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What does Amex look at for approval?

American Express requires good to excellent credit for the majority of its credit cards. However, the issuer looks at numerous factors when reviewing applications including income, debt obligations, any existing Amex accounts and more.

What does Amex look for when approving?

American Express approval odds are best for people with at least good credit (700+). Cardholders should also have enough annual income to pay the card's annual fee (if there is one) and the entire balance in full, when applicable. Minimal debt and steady employment are also important.

Is Amex hard to get approved?

Yes, it's hard to get an American Express card because you will need a good or excellent credit score for approval, along with enough income for monthly bill payments. The easiest American Express cards to get are those that require a minimum of good credit for approval, as opposed to excellent credit only.

What is the easiest Amex card to get approved for?

Which Amex card is the easiest to get? The easiest Amex cards to get are ones with a lower minimum spending requirement for rewards, as well as a low annual fee or no annual fee. Examples include the Blue Cash Everyday Card from American Express and the American Express Cash Magnet Card.

Which FICO score does Amex use?

American Express uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness. Credit reports, however, don't differ that much from bureau to bureau. So, there's a huge overlap between the contents of each major credit report.

Can I get an Amex card with a 650 credit score?

Although American Express doesn’t specify any minimum credit score requirements, you’ll need good credit (or better) to qualify, which means a FICO score of at least 670. A premium Amex card — say, the American Express Gold Card — likely requires a “very good” FICO score, somewhere in the range of 740 and above.

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Will Amex verify my income?

They will request tax returns and bank statements. What they’re looking for is to make sure the income you reported on the application is true. The process typically takes 2-3 weeks, and you’re assigned a specialist to talk to.

Is having an Amex a big deal?

Is it good to have an American Express credit card? Yes, it is good to have an American Express credit card because Amex cards offer people with good or excellent credit attractive bonus rewards on a variety of purchases.

What is the easiest Amex card to get?

Which Amex card is the easiest to get? The easiest Amex cards to get are ones with a lower minimum spending requirement for rewards, as well as a low annual fee or no annual fee. Examples include the Blue Cash Everyday Card from American Express and the American Express Cash Magnet Card.

Can I get an Amex with a 600 credit score?

In other words, you’ll likely need a score in at least the “good” range to qualify for an AmEx card. Other American Express cards will usually require even higher scores. According to the score ranges from FICO, that means American Express applicants typically have at least a 670 score: Exceptional.

Is Amex harder to get than visa?

Comparison: Credit Score Approval Requirements

Because Visa is offered by so many more card issuers than American Express, there are more types of Visa cards, so it’s typically easier to get approved for a Visa card with a lower credit score than an American Express card.

What is the minimum credit limit for American Express?

Also, the CREDIT card has a limit, which is called the “credit limit”. At American Express, the minimum credit limit is $1,000. In general, a limit of $10,000 will be the one granted to you based on your record. You may very well have a higher limit like $20-30,000.

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Is Amex hard to get?

In addition to having good to excellent credit and the rules on how many cards you can have or apply for, American Express will also review credit report information including your payment history and credit utilization. Bottom Line: You will need good to excellent credit to be approved for an Amex card.

How to go from 650 to 750 credit score?

Here are some of the best ways.
  1. Pay on Time, Every Time. …
  2. Reduce Your Credit Card Balances. …
  3. Avoid Taking Out New Debt Frequently. …
  4. Be Mindful of the Types of Credit You Use. …
  5. Dispute Inaccurate Credit Report Information. …
  6. Don’t Close Old Credit Cards.

Does Amex have high credit limit?

Blue Cash Preferred® Card from American Express

Amex is known for its high credit limits, and this card is no exception, with online reports of starting limits over $10,000 not uncommon. As with many issuers, American Express regularly assess credit card accounts to see if the owner qualifies for a higher credit limit.

Can I get Amex Platinum with 700 credit score?

For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company. The American Express Platinum card credit score requirement is 700 or higher.

What is the recommended income for Amex?

Salary Needed for Amex Platinum Credit Card

If you make nearly $100,000 a year and have good credit, you should have no issue getting approved. But, applicants with annual incomes as low as $40,000 have also been approved if they have a low debt-to-income ratio and pay their other credit cards in full every month.

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Does Amex look at your bank account?

They will request tax returns and bank statements. What they’re looking for is to make sure the income you reported on the application is true. The process typically takes 2-3 weeks, and you’re assigned a specialist to talk to.

What is the average income for American Express Platinum?

Amex Platinum cardmember stats

According to this, the average Departures reader (and therefore average Amex Platinum cardmember): Has a net worth of $4.3 million. Has a household income of $474,000.

Why is Amex considered luxury?

Yes, the American Express Platinum card is a luxury card, as it offers hundreds of dollars per year in statement credits for various purchases and a bonus offer of 80,000 points for spending $6,000 in the first 6 months. The card also gives luxury benefits like airport lounge access and gold status at certain hotels.

Is it good to have 3 Amex cards?

The bottom line. Because each card offers different benefits and earning power, it makes sense to carry more than one card. By using the AmEx Trifecta of cards, you’ll earn maximum points on travel, dining, groceries and other purchases.

Why is Amex luxurious?

Amex credit cards come with luxury perks

Depending on the card, Amex users can benefit from big initial bonus offers and generous ongoing rewards rates, as well as exclusive perks such as access to high-end airport lounges, airfare credits, and concierge services.

How to go from 600 to 750 credit score?

Here are some of the best ways.
  1. Pay on Time, Every Time. …
  2. Reduce Your Credit Card Balances. …
  3. Avoid Taking Out New Debt Frequently. …
  4. Be Mindful of the Types of Credit You Use. …
  5. Dispute Inaccurate Credit Report Information. …
  6. Don’t Close Old Credit Cards.

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