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Amex Pre-Qualification?


GoHooterGo
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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...

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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. 

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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. 

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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!!!

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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?

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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. 

 

 

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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.

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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 :rolleyes:

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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 :rolleyes:

My point was that just like everything else in the world of credit, there are few absolutes and Your Mileage Probably Will Vary (YMPWV).

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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 by hdporter
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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.

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