Can I get an American Express card?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
15 posts
bvasquez113
Green Member
Green Member
 
Posts: 4
Joined: Fri Feb 08, 2013 12:39 am
Location: United States

Can I get an American Express card?

Postby bvasquez113 » Fri Feb 08, 2013 12:46 am

So the big question on my mind is.. can I get an American Express? I know the answer is "not right now", I just want to know how long I have to wait.

I am 19 years old, my only credit history is a credit builder loan I took out (and paid off already) and an auto loan that I've made about four payments on. I also just recently got a Platinum Mastercard from my local credit union.

My annual income right now is about $13,000 (since I'm a full-time student). I already applied for the Green Card, but was declined (for obvious reasons). I don't pay rent or a mortgage, my only debt right now is the auto loan I have--not even any student loans! I have about $9,000 in savings right now.

So....am I totally kidding myself in thinking I could get an American Express? Btw, the credit score they pulled was from Transunion and it was 652. That's strange, since the day before I looked at my Transunion report and saw my score was 674; still not good, I know. My experian score was 700, and that was the same day I applied for the Green Card.


bvasquez113
Green Member
Green Member
 
Posts: 4
Joined: Fri Feb 08, 2013 12:39 am
Location: United States

Postby bvasquez113 » Sun Feb 10, 2013 12:13 am

Any help would be greatly appreciated. Thanks! :)

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Sun Feb 10, 2013 8:24 pm

I would say in the future yes. i've been turned down at least 4 or 5 times. I'm sure alot of people have been turned down. So once you get a better paying job, a couple of credit cards , then American Express I'm sure you will give you a card.


MemberSince99
Centurion Member
Centurion Member
 
Posts: 4745
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Feb 11, 2013 8:09 am

Ideally wait until your scores are in the 700 range, with no baddies on your report, and 6 months to a year of positive revolving history with another lender. Ideally don't have First Premiere or Credit One on your report when you apply. And ideally make a LOT more than 13k a year. When you've reached those goals, you should be good to go.

jriley
Platinum Member
Platinum Member
 
Posts: 66
Joined: Tue Oct 30, 2012 7:10 pm
Location: Atlanta, GA

Postby jriley » Mon Feb 11, 2013 4:09 pm

I agree. Don't apply for any more cards, so you don't have those sitting on your report, and wait until you have more income.
Looking to maximize credit, for myself and others.

[size=80]American Express Zync
American Express Delta Reserve
Chase Sapphire Preferred[/size]

TastefullyDone
Green Member
Green Member
 
Posts: 4
Joined: Sat Feb 02, 2013 11:23 pm
Location: USA

Postby TastefullyDone » Tue Feb 12, 2013 6:46 pm

On this same topic, I am also a student and really want the Amex Green b/c its an entry level charge card (I like not carrying a balance) and I wouldn't mind travel rewards either since I'm a student that flies b/w school and home (+ I think Amex green is just a sweet card to have).

I similarly got rejected, the reasons AMEX stated from my Experian report were "lack of any revolving credit," very likely b/c I applied for AMEX as my first card ever (I didn't have any other credit cards) and also "loan amounts too high."

Items on my credit report: I have a car loan paid in full, 2 education loans (from undergrad) paid in full, one education loan active ($20K, I'm currently in law school), and very very recently a Wells Fargo secured card.

I'm hoping building a history on the WF secured will solve the "lack of recent revolving credit" issue, but idk what to do about "loan amount paid to loan amount balance too high" since law school loans are deferred until we graduate.

The score AMEX gave me based on Experian was a 642, obviously low after research in this forum and realizing that they really only look for 700+ ppl.

my real question: how long should I use the secured card before re-applying for AMEX Green to be safe + more or less guaranteed success?
Is just positive use of one secured card enough for AMEX's standards of green or do they want like usage of 3 different cards?
Does AMEX look at % of credit utilized per month and if so, what is a good number to stay at if I'm paying my balance down to $0.00 every month?

Sorry if they're obvious stuff, I come from a super eastern mentality "cash only"/debit everything kinds of parents and therefore have done all the learning solo so far. Thanks kindly for all the help

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Wed Feb 13, 2013 10:07 pm

no reason to apologize. as you found out it's far from an entry level card.

I would say use the card as much as you can. you will probably get pre approved offers in the mail for credit cards, this doesn't mean you will get any of those cards. you may want to go to your local bank not chase , citi etc. but a local bank where you have your checking account, see if they offer any credit cards and you can apply. do you have enough income to pay your bills. I would say 2 major credit cards like a chase, citi, Discover any major 2 cards would look good on your credit report
then you can apply for the green card.


TastefullyDone
Green Member
Green Member
 
Posts: 4
Joined: Sat Feb 02, 2013 11:23 pm
Location: USA

Postby TastefullyDone » Thu Feb 14, 2013 9:09 pm

Also,

recently checked myfico.com --> 730 (equifax I think?)
Credit Karma score --> 726 (transunion i think?)
No negatives on either of these reports.
I don't know Experian score.

Wells Fargo (my secured card) is where I have my checking/savings also. Curious can I get the AMEX with just this little secured card and good payment record or is getting a Discover or some additional cards absolutely needed for AMEX Green approval?

AND whats the least amount of time I should wait before re-applying for the Amex Green with above stats?

Thanks all.

Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Fri Feb 15, 2013 5:23 pm

I would say no because American Express want's to see activity from unsecured credit cards. If you had a chase and a Bank of America as an example . with good income and good credit scores then I would say yes. but not with just 1 card that's a secured card.

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Fri Feb 15, 2013 5:35 pm

Gee, it was so simple when I was a college senior back in '88 and Amex offered Green card applications to students on campus. I was accepted and that was my first card. Strangely, the backdating didn't carry when I got my Gold card a year later, so my Platinum card still says '89.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests