Pre-qualified credit checker on card company sites

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p51
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Postby p51 » Thu Nov 27, 2014 11:48 am

PlyrStar93 wrote:PRG is a charge card, not a revolver. Green, Gold and Platinum are charge cards as well.

My fault, I should have worded that better. I understand that both are charge cards & not revolvers. What I meant was that even though both are charge cards, which are supposed to be easier to get than revolvers, I've read that the Green should be easier to get than the PRG.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500


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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Nov 27, 2014 12:14 pm

Green is about as easy to get as PRG, Platinum, or Gold. It's more a matter of finding the best value as far as perks and rewards vs. the annual fee. Keep in mind that the cards with more perks don't necessarily have a higher 'secret' limit. Someone with a good history and a 10-year old Green Amex may have a 'secret' limit many times that of a new Amex member with a Platinum. With a PRG, they can keep you on a pretty tight leash credit-wise.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

p51
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Postby p51 » Thu Nov 27, 2014 12:20 pm

The
CarefulBuilder14 wrote:Green is about as easy to get as PRG, Platinum, or Gold. It's more a matter of finding the best value as far as perks and rewards vs. the annual fee. Keep in mind that the cards with more perks don't necessarily have a higher 'secret' limit. Someone with a good history and a 10-year old Green Amex may have a 'secret' limit many times that of a new Amex member with a Platinum. With a PRG, they can keep you on a pretty tight leash credit-wise.

Wow!! Very good to know. I will be doing a compare/contrast Green v PRG to see which one is better suited for me. When you say tight leash for the PRG-- does that mean less frequent CLI's?
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

Battery111
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Postby Battery111 » Thu Nov 27, 2014 12:23 pm

CarefulBuilder14 wrote:Green is about as easy to get as PRG, Platinum, or Gold. It's more a matter of finding the best value as far as perks and rewards vs. the annual fee. Keep in mind that the cards with more perks don't necessarily have a higher 'secret' limit. Someone with a good history and a 10-year old Green Amex may have a 'secret' limit many times that of a new Amex member with a Platinum. With a PRG, they can keep you on a pretty tight leash credit-wise.


This is how I understand things as well. Although I will say when I do a check spending ability I have a much higher secret limit with my platinum than my green. However, that could just as easily be chalked up to the fact that I never use the green so a large charge on it would be unusual.

I wish I had applied for the PRG instead of the green, but like you I was scared to at the time. Now I'm just waiting out my year so I can upgrade to PRG and actually get some use out of that account.

All that being said it's really easy for us to sit here and tell you that you have the same chance either way, when you're the one who has to cross his fingers while the little processing screen comes up on the website. I understand where you're coming from.
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Battery111
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Postby Battery111 » Thu Nov 27, 2014 12:26 pm

p51 wrote:The
Wow!! Very good to know. I will be doing a compare/contrast Green v PRG to see which one is better suited for me. When you say tight leash for the PRG-- does that mean less frequent CLI's?


Since its a charge card it doesn't have CLI's per se. There's "no preset spending limit" which means that the max amount they'll approve is a constantly changing amount based on your income, credit history, and most importantly your history with AMEX. The only way to know what your limit is is to play with the check spending ability button.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Nov 27, 2014 12:30 pm

p51 wrote:The
Wow!! Very good to know. I will be doing a compare/contrast Green v PRG to see which one is better suited for me. When you say tight leash for the PRG-- does that mean less frequent CLI's?


It's a charge card with NPSL. The real charge limit will grow with time and use. There is no 'credit' limit, though, since you have to pay in full or get permission from them to pay something like a 30%+ APR.

Battery,

I guess the PRG could be useful for getting rewards on flights, but keep in mind that if you ever go off active duty (which I think you said you were), you might find it necessary to close a few cards to save on annual fees. That could hurt your AAoA.

On the other hand, it is good that the MR points are all pooled together, so you don't have to redeem each card's rewards in isolation.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Battery111
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Postby Battery111 » Thu Nov 27, 2014 12:38 pm

CarefulBuilder14 wrote:It's a charge card with NPSL. The real charge limit will grow with time and use. There is no 'credit' limit, though, since you have to pay in full or get permission from them to pay something like a 30%+ APR.

Battery,

I guess the PRG could be useful for getting rewards on flights, but keep in mind that if you ever go off active duty (which I think you said you were), you might find it necessary to close a few cards to save on annual fees. That could hurt your AAoA.

On the other hand, it is good that the MR points are all pooled together, so you don't have to redeem each card's rewards in isolation.


Very true. Fortunately (or unfortunately depending on one's point of view) I'm currently serving on an indefinite contract so I have some time. I'm guessing when that time comes I will be reevaluating my card collection anyway based on my income, and I can always downgrade back to a green. In reality depending on whether I get some great job right off active duty I would close the platinum and either keep the PRG or downgrade to green. Would also reevaluate the EDP and potentially downgrade to a regular ED
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p51
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Postby p51 » Thu Nov 27, 2014 12:48 pm

U
Battery111 wrote:This is how I understand things as well. Although I will say when I do a check spending ability I have a much higher secret limit with my platinum than my green. However, that could just as easily be chalked up to the fact that I never use the green so a large charge on it would be unusual.

I wish I had applied for the PRG instead of the green, but like you I was scared to at the time. Now I'm just waiting out my year so I can upgrade to PRG and actually get some use out of that account.

All that being said it's really easy for us to sit here and tell you that you have the same chance either way, when you're the one who has to cross his fingers while the little processing screen comes up on the website. I understand where you're coming from.


I appreciate the backstory. I feel exactly the way you felt when you applied for the Amex Green. After years of getting my score up, I'm still SO hesitant to apply for anything. UGH!!
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

p51
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Postby p51 » Thu Nov 27, 2014 12:49 pm

Thanks for the info. Sounds like an Amex could hurt my score in the short term with no preset spending limit (depending on how it's reported to the credit bureau's. Long term though Amex seems like a major win (if managed correctly).
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

Battery111
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Location: Lawton, ok

Postby Battery111 » Thu Nov 27, 2014 12:54 pm

p51 wrote:Thanks for the info. Sounds like an Amex could hurt my score in the short term with no preset spending limit (depending on how it's reported to the credit bureau's. Long term though Amex seems like a major win (if managed correctly).


That's pretty accurate. Truth is your credit score could go either way with an Amex approval. I was about where you are score wise when I got my green, and my score improved with the extra account. However, I had more available revolving credit at the time, so I'm guessing you would initially take a hit.

But, six months from now after putting a good amount of spend on a charge card every month and paying it off responsibly, I'm guessing not only will your score be higher, but because of your internal history with amex you would have great approval chances for a revolver, which will then be backdated. And if they say no, at least it will be a soft pull and not hurt your score.
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
Chase Sapphire Preferred
NFCU nRewards Visa



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