GoHooterGo Posted March 17, 2022 Share Posted March 17, 2022 I decided to check Amex for pre-qualification expecting nothing as usual, but now for the first time, Amex is actually showing me two cards that I pre-qualify for... American Express Gold (15.99% - 22.99%) American Express Platinum (15.99%-22.99%) Experian Fico Bankcard 9 Score: 643 AAoA: 4.7 Years UTL: 68% 0 Collections 1 Charge Off 1 Repossession ($793) 2 INQ I have a lot of late payments on my reports from 2016-2019, with 1 in early 2020, but none since then. I have opened two new accounts 4 months ago. This seems too good to be true.... Thoughts? I would love to go for it, but not risking a INQ over a denial... Allkindabroke 1 Quote Link to comment Share on other sites More sharing options...
Glacier Posted March 17, 2022 Share Posted March 17, 2022 No risk, no reward. Inquiries don't matter. If one of those two cards would be a good addition to your portfolio, and your spending patterns will earn you good rewards to off set the annual fees, then you should apply. hegemony, ThomasRMorrison and MarvBear 1 2 Quote Link to comment Share on other sites More sharing options...
centex Posted March 17, 2022 Share Posted March 17, 2022 AXP is not score driven. I could see them having some issues with that utilization percentage though... How recent are the delinquencies? Keep in mind that both cards have annual fees and you need to ensure that you will derive enough through the benefits to actually offset the fee. If you travel a lot or spend a lot, then there are many ways to recoup the fee. hegemony and DebtFreeIn04 2 Quote Link to comment Share on other sites More sharing options...
GoHooterGo Posted March 17, 2022 Author Share Posted March 17, 2022 I was approved, SCORE: 633. Shocked and ecstatic! Now, being in the AMEX family (went AMEX GOLD) is there anything I should know or do with AMEX? My goal would be to eventually get a AMEX Blue or AMEX Cash Magnet rewards card. Allkindabroke, VintageWillow and hegemony 2 1 Quote Link to comment Share on other sites More sharing options...
centex Posted March 17, 2022 Share Posted March 17, 2022 57 minutes ago, GoHooterGo said: I was approved, SCORE: 633. Shocked and ecstatic! Now, being in the AMEX family (went AMEX GOLD) is there anything I should know or do with AMEX? My goal would be to eventually get a AMEX Blue or AMEX Cash Magnet rewards card. As previously noted, AXP is NOT score driven. There are numerous stories of 720+ score applicants being denied and even some sub-600 applicants being approved. They will sucker you with a minimum payment. Don't fall for it. Pay it in full each and every statement cycle. Quote Link to comment Share on other sites More sharing options...
hegemony Posted March 17, 2022 Share Posted March 17, 2022 1 hour ago, GoHooterGo said: I was approved, SCORE: 633. Shocked and ecstatic! Now, being in the AMEX family (went AMEX GOLD) is there anything I should know or do with AMEX? My goal would be to eventually get a AMEX Blue or AMEX Cash Magnet rewards card. congrats!!! Quote Link to comment Share on other sites More sharing options...
GoHooterGo Posted March 17, 2022 Author Share Posted March 17, 2022 1 hour ago, centex said: As previously noted, AXP is NOT score driven. There are numerous stories of 720+ score applicants being denied and even some sub-600 applicants being approved. They will sucker you with a minimum payment. Don't fall for it. Pay it in full each and every statement cycle. Planning on using it like a debit card, and paying it off every two weeks. Being an Amex Member help qualify for future Amex cards? Quote Link to comment Share on other sites More sharing options...
hegemony Posted March 17, 2022 Share Posted March 17, 2022 22 minutes ago, GoHooterGo said: Being an Amex Member help qualify for future Amex cards? yes. most future pre-screened offers will involve a soft pull. Quote Link to comment Share on other sites More sharing options...
centex Posted March 17, 2022 Share Posted March 17, 2022 28 minutes ago, GoHooterGo said: Planning on using it like a debit card, and paying it off every two weeks. Being an Amex Member help qualify for future Amex cards? No need for payments every two weeks. In fact, that can be a red flag. Just ensure that you pay it off each month by the due date. cashnocredit 1 Quote Link to comment Share on other sites More sharing options...
GoHooterGo Posted March 17, 2022 Author Share Posted March 17, 2022 3 hours ago, centex said: No need for payments every two weeks. In fact, that can be a red flag. Just ensure that you pay it off each month by the due date. Will do! Thanks! Quote Link to comment Share on other sites More sharing options...
Flyingifr Posted March 17, 2022 Share Posted March 17, 2022 3 hours ago, centex said: No need for payments every two weeks. In fact, that can be a red flag. Just ensure that you pay it off each month by the due date. Paying Amex off early is certainly not a red flag. I have been paying off my Delta Amex Platinum every Sunday for years and they have never done anything negative with me. All I have to show for it is a free trip to Europe every other year. Burgerwars and Allkindabroke 2 Quote Link to comment Share on other sites More sharing options...
centex Posted March 18, 2022 Share Posted March 18, 2022 14 hours ago, Flyingifr said: Paying Amex off early is certainly not a red flag. I have been paying off my Delta Amex Platinum every Sunday for years and they have never done anything negative with me. All I have to show for it is a free trip to Europe every other year. There ARE indeed reports of people who have reported issues with multiple payments in a cycle, especially for new cardmembers. But I guess if it never happened to you, then it can never happen to anyone Quote Link to comment Share on other sites More sharing options...
Flyingifr Posted March 24, 2022 Share Posted March 24, 2022 On 3/18/2022 at 6:43 AM, centex said: There ARE indeed reports of people who have reported issues with multiple payments in a cycle, especially for new cardmembers. But I guess if it never happened to you, then it can never happen to anyone My point was that just like everything else in the world of credit, there are few absolutes and Your Mileage Probably Will Vary (YMPWV). Quote Link to comment Share on other sites More sharing options...
hdporter Posted March 25, 2022 Share Posted March 25, 2022 (edited) On 3/17/2022 at 6:51 PM, Flyingifr said: Paying Amex off early is certainly not a red flag. As you separately note, "few absolutes", so I'd agree with you on the above, where "certainly" has been used as a qualifier. (it can be a red flag) However, @centex wasn't stressing the point as an absolute. Anecdotes have been discussed here where some who engaged in multiple payments within a statement period with consistency found themselves targeted with account review (mostly a request for income verification, via account suspension while an IRS transcript was obtained). That's hardly a devastating consequence, but you'll agree the inconvenience is best avoided. There was reasonable evidence that the multiple payment history was a key factor in prompting such action. So, forewarned is forearmed. Edited March 25, 2022 by hdporter Quote Link to comment Share on other sites More sharing options...
Help1285 Posted March 26, 2022 Share Posted March 26, 2022 On 3/17/2022 at 6:51 PM, Flyingifr said: Paying Amex off early is certainly not a red flag. I have been paying off my Delta Amex Platinum every Sunday for years and they have never done anything negative with me. All I have to show for it is a free trip to Europe every other year. I got FR'd when I did that with my old Amex charge card account. hegemony 1 Quote Link to comment Share on other sites More sharing options...
ThomasRMorrison Posted March 26, 2022 Share Posted March 26, 2022 25 minutes ago, Help1285 said: I got FR'd when I did that with my old Amex charge card account. And I got cancelled for no apparent reason that they could explain. Thank you but no more AMEX cards for me...ever. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.