k from including the aforementioned sources, but you'll definitely want to wait until September for the inquiries to age off, that many is a huge flag that could get you denied if you don't wait until then.


I read that you shouldn't include financial aid as part of your income on a different site. I'd be all for it, but I didn't want any problems to ensue in case a lender asked me to provide proof of income. But could you tell me exactly what I could include as income, like exactly what part of financial aid can count as income? And, my parents are divorced, could I include the money my father sends monthly and count that as income, even though I don't keep it for myself?

WallyxD
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Postby WallyxD » Fri Apr 19, 2013 1:57 am

Snowman wrote:At this point, you need to wait 6 months to a year. I have heard of people getting Amex's with 8-10k income (I make 12k too, but I'm a student as well.) The problem isn't your income (it is a huge factor but it's not the only thing.) You have way to many inquires and your accounts are so new that it unlikely at this point for you to be approved for any card. Once the inquires fall of, however, you have a much better chance, or at least they are 6 months. Just let your accounts age for 6-7 months and then try for an Amex and you might have a reasonable chance of being approved by many creditors. Simply my 0.2


Yes I was sure someone would tell me to just wait until most of the inqs fall off. The reason why I didn't want to was because though it looks bad having too many new accounts, I'd rather open new accounts together so that they age together

pewpew
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Postby pewpew » Fri Apr 19, 2013 2:04 am

i just picked up an AmEx Blue for those few places that only take AmEx. i have perfect credit history since i got my first CC 7 years ago. all 3 of my scores are now in the 770-800 range. 6 figure salary. and all they gave me was a 3k CL. so prepare for possible disappointments.

if i were you i would wait until those inquiries go away. keep fully paying off your balance and your scores will move into the 700+ range by fall. apply then.

i know a lot of people who lied about their income when they were in college and applying for cards (listed their parents income) and got away with it. i'm not saying you should, but i have seen it done.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

WallyxD
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Postby WallyxD » Fri Apr 19, 2013 2:32 am

pewpew wrote:i just picked up an AmEx Blue for those few places that only take AmEx. i have perfect credit history since i got my first CC 7 years ago. all 3 of my scores are now in the 770-800 range. 6 figure salary. and all they gave me was a 3k CL. so prepare for possible disappointments.

if i were you i would wait until those inquiries go away. keep fully paying off your balance and your scores will move into the 700+ range by fall. apply then.

i know a lot of people who lied about their income when they were in college and applying for cards (listed their parents income) and got away with it. i'm not saying you should, but i have seen it done.


Yeah being how I am, I would never use my parent's income,.I wouldn't feel right lying. The most I would consider is using what I got in scholarships and grants for the year and add that to my actual income. I got $5100 in scholarships and grants for this year, so adding that to my real income would make my annual income 13k, which I would have no problem putting on a CC app, as long it wouldn't be a huge deal.

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Snowman
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Postby Snowman » Fri Apr 19, 2013 10:31 am

Well I mean you've already done that. For example, I applied for 2 cards on the same day in October of last year and was approved for both, then I took a chance with Amex and got approved but not for the Chase Freedom that I wanted. My point is build slowly and just evaluate every 6 months on what your needs are for your CC's and then make it work for you. Or else your going to get declined because lenders will start to think you are becoming desperate for credit. And that's reasonable that you want them to age together, but you have so many inquires and 2 brand new accounts that you just opened last month that it seems rather doubtful any creditor will approve you. Now after 6 months though once your accounts have aged a little bit, then try for an Amex or Chase or whatever you want and see where it takes you.
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.

WallyxD
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Postby WallyxD » Fri Apr 19, 2013 11:35 am

Snowman wrote:Well I mean you've already done that. For example, I applied for 2 cards on the same day in October of last year and was approved for both, then I took a chance with Amex and got approved but not for the Chase Freedom that I wanted. My point is build slowly and just evaluate every 6 months on what your needs are for your CC's and then make it work for you. Or else your going to get declined because lenders will start to think you are becoming desperate for credit. And that's reasonable that you want them to age together, but you have so many inquires and 2 brand new accounts that you just opened last month that it seems rather doubtful any creditor will approve you. Now after 6 months though once your accounts have aged a little bit, then try for an Amex or Chase or whatever you want and see where it takes you.


I suppose I will. I'll feel much better when all of those inquiries fall off anyway. Discover iT (which I still can't believe I got denied for) and an Amex are next on my list.
Thanks for the advice.

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Z06Biker
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Postby Z06Biker » Fri Apr 19, 2013 1:35 pm

Wow. I can't believe Discover denied you. I would've thought they hand cards out like candy being that they're sort of the ugly kid on the block, metaphorically speaking.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard



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