Starting To Use Credit, Advice Requested

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Starting To Use Credit, Advice Requested

Postby CEMoore » Fri Apr 26, 2013 3:18 pm


I am new to credit cards. I have spent a lifetime using cash, checks, and when needed a debit card.

I realized after meeting my current fiancee that credit cards are the smart thing to do and AmEx is the way to go. I am heavy on assets, relatively low on actual income. I applied for the Green Card in January and was rejected instantly and was very surprised. I accidentally let a collection come up on me the previous year and paid that off immediately when I realized it was on my credit report.

Last week, I applied for the AmEx Gold and was very pleased to be approved instantly. I am awaiting the card's arrival in the mail. To make sure I had all my bases covered, I applied for a Capital One Cash Back MasterCard and was surprised to be informed that it would take 7 to 10 days to let me know what the decision is.

I have many questions about AmEx and the charge cards - specifically how much I can spend off the bat without risking being denied?

However - my main question is: what the heck is going on? I am denied for an AmEx Green, approved for a Gold three months later, then Capital One is sitting on my application?

I welcome any advice or comments.

Thank you,

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Location: Austin/TX

Postby tigerowl06 » Sun Apr 28, 2013 8:56 pm

If you don't spend anything that you normally wouldn't, you should be fine with the charge card. If you are curious, then when you get the card and set up your online account, there is a tool to check your spending ability.

Credit approval will be erratic for someone new to the credit card scene and who has a collection on record. The outlier here is the instant approval for the gold card, but it does have a high annual fee. People get caught up in the fact that it's an Amex and that it's "gold", but credit products are defined by their terms and nothing else. Also, did you apply for the Capital One card a day or two later? They might have seen the inquiry for the Amex.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6.6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)
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