Chances of Approval for the Green Card

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hlodor
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Chances of Approval for the Green Card

Postby hlodor » Sat Mar 15, 2014 9:21 pm

Hey y'all,

This question is probably going to sound like a dumb one, but I was wondering what the chances of approval would be for the Amex Green Card for someone with very limited credit history? I have only had my Discover card for 3 months but have been very responsible (payed off many times through the month, low utilization, etc.) I really want to try and get my foot in the door with Amex due to the benefits especially with traveling because I am a frequent traveler. If I apply, will the inquiry hurt my credit score much? I figured I may have a chance at getting accepted because it is a charge card and will have to be paid off. Thanks for all the information!


Robrus1
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Postby Robrus1 » Sun Mar 16, 2014 2:46 pm

Is your Discover Card your first credit card? Do you have any other credit history? Car loans, personal loans, mortgage, etc?
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

HotrodBill
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Postby HotrodBill » Sun Mar 16, 2014 10:25 pm

If that's the only card you have, then no. Most say you need at least 6 months credit history. We need to know what your whole credit file looks like.
Amex Green
Amex Delta Sky Miles Gold
Chase Freedom
Barclay Arrival
Citi Diamond Preferred
BofA BankAmericard
Cap One Venture One

hlodor
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Joined: Sat Mar 15, 2014 9:17 pm
Location: Texas

Postby hlodor » Sun Mar 16, 2014 11:32 pm

That is the only card I have unfortunately. It was my starter card to begin building credit. I was afraid that they would require 6 months but, that's fine I'll just keep doing what I'm doing now! Do you think I should apply when I hit the 6 month mark after checking my credit score?

HotrodBill
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Postby HotrodBill » Mon Mar 17, 2014 11:42 pm

you could, but i'd consider adding another tradeline if you can. showing the ability to handle multiple accounts will work in your favor. if there's one thing I've learned on my rebuilding and growing adventure, you cant rush this. start with a cap one card, or something easy to get approved for, and use it responsibly. id say a year out you'd have a ok chance, I personally had about 4 years of perfect history before I applied, and when I did, i went for 2 cards, and was approved for both in the same day.

My advise would be to read, study, and come up with a plan to get to your financial/credit goals. Thats what I did. it took me a minute, but I got there. -Bill.
Amex Green

Amex Delta Sky Miles Gold

Chase Freedom

Barclay Arrival

Citi Diamond Preferred

BofA BankAmericard

Cap One Venture One

hlodor
Green Member
Green Member
 
Posts: 3
Joined: Sat Mar 15, 2014 9:17 pm
Location: Texas

Postby hlodor » Mon Mar 17, 2014 11:46 pm

Thanks so much for all of your great advice Bill! I appreciate it a lot! The reason I wanted my second card to be an Amex was because I am an avid international traveler and I need a car with great international benefits (luggage etc) and figured an American Express charge card would be the perfect starting travel card through them.

Robrus1
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Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Tue Mar 18, 2014 11:06 am

I'd say wait until you have at least 6 months of on time payments for the Discover. Depending on your income, you may have a shot after 6 months with Discover reporting. Just make sure your Discover reports a low balance on the 6th month. Otherwise, I'd wait until you have 12 months of payment history with Discover.
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



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